Mr. Samir Manji reports

ARTIS REAL ESTATE INVESTMENT TRUST COMMENTS ON REPORTS OF SALE OF HOUSTON INDUSTRIAL PROPERTY

Artis Real Estate Investment Trust is aware of media reports that it has entered into a conditional agreement to sell Park 8Ninety, an industrial property located in the Greater Houston Area, Texas.

The REIT can confirm that it has entered into a conditional agreement to sell Park 8Ninety for $234.2-million (U.S.), a premium to IFRS (international financial reporting standards) fair value at Dec. 31, 2023, and representing a price per square foot of $128 (U.S.). The transaction is subject to routine closing conditions and is expected to close in the second quarter of 2024.

"If completed, the sale of Park 8Ninety would be another important step towards achieving our objective of strengthening our balance sheet, reducing debt and enhancing liquidity," said Samir Manji, president and chief executive officer of Artis.

Park 8Ninety was developed in five phases between 2017 and 2022, and comprises 12 buildings that total 1,823,410 square feet of leasable area.

The REIT will provide additional updates, as appropriate.

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.

We seek Safe Harbor.