Artis Real Estate Investment Trust announces monthly cash distribution

    WINNIPEG, March 16 /CNW/ - Artis Real Estate Investment Trust (TSX:
AX.UN) ("Artis REIT", formerly Westfield Real Estate Investment Trust)
announced that its trustees have declared its regular monthly cash
distribution of $0.0875 per trust unit ("Unit") of Artis REIT for the month of
March, 2007. The cash distributions will be made on April 13, 2007 to
Unitholders of record on March 31, 2007.
    As at the date of this declaration, Artis REIT has 21,075,566 Units
issued and outstanding.

    Artis Real Estate Investment Trust (formerly, Westfield Real Estate
Investment Trust) is a growth-oriented real estate investment trust focused
exclusively on commercial properties located in primary and growing secondary
markets in western Canada, particularly in Alberta. Artis 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 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 or Mr. Jim Green, Chief Financial Officer at (204) 947-1250

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