WINNIPEG, MB, April 18,
2023 /CNW/ - Artis Real Estate Investment Trust (TSX:
AX.UN) ("Artis" or the "REIT") announced today that it has
determined, based upon the election of holders of Preferred Units,
Series I ("Series I Units") (AX.PR.I), that fewer than
500,000 Series J Units would be issued on May 1, 2023 (being the first business day after
April 30, 2023) and consequently, as
provided for in the Certificate of Series I Unit Terms, no holders
of Series I Units are entitled to reclassify their Series I Units
to Series J Units on May 1, 2023.
Accordingly, all 4,871,140 Series I Units will remain issued and
outstanding following April 30, 2023,
and during the subsequent five-year period commencing May 1, 2023 holders will be entitled to receive
distributions, if, as and when declared by the Board of Trustees of
Artis, in an annual amount per Series I Unit determined by
multiplying the Annual Fixed Distribution Rate of 6.993% per annum
by $25.00, payable quarterly on the
last business day of each of January, April, July and October in
each year during such period.
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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 build
a best-in-class asset management and investment platform focused on
growing net asset value per unit and distributions for investors
through value investing in real estate.
SOURCE Artis Real Estate Investment Trust
