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Artis Real Estate Investment Trust | Preferred Units, Series E (AX.PRU.CA)
Prospectus excerpt: This prospectus supplement, together with the short form base shelf prospectus to which it relates, qualifies the distribution of 3,000,000 Preferred Units, Series C (“Series C Units”) of Artis Real Estate Investment Trust (“Artis”) (the “Offering”) at a price of US$25.00 per Series C Unit (the “Offering Price”) pursuant to an underwriting agreement dated September 11, 2012 (the “Underwriting Agreement”) between Artis and RBC Dominion Securities Inc., CIBC World Markets Inc. and Macquarie Capital Markets Canada Ltd., as co-lead underwriters on their own behalf and on behalf of BMO Nesbitt Burns Inc., National Bank Financial Inc., Scotia Capital Inc., Canaccord Genuity Corp., Desjardins Securities Inc. and Raymond James Ltd. (collectively, the “Underwriters”). The Offering Price and terms of the Series C Units were determined by negotiation between Artis and the Underwriters. For the initial period commencing on the Closing Date (as defined herein) and ending on and including March 31, 2018 (the “Initial Fixed Rate Period”), the holders of Series C Units will be entitled to receive fixed cumulative preferential cash distributions, as and when declared by the board of trustees of Artis (the “Board of Trustees”), payable quarterly on the last business day of March, June, September and December in each year at an annual rate equal to US$1.3125 per Series C Unit. The initial distribution will be payable on December 31, 2012 and is expected to be US$0.3740 per Series C Unit, based on the anticipated closing date of the Offering of September 18, 2012. The closing of the Offering shall be September 18, 2012, or such other date as Artis and the Underwriters may agree, but in no event later than September 25, 2012 (the “Closing Date”). The Offering Price for the Series C Units is in United States dollars. See “Details of the Offering”. Full Prospectus PDF », AX.UN.CA Page »
Series: | C | Alternate symbology: | AX-U.CA, AX-PU.CA, AXprU.CA | Redeemable?: | Yes | Call Date: | 3/31/2018 (Now Trading Post Call Date) | Perpetual?: | Yes | Cumulative?: | Yes | Conversion Ratio: | The holders of Series C Units will have the right, at their option, to reclassify their Series C Units as Preferred Units, Series D (“Series D Units”) of Artis, subject to certain conditions, on March 31, 2018 and on March 31 every five years thereafter. The holders of Series D Units will be entitled to receive floating rate cumulative preferential cash distributions, as and when declared by the Board of Trustees, payable quarterly on the last business day of each Quarterly Floating Rate Period (as defined below), in the amount per Series D Unit determined by multiplying the applicable Floating Quarterly Distribution Rate (as defined herein) by US$25.00. The Floating Quarterly Distribution Rate will be equal to the sum of the T-Bill Rate (as defined herein) plus 4.46% (calculated on the basis of the actual number of days elapsed in the applicable Quarterly Floating Rate Period divided by 365) determined on the 30th day prior to the first day of the applicable Quarterly Floating Rate Period. See “Details of the Offering”. The CRA (as hereinafter defined) has expressed the preliminary view that the reclassification of the Series C Units and Series D Units would likely result in a taxable disposition at that time. | Shares Offered: | 4000000 | Liquidation Preference: | $25 | Original Coupon: | 5.25% | Pay Period: | Quarterly | Pay Dates: | 31-Mar, 30-Jun, 30-Sep, 31-Dec | CDx3 Compliance Rating: |
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