WINNIPEG, March 20, 2017 /CNW/ - Artis Real Estate
Investment Trust (TSX: AX.UN) ("Artis" or the "REIT") announced today that Bruce Jack, FCPA, FCA
has been appointed to the Board of Trustees, effective March 1, 2017.
Mr. Jack is a highly respected professional with 40 years of experience serving Boards of Directors, Audit Committees and
Senior Management in numerous organizations in the financial services, real estate and health care sectors in Canada. He was an Audit Partner with Deloitte LLP for 30 years, during which he developed extensive
knowledge and skills in matters of financial reporting, controls and corporate governance with experience serving large complex
global companies.
Mr. Jack has a Bachelor of Commerce (Honours) degree from the University of Manitoba and is a
member of The Chartered Professional Accountants of Manitoba. He was awarded the FCA
(Fellowship) designation from the Institute of Chartered Accountants of Manitoba in 2005 for
distinguished service to the profession and community.
Mr. Jack has been appointed to the Board as an independent Trustee and Chair of the Audit Committee.
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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 December 31, 2016, Artis'
commercial property comprises approximately 25.7 million square feet of leasable area.
During the three months ended December 31, 2016, Property Net Operating Income ("Property NOI")
by asset class, including Artis' proportionate share of properties held in joint venture arrangements, was approximately 54.9%
office, 20.8% retail and 24.3% industrial. Property NOI by geographical region, including Artis' proportionate share of
properties held in joint venture arrangements, was approximately 4.6% in British Columbia, 29.6%
in Alberta, 6.3% in Saskatchewan, 12.2% in Manitoba, 10.3 % in Ontario, 7.2% in Arizona, 17.5% in Minnesota, 8.5% in Wisconsin and 3.8% 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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