TSX quantum service interruption caused temporary trading halt for Artis Real Estate Investment Trust

    WINNIPEG, Oct. 14 /CNW/ - Artis Real Estate Investment Trust (TSX: AX.UN)
("Artis" or the "REIT") confirmed that trading in REIT units, together with a
group of other stocks, was temporarily halted on Friday, October 10th, 2008,
due to a technical malfunction at the TSX. There is no material information
relating to Artis that caused the trading halt.
    In spite of the turbulence being experienced in global markets, Artis
continues to have a very strong embedded growth profile. At June 30, 2008,
Artis estimated that the gap between in place rental rates and current market
rental rates was over $8 per square foot on average. Today, over 90% of the
2008 leasing program has been completed, as well as over 15% of the 2009
renewals. Management anticipates this will be an additional source of growth
in revenues, Property NOI, DI and FFO per unit.
    Looking ahead, Artis notes that its exposure to the Calgary office market
is minimal; Calgary office space expiries represent approximately 2% of the
total portfolio in 2009 and 2010.
    Artis enjoys a low debt to gross book value ratio (53.8% as at June 30,
2008) and has minimal exposure to financing risk in the near term. The REIT
has 2% ($10.2 million) of its mortgage debt maturing late in 2008, for which
renewals are complete. Only 4% ($20.0 million) of its mortgage debt matures in
2009 and Artis does not anticipate difficulty in renewing or replacing this

    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 39.7% 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

    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.

    The Toronto Stock Exchange does not accept responsibility for the
    adequacy or accuracy of this press release.

                               AX.UN on the TSX

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

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