Mr. Samir Manji reports

ARTIS REAL ESTATE INVESTMENT TRUST ANNOUNCES SPECIAL DISTRIBUTION OF $2.39 PER TRUST UNIT

Artis Real Estate Investment Trust has declared a special distribution of $2.39 per trust unit, which will comprise 32 cents per unit payable in cash and $2.07 per unit payable in units. This special distribution is in addition to the monthly distributions totalling 59.27 cents per unit during 2021. The special distribution will be payable on Dec. 31, 2021, to unitholders of record at the close of business on Dec. 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 Dec. 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.

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 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.