WINNIPEG, Dec. 13, 2012 /CNW/ - Artis Real Estate Investment Trust
("Artis" or the "REIT") today announced that it has received approval
from the Toronto Stock Exchange ("TSX") to renew its existing normal
course issuer bid (the "Bid") for a further year. The period of the
normal course issuer bid will extend from December 17, 2012, to
December 16, 2013, or an earlier date, should Artis complete its
Under the terms of the Bid, Artis may purchase up to 10,940,334 trust
units ("Units") (representing approximately 10% of the REIT's float of
109,403,338 Units). For the past six months, the average daily trading
volume of Artis Units was 225,123. A maximum of 56,280 Units (being
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 Toronto Stock Exchange. Artis will pay
the market price at the time of acquisition for any Unit purchased
through the facilities of the TSX and all Units acquired by the REIT
under this Bid will be cancelled.
Artis is pursuing the normal course issuer bid because it believes that,
from time to time, the market price of its 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 represent an attractive investment for Artis.
During the past twelve months, Artis did not acquire units through the
normal course issuer bid.
As at November 30, 2012, the number of Units issued and outstanding
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. Artis' commercial property
comprises over 23.4 million square feet of leasable area in 220
properties. Leasable area by asset class is approximately 18.3% retail,
32.1% office and 49.6% industrial. The portfolio is located 7.9% in
British Columbia, 25.7% in Alberta, 5.1% in Saskatchewan, 15.4% in
Manitoba, 16.0% in Ontario and 29.9% in the U.S.
The Toronto Stock Exchange does not accept responsibility for the
adequacy or accuracy of this press release.
SOURCE: Artis Real Estate Investment Trust
For further information:
Mr. Armin Martens, President and Chief Executive Officer, Mr. Jim Green, Chief Financial Officer or Ms. Kirsty Stevens, Chief Administrative Officer of the REIT at (204) 947-1250.