WINNIPEG, April 15, 2020 /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 April 30, 2020. The cash distributions will be
made on April 30, 2020 to Series I
Unitholders of record on April 30,
2020.
As at the date hereof, there are an aggregate of 4,991,260
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 December 31, 2019, Artis' commercial property
comprises approximately 24.8 million square feet of leasable
area.
During the three months ended December
31, 2019, Property Net Operating Income ("Property NOI") by
asset class, including Artis' proportionate share of properties
held in joint venture arrangements, was approximately 48.6% office,
17.9% retail and 33.5% industrial. Proportionate Share Property NOI
by geographical region, was approximately 2.7% in British Columbia, 19.2% in Alberta, 6.3% in Saskatchewan, 13.0% in Manitoba, 11.1% in Ontario, 9.4% in Arizona, 21.0% in Minnesota, 9.5% in Wisconsin and 7.8% 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