/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES/
WINNIPEG, June 17, 2016 /CNW/ - Artis Real
Estate Investment Trust (TSX: AX.UN) ("Artis" or the "REIT") announced today that it closed its previously announced
public offering through a syndicate of underwriters co-led by CIBC World Markets Inc., TD Securities Inc. and BMO Nesbitt Burns
Inc., and including Canaccord Genuity Corp., Desjardins Securities Inc., National Bank Financial Inc., RBC Dominion Securities
Inc., Scotia Capital Inc., Raymond James Ltd., Dundee Securities Ltd. and GMP Securities L.P. (collectively, the
"Underwriters"), on a bought deal basis, pursuant to which Artis sold 8,712,400 trust units ("Units") (inclusive of
1,136,400 Units issued pursuant to the exercise in full of the over-allotment option) at a price of $13.20 per Unit for gross proceeds to Artis of $115,003,680.00 (the
"Offering").
Artis intends to use the net proceeds of the Offering to finance a portion of the purchase price for the
acquisition of the Madison Lifestyle Office Portfolio, as more particularly described in its prospectus supplement dated
June 10, 2016.
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Artis is a diversified Canadian real estate investment trust investing in office, industrial and retail
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 March 31, 2016, Artis' commercial property comprises
approximately 26.2 million square feet of leasable area.
During the three months ended March 31, 2016, Property Net Operating Income
("Property NOI") by asset class, including Artis' proportionate share of properties held in joint venture arrangements, was
approximately 24.6% retail, 50.0% office and 25.4% industrial. Property NOI by geographical region, including Artis'
proportionate share of properties held in joint venture arrangements, was approximately 6.5% in British
Columbia, 33.2% in Alberta, 6.2% in Saskatchewan, 13.0% in
Manitoba, 10.6% in Ontario and 30.5% in the U.S.
Property NOI is a non-GAAP measure. Artis calculates Property NOI as revenues, measured in accordance with
International Financial Reporting Standards, less property operating expenses such as utilities, repairs and maintenance, and
realty taxes, and does not include charges for interest and amortization.
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of
this press release.
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. Particularly, statements regarding Artis'
proposed future property acquisitions and other intended uses of proceeds are 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 Artis to be materially different from any future results, performance or achievements expressed or
implied in these forward-looking statements. Such risk factors include risks associated with the proposed future property
acquisitions. 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.
Suite 300 – 360 Main Street
Winnipeg, MB R3C 3Z3
T 204.947.1250 F 204.947.0453
www.artisreit.com
AX.UN on the TSX
SOURCE Artis Real Estate Investment Trust
