WINNIPEG, MB, May 11, 2023
/CNW/ - Artis Real Estate Investment Trust ("Artis" or the
"REIT") (TSX: AX.UN) (TSX: AX.PR.E) (TSX: AX.PR.I) announced today
its financial results for the three months ended March 31, 2023. The first quarter press release
should be read in conjunction with the REIT's consolidated
financial statements and Management's Discussion and Analysis
("MD&A") for the three months ended March 31, 2023. All amounts are in thousands of
Canadian dollars, unless otherwise noted.
"During the first quarter, our real estate portfolio
demonstrated strong results and we are pleased to report Same
Property NOI growth of 8.4%", said Samir
Manji, President and Chief Executive Officer of Artis.
"Occupancy remained above 90% and positive leasing momentum
continued throughout the quarter, with new leases totalling 409,983
square feet beginning and 315,574 square feet renewed at an
increase in the weighted-average rental rate of 4.8%. We completed
two industrial development projects, Blaine 35 II and Park
Lucero East, both of which are 100% leased. Additionally, we
made significant progress on our debt maturities and completed the
two-year renewal of the second tranche of the revolving credit
facilities of $280 million and
extended two non-revolving credit facilities a further year for a
total of $250 million. We have also
had a strong start to 2023 on the disposition front with
$22.6 million of transactions
completed to date and a further $110
million of additional firm dispositions scheduled to close
during the second quarter. Artis benefits from a diverse portfolio
of real estate that includes retail, office and industrial assets.
The quality of our real estate is evidenced by the operating
performance noted above and the prices being achieved on
dispositions that are in line with IFRS values. We have a healthy
pipeline of additional dispositions that will further reduce
overall leverage, enhance our liquidity and enable Artis to satisfy
all upcoming debt obligations. While our leverage increased
slightly during the quarter, we are on track to reduce leverage in
the second quarter and we will continue to focus on reducing
leverage throughout 2023. Our units currently trade at a
significant discount to our net asset value (NAV) per unit of
$17.09. Our normal course issuer bid
remains active and represents the best investment we can make today
- something we will continue doing given the significant accretive
impact this will have on NAV per unit, FFO per unit and AFFO per
unit. We remain committed to maximizing value for our
unitholders."
FIRST QUARTER HIGHLIGHTS
Business Strategy Update
- Completed the development of Blaine 35 II, comprising two industrial
properties totalling 198,900 square feet, located in the Twin Cities Area, Minnesota. The first building was 100.0%
committed and the second building was 100.0% occupied upon
completion.
- Completed the development of Park
Lucero East, an industrial property comprising 561,000
square feet, located in the Greater
Phoenix Area, Arizona.
Artis has a 10% ownership interest in this property.
- Disposed of one office property located in Canada for a sale price of $14.6 million.
- Entered into an unconditional agreement to sell a retail
property located in Canada for a
sale price of $8.0 million.
- Utilized the normal course issuer bid ("NCIB") to purchase
1,356,296 common units at a weighted-average price of $8.24 and 53,900 preferred units at a
weighted-average price of $24.09.
Balance Sheet and Liquidity
- Renewed the second tranche of the revolving credit facilities
in the amount of $280.0 million for a
two-year term maturing on April 29,
2025.
- Extended the maturity date of the $100.0
million non-revolving credit facility for a one-year term
maturing on February 6, 2024 and
extended the maturity date of the $150.0
million non-revolving credit facility for a one-year term
maturing on July 18, 2024.
Financial and Operational
- Same Property NOI (1) in Canadian dollars for the
first quarter of 2023 increased 8.4% compared to the first quarter
of 2022.
- Increased portfolio occupancy to 90.5% at March 31, 2023, from 90.1% at December 31, 2022.
- Renewals totalling 315,574 square feet and new leases totalling
409,983 square feet commenced during the first quarter of
2023.
- Weighted-average rental rate on renewals that commenced during
the first quarter of 2023 increased 4.8%.
(1) Represents a
non-GAAP measure, ratio or other supplementary financial measure.
Refer to the Notice with Respect to Non-GAAP & Supplementary
Financial Measures Disclosure.
|
BUSINESS STRATEGY UPDATE
Strengthening the Balance Sheet
During the first quarter of 2023, the REIT continued unlocking
value through the monetization of certain assets and sold one
office property located in Canada
for a sale price of $14.6 million.
The sale proceeds, net of costs of $1.1
million, were $13.5 million.
In addition, at March 31, 2023, the
REIT had entered into an unconditional agreement to sell a retail
property located in Canada for a
sale price of $8.0 million, which
closed subsequent to end of the quarter.
Subsequent to March 31, 2023,
Artis entered into unconditional sale agreements for three retail
properties located in Canada for
an aggregate sale price of $71.6
million and one industrial property located in the U.S. for
a sale price of US$28.9 million. The
dispositions are expected to close during the second quarter of
2023.
The REIT's NCIB program has remained active since the
announcement of the Business Transformation Plan. During the first
quarter of 2023, the REIT purchased 1,356,296 units at a
weighted-average price of $8.24
compared to NAV per unit of $17.09 at
March 31, 2023 .
Driving Organic Growth
During the first quarter of 2023, Artis completed two
development projects, Park Lucero
East and Blaine 35
II.
Park Lucero East is an industrial
property located in the Greater Phoenix
Area, Arizona which
comprises 561,000 square feet. The property was 100.0% committed
upon completion. Artis has a 10% ownership interest in Park Lucero East as well as a development
management contract.
Blaine 35 II, located in
the Twin Cities Area, Minnesota comprises two industrial buildings.
The first building totals 98,900 square feet and was 100.0%
committed upon completion, while the second building totals 100,000
square feet and was 100.0% occupied upon completion.
The REIT also has a commercial and residential development
project under construction. 300 Main is a 580,000 square foot
building located in Winnipeg,
Manitoba. 300 Main will be a best-in-class amenity-rich
apartment building with main floor commercial space. Pre-leasing of
the first 20 floors of the 40-storey residential apartments is
currently underway.
Focusing on Value Investing
At March 31, 2023, Artis invested
in equity securities with an aggregate fair value of $262.5 million. This includes equity securities
of Dream Office Real Estate Investment Trust, where, together with
its joint actors, Artis acquired a 14% ownership position. This
also includes equity securities of First Capital Real Estate
Investment Trust.
BALANCE SHEET AND LIQUIDITY
The REIT's balance sheet metrics are as follows:
|
March
31,
|
|
December
31,
|
|
2023
|
|
2022
|
|
|
|
|
|
|
Total investment
properties
|
$
3,655,723
|
|
$
3,683,571
|
Unencumbered
assets
|
2,023,557
|
|
2,034,409
|
NAV per unit
(1)
|
17.09
|
|
17.38
|
Total debt to GBV
(1)
|
49.1 %
|
|
48.5 %
|
Total debt to Adjusted
EBITDA (1)
|
8.3
|
|
8.3
|
Adjusted EBITDA
interest coverage ratio (1)
|
2.28
|
|
2.98
|
Unencumbered assets to
unsecured debt (1)
|
1.57
|
|
1.54
|
|
|
|
|
|
|
(1) Represents a
non-GAAP measure, ratio or other supplementary financial measure.
Refer to the Notice with Respect to Non-GAAP & Supplementary
Financial Measures Disclosure.
|
At March 31, 2023, Artis had
$37.2 million of cash on hand and
$107.3 million available on its
revolving credit facilities.
Liquidity and capital resources may be impacted by financing
activities, portfolio acquisition, disposition and development
activities or debt repayments occurring subsequent to March 31, 2023.
FINANCIAL AND OPERATIONAL RESULTS
|
Three months
ended
March
31,
|
|
$000's, except per
unit amounts
|
2023
|
|
2022
|
%
Change
|
|
|
|
|
|
Revenue
|
$ 90,255
|
|
$
93,241
|
(3.2) %
|
Net operating
income
|
48,061
|
|
51,462
|
(6.6) %
|
Net (loss)
income
|
(22,761)
|
|
237,013
|
(109.6) %
|
Total comprehensive
(loss) income
|
(23,671)
|
|
213,776
|
(111.1) %
|
Distributions per
common unit
|
0.15
|
|
0.15
|
— %
|
|
|
|
|
|
FFO
(1)
|
$ 33,371
|
|
$
42,008
|
(20.6) %
|
FFO per unit
(1)
|
0.29
|
|
0.34
|
(14.7) %
|
FFO payout ratio
(1)
|
51.7 %
|
|
44.1 %
|
7.6 %
|
|
|
|
|
|
AFFO
(1)
|
$ 20,415
|
|
$
29,571
|
(31.0) %
|
AFFO per unit
(1)
|
0.18
|
|
0.24
|
(25.0) %
|
AFFO payout ratio
(1)
|
83.3 %
|
|
62.5 %
|
20.8 %
|
(1) Represents a
non-GAAP measure, ratio or other supplementary financial measure.
Refer to the Notice with Respect to Non-GAAP & Supplementary
Financial Measures Disclosure.
|
Artis reported portfolio occupancy of 90.5% at March 31, 2023, increased from 90.1% at
December 31, 2022. Weighted-average
rental rate on renewals that commenced during the first quarter of
2023 increased 4.8%.
Artis's portfolio has a stable lease expiry profile with 50.6%
of gross leasable area expiring in 2027 or later. Weighted-average
in-place rents for the total portfolio are $14.32 per square foot and are estimated to be
0.7% below market rents. Information about Artis's lease expiry
profile is as follows:
|
Current
vacancy
|
|
Monthly
tenants
|
|
2023
|
|
2024
|
|
2025
|
|
2026
|
|
2027 & later
|
|
Total
portfolio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expiring square
footage
|
9.5 %
|
|
0.3 %
|
|
10.2 %
|
|
9.2 %
|
|
9.2 %
|
|
11.0 %
|
|
50.6 %
|
|
100.0 %
|
In-place
rents
|
N/A
|
|
N/A
|
|
$ 16.22
|
|
$ 14.97
|
|
$ 16.68
|
|
$ 17.15
|
|
$ 12.77
|
|
$
14.32
|
Market rents
|
N/A
|
|
N/A
|
|
$ 16.70
|
|
$ 14.67
|
|
$ 16.60
|
|
$ 17.24
|
|
$ 12.91
|
|
$
14.42
|
UPCOMING WEBCAST AND CONFERENCE CALL
A conference call with management will be held on Friday, May 12, 2023, at 12:00 p.m. CT (1:00 p.m.
ET). In order to participate, please dial 1-416-764-8688 or
1-888-390-0546. You will be required to identify yourself and the
organization on whose behalf you are participating.
Alternatively, you may access the simultaneous webcast by
following the link from our website at
https://www.artisreit.com/investor-link/conference-calls/. Prior to
the webcast, you may follow the link to confirm you have the right
software and system requirements.
If you cannot participate on Friday, May
12, 2023, a replay of the conference call will be available
by dialing 1-416-764-8677 or 1-888-390-0541 and entering passcode
500374#. The replay will be available until Friday, May 19, 2023. The webcast will be
archived 24 hours after the end of the conference call and will be
accessible for 90 days.
CAUTIONARY STATEMENTS
This press release contains forward-looking statements within
the meaning of applicable Canadian securities laws. For this
purpose, any statements contained herein that are not statements of
historical fact may be deemed to be forward-looking statements.
Without limiting the foregoing, the words "outlook", "objective",
"expects", "anticipates", "intends", "estimates", "projects",
"believes", "plans", "seeks", and similar expressions or variations
of such words and phrases suggesting future outcomes or events, or
which state that certain actions, events or results ''may'',
''would'', "should" or ''will'' occur or be achieved are intended
to identify forward-looking statements. Such forward-looking
information reflects management's current beliefs and is based on
information currently available to management.
Forward-looking statements are based on a number of factors and
assumptions which are subject to numerous risks and uncertainties,
which have been used to develop such statements, but which may
prove to be incorrect. Although Artis believes that the
expectations reflected in the forward-looking statements are
reasonable, it cannot guarantee future results, levels of activity,
performance or achievement since such expectations are inherently
subject to significant business, economic, competitive, political
and social uncertainties and contingencies. Assumptions have been
made regarding, among other things: the general stability of the
economic and political environment in which Artis operates,
treatment under governmental regulatory regimes, securities laws
and tax laws, the ability of Artis and its service providers to
obtain and retain qualified staff, equipment and services in a
timely and cost efficient manner, currency, exchange and interest
rates, global economic, financial markets and economic conditions
in Canada and the United States will not, in the long term,
be adversely impacted by the COVID-19 pandemic.
Artis is subject to significant risks and uncertainties which
may cause the actual results, performance or achievements of the
REIT to be materially different from any future results,
performance or achievements expressed or implied in these
forward-looking statements. Such risk factors include, but are not
limited to risk related to tax matters; and, credit, market,
currency, operational, liquidity and funding risks generally and
relating specifically to the Cominar Transaction; the COVID-19
pandemic, real property ownership, geographic concentration,
current economic conditions, strategic initiatives, debt financing,
interest rate fluctuations, foreign currency, tenants, SIFT rules,
other tax-related factors, illiquidity, competition, reliance on
key personnel, future property transactions, general uninsured
losses, dependence on information technology, cyber security,
environmental matters and climate change, land and air rights
leases, public markets, market price of common units, changes in
legislation and investment eligibility, availability of cash flow,
fluctuations in cash distributions, nature of units, legal rights
attaching to units, preferred units, debentures, dilution,
unitholder liability, failure to obtain additional financing,
potential conflicts of interest, developments and trustees.
For more information on the risks, uncertainties and assumptions
that could cause Artis's actual results to materially differ from
current expectations, refer to the section entitled "Risk Factors"
of Artis's Annual Information Form for the year ended December 31, 2022, the section entitled "Risk and
Uncertainties" of Artis's Q1-23 MD&A, as well as Artis's other
public filings, available at www.sedar.com.
Artis cannot assure investors that actual results will be
consistent with any forward-looking statements and Artis assumes no
obligation to update or revise such forward-looking statements to
reflect actual events or new circumstances other than as required
by applicable securities laws. All forward-looking statements
contained in this press release are qualified by this cautionary
statement.
NOTICE WITH RESPECT TO NON-GAAP & SUPPLEMENTARY FINANCIAL
MEASURES DISCLOSURE
In addition to reported IFRS measures, certain non-GAAP and
supplementary financial measures are commonly used by Canadian real
estate investment trusts as an indicator of financial performance.
"GAAP" means the generally accepted accounting principles described
by the CPA Canada Handbook - Accounting, which are applicable as at
the date on which any calculation using GAAP is to be made. Artis
applies IFRS, which is the section of GAAP applicable to publicly
accountable enterprises.
Non-GAAP measures and ratios include Same Property Net Operating
Income ("Same Property NOI"), Funds From Operations ("FFO"),
Adjusted Funds from Operations ("AFFO"), FFO per Unit, AFFO per
Unit, FFO Payout Ratio, AFFO Payout Ratio, NAV per Unit, Total Debt
to GBV, Adjusted EBITDA Interest Coverage Ratio and Total Debt to
Adjusted EBITDA.
Supplementary financial measures includes unencumbered assets to
unsecured debt.
Management believes that these measures are helpful to investors
because they are widely recognized measures of Artis's performance
and provide a relevant basis for comparison among real estate
entities.
These non-GAAP and supplementary financial measures are not
defined under IFRS and are not intended to represent financial
performance, financial position or cash flows for the period, nor
should any of these measures be viewed as an alternative to net
income, cash flow from operations or other measures of financial
performance calculated in accordance with IFRS.
The above measures are not standardized financial measures under
the financial reporting framework used to prepare the financial
statements of Artis. Readers should be further cautioned that the
above measures as calculated by Artis may not be comparable to
similar measures presented by other issuers. Refer to the Notice
With Respect to Non-GAAP & Supplementary Financial Measures
Disclosure of Artis's Q1-23 MD&A, which is incorporated by
reference herein, for further information (available on SEDAR at
www.sedar.com or Artis's website at www.artisreit.com).
The reconciliation for each non-GAAP measure or ratio and other
supplementary financial measures included in this Press Release is
outlined below.
NAV per Unit
|
March 31,
2023
|
|
December 31,
2022
|
|
|
|
|
Unitholders'
equity
|
$ 2,172,733
|
|
$
2,229,159
|
Less face value of
preferred equity
|
(211,199)
|
|
(212,547)
|
|
|
|
|
NAV attributable to
common unitholders
|
1,961,534
|
|
2,016,612
|
|
|
|
|
Total number of
dilutive units outstanding:
|
|
|
|
Common
units
|
114,055,330
|
|
115,409,234
|
Restricted
units
|
509,538
|
|
440,617
|
Deferred
units
|
227,880
|
|
203,430
|
|
|
|
|
|
114,792,748
|
|
116,053,281
|
|
|
|
|
NAV per unit
|
$
17.09
|
|
$
17.38
|
Total Debt to GBV
|
March 31,
2023
|
|
December 31,
2022
|
|
|
|
|
Total assets
|
$
4,467,506
|
|
$ 4,553,913
|
Add: accumulated
depreciation
|
10,898
|
|
10,585
|
|
|
|
|
Gross book
value
|
4,478,404
|
|
4,564,498
|
|
|
|
|
Secured mortgages and
loans
|
879,132
|
|
864,698
|
Preferred shares
liability
|
948
|
|
950
|
Carrying value of
debentures
|
449,250
|
|
449,091
|
Credit
facilities
|
871,685
|
|
901,159
|
|
|
|
|
Total debt
|
$
2,201,015
|
|
$ 2,215,898
|
|
|
|
|
Total debt to
GBV
|
49.1 %
|
|
48.5 %
|
Unencumbered Assets to Unsecured Debt
|
March 31,
2023
|
|
December 31,
2022
|
|
|
|
|
Unencumbered
assets
|
$ 2,023,557
|
|
$
2,034,409
|
Unencumbered assets in
properties held under joint venture arrangements
|
50,823
|
|
50,557
|
|
|
|
|
Total unencumbered
assets
|
2,074,380
|
|
2,084,966
|
|
|
|
|
Senior unsecured
debentures
|
449,250
|
|
449,091
|
Unsecured credit
facilities
|
871,685
|
|
901,159
|
|
|
|
|
Total unsecured
debt
|
$ 1,320,935
|
|
$
1,350,250
|
|
|
|
|
Unencumbered assets to
unsecured debt
|
1.57
|
|
1.54
|
Adjusted EBITDA Interest Coverage Ratio
|
Three months
ended
|
|
March
31,
|
|
2023
|
|
2022
|
|
|
|
|
Net (loss)
income
|
$
(22,761)
|
|
$
237,013
|
Add
(deduct):
|
|
|
|
Tenant
inducements amortized to revenue
|
6,246
|
|
6,406
|
Straight-line rent
adjustments
|
(547)
|
|
(288)
|
Depreciation of
property and equipment
|
314
|
|
314
|
Net loss (income) from
equity accounted investments
|
13,457
|
|
(140,284)
|
Distributions from
equity accounted investments
|
974
|
|
1,885
|
Interest
expense
|
29,732
|
|
16,057
|
Fair value loss (gain)
on investment properties
|
27,708
|
|
(70,941)
|
Fair value loss (gain)
on financial instruments
|
16,935
|
|
(20,193)
|
Foreign currency
translation gain
|
(1,856)
|
|
(1,263)
|
Income tax (recovery)
expense
|
(3,887)
|
|
31,967
|
|
|
|
|
Adjusted
EBITDA
|
66,315
|
|
60,673
|
|
|
|
|
Interest
expense
|
29,732
|
|
16,057
|
Add
(deduct):
|
|
|
|
Amortization of
financing costs
|
(863)
|
|
(727)
|
Amortization of above-
and below-market mortgages, net
|
233
|
|
218
|
|
|
|
|
Adjusted interest
expense
|
$
29,102
|
|
$
15,548
|
|
|
|
|
Adjusted EBITDA
interest coverage ratio
|
2.28
|
|
3.90
|
Total Debt to Adjusted EBITDA
|
March 31,
2023
|
|
December 31,
2022
|
|
|
|
|
Secured mortgages and
loans
|
$
879,132
|
|
$
864,698
|
Preferred shares
liability
|
948
|
|
950
|
Carrying value of
debentures
|
449,250
|
|
449,091
|
Credit
facilities
|
871,685
|
|
901,159
|
|
|
|
|
Total debt
|
2,201,015
|
|
2,215,898
|
|
|
|
|
Quarterly Adjusted
EBITDA
|
66,315
|
|
66,812
|
Annualized Adjusted
EBITDA
|
265,260
|
|
267,248
|
|
|
|
|
Total Debt to Adjusted
EBITDA
|
8.3
|
|
8.3
|
Same Property NOI
|
Three months
ended
|
|
|
|
|
March
31,
|
|
|
%
Change
|
|
2023
|
|
2022
|
|
Change
|
|
|
|
|
|
|
|
Net operating
income
|
$
48,061
|
|
$
51,462
|
|
|
|
Add (deduct) net
operating income from:
|
|
|
|
|
|
|
Joint venture
arrangements
|
1,917
|
|
2,257
|
|
|
|
Dispositions and
unconditional dispositions
|
(309)
|
|
(6,078)
|
|
|
|
(Re)development
properties
|
(1,439)
|
|
(2,188)
|
|
|
|
Lease termination
income adjustments
|
131
|
|
(480)
|
|
|
|
Other
|
195
|
|
17
|
|
|
|
|
|
|
|
|
|
|
|
495
|
|
(6,472)
|
|
|
|
|
|
|
|
|
|
|
Straight-line rent
adjustments (1)
|
(418)
|
|
(746)
|
|
|
|
Tenant inducements
amortized to revenue (1)
|
6,307
|
|
5,985
|
|
|
|
|
|
|
|
|
|
|
Same Property
NOI
|
$
54,445
|
|
$
50,229
|
|
$
4,216
|
8.4 %
|
(1) Includes joint
venture arrangements.
|
FFO and AFFO
|
Three months
ended
|
|
March
31,
|
|
2023
|
|
2022
|
|
|
|
|
Net (loss)
income
|
$
(22,761)
|
|
$
237,013
|
Add
(deduct):
|
|
|
|
Tenant inducements
amortized to revenue
|
6,246
|
|
6,406
|
Incremental leasing
costs
|
524
|
|
816
|
Distributions on
preferred shares treated as interest expense
|
62
|
|
58
|
Remeasurement component
of unit-based compensation
|
(645)
|
|
340
|
Adjustments for equity
accounted investments
|
14,624
|
|
(137,824)
|
Fair value loss (gain)
on investment properties
|
27,708
|
|
(70,941)
|
Fair value loss (gain)
on financial instruments
|
16,935
|
|
(20,193)
|
Realized loss on
disposition of equity securities
|
(446)
|
|
—
|
Foreign currency
translation gain
|
(1,856)
|
|
(1,263)
|
Deferred income tax
(recovery) expense
|
(3,961)
|
|
31,873
|
Preferred unit
distributions
|
(3,059)
|
|
(4,277)
|
|
|
|
|
FFO
|
$
33,371
|
|
$
42,008
|
|
|
|
|
Add
(deduct):
|
|
|
|
Amortization of
recoverable capital expenditures
|
$
(1,817)
|
|
$
(1,876)
|
Straight-line rent
adjustments
|
(547)
|
|
(288)
|
Non-recoverable
property maintenance reserve
|
(700)
|
|
(1,100)
|
Leasing costs
reserve
|
(7,900)
|
|
(8,000)
|
Adjustments for equity
accounted investments
|
(1,992)
|
|
(1,173)
|
|
|
|
|
AFFO
|
$
20,415
|
|
$
29,571
|
FFO and AFFO Per Unit
|
Three months
ended
|
|
March
31,
|
|
2023
|
|
2022
|
|
|
|
|
Basic units
|
115,396,136
|
|
121,888,430
|
Add:
|
|
|
|
Restricted
units
|
450,388
|
|
439,224
|
Deferred
units
|
227,413
|
|
149,923
|
|
|
|
|
Diluted
units
|
116,073,937
|
|
122,477,577
|
|
Three months
ended
|
|
March
31,
|
|
2023
|
|
2022
|
|
|
|
|
FFO per
unit:
|
|
|
|
Basic
|
$
0.29
|
|
$
0.34
|
Diluted
|
0.29
|
|
0.34
|
|
|
|
|
AFFO per
unit:
|
|
|
|
Basic
|
$
0.18
|
|
$
0.24
|
Diluted
|
0.18
|
|
0.24
|
FFO and AFFO Payout Ratios
|
Three months
ended
|
|
March
31,
|
|
2023
|
|
2022
|
|
|
|
|
Distributions per
common unit
|
$
0.15
|
|
$
0.15
|
FFO per unit
|
0.29
|
|
0.34
|
|
|
|
|
FFO payout
ratio
|
51.7 %
|
|
44.1 %
|
|
|
|
|
Distributions per
common unit
|
$
0.15
|
|
$
0.15
|
AFFO per
unit
|
0.18
|
|
0.24
|
|
|
|
|
AFFO payout
ratio
|
83.3 %
|
|
62.5 %
|
ABOUT ARTIS REAL ESTATE INVESTMENT TRUST
Artis is a diversified Canadian real estate investment trust
with a portfolio of industrial, office and retail properties in
Canada and the United States. Artis's vision is to build
a best-in-class asset management and investment platform focused on
growing net asset value per unit and distributions for investors
through value investing in real estate.
SOURCE Artis Real Estate Investment Trust