WINNIPEG, Dec. 14, 2015 /CNW/ – Artis Real Estate Investment Trust (TSX: AX.PR.A) (TSX: AX.PR.U) (TSX: AX.PR.E) (“Artis” or “the REIT”) announced that its trustees have declared the following quarterly cash distributions:
- $0.328125 per Series A preferred unit (“Series A Unit”) of Artis for the quarter ending December 31, 2015. The cash distributions will be made on December 31, 2015 to Series A Unitholders of record on December 31, 2015. As at the date hereof, there are an aggregate of 3,450,000 Series A Units issued and outstanding.
- US$0.328125 per Series C preferred unit (“Series C Unit”) of Artis for the quarter ending December 31, 2015. The cash distributions will be made on December 31, 2015 to Series C Unitholders of record on December 31, 2015. As at the date hereof, there are an aggregate of 3,000,000 Series C Units issued and outstanding.
- $0.296875 per Series E preferred unit (“Series E Unit”) of Artis for the quarter ending December 31, 2015. The cash distributions will be made on December 31, 2015 to Series E Unitholders of record on December 31, 2015. As at the date hereof, there are an aggregate of 4,000,000 Series E Units issued and outstanding.
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Artis is a diversified Canadian real estate investment trust investing in office, industrial and retail properties. Since 2004, Artis has executed an aggressive but disciplined growth strategy, building a portfolio of commercial properties in western Canada, Ontario and select markets in the United States. As of September 30, 2015, Artis’ commercial property comprises approximately 26.2 million square feet of leasable area.
During the three months ended September 30, 2015, Property Net Operating Income (“Property NOI”) by asset class, including properties held in joint venture arrangements, was approximately 25.6% retail, 50.3% office and 24.1% industrial. Property NOI by geographical region, including properties held in joint venture arrangements, was approximately 8.9% in British Columbia, 35.5% in Alberta, 5.8% in Saskatchewan, 11.6% in Manitoba, 10.2% in Ontario and 28.0% in the U.S.
Property NOI is a non-GAAP measure. Artis calculates Property NOI as revenues, measured in accordance with International Financial Reporting Standards, less property operating expenses such as taxes, utilities, repairs and maintenance, and does not include charges for interest and amortization.
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.
SOURCE Artis Real Estate Investment Trust
