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A ARTIS REIT FOR IMMEDIATE RELEASE ARTIS REAL ESTATE INVESTMENT TRUST RELEASES THIRD QUARTER RESULTS Artis Real Estate Investment Trust ( " Artis " or the " REIT " ) ( TSX : AX.UN , AX.PR.E , AX.PR.I ) announced today its financial results for the three and nine months ended September 30 , 2023. The third 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 September 30 , 2023. All amounts are in thousands of Canadian dollars , unless otherwise noted . NOVEMBER 2 , 2023 " We are pleased to report strong same property growth in Canadian dollars of 6.0 % for the three months ended September 30 , 2023 , compared to the same period of 2022 , and a 3.5 % weighted - average increase in rental rates for 177,787 square feet of renewals that commenced during the three - month period , " said Samir Manji , President and Chief Executive Officer of Artis . " We continue to see the quality of our real estate reflected in the interest and traction achieved on the disposition front to date . During and subsequent to the third quarter , we closed or went unconditional on dispositions for an aggregate sale price of $ 112.7 million , including five office properties totalling 493,820 square feet . Proceeds from these transactions , along with additional dispositions underway , will enable us to continue reducing our overall debt , which is a key near - term priority for Artis . As at September 30 , 2023 , we had purchased the maximum number of common units allowable under the REIT's normal course issuer bid . We believe that the current market price of Artis's units does not reflect the fundamental intrinsic value of the REIT and , as such , unit buybacks are viewed as a compelling tool that effectively returns capital to unitholders while concurrently enhancing value for our owners . With our NCIB now fully utilized for 2023 , the Board may consider additional mechanisms that are available to the REIT for returning capital to unitholders , including , subject to market and other conditions , other unit repurchases . The Special Committee continues to evaluate strategic alternatives to close the value gap between our trading price and our IFRS net asset value of $ 15.26 per unit . As we continue to monetize assets to pay down debt , our current distribution program remains unchanged . " THIRD QUARTER HIGHLIGHTS Business Strategy Update • Artis's Board of Trustees ( " the Board " ) established a Special Committee ( the " Special Committee " ) to initiate a strategic review process to consider and evaluate strategic alternatives that may be available to the REIT to unlock and maximize value for unitholders . • The Board announced that the Special Committee retained BMO Nesbitt Burns Inc. to provide financial advisory services to the REIT and Special Committee in connection with the strategic review process . Disposed of one office property located in Canada for a sale price of $ 3.5 million . Utilized the normal course issuer bid ( " NCIB " ) to purchase 1,698,736 common units at a weighted - average price of $ 6.92 and 147,200 preferred units at a weighted - average price of $ 18.11 . The REIT has purchased the maximum number of common units allowed under the applicable NCIB term . Balance Sheet and Liquidity Repaid the Series D senior unsecured debentures upon maturity the amount of $ 250.0 million . Improved Total Debt to Adjusted EBITDA ( ¹ ) to 8.0 at September 30 , 2023 , compared to 8.3 at December 31 , 2022 . Financial and Operational Same Property NOI ( ¹ ) in Canadian dollars for third quarter of 2023 increased 6.0 % compared to the third quarter of 2022 . • Renewals totalling 177,787 square feet and new leases totalling 58,867 square feet commenced during the third quarter of 2023 . Weighted - average rental rate on renewals that commenced during the third quarter of 2023 increased 3.5 % . ( 1 ) Represents a non - GAAP measure , ratio or other supplementary financial measure . Refer to the Notice with Respect to Non - GAAP & Supplementary Financial Measures Disclosure .