Artis Real Estate Investment Trust Announces Quarterly Cash Distributions

WINNIPEG, Oct. 15, 2019 /CNW/ - Artis Real Estate Investment Trust (TSX: AX.PR.I) ("Artis" or "the REIT") announced that its trustees have declared a quarterly cash distribution of $0.3750 per Series I preferred unit ("Series I Unit") of Artis for the quarter ending October 31, 2019. The cash distributions will be made on October 31, 2019 to Series I Unitholders of record on October 31, 2019.

As at the date hereof, there are an aggregate of 5,000,000 Series I Units issued and outstanding.

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Artis is a diversified Canadian real estate investment trust investing in office, retail and industrial properties. Since 2004, Artis has executed an aggressive but disciplined growth strategy, building a portfolio of commercial properties in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario and select markets in the United States. As of June 30, 2019, Artis' commercial property comprises approximately 24.9 million square feet of leasable area.

During the three months ended June 30, 2019, Property Net Operating Income ("Property NOI") by asset class, including Artis' proportionate share of properties held in joint venture arrangements, was approximately 52.2% office, 19.5% retail and 28.3% industrial. Property NOI by geographical region, including Artis' proportionate share of properties held in joint venture arrangements, was approximately 2.9% in British Columbia, 18.9% in Alberta, 6.4% in Saskatchewan, 12.9% in Manitoba, 11.4% in Ontario, 11.3% in Arizona, 19.9% in Minnesota, 8.8% in Wisconsin and 7.5% in U.S. – Other.

Property NOI is a non-GAAP measure. Artis calculates Property NOI as revenues less property operating expenses such as utilities, repairs and maintenance and realty taxes. Property NOI does not include charges for interest or other expenses not specific to the day-to-day operation of the REIT's properties.

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