WINNIPEG, MB, March 5, 2024 /CNW/ - Artis Real Estate Investment Trust ("Artis" or the "REIT") (TSX: AX.UN) (TSX: AX.PR.E) (TSX: AX.PR.I) today announced that, in connection with its previously announced normal course issuer bid ("NCIB"), it will implement an automatic purchase plan (the "Plan") with a broker effective March 5, 2024.
The Plan, which has been pre-cleared by the Toronto Stock Exchange (TSX), will allow for the purchase of Artis's trust units ("Units") and preferred units ("Preferred Units") under the NCIB at times when Artis ordinarily would not be active in the market due to self-imposed trading blackout periods. Before entering into a blackout period, Artis may, but will not be required to, instruct the broker to make purchases under the NCIB in accordance with the terms of the Plan. Such purchases will be determined by the broker in its sole discretion based on parameters established by Artis prior to the blackout period in accordance with TSX rules, applicable securities laws and the terms of the Plan. Outside of these pre-determined blackout periods, Units and Preferred Units may also be purchased based on management's discretion, in compliance with TSX rules and applicable securities laws.
The Plan will terminate on the earliest of the date on which: (a) the maximum purchase limits under the Plan are reached; (b) December 18, 2024; or (c) the Plan is terminated in accordance with its terms.
Artis is a diversified Canadian real estate investment trust with a portfolio of industrial, office and retail properties in Canada and the United States. Artis's vision is to become a best-in-class real estate asset management and investment platform focused on value investing.
SOURCE Artis Real Estate Investment Trust
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