March 17, 2014 17:00 ET
WINNIPEG, MANITOBA--(Marketwired - March 17, 2014) - Artis Real Estate Investment Trust (TSX:AX.UN)(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:
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 Canada and the United States, with a major focus on Western Canada. As of today's date, Artis' commercial property comprises nearly 25.0 million square feet of leasable area.
At December 31, 2013, actual year-to-date Property Net Operating Income ("Property NOI") by asset class was approximately 25.6% retail, 50.5% office and 23.9% industrial. Property NOI by geographical region was approximately 9.0% in British Columbia, 38.7% in Alberta, 6.9% in Saskatchewan, 12.3% in Manitoba, 13.2% in Ontario and 19.9% 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 or income from joint arrangements accounted for as equity investments.
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.
Artis Real Estate Investment TrustMr. Armin MartensPresident and Chief Executive Officer1.204.947.1250204.947.0453 (FAX)Artis Real Estate Investment TrustMr. Jim GreenChief Financial Officer1.204.947.1250204.947.0453 (FAX)Artis Real Estate Investment TrustMs. Kirsty StevensChief Administrative Officer1.204.947.1250204.947.0453 (FAX)www.artisreit.com
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