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FOR IMMEDIATE RELEASE A ARTIS REIT ARTIS REAL ESTATE INVESTMENT TRUST RELEASES 2020 ANNUAL RESULTS Artis Real Estate Investment Trust ( " Artis ” or the " REIT " ) ( TSX : AX UN ) announced today its financial results for the year ended December 31 , 2020. The annual results in this press release should be read in conjunction with the REIT's consolidated financial statements and Management's Discussion and Analysis ( " MD & A " ) for the year ended December 31 , 2020. All amounts are in thousands of Canadian dollars , unless otherwise noted . MARCH 2 , 2021 " The past year was one of significant change for Artis , " said Samir Manji , Interim Chief Executive Officer of Artis REIT . " We are pleased to report that , despite the headwinds caused by the pandemic , our rent collections have been strong and our financial position stable as our team continues to work diligently with our tenants to navigate through these unprecedented times . During the year , we remained committed to disposing of non - core properties , reducing debt and purchasing units under our NCIB program , which improved the overall quality of our portfolio and our balance sheet . We are pleased to report improvements to our debt metrics and our ability to maintain significant liquidity throughout the year . Artis ' newly reconstituted Board is committed to creating long - term value for all unitholders of the REIT and looks forward to sharing Artis ' go - forward vision and strategy in the days ahead . " 2020 ANNUAL HIGHLIGHTS ( 1 ) Portfolio Activity Completed the development of Park 8Ninety IV , a build - to - suit industrial development located in the Greater Houston Area , Texas which is 100 % leased to a multi - national tenant . . Completed the development of 330 Main , a multi - tenant retail property located in Winnipeg , Manitoba which is 94 % leased to two national tenants . Completed the development of Linden Ridge Shopping Centre II , a retail densification project located in Winnipeg , Manitoba which is 100 % leased to two national tenants . Disposed of 11 properties and one parcel of development land in Canada and two properties and one parcel of development land in the U.S. for aggregate sale prices of $ 327.5 million and US $ 73.5 million , respectively . • At December 31 , 2020 , Artis had two retail properties located in Regina , Saskatchewan , under an unconditional sale agreement for a sale price of $ 45.0 million . Subsequent to December 31 , 2020 , disposed of Tower Business Center , an industrial property held under a joint venture arrangement located in the Greater Denver Area , Colorado , for a sale price of US $ 53.2 million at the REIT's 80 % interest . Financial and Operational Announced a 3 % increase to common unit distributions , effective for the December 2020 distribution payable on January 15 , 2021 . Reported a conservative AFFO payout ratio of 52.9 % for 2020 , compared to 51.4 % for 2019 . Reported FFO per unit of $ 1.41 for 2020 , unchanged compared to 2019 , and reported AFFO per unit of $ 1.02 for 2020 , compared to $ 1.05 for 2019 . Same Property NOI decreased 1.7 % year - over - year for 2020 , primarily due to the impact of the COVID - 19 pandemic . Reported portfolio occupancy of 89.9 % ( 91.9 % including commitments ) at December 31 , 2020 , compared to 91.5 % ( 93.4 % including commitments ) at December 31 , 2019 . Renewals totalling 1,797,146 square feet and new leases totalling 1,300,461 square feet commenced during 2020 . Weighted - average rental rate on renewals that commenced during 2020 increased 2.4 % . ( 1 ) Inclusive of properties held under joint venture arrangements . Balance Sheet and Liquidity Reported NAV per unit of $ 15.03 at December 31 , 2020 , compared to $ 15.56 at December 31 , 2019. The decrease is partially due to the fair value loss on investment properties during the year as a result of the economic impacts of the COVID - 19 pandemic .