Artis Real Estate Investment Trust Provides Update on NCIB and Insider Buying Activity

Artis Real Estate Investment Trust Provides Update on NCIB and Insider Buying Activity

Canada NewsWire

WINNIPEG, Jan. 3, 2019

WINNIPEG, Jan. 3, 2019 /CNW/ - Artis Real Estate Investment Trust (TSX AX.UN) ("Artis" or the "REIT") provided an update today on its normal course issuer bid ("NCIB") and insider buying activity.

Artis Real Estate Investment Trust (CNW Group/Artis Real Estate Investment Trust)

From November 1, 2018, when the REIT announced its intention to purchase units through its NCIB until December 31, 2018, Artis has acquired:

  • 3,541,927 trust units at a weighted-average price of $9.77;
  • 4,600 Series A preferred units at a weighted-average price of $20.58;
  • 3,800 Series E preferred units at a weighted-average price of $19.06; and,
  • 3,800 Series G preferred units at a weighted-average price of $19.68.

During the same period, the following company insiders have purchased trust units on the open market:

Insider Name

Relationship to Artis

# of Trust
Units Acquired

Weighted-
Average Price

# of Trust Units
Owned or Controlled

Ron Joyce

Significant Unitholder

900,000

$10.10

17,750,000

Ida Albo

Trustee

3,600

$9.70

3,600

Bruce Jack

Trustee

2,000

$10.24

5,000

Armin Martens

Trustee, President & CEO

155,000

$9.99

817,102

Ronald Rimer

Trustee

10,000

$9.28

30,000

Lauren Zucker

Trustee

45,600

US$7.87

75,600

Jim Green

CFO

13,000

$9.92

87,000

Philip Martens

Senior Officer

1,250

US$7.91

2,599

 

Artis is committed to maximizing its unit purchases under the NCIB for the full 2019 year.

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 September 30, 2018, Artis' commercial property comprises approximately 24.8 million square feet of leasable area.

During the three months ended September 30, 2018, Property Net Operating Income ("Property NOI") by asset class, including Artis' proportionate share of properties held in joint venture arrangements, was approximately 52.6% office, 20.4% retail and 27.0% industrial. Property NOI by geographical region, including Artis' proportionate share of properties held in joint venture arrangements, was approximately 3.0% in British Columbia, 21.0% in Alberta, 6.5% in Saskatchewan, 13.6% in Manitoba, 11.1% in Ontario, 10.4% in Arizona, 18.1% in Minnesota, 8.8% in Wisconsin and 7.5% 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.

SOURCE Artis Real Estate Investment Trust

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