Artis Real Estate Investment Trust Announces Monthly Cash Distribution

WINNIPEG, May 15, 2020 /CNW/ - Artis Real Estate Investment Trust (TSX: AX.UN) ("Artis" or the "REIT") announced that its trustees have declared a monthly cash distribution of $0.045 per trust unit ("Unit") of Artis for the month of May, 2020. The cash distributions will be made on June 15, 2020 to Unitholders on record as of May 31, 2020.

As at the date hereof, there are an aggregate of 135,660,711 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 March 31, 2020, Artis' commercial property comprises approximately 23.8 million square feet of leasable area.

During the three months ended March 31, 2020, Proportionate Share Property NOI by asset class was 46.8% office, 18.7% retail and 34.5% industrial. Proportionate Share Property NOI by geographical region was 2.7% in British Columbia, 16.5% in Alberta, 6.7% in Saskatchewan, 13.7% in Manitoba, 10.8% in Ontario, 10.0% in Arizona, 21.5% in Minnesota, 9.7% in Wisconsin and 8.4% 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