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FOR IMMEDIATE RELEASE A ARTIS REIT ARTIS REAL ESTATE INVESTMENT TRUST RELEASES FIRST QUARTER RESULTS Artis Real Estate Investment Trust ( " Artis ” or the " REIT " ) ( TSX : AX.UN , AX.PR.A , AX.PR.E , AX.PR.I ) announced today its financial results for the three months ended March 31 , 2021. The first quarter press release should be read in conjunction with the REIT's consolidated financial statements and Management's Discussion and Analysis ( " MD & A " ) for the three months ended March 31 , 2021. All amounts are in thousands of Canadian dollars , unless otherwise noted . MAY 6 , 2021 " We are very pleased with the strong start we've had in 2021 with quarter - over - quarter increases in FFO per unit , AFFO per unit and overall portfolio occupancy , " said Samir Manji , CEO of Artis . " Our teams in all key markets across North America have persevered through the global pandemic and despite physical limitations , have executed on many key operational fronts including leasing - both for renewals and new tenancies . This has generated net positive growth on our committed occupancy at quarter end , while also achieving a positive increase in our weighted - average rental rate on renewals . We have established NAV per unit as our key metric for long - term unitholder value creation and were pleased to see positive NAV per unit growth during the quarter despite the negative impact the strengthening of the Canadian dollar had on our NAV calculation . This is a reflection of the strong , underlying value of our real estate in both Canada and the U.S. As the vaccine roll out continues and we get closer to moving past the pandemic , Artis is well positioned for continued success . I am optimistic and excited about our future as we now channel our efforts to becoming a best - in - class real estate management and investment platform focused on growing NAV per unit and distributions for our owners through value investing . " FIRST QUARTER HIGHLIGHTS ( ¹ ) Business Strategy and Board and Management Changes • Announced a new vision and strategy to become a best - in - class real estate asset management and investment platform focused on growing net asset value ( " NAV " ) per unit and distributions for investors through value investing . Appointed Ben Rodney as Chair of the Board of Trustees . Appointed Samir Manji as Chief Executive Officer . Appointed Kim Riley as Chief Operating Officer , a newly created position at Artis , effective April 1 , 2021 . Appointed Jaclyn Koenig as Chief Financial Officer , effective following the retirement of Jim Green . Portfolio Activity 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 . Completed the conversion of 2145-2155 Dunwin Drive to commercial condominiums and sold 17 of the units for aggregate consideration of $ 13.9 million . Subsequent to March 31 , 2021 , disposed of three retail properties located in Regina , Saskatchewan , a portion of a retail property located in Fort McMurray , Alberta , and an office property located in Calgary , Alberta , for an aggregate sale price of $ 62.0 million . Financial and Operational • Announced an increase to common unit distributions to $ 0.60 per unit annually , effective for the March 31 , 2021 distribution payable on April 15 , 2021 . Reported a conservative AFFO payout ratio of 56.0 % for the first quarter of 2021 , compared to 58.3 % for the first quarter of 2020 . • Increased FFO per unit by 6.1 % to $ 0.35 for the first quarter of 2021 , compared to $ 0.33 for the first quarter of 2020 . Increased AFFO per unit by 4.2 % to $ 0.25 for the first quarter of 2021 , compared to $ 0.24 for the first quarter of 2020 . Same Property NOI for the first quarter of 2021 decreased 5.4 % compared to the first quarter of 2020. The decrease is partially due to the ongoing impact of the COVID - 19 pandemic . Reported portfolio occupancy of 91.0 % ( 92.5 % including commitments ) at March 31 , 2021 , increased from 89.9 % ( 91.9 % including commitments ) at December 31 , 2020 . ( 1 ) Inclusive of properties held under equity accounted investments . • Renewals totalling 495,596 square feet and new leases totalling 281,751 square feet commenced during the first quarter of 2021 . Weighted - average rental rate on renewals that commenced during the first quarter of 2021 increased 4.2 % .