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Artis REIT - Q2-2017 Earnings & Price Target Update

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Artis is a diversified Canadian real estate investment trust investing in office, retail and industrial properties located in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario and select markets in the United States. At Jun-30-2017, the five largest segments by net operating income were Calgary office, Madison office, Twin Cities Area industrial, Twin Cities Area office and Greater Phoenix Area office. At Jun-30-2017, the portfolio was comprised of 248 commercial properties totaling 25.9M sq. ft. with a fair value of $4.8B. As of Sept-30- 2016, Artis' commercial property comprised 261 properties, totaling 27.2M sq. ft. of leasable area with a fair value of $5B. As a result of property disposition the debt ratio has been reduced from 65% at Jun-30-2016 to 59% and Jun-30-2017. For Q2-2017 net operating income by asset class, was 57% office, 20% retail and 23% industrial. Net operating income by geographical region, was 4% in British Columbia, 26% in Alberta, 6% in Saskatchewan, 13% in Manitoba, 11% in Ontario, 8% in Arizona, 20% in Minnesota, 9% in Wisconsin and 3% in U.S.

The debt ratio improved as a result of applying the net proceeds from dispositions less acquisition to reduce mortgage debt and redemption of convertible debentures (10yr, 6%, Series F) for $86M. The debt ratio was also improved from the issuance of 8.7M additional units for gross proceeds of $115M. This increased the number of units outstanding by 7%.

Since the beginning of 2015, Artis has reduced exposure to Alberta by reducing its net operating income weighting in Alberta from 39% to 26% and its Calgary office weighting from 18% to 11%. Reduced total Alberta net operating income from 39.2% for Q2-2014 to 25.6% for the quarter ended Jun-30-2017, and reduced the Calgary office net operating income from 19.1% to 11.1%, respectively. Artis' Calgary office segment represents 11.1% of Q2-2017 net operating income and 8.9% of the overall portfolio by GLA. During the remainder of 2017, Calgary office expiries represent 0.9% of Artis' total GLA. Of this expiring square footage, 36.9% has been renewed or committed to new leases. In 2018, Calgary office expiries represent 0.8% of Artis' total GLA.

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