Artis REIT announces normal course issuer bid

    WINNIPEG, Dec. 12 /CNW/ - Artis Real Estate Investment Trust ("Artis" or
the "REIT") today announced that is has received approval from the Toronto
Stock Exchange for its proposed normal course issuer bid to purchase up to
3,055,099 trust Units ("Units") (representing approximately 10% of the REIT's
float of 30,550,991 Units). Purchases pursuant to the bid will be made through
the facilities of the Toronto Stock Exchange. The period of the normal course
issuer bid will extend from December 14, 2007, to December 13, 2008, or an
earlier date, should Artis complete its purchases. Artis will pay the market
price at the time of acquisition for any Unit purchased through the facilities
of the exchange. All Units acquired by the REIT under this bid will be
cancelled. For the past six months, the average daily trading volume of Artis
Units was 75,183. As at December 11, 2007, the number of Units issued and
outstanding totaled 31,160,384.
    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.

    Artis 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. 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.
    Including all of its completed and proposed acquisitions, Artis will own
approximately $1.1 billion of commercial property, comprising approximately
6.3 million square feet of leasable area in 84 properties. Leasable area will
be approximately 31.1% in Manitoba, 6.6% in Saskatchewan, 55.4% in Alberta,
and 6.9% in B.C.; by asset class the portfolio will be 31.4% retail, 43.3%
office and 25.3% 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

    This press release contains forward-looking statements. For this purpose,
any statements contained herein that are not statements of historical fact may
be deemed to be forward-looking statements. Without limiting the foregoing,
the words "expects", "anticipates", "intends", "estimates", "projects", and
similar expressions are intended to identify forward-looking statements. Artis
is subject to significant risks and uncertainties which may cause the actual
results, performance or achievements of the REIT to be materially different
from any future results, performance or achievements expressed or implied in
these forward-looking statements. Such risk factors include, but are not
limited to, risks associated with real property ownership, availability of
cash flow, general uninsured losses, future property acquisitions,
environmental matters, tax related matters, debt financing, unitholder
liability, potential conflicts of interest, potential dilution, reliance on
key personnel, changes in legislation and changes in the tax treatment of
trusts. Artis cannot assure investors that actual results will be consistent
with any forward-looking statements and Artis assumes no obligation to update
or revise such forward-looking statements to reflect actual events or new
circumstances. All forward-looking statements contained in this press release
are qualified by this cautionary statement.

    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 Vice President - Investor Relations, (204) 947-1250

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890