Artis REIT announces no reclassification for series I preferreds

Chicago, April 18 – Artis Real Estate Investment Trust announced that, based on too few elections of holders of its series I preferreds, no holders will be entitled to reclassify their series I units as series J units on May 1, according to a press release.

Elections would have resulted in fewer than 500,000 series J units being issued on May 1.

Accordingly, all 4,871,140 series I units will remain issued and outstanding following April 30, and during the subsequent five-year period commencing May 1 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% by $25.00, payable quarterly on the last business day of each of January, April, July and October in each year during that period.

Artis REIT is a Winnipeg, Man.-based real estate investment trust focused on office, retail and industrial properties.

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