WINNIPEG, Sept. 5, 2018 /CNW/ - Artis Real Estate Investment Trust (TSX: AX.UN; OTCQX: ARESF) ("Artis" or the "REIT") announced today that it has qualified to trade in the United States on the OTCQX Best Market ("OTCQX"), under the symbol "ARESF".
Artis will continue to trade on the Toronto Stock Exchange under its existing symbol "AX.UN".
"We are pleased to have received approval to join the OTCQX Market. Trading on OTCQX in the U.S. provides increased exposure and accessibility to a broader base of investors," said Armin Martens, President and Chief Executive Officer of Artis.
"We congratulate Artis on upgrading to the OTCQX Best Market," said Jason Paltrowitz, Executive Vice President of Corporate Services at OTC Markets Group. "International companies on the OTCQX Market, on average, have experienced an increase in U.S. ownership and improved trading volume in their home market, according to a recent study conducted by Oxford Metrica. Trading on the OTCQX Market will enable Artis to expand its shareholder base and visibility in the U.S."
U.S. investors can find current financial disclosures and Real-Time Level 2 quotes for the REIT on www.otcmarkets.com and entering the symbol ARESF.
Artis was sponsored for OTCQX by Dorsey & Whitney LLP, a qualified third-party firm responsible for providing guidance on OTCQX requirements and recommending membership.
Artis is a diversified Canadian real estate investment trust investing in office, retail and industrial 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. As of June 30, 2018, Artis' commercial property comprises approximately 24.5 million square feet of leasable area.
During the three months ended June 30, 2018, Property Net Operating Income ("Property NOI") by asset class, including Artis' proportionate share of properties held in joint venture arrangements, was approximately 53.1% office, 20.6% retail and 26.3% industrial. Property NOI by geographical region, including Artis' proportionate share of properties held in joint venture arrangements, was approximately 4.2% in British Columbia, 21.6% in Alberta, 6.1% in Saskatchewan, 13.2% in Manitoba, 11.3% in Ontario, 8.7% in Arizona, 18.4% in Minnesota, 9.1% in Wisconsin and 7.4% in U.S. – Other.
Property NOI is a non-GAAP measure. Artis calculates Property NOI as revenues less property operating expenses such as utilities, repairs and maintenance and realty taxes. Property NOI does not include charges for interest or other expenses not specific to the day-to-day operation of the REIT's properties.
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.
Suite 600 – 220 Portage Avenue
Winnipeg, MB R3C 0A5
T 204.947.1250 F 204.947.0453
AX.UN on the TSX
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. Heather Nikkel, Vice-President - Investor Relations of the REIT at 1.204.947.1250