/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
WINNIPEG, June 24, 2016 /CNW/ - Artis Real Estate Investment Trust (TSX: AX.UN) ("Artis" or the "REIT") announced today that it has delivered notice of the redemption of all of the issued and outstanding 10 Year 6.00% Series F Convertible Redeemable Unsecured Subordinated Debentures (the "Series F Debentures") of the REIT.
The redemption of the Series F Debentures will be effective as of July 25, 2016 (the "Redemption Date"). Upon presentation and surrender the Series F Debentures, holders of Series F Debentures will be entitled to receive payment of a redemption amount of $1,004.0984 for each $1,000 principal amount of Debentures, being equal to the aggregate of (i) $1,000 (the "Redemption Price"), and (ii) $4.0984, being the accrued and unpaid interest thereon to but excluding the Redemption Date, in each case less any taxes required to be deducted or withheld.
The Redemption Price, together with all accrued and unpaid interest thereon, will be payable upon presentation and surrender of the Debentures called for redemption at the following corporate trust offices of the indenture trustee as follows: BNY Trust Company, 11th Floor, 320 Bay Street, Toronto, Ontario M5H 4A6 Attention: Operations.
In accordance with the trust indenture, interest upon the principal amount of Debentures called for redemption shall cease to be payable from and after the Redemption Date.
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 British Columbia, Alberta, Saskatchewan, Manitoba, Ontario and select markets in the United States ("U.S."). As of March 31, 2016, Artis' commercial property comprises approximately 26.2 million square feet of leasable area.
During the three months ended March 31, 2016, Property Net Operating Income ("Property NOI") by asset class, including Artis' proportionate share of properties held in joint venture arrangements, was approximately 24.6% retail, 50.0% office and 25.4% industrial. Property NOI by geographical region, including Artis' proportionate share of properties held in joint venture arrangements, was approximately 6.5% in British Columbia, 33.2% in Alberta, 6.2% in Saskatchewan, 13.0% in Manitoba, 10.6% in Ontario and 30.5% 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 utilities, repairs and maintenance, and realty taxes, and does not include charges for interest and amortization.
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.
This press release contains forward-looking statements. For this purpose, any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. Particularly, statements regarding Artis' proposed future property acquisitions and other intended uses of proceeds are forward-looking statements. Without limiting the foregoing, the words "expects", "anticipates", "intends", "estimates", "projects", and similar expressions are intended to identify forward-looking statements. Artis is subject to significant risks and uncertainties which may cause the actual results, performance or achievements of Artis to be materially different from any future results, performance or achievements expressed or implied in these forward-looking statements. Such risk factors include risks associated with the proposed future property acquisitions. 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. All forward-looking statements contained in this press release are qualified by this cautionary statement.
Suite 300 – 360 Main Street
Winnipeg, MB R3C 3Z3
T 204.947.1250 F 204.947.0453
AX.UN on the TSX
SOURCE Artis Real Estate Investment Trust
For further information: please contact Mr. Armin Martens, President and Chief Executive Officer, Mr. Jim Green, Chief Financial Officer or Ms. Heather Nikkel, Director - Investor Relations of the REIT at 1.204.947.1250