WINNIPEG, MB, Dec. 15,
2023 /CNW/ - Artis Real Estate Investment Trust
("Artis" or the "REIT") (TSX: AX.UN) announced today that it has
received approval from the Toronto Stock Exchange ("TSX") to renew
its normal course issuer bid (the "Bid") for a further year.
Under the terms of the Bid, Artis may purchase up to 10% of the
public float of trust units ("Units") and preferred units
("Preferred Units"). A maximum of 25% of the average daily trading
volume may be purchased by Artis on any one day under its normal
course issuer bid, except where purchases are made in accordance
with "block purchases" exemptions under applicable TSX policies.
Purchases pursuant to the Bid will be made through the facilities
of the TSX and/or alternative Canadian trading systems. Artis will
pay the market price at the time of acquisition for any Unit or
Preferred Unit purchased through the facilities of the TSX and/or
alternative Canadian trading systems and all Units and Preferred
Units acquired by the REIT under this Bid will be cancelled. The
period of the normal course issuer bid will extend from
December 19, 2023, to December 18, 2024, or an earlier date, should
Artis complete its purchases. Additional information pertaining to
Units and each series of Preferred Units is as follows:
|
Symbol
|
Public Float
|
10% of
Public
Float
|
Average
Daily
Trading
Volume
|
25% of
Average
Daily
Trading
Volume(1)
|
|
AX.UN
|
70,212,966
|
7,021,296
|
406,849
|
101,712
|
|
AX.PR.E
|
3,243,009
|
324,300
|
3,585
|
1,000
|
|
AX.PR.I
|
4,575,540
|
457,554
|
4,114
|
1,028
|
|
(1) In cases
where 25% of the average daily trading volume is less than 1,000,
the daily purchase limit becomes 1,000.
|
Artis is pursuing the normal course issuer bid because it
believes that, from time to time, the market price of its Units and
Preferred Units may not fully reflect the underlying value of its
business and its future business prospects. The REIT believes that,
in such circumstances, the outstanding Units and Preferred Units
represent an attractive investment for Artis.
Pursuant to the REIT's current normal course issuer bid that
expires on December 18, 2023, Artis
previously sought and received approval from the TSX to
purchase:
- Up to 7,860,942 Units. During the past 12 completed calendar
months, Artis acquired 7,860,942 Units through the normal course
issuer bid, which were purchased through the facilities of the TSX
and/or alternative Canadian trading systems, at a weighted-average
price of $7.3485.
- Up to 361,001 Series E Preferred Units ("Series E Units").
During the past 12 completed calendar months, Artis acquired
361,001 Series E Units through the normal course issuer bid, which
were purchased through the facilities of the TSX and/or alternative
Canadian trading systems, at a weighted-average price of
$16.9642.
- Up to 480,534 Series I Preferred Units ("Series I Units").
During the past 12 completed calendar months, Artis acquired
221,100 Series I Units through the normal course issuer bid, which
were purchased through the facilities of the TSX and/or alternative
Canadian trading systems, at a weighted-average price of
$19.3889.
As at December 6, 2023, there were
107,946,943 Units, 3,248,009 Series E Units, and 4,683,440 Series I
Units issued and outstanding.
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.
Suite 600 – 220 Portage Avenue
Winnipeg, MB R3C 0A5
T 204.947.1250 F 204.947.0453
www.artisreit.com
AX.UN on the TSX
SOURCE Artis Real Estate Investment Trust