WINNIPEG, Oct. 27 /CNW/ - Artis Real Estate Investment Trust (TSX: AX.UN)
("Artis" or the "REIT") announced today that its board of trustees has
approved a temporary partial waiver of its blackout policy that applies to
trustees, management, staff and other related parties. Under the temporary
partial waiver trustees, management, staff and other related parties will be
permitted to trade in trust Units ("Units") provided that they are not in
possession of material undisclosed information relating to the REIT. The board
has taken this step in light of conditions in the financial and stock markets,
which have resulted in what Artis believes is a significant and unwarranted
drop in the trading price of its Units.
The blackout policy restricts the ability of the REIT's trustees,
management, staff and other related parties to purchase or sell Units of Artis
during certain periods such as when Artis is engaged in the preparation of its
quarterly or annual financial statements. The temporary partial waiver of the
blackout is effective through November 18, 2008, being the date on which the
blackout period relating to the release of third quarter results would have
otherwise ended. The REIT's trustees, management, staff and other related
parties remain unable to trade in Units of Artis if they are in possession of
material undisclosed information relating to the REIT.
Artis also announced that its board of trustees has approved a further
one-year extension of its normal course issuer bid (the "bid"), subject to
approval from the Toronto Stock Exchange. Artis initiated its first bid on
December 14, 2007 and to date the REIT has acquired 157,100 Units at a
weighted average price of $12.57 per Unit pursuant to the bid. In addition,
thus far in 2008, Artis insiders have acquired a further 29,539 Units in the
Artis is a growth-oriented real estate investment trust focused
exclusively on commercial properties located in primary and growing secondary
markets in western Canada. The REIT's goal is to provide Unitholders the
opportunity to invest in high-quality western Canadian office, retail and
industrial properties, as well as to provide monthly cash distributions that
are stable, tax efficient, and growing over time.
Artis owns approximately $1.3 billion of commercial property, comprising
approximately 6.5 million square feet of leasable area in 88 properties.
Leasable area is approximately 29.7% in Manitoba, 7.6% in Saskatchewan, 56.6%
in Alberta, and 6.1% in B.C.; by asset class the portfolio is 31.9% retail,
41.2% office and 26.9% industrial.
The REIT's Distribution Reinvestment Plan ("DRIP") allows Unitholders to
have their monthly cash distributions used to purchase trust units without
incurring commission or brokerage fees, and receive bonus units equal to 4% of
their monthly cash distributions. More information can be obtained at
The Toronto Stock Exchange does not accept responsibility for the
adequacy or accuracy of this press release.
For further information:
For further information: Mr. Armin Martens, President and Chief
Executive Officer; Mr. Jim Green, Chief Financial Officer; or Ms. Kirsty
Stevens, Senior VP - Investor Relations, (204) 947-1250