WINNIPEG, MANITOBA–(Marketwired – Jan. 22, 2018) –
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE Services OR FOR DISSEMINATION TO THE UNITED STATES
Artis Real Estate Investment decision Trust (TSX:AX.UN) (“Artis” or the “REIT”) declared today that as a result of sturdy trader need for its previously declared giving, the underwriters have exercised their option to increase the sizing of the giving to five,000,000 Cumulative Least Rate Reset Desired Trust Models, Series I (“Series I Models”) to be presented on a acquired deal foundation to a syndicate of underwriters led by TD Securities Inc., RBC Cash Marketplaces and Scotiabank (collectively the “Underwriters”). The Series I Models will be issued at a price tag of $25.00 per device, for gross proceeds of $one hundred twenty five,000,000 (the “Funding”).
The Funding is remaining produced pursuant to the REIT’s foundation shelf prospectus dated August eight, 2016. The phrases of the giving will be explained in a prospectus complement to be filed with Canadian securities regulators. The Funding is predicted to shut on or about January 31, 2018 and is issue to regulatory acceptance.
Artis intends to use the internet proceeds from the Funding to redeem its current U.S. dollar denominated cumulative redeemable most well-liked believe in units, Series C and for basic believe in functions.
This press launch shall not represent an offer to promote, or the solicitation of an offer to invest in, any securities in any jurisdiction. The Series I Models remaining presented have not been and will not be registered beneath the U.S. Securities Act of 1933 and point out securities laws. Appropriately, the Series I Models may possibly not be presented or marketed to U.S. persons except pursuant to relevant exemptions from registration needs.
Artis is a diversified Canadian real estate financial investment believe in investing in business office, retail and industrial houses. Considering that 2004, Artis has executed an aggressive but disciplined advancement system, constructing a portfolio of professional houses in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario and pick out marketplaces in the United States. As of September thirty, 2017, Artis’ professional residence contains approximately 25.4 million square feet of leasable area.
During the 3 months ended September thirty, 2017, Residence Internet Running Income (“Residence NOI”) by asset course, which include Artis’ proportionate share of houses held in joint enterprise preparations, was approximately 55.4% business office, 20.2% retail and 24.4% industrial. Residence NOI by geographical area, which include Artis’ proportionate share of houses held in joint enterprise preparations, was approximately 4.2% in British Columbia, 25.% in Alberta, six.six% in Saskatchewan, 13.eight% in Manitoba, 11.five% in Ontario, 7.3% in Arizona, 17.one% in Minnesota, 10.% in Wisconsin and 4.five% in U.S. – Other.
Residence NOI is a non-GAAP measure. Artis calculates Residence NOI as revenues much less residence operating expenditures this kind of as utilities, repairs and upkeep and realty taxes. Residence NOI does not involve fees for curiosity or other expenditures not specific to the day-to-day procedure of the REIT’s houses.
This press launch includes forward-seeking statements. For this goal, any statements contained herein that are not statements of historic simple fact may possibly be deemed to be forward-seeking statements. The words “expects”, “anticipates”, “intends”, “estimates”, “assignments”, “will”, and comparable expressions are meant to detect forward-seeking statements. Artis is issue to major hazards and uncertainties which may possibly trigger the genuine effects, overall performance or achievements of the REIT to be materially unique from any potential effects, overall performance or achievements expressed or implied in these forward-seeking statements. Such hazard factors involve, but are not confined to, hazards involved with serious residence ownership, availability of hard cash flow, basic uninsured losses, potential residence acquisitions and dispositions, environmental matters, tax related matters, credit card debt financing, unitholder liability, possible conflicts of curiosity, possible dilution, reliance on key personnel, modifications in laws and modifications in the tax procedure of trusts. Artis simply cannot guarantee buyers that genuine effects will be regular with any forward-seeking statements and Artis assumes no obligation to update or revise this kind of forward-seeking statements to mirror genuine functions or new situations. All forward-seeking statements contained in this press launch are certified by this cautionary statement.