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Artis Real Estate Investment Trust Releases Second Quarter Results and Provides Business Update on the Impact of COVID-19

WINNIPEG, MB, Aug. 6, 2020 /CNW/ -A Today Artis Real Estate Investment Trust ("Artis" or the "REIT") issued its financial results and achievements for the three and six months ended June 30, 2020, and provided an update on the impact of the COVID-19 pandemic and the new initiatives announced on November 1, 2018 (the "New Initiatives").A  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, 2020.A  All amounts are in thousands of Canadian dollars, unless otherwise noted.
Artis Real Estate Investment Trust Releases Second Quarter Results and Provides Business Update on the Impact of COVID-19
SECOND QUARTER HIGHLIGHTS (1)Financial and Operational

Reported FFO per unit of $0.36 for the second quarter of 2020, unchanged from the second quarter of 2019 and increased $0.03 or 9.1% compared to the first quarter of 2020.



Reported AFFO per unit of $0.27 for the second quarter of 2020, unchanged from the second quarter of 2019 and increased $0.03 or 12.5% compared to the first quarter of 2020.



Reported a conservative AFFO payout ratio of 51.9% for the second quarter of 2020, unchanged from the second quarter of 2019.



Same Property NOI decreased 2.0% period-over-period for the second quarter of 2020.A 



Same Property NOI, excluding bad debt expense, increased 1.2% period-over-period for the second quarter of 2020, representing the eighth consecutive quarter of Same Property NOI growth.



Reported portfolio occupancy of 90.6% (92.9% including commitments) at June 30, 2020, compared to 90.7% at March 31, 2020.



Weighted-average rental rate on renewals that commenced during the second quarter of 2020 decreased 3.3%.A  Excluding one large industrial renewal where the tenant exercised a fixed-rate option to renew their lease, the weighted-average rental rate on renewals that commenced during the second quarter of 2020 increased 5.4%.

Balance Sheet and Liquidity
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