WINNIPEG, MB, Dec. 20, 2021 /CNW/ - Artis Real Estate
Investment Trust ("Artis" or the "REIT") (TSX: AX.UN) announced
that its trustees have declared a special distribution of
$2.39 per trust unit ("Unit"), which
will comprise of $0.32 per Unit
payable in cash and $2.07 per Unit
payable in Units. This special distribution is in addition to the
monthly distributions totaling $0.5927 per unit during 2021. The special
distribution will be payable on December 31,
2021 to unitholders (the "Unitholders") of record at the
close of business on December 31,
2021, with payment of the cash distribution to be made as
soon as practicable after the payable date. The special
distribution is principally being made to distribute to Unitholders
a portion of the capital gain realized by the REIT from
transactions completed during the year ended December 31, 2021. The cash portion of the
special distribution is intended to provide liquidity to
Unitholders to cover all or part of any Canadian income tax or
non-resident withholding tax obligations that may arise in relation
to the special distribution.
As at the date hereof, there are an aggregate of 124,555,206
Units issued and outstanding.
Tax Considerations
Immediately following the issuance of Units pursuant to the
special distribution, the outstanding Units of Artis will be
consolidated such that each Unitholder will hold, after the
consolidation, the same number of Units as such Unitholder held
before the special distribution. The amount of the special
distribution payable in Units will increase the adjusted cost base
of Unitholders' consolidated Units. Canadian resident Unitholders
will generally be required to include their proportionate share of
the REIT's income and net taxable capital gain for the 2021 tax
year as allocated and designated by the REIT in computing their
respective income for the 2021 tax year. Unitholders not resident
in Canada for Canadian federal
income tax purposes may be subject to applicable withholding taxes
in connection with the payment of the special distribution.
Artis cautions that the foregoing comments are not intended to
be, and should not be construed as, legal or tax advice to any
Unitholder. Artis recommends that Unitholders consult their own tax
advisors regarding the income tax consequences to them of this
anticipated special distribution and related Unit
consolidation.
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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' vision is to build a
best-in-class asset management and investment platform focused on
growing net asset value per unit and distributions for investors
through value investing in real estate.
SOURCE Artis Real Estate Investment Trust