The following is a summary of the Artis Real Est In Tr (ARESF) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Artis has unlocked $174.3 million through asset dispositions to increase liquidity.

• Further asset sales planned for the coming months worth $184.4 million (Canadian assets) and $272.9 million (US assets) are expected to reduce overall leverage below 45%.

• Q1 lease renewals commenced at a weighted average rate increase of 2.2% over expiring rates, indicating a positive trend.

• Same property NOI growth was strong at 4% for the three months ended March 31st.

Business Progress:

• Artis increased its ownership in Dream Office to 18.77% after Q1 2024, indicating a strategic investment in the downtown Toronto office sector.

• The company successfully renewed a $100 million non-revolving credit facility for a two-year term in Q1 2024, as part of managing upcoming debt maturities.

• Occupancy rates, including commitments, remained steady at 91%, demonstrating consistent demand for their real estate.

• Artis forecasts potential future capital allocation opportunities that may augment net asset value per unit, as part of their strategic focus from 2021.

More details: ARTIS REAL ESTATE INVESTMENT TRUST IR

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