WINNIPEG, Aug. 20, 2012 /CNW/ - Artis Real Estate Investment Trust ("Artis") (TSX: AX.UN) announced today that it has amended the terms of its outstanding 7 Year 5.00% Series D convertible unsecured subordinated due November 30, 2014 (the "Series D Debentures") to provide each holder of the Series D Debentures with a redemption right, exercisable at such holder's option, to redeem the Series D Debentures, in whole or in part, for cash effective September 21, 2012. The redemption right may be exercised at any time up until 5:00 p.m. (Toronto time) on September 19, 2012 and holders who redeem the Series D Debentures will receive a payment in an amount equal to the principal amount of the Series D Debentures redeemed plus accrued interest thereon up to but excluding September 21, 2012.
Holders who wish to redeem the Series D Debentures pursuant to the redemption right will be required to complete and submit a redemption form which will be delivered by the indenture trustee for the Series D Debentures to the holders of the Series D Debentures.
The terms of the redemption right are set forth in a supplemental indenture to the trust indenture dated May 4, 2010 (the "Series D Trust Indenture"). The redemption right does not impact the other rights of the holders of Series D Trust Indentures.
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 20.4 million square feet of leasable area in 197 properties. Leasable area by asset class is approximately 20.2% retail, 36.7% office and 43.1% industrial. The portfolio is located 9.2% in British Columbia, 28.6% in Alberta, 4.9% in Saskatchewan, 17.6% in Manitoba, 15.2% in Ontario and 24.5% 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 at 1.204.947.1250