Latest news with #SamirManji
Cision Canada
28-05-2025
- Business
- Cision Canada
ARTIS REAL ESTATE INVESTMENT TRUST ANNOUNCES VOTING RESULTS FROM THE 2025 ANNUAL MEETING OF UNITHOLDERS
WINNIPEG, MB, May 28, 2025 /CNW/ - Artis Real Estate Investment Trust ("Artis" or the "REIT") (TSX: announced today the results of matters voted on at its annual meeting of unitholders held on May 27, 2025 (the "Meeting"). The total number of units represented by unitholders present in person or by proxy at the Meeting was 67,052,834, representing 67.76% of Artis's outstanding units. Each of the nominees for election as trustee listed in the Management Information Circular dated April 15, 2025, was elected as trustee of Artis for the ensuing year to hold office from the close of the Meeting until the close of the next annual meeting of unitholders. Proxies were tabulated as follows: All other matters set out in the Management Information Circular dated April 15, 2025, were approved by a majority of unitholders, including fixing the number of trustees at six, the reappointment of Deloitte LLP as external auditor of the REIT and the advisory vote on executive compensation. Final results on all matters voted on at the Meeting are available on Artis's Sedar+ profile at Artis is a diversified Canadian real estate investment trust with a portfolio of industrial, office and retail properties in Canada and the United States. Artis's vision is to become a best-in-class real estate asset management and investment platform focused on value investing. Suite 600 – 220 Portage Avenue Winnipeg, MB R3C 0A5 T 204.947.1250 F 204.947.0453 For further information please contact Mr. Samir Manji, President and Chief Executive Officer, Ms. Jaclyn Koenig, Chief Financial Officer or Ms. Heather Nikkel, Senior Vice-President - Investor Relations and Sustainability of the REIT at 1.204.947.1250.
Yahoo
28-05-2025
- Business
- Yahoo
ARTIS REAL ESTATE INVESTMENT TRUST ANNOUNCES VOTING RESULTS FROM THE 2025 ANNUAL MEETING OF UNITHOLDERS
WINNIPEG, MB, May 28, 2025 /CNW/ - Artis Real Estate Investment Trust ("Artis" or the "REIT") (TSX: announced today the results of matters voted on at its annual meeting of unitholders held on May 27, 2025 (the "Meeting"). The total number of units represented by unitholders present in person or by proxy at the Meeting was 67,052,834, representing 67.76% of Artis's outstanding units. Each of the nominees for election as trustee listed in the Management Information Circular dated April 15, 2025, was elected as trustee of Artis for the ensuing year to hold office from the close of the Meeting until the close of the next annual meeting of unitholders. Proxies were tabulated as follows: Name of Nominee Votes For % For Votes Withheld % Withheld Heather-Anne Irwin 63,876,922 96.35 2,422,359 3.65 Samir Manji 65,987,962 99.53 311,319 0.47 Jacqueline Moss 63,982,391 96.51 2,316,890 3.49 Ben Rodney 66,025,955 99.59 273,326 0.41 Mike Shaikh 63,866,686 96.33 2,432,595 3.67 Lis Wigmore 63,845,898 96.30 2,453,383 3.70 All other matters set out in the Management Information Circular dated April 15, 2025, were approved by a majority of unitholders, including fixing the number of trustees at six, the reappointment of Deloitte LLP as external auditor of the REIT and the advisory vote on executive compensation. Final results on all matters voted on at the Meeting are available on Artis's Sedar+ profile at Artis is a diversified Canadian real estate investment trust with a portfolio of industrial, office and retail properties in Canada and the United States. Artis's vision is to become a best-in-class real estate asset management and investment platform focused on value investing. Suite 600 – 220 Portage AvenueWinnipeg, MB R3C 0A5T 204.947.1250 F 204.947.0453 on the TSX SOURCE Artis Real Estate Investment Trust View original content to download multimedia:
Cision Canada
08-05-2025
- Business
- Cision Canada
ARTIS REAL ESTATE INVESTMENT TRUST RELEASES FIRST QUARTER RESULTS
WINNIPEG, MB, May 8, 2025 /CNW/ - Artis Real Estate Investment Trust ("Artis" or the "REIT") (TSX: (TSX: (TSX: announced today its financial results for the three months ended March 31, 2025. The first quarter 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 three months ended March 31, 2025. All amounts are in thousands of Canadian dollars, except per unit amounts or otherwise noted. "During the first quarter we continued to make progress towards our goal of reducing overall leverage and strengthening the balance sheet," said Samir Manji, President and Chief Executive Officer of Artis. "We sold two industrial and two retail properties in Canada for $70.5 million, and continued to use our normal course issuer bid to repurchase our units at a weighted-average price per unit of $7.58, a significant discount to our net asset value per unit of $13.76. We were able to maintain a conservative debt to gross book value of 39.2% at March 31, 2025, compared to 40.2% at December 31, 2024. We will continue to monetize assets opportunistically to enhance our liquidity while also exploring opportunities to harness the dry powder on our balance sheet. Given the nature of our strategy, we continue to expect our income (and as a result, our FFO and AFFO metrics) to be lumpy from one quarter to the next. Ultimately, we believe that the successful execution of our strategy will provide long-term sustainability with our current distribution. We look forward to providing further updates as we continue to pursue opportunities that are aligned with our long-term objective of growing net asset value per unit and maximizing value for our unitholders." FIRST QUARTER HIGHLIGHTS Portfolio Activity Disposed of two industrial and two retail properties located in Canada for an aggregate sale price of $70.5 million. Entered into an unconditional agreement to sell a retail property located in Canada for a sale price of $4.8 million, which closed subsequent to the end of the quarter. Balance Sheet and Liquidity Utilized the NCIB to purchase 1,825,666 common units at a weighted-average price of $7.58 and 45,400 preferred units at a weighted-average price of $20.74. Reported NAV per Unit (1) of $13.76 at March 31, 2025, compared to $13.75 at December 31, 2024. Improved Total Debt to GBV (1) to 39.2% at March 31, 2025, compared to 40.2% at December 31, 2024. Reported total Debt to Adjusted EBITDA (1) of 7.0 at March 31, 2025, compared to 6.2 at December 31, 2024. Improved Adjusted EBITDA Interest Coverage Ratio (1) to 2.33 for the first quarter of 2025, compared to 1.92 for the first quarter of 2024. Financial and Operational Same Property NOI (1) in Canadian dollars for the first quarter of 2025 increased 4.5% compared to the first quarter of 2024. Reported portfolio occupancy of 87.1% (89.1% including commitments) at March 31, 2025, compared to 88.2% at December 31, 2024. Renewals totalling 122,760 square feet and new leases totalling 65,178 square feet commenced during the first quarter of 2025. Weighted-average rental rate on renewals that commenced during the first quarter of 2025 increased 4.0%. BALANCE SHEET AND LIQUIDITY The REIT's balance sheet metrics are as follows: (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. At March 31, 2025, Artis had $26.3 million of cash on hand and $311.0 million available on its revolving credit facilities. Under the terms of the secured credit facilities, the REIT must maintain certain financial covenants which limit the total borrowing capacity of the credit facilities. At December 31, 2024, the total borrowing capacity of the secured credit facilities was limited to $518.5 million. Liquidity and capital resources may be impacted by financing activities, portfolio acquisition, disposition and development activities or debt repayments occurring subsequent to March 31, 2025. FINANCIAL AND OPERATIONAL RESULTS (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. Artis reported portfolio occupancy of 87.1% (89.1% including commitments) at March 31, 2025, compared to 88.2% at December 31, 2024. Weighted-average rental rate on renewals that commenced during the first quarter of 2025 increased 4.0%. Artis's portfolio has a stable lease expiry profile with 44.4% of gross leasable area expiring in 2029 or later. Information about Artis's lease expiry profile is as follows: UPCOMING WEBCAST AND CONFERENCE CALL A conference call with management will be held on Friday, May 9, 2025, at 12:00 p.m. CT (1:00 p.m. ET). In order to participate, please dial 1-437-900-0527 or 1-888-510-2154. You will be required to identify yourself and the organization on whose behalf you are participating. Alternatively, you may access the simultaneous webcast by following the link from our website at Prior to the webcast, you may follow the link to confirm you have the right software and system requirements. If you cannot participate on Friday, May 9, 2025, a replay of the conference call will be available by dialing 1-289-819-1450 or 1-888-660-6345 and entering passcode 24883#. The replay will be available until Monday, June 9, 2025. The webcast will be archived 24 hours after the end of the conference call and will be accessible for 90 days. CAUTIONARY STATEMENTS This press release contains forward-looking statements within the meaning of applicable Canadian securities laws. For this purpose, any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. These forward-looking statements include, among others, statements regarding the timing and amount of distributions and the future financial position, business strategy, potential acquisitions and dispositions, plans and objectives of Artis. Without limiting the foregoing, the words "outlook", "objective", "expects", "anticipates", "intends", "estimates", "projects", and similar expressions or variations of such words and phrases suggesting future outcomes or events, or which state that certain actions, events or results ''may'', ''would'', "should" or ''will'' occur or be achieved are intended to identify forward-looking statements. Such forward-looking information reflects management's current beliefs and is based on information currently available to management. Forward-looking statements are based on a number of factors and assumptions which are subject to numerous risks and uncertainties, which have been used to develop such statements, but which may prove to be incorrect. Although Artis believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, levels of activity, performance or achievement since such expectations are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Assumptions have been made regarding, among other things: the general stability of the economic and political environment in which Artis operates, treatment under governmental regulatory regimes, securities laws and tax laws, the ability of Artis and its service providers to obtain and retain qualified staff, equipment and services in a timely and cost efficient manner, currency, exchange and interest rates, global economics and financial markets. Artis is subject to significant risks and uncertainties which may cause the actual results, performance or achievements of the REIT to be materially different from any future results, performance or achievements expressed or implied in these forward-looking statements. Such risk factors include, but are not limited to risks related to the strategy, real property ownership, overall investment portfolio, geographic concentration, current economic conditions, strategic initiatives, pandemics and other public health events, debt financing, interest rate fluctuations, foreign currency, tenants, specified investment flow-through rules, other tax-related factors, illiquidity, competition, reliance on key personnel, future property transactions, general uninsured losses, dependence on information technology systems, cyber security, environmental matters and climate change, land and air rights leases, public market, market price of common units, changes in legislation and investment eligibility, availability of cash flow, fluctuations in cash distributions, nature of units and legal rights attaching to units, preferred units, debentures, dilution, unitholder liability, failure to obtain additional financing, potential conflicts of interest, developments and trustees. For more information on the risks, uncertainties and assumptions that could cause Artis's actual results to materially differ from current expectations, refer to the section entitled "Risk Factors" of Artis's 2024 Annual Information Form for the year ended December 31, 2024, the section entitled "Risk and Uncertainties" of Artis's Q1-25 MD&A, as well as Artis's other public filings, available on SEDAR+ at Artis cannot assure investors that actual results will be consistent with any forward-looking statements and Artis assumes no obligation to update or revise such forward-looking statements to reflect actual events or new circumstances other than as required by applicable securities laws. All forward-looking statements contained in this press release are qualified by this cautionary statement. Unless otherwise noted, all amounts in this Press Release are based on the consolidated financial statements prepared in accordance with IFRS ® Accounting Standards as issued by the International Accounting Standards Board ("IFRS Accounting Standards" or "GAAP"). In addition, certain non-GAAP and supplementary financial measures are commonly used by Canadian real estate investment trusts as an indicator of financial performance. Non-GAAP measures and ratios include Funds From Operations ("FFO"), Adjusted Funds from Operations ("AFFO"), FFO per Unit, AFFO per Unit, FFO Payout Ratio, AFFO Payout Ratio, NAV per Unit, Total Debt to GBV, Adjusted EBITDA Interest Coverage Ratio and Total Debt to Adjusted EBITDA. Management believes that these measures are helpful to investors because they are widely recognized measures of Artis's performance and provide a relevant basis for comparison among real estate entities. These non-GAAP and supplementary financial measures are not defined under IFRS Accounting Standards and are not intended to represent financial performance, financial position or cash flows for the period, nor should any of these measures be viewed as an alternative to net income, cash flow from operations or other measures of financial performance calculated in accordance with IFRS Accounting Standards. The above measures are not standardized financial measures under the financial reporting framework used to prepare the financial statements of Artis. Readers should be further cautioned that the above measures as calculated by Artis may not be comparable to similar measures presented by other issuers. Refer to the Notice With Respect to Non-GAAP & Supplementary Financial Measures Disclosure of Artis's Q1-25 MD&A, which is incorporated by reference herein, for further information (available on SEDAR+ at or Artis's website at The reconciliation for each non-GAAP measure or ratio and other supplementary financial measures included in this Press Release is outlined below. NAV per Unit Total Debt to GBV March 31, 2025 December 31, 2024 Total assets $ 2,711,807 $ 2,803,161 Add: accumulated depreciation 13,498 13,080 Gross book value 2,725,305 2,816,241 Secured mortgages and loans 661,724 681,650 Preferred shares liability 1,008 1,009 Carrying value of debentures 199,977 199,907 Credit facilities 204,597 250,480 Total debt $ 1,067,306 $ 1,133,046 Total debt to GBV 39.2 % 40.2 % Adjusted EBITDA Interest Coverage Ratio Three months ended March 31, 2025 2024 Net income (loss) $ 11,427 $ (7,121) Add (deduct): Tenant inducements amortized to revenue 5,633 6,389 Straight-line rent adjustments 59 (343) Depreciation of property and equipment 419 302 Net (income) loss from equity accounted investments (1,944) 22,506 Distributions from equity accounted investments 2,778 817 Interest expense 17,430 32,120 Strategic review expenses — 350 Expected credit loss on preferred investments 8,184 — Fair value (gain) loss on investment properties (7,096) 1,000 Fair value loss on financial instruments 1,188 1,022 Foreign currency translation (gain) loss (17) 4,438 Income tax expense (recovery) 254 (1,432) Adjusted EBITDA 38,315 60,048 Interest expense 17,430 32,120 Add (deduct): Amortization of financing costs (999) (813) Adjusted interest expense $ 16,431 $ 31,307 Adjusted EBITDA interest coverage ratio 2.33 1.92 Total Debt to Adjusted EBITDA March 31, 2025 December 31, 2024 Secured mortgages and loans $ 661,724 $ 681,650 Preferred shares liability 1,008 1,009 Carrying value of debentures 199,977 199,907 Credit facilities 204,597 250,480 Total debt 1,067,306 1,133,046 Quarterly Adjusted EBITDA 38,315 45,516 Annualized Adjusted EBITDA 153,260 182,064 Total Debt to Adjusted EBITDA 7.0 6.2 FFO and AFFO Three months ended March 31, 2025 2024 Net income (loss) $ 11,427 $ (7,121) Add (deduct): Tenant inducements amortized to revenue 5,633 6,389 Incremental leasing costs 338 461 Distributions on preferred shares treated as interest expense 66 62 Remeasurement component of unit-based compensation 288 (269) Strategic review expenses — 350 Expected credit loss on preferred investments 8,184 — Adjustments for equity accounted investments (527) 24,588 Fair value (gain) loss on investment properties (7,096) 1,000 Fair value loss on financial instruments 1,188 1,022 Realized gain on disposition of equity securities 1,192 234 Foreign currency translation (gain) loss (17) 4,438 Deferred income tax expense (recovery) 54 (1,443) Preferred unit distributions (3,195) (3,244) FFO $ 17,535 $ 26,467 Add (deduct): Amortization of recoverable capital expenditures $ (1,425) $ (1,719) Straight-line rent adjustments 59 (343) Non-recoverable property maintenance reserve (350) (400) Leasing costs reserve (7,000) (7,500) Adjustments for equity accounted investments (84) (1,927) AFFO $ 8,735 $ 14,578 FFO and AFFO Per Unit Three months ended March 31, 2025 2024 Basic units 100,127,194 107,907,667 Add: Restricted units 499,981 510,650 Deferred units 496,239 361,441 Diluted units 101,123,414 108,779,758 FFO and AFFO per Unit Three months ended March 31, 2025 2024 FFO per unit: Basic $ 0.18 $ 0.25 Diluted 0.17 0.24 AFFO per unit: Basic $ 0.09 $ 0.14 Diluted 0.09 0.13 FFO and AFFO Payout Ratios Three months ended March 31, 2025 2024 Distributions per common unit $ 0.15 $ 0.15 FFO per unit - diluted 0.17 0.24 FFO payout ratio 88.2 % 62.5 % Distributions per common unit $ 0.15 $ 0.15 AFFO per unit - diluted 0.09 0.13 AFFO payout ratio 166.7 % 115.4 % ABOUT ARTIS REAL ESTATE INVESTMENT TRUST Artis is a diversified Canadian real estate investment trust with a portfolio of industrial, office and retail properties in Canada and the United States. Artis's vision is to become a best-in-class real estate asset management and investment platform focused on value investing. SOURCE Artis Real Estate Investment Trust For further information please contact: Samir Manji, President & Chief Executive Officer, Jaclyn Koenig, Chief Financial Officer or Heather Nikkel, Senior Vice-President - Investor Relations and Sustainability of the REIT at 204-947-1250. 600 - 220 Portage Avenue, Winnipeg, MB R3C 0A5, T 204.947.1250, F 204.947.0453; on the TSX
Yahoo
10-04-2025
- Business
- Yahoo
Insider Buyers Lose Additional CA$24k As Artis Real Estate Investment Trust Dips To CA$661m
Insiders who bought CA$223.7k worth of Artis Real Estate Investment Trust's (TSE: stock at an average buy price of CA$7.68 over the last year may be disappointed by the recent 12% decrease in the stock. Insiders invest with the hopes of seeing their money grow in value over time. However, as a result of recent losses, their initial investment is now only worth CA$199.9k, which is not what they expected. While we would never suggest that investors should base their decisions solely on what the directors of a company have been doing, logic dictates you should pay some attention to whether insiders are buying or selling shares. We've found 21 US stocks that are forecast to pay a dividend yield of over 6% next year. See the full list for free. The President Samir Manji made the biggest insider purchase in the last 12 months. That single transaction was for CA$88k worth of shares at a price of CA$8.02 each. That means that even when the share price was higher than CA$6.86 (the recent price), an insider wanted to purchase shares. While their view may have changed since the purchase was made, this does at least suggest they have had confidence in the company's future. We always take careful note of the price insiders pay when purchasing shares. As a general rule, we feel more positive about a stock if insiders have bought shares at above current prices, because that suggests they viewed the stock as good value, even at a higher price. Artis Real Estate Investment Trust insiders may have bought shares in the last year, but they didn't sell any. The chart below shows insider transactions (by companies and individuals) over the last year. If you click on the chart, you can see all the individual transactions, including the share price, individual, and the date! See our latest analysis for Artis Real Estate Investment Trust Artis Real Estate Investment Trust is not the only stock insiders are buying. So take a peek at this free list of under-the-radar companies with insider buying. There was some insider buying at Artis Real Estate Investment Trust over the last quarter. Independent Director Jacqueline Moss purchased CA$49k worth of shares in that period. We like it when there are only buyers, and no sellers. But the amount invested in the last three months isn't enough for us too put much weight on it, as a single factor. For a common shareholder, it is worth checking how many shares are held by company insiders. I reckon it's a good sign if insiders own a significant number of shares in the company. Insiders own 3.5% of Artis Real Estate Investment Trust shares, worth about CA$23m. We've certainly seen higher levels of insider ownership elsewhere, but these holdings are enough to suggest alignment between insiders and the other shareholders. Insider purchases may have been minimal, in the last three months, but there was no selling at all. The net investment is not enough to encourage us much. However, our analysis of transactions over the last year is heartening. Insiders do have a stake in Artis Real Estate Investment Trust and their transactions don't cause us concern. So these insider transactions can help us build a thesis about the stock, but it's also worthwhile knowing the risks facing this company. At Simply Wall St, we've found that Artis Real Estate Investment Trust has 3 warning signs (2 make us uncomfortable!) that deserve your attention before going any further with your analysis. But note: Artis Real Estate Investment Trust may not be the best stock to buy. So take a peek at this free list of interesting companies with high ROE and low debt. For the purposes of this article, insiders are those individuals who report their transactions to the relevant regulatory body. We currently account for open market transactions and private dispositions of direct interests only, but not derivative transactions or indirect interests. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Sign in to access your portfolio
Globe and Mail
18-03-2025
- Business
- Globe and Mail
ARTIS REAL ESTATE INVESTMENT TRUST PUBLISHES LETTER TO UNITHOLDERS FROM PRESIDENT AND CEO
WINNIPEG, MB , March 18, 2025 /CNW/ - Artis Real Estate Investment Trust ("Artis" or the "REIT") (TSX: announced today that it has published a letter to unitholders from Samir Manji , the President and Chief Executive Officer of the REIT. The letter to unitholders is available on Artis's website at: Artis will publish its 2024 Annual Report on Wednesday, March 19, 2025 . A copy the 2024 Annual Report will be made available on the REIT's website at and on SEDAR+ at Artis is a diversified Canadian real estate investment trust with a portfolio of industrial, office and retail properties in Canada and the United States . Artis's vision is to become a best-in-class real estate asset management and investment platform focused on value investing. Suite 600 – 220 Portage Avenue Winnipeg, MB R3C 0A5 T 204.947.1250 F 204.947.0453 on the TSX
