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FOR IMMEDIATE RELEASE A ARTIS REIT ARTIS REAL ESTATE INVESTMENT TRUST RELEASES SECOND 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 and six months ended June 30 , 2021. The second 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 period ended June 30 , 2021. All amounts are in thousands of Canadian dollars , unless otherwise noted . " We are pleased to report our results and achievements for the second quarter and to demonstrate the strong progress we've made during these early stages of execution of our new vision and strategy , " said Samir Manji , CEO of Artis . " During the quarter , we entered into a sale agreement for our GTA industrial portfolio for a sale price that represented a 36 % increase over the IFRS fair value reported prior to the sale , and closed the strategic disposition of four non - core assets , also at sale prices that exceeded their most recently reported IFRS fair values . These dispositions are milestones on our journey to fortify our balance sheet by using the proceeds to reduce debt and provide Artis with financial flexibility . At June 30 , 2021 , we reported improvements to NAV per unit and debt to gross book value , both of which are key performance indicators of the REIT and critical to the successful execution of our Business Transformation Plan . We are pleased with the progress we have made in a short amount of time and look forward to continuing to demonstrate our ability to execute our strategy and deliver on our commitment to create long - term value for our owners . " ● AUGUST 4 , 2021 SECOND QUARTER HIGHLIGHTS ( ¹ ) Business Strategy and Management Updates Entered into a sale agreement to monetize industrial assets located in the Greater Toronto Area , Ontario , with proceeds expected to reduce leverage and provide financial flexibility to pursue return of capital and value investing strategies . Entered into an agreement with Sandpiper Asset Management , Inc. ( " Sandpiper " ) to provide certain services to support the REIT's strategy to acquire meaningful and influential active ownership positions in undervalued publicly - listed real estate entities . Appointed Kim Riley to Chief Operating Officer , a newly created position at Artis , effective April 1 , 2021 . Appointed Jaclyn Koenig to Chief Financial Officer , effective May 24 , 2021 . Portfolio Activity Acquired a parcel of industrial development land in the Twin Cities Area , Minnesota , for a purchase price of US $ 1.5 million . Disposed of an office property in Calgary , Alberta , three retail properties in Regina , Saskatchewan , and a portion of a retail property in Fort McMurray , Alberta , for an aggregate sale price of $ 62.0 million . • At June 30 , 2021 , Artis had entered into an agreement to sell the GTA Industrial Portfolio , comprising 28 industrial properties located in the Greater Toronto Area , Ontario . On July 15 , 2021 , the REIT closed on 26 of the 28 properties for an aggregate sale price of $ 696.7 million . One of the remaining properties is expected to close in the third quarter of 2021 and generate gross proceeds of $ 26.7 million . Subsequent to June 30 , 2021 , the remaining property is no longer under a sale agreement and will be actively marketed for sale . Subsequent to June 30 , 2021 , disposed of the King Edward Industrial Portfolio , comprised of two industrial properties located in Winnipeg , Manitoba , for a sale price of $ 3.2 million . Financial and Operational Reported a conservative AFFO payout ratio of 60.0 % for the second quarter of 2021 , compared to 51.9 % for the second quarter of 2020 . Reported FFO per unit of $ 0.34 for the second quarter of 2021 , compared to $ 0.36 for the second quarter of 2020 . Reported AFFO per unit of $ 0.25 for the second quarter of 2021 , compared to $ 0.27 for the second quarter of 2020 . Same Property NOI in Canadian dollars for the second quarter of 2021 decreased 3.9 % compared to the second quarter of 2020 . Same Property NOI in functional currency for the second quarter of 2021 increased 3.4 % compared to the second quarter of 2020 . ( 1 ) Inclusive of properties held under equity accounted investments . Reported portfolio occupancy of 90.3 % ( 91.8 % including commitments ) at June 30 , 2021 , compared to 91.0 % ( 92.5 % including commitments ) at March 31 , 2021 .