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ARTIS REAL ESTATE INVESTMENT TRUST PROVIDES NOTICE OF SERIES I PREFERRED UNIT RECLASSIFICATION DATE AND DISTRIBUTION RATES
ARTIS REAL ESTATE INVESTMENT TRUST PROVIDES NOTICE OF SERIES I PREFERRED UNIT RECLASSIFICATION DA...
About this update from Rfa Financial Inc.
[{"type":"text","content":"\n \n \n \n ARTIS REAL ESTATE INVESTMENT TRUST PROVIDES NOTICE OF SERIES I PREFERRED UNIT RECLASSIFICATION DATE AND DISTRIBUTION RATES\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n WINNIPEG, MB\n \n \n ,\n \n \n March 31, 2023\n \n \n /CNW/ - Artis Real Estate Investment Trust (TSX: AX.UN) (\"Artis\" or the \"REIT\") announced today that it does not intend to exercise its right to redeem all or any part of the currently outstanding Preferred Units, Series I (\"\n \n Series I Units\n \n \") (AX.PR.I) on\n \n April 30, 2023\n \n .\n \n \n \n \n \n \n \n \n \n As a result, and subject to certain conditions set forth in the certificate of preferred units terms relating to the Series I Units effective\n \n January 31, 2018\n \n (the \"\n \n Certificate of Series I Unit Terms\n \n \"), the holders of Series I Units have the right to elect to reclassify all or any of their Series I Units into Preferred Units, Series J (\"\n \n Series J Units\n \n \") of Artis on the basis of one Series J Unit for each Series I Unit on\n \n May 1, 2023\n \n (being the first business day after\n \n April 30, 2023\n \n ).\n \n \n With respect to any Series I Units that remain outstanding after\n \n May 1, 2023\n \n , holders thereof will be entitled to receive distributions, if, as and when declared by the Board of Trustees of Artis, in an annual amount per Series I Unit determined by multiplying the annual fixed distribution rate for such subsequent fixed rate period by\n \n $25.00\n \n , and shall be payable quarterly on the last business day of each of January, April, July and October in each year during such subsequent fixed rate period.  For the initial subsequent fixed rate period commencing on\n \n May 1, 2023\n \n , the annual fixed distribution rate is 6.993% per annum.\n \n \n With respect to any Series J Units that may be issued on\n \n May 1, 2023\n \n , holders thereof will be entitled to receive distributions, if, as and when declared by the Board of Trustees of Artis, in an amount per Series J Un...