Mr. Samir Manji reports

ARTIS AND RFA CAPITAL PROVIDE UPDATE ON ANTICIPATED TIMING OF CLOSING OF ARRANGEMENT

The closing of Artis Real Estate Investment Trust and RFA Capital Holdings Inc.'s previously announced plan of arrangement, pursuant to which RFA will acquire all of the outstanding common units, Series E preferred units and Series I preferred units of Artis, is anticipated to occur during the week of Feb. 1, 2026, subject to the continued satisfaction of all closing conditions. Following closing, Artis will become a wholly owned subsidiary of RFA and RFA will operate as RFA Financial. RFA Financial's common shares, Series E preferred shares and Series I preferred shares have been conditionally approved to trade on the Toronto Stock Exchange under the ticker symbols RFA, RFA.PR.E and RFA.PR.I, respectively.

"We are pleased to announce that we are on track to close the transaction in the coming weeks," said Samir Manji, president and chief executive officer of Artis. "This transaction represents a compelling and strategic opportunity for our owners. By combining Artis's proven real estate portfolio with RFA's growing banking and mortgage platforms, we are creating a company with multiple avenues for growth, substantial access to capital and potential for enhanced returns. This provides our unitholders with exposure to Canada's attractive financial services sector and presents a unique opportunity to participate in the expansion and scaling of a Schedule I bank in Canada. We believe this transaction will create value for our unitholders and appreciate their support as we embark on this exciting new chapter for both Artis and RFA."

"The closing of this transaction will mark a truly transformative milestone for both organizations," said Ben Rodney, chair of Artis's board of trustees and president, chief executive officer and managing partner of RFA. "RFA contributes a dynamic banking platform with scalable economics and strong operating momentum. By coming together, we are building a more resilient financial services platform that is poised for growth. For investors, this transaction delivers a compelling combination of scale, diversification and strategic synergies that position us to generate stronger long-term returns. We look forward to the opportunity that is in front of us and to advancing our shared vision as a unified organization."

Registered Artis unitholders who have questions or require assistance with submitting their units in connection with the transaction may direct their questions to Odyssey Trust Company, which is acting as depositary in connection with the transaction, by telephone at 1-587-885-0960 or by e-mail at corp.actions@odysseytrust.com.

For more information on the transaction, please see the news releases issued by Artis on Sept. 15, 2025, Nov. 10, 2025, Dec. 11, 2025, and Dec. 18, 2025, along with the REIT's management information circular dated Nov. 10, 2025, prepared in connection with the transaction, all of which are available under the Artis's SEDAR+ profile and on the REIT's website.

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.

About RFA Capital Holdings Inc.

Founded in 1996, RFA is a Canadian-owned real estate investment firm. RFA specializes in residential mortgage lending and asset management through its subsidiaries: RFA Bank of Canada, a federally regulated Schedule I Bank, RFA Mortgage Corp., TM Investments and Five Continents Financial. Combined, RFA offers mortgage brokers a one-stop shop with a full suite of competitive prime, alternative, private and commercial mortgages and wealth management.

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