A
rtis Real Estate Investment Trust (the "REIT") today announced its financial results for the three months ended March 31, 2025. The first quarter results should be read in conjunction with the REIT's consolidated financial statements and Management's Discussion and Analysis ("MD&A") for the same period.
"We continued to make progress towards reducing leverage and strengthening our 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 repurchased units at a weighted-average price of $7.58 through our normal course issuer bid."
Key highlights from the first quarter include:
* Disposing of two industrial and two retail properties in Canada for an aggregate sale price of $70.5 million
* Entering into an unconditional agreement to sell a retail property located in Canada, which closed subsequent to the end of the quarter
* Purchasing 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 through the NCIB
* Reporting net asset value per unit (NAV) of $13.76 at March 31, 2025, compared to $13.75 at December 31, 2024
* Improving total debt to gross book value (GBV) to 39.2% at March 31, 2025, compared to 40.2% at December 31, 2024
