Q2 2024 Artis Real Estate Investment Trust Earnings Call

August 9, 2024

Speaker Change: Hello, I am Samir Manji, I am Samir Manji, I am Samir Manji, I am Samir Manji,

Speaker Change: [inaudible]

Operator: Good afternoon, my name is Julie, and I will be your conference operator today. At this time, I would like to welcome everyone to the Artis Real Estate Investment Trust second quarter 2024 results conference call. All lines have been placed on mute to prevent any background noise.

Operator: Good afternoon, my name is Julie, and I will be your conference operator today. At this time, I would like to welcome everyone to the Artis Real Estate Investment Trust's second quarter 2024 results conference call. All lines have been placed on mute to prevent any background noise.

Julie: Good afternoon, my name is Julie, and I will be your conference operator today.

Operator: After the speaker's remarks, there will be a question and answer session. If you'd like to ask a question during this time, press star then the number one on your telephone keypad. If you'd like to withdraw your question, please press star then the number zero. Thank you.

Julie: At this time, I would like to welcome everyone to the artist, Real Estate Investment Trust's second quarter 2024 results conference call. All lines have been placed on mute to prevent any background noise.

Julie: Good afternoon, my name is Julie and I will be your conference operator today. At this time I would like to welcome everyone to The Artist.

Speaker Change: Real Estate Investment Trust, second quarter 2024, results conference call.

Julie: After the speaker's remarks, there will be a question-and-answer session. If you'd like to ask a question during this time, press start at the number one on your telephone keypad. If you'd like to wish I a question, please press start at the number two. Thank you.

Speaker Change: All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you'd like to ask a question during this time, press star up, then the number 1 on your telephone keypad. If you'd like to withdraw your question, please press star up, then the number 2. Thank you. I would now like to turn the conference over to Heather Nikkel. You may begin your conference.

Operator: I would now like to turn the conference over to Heather Nikkel. You may begin your conference. Thank you, operator. Good afternoon, everyone.

Heather Nikkel: I would not like to turn the conference over to Heather Nikkel. You may begin your conference.

Operator: After the speaker's remarks, there will be a question and answer session. If you'd like to ask a question during this time, press star up then the number one on your telephone keypad. If you'd like to withdraw your question, please press star up then the number two. Thank you. I would now like to turn the conference over to Heather Nikkel. You may begin your conference.

Heather Nikkel: Thank you, operator.

Heather Nikkel: Welcome, and thank you for joining us for ArtisReit's second quarter 2024 results conference call. Our results were disseminated yesterday and are available on CDER and on our website. With me on today's call is Artis President and CEO, Samir Manji, CFO, Jaclyn Koenig, COO, Kim Riley, and Executive Vice President, U.S. Region, Phil Marks.

Heather Nikkel: Thank you, operator. Good afternoon, everyone.

Sameer Manji: Good afternoon, everyone. Welcome and thank you for joining us for Artistry's second quarter 2024 results conference call. Our results were disseminated yesterday and are available on Cedar and on our website.

Heather Nikkel: Thank you, operator.

Heather Nikkel: Good afternoon, everyone.

Heather Nikkel: Welcome and thank you for joining us for Artistry's second quarter 2024 results conference call.

Sameer Manji: With me and today's call is Artis's President and CEO, Sameer Mangy, CFO, Jaclyn Koenig, COO, Kim Riley, and Executive Vice President, U.S. region, Phil Martin. As we discuss our performance today, we would like to acknowledge that the discussion may include forward-looking statements that involve known and unknown risks and uncertainties. These risks and uncertainties may cause actual results to differ materially from those expressed or implied today. We have identified these factors in our public filings with the securities regulators and with the gifts that you review. Those filings.

Heather Nikkel: Welcome, and thank you for joining us for Artis REIT's second quarter 2024 results conference call. Our results were disseminated yesterday and are available on CDER and on our website. With me on today's call is Artis President and CEO, Samir Manji, CFO, Jaclyn Koenig, COO, Kim Riley, and Executive Vice President, U.S. Region, Phil Martin.

Speaker Change: Our results were disseminated yesterday and are available on CDER and on our website. With me on today's call is Artis' President and CEO , Samir Manji, CFO , Jaclyn Koenig, COO, Kim Riley, and Executive Vice President, U.S. Region, Phil Martens.

Heather Nikkel: As we discuss our performance today, we would like to acknowledge that the discussion may include forward-looking statements that involve known and unknown risks and uncertainties. These risks and uncertainties may cause actual results to differ materially from those expressed or implied today. We have identified these factors in our public filings with the securities regulators, and we suggest that you review those filings. In addition, we may refer to non-GAAP and supplementary financial measures that are not defined under IFRS and are not intended to represent financial performance, financial position, or cash flows for the period, nor should these measures be viewed as an alternative to net income, cash flow from operations, or other measures of financial performance calculated in accordance with

Speaker Change: As we discuss our performance today, we would like to acknowledge that the discussion may include forward-looking statements that involve known and unknown risks and uncertainties.

Speaker Change: These risks and uncertainties may cause actual results to differ materially from those expressed or implied today. We have identified these factors in our public filings with the securities regulators and we suggest that you review those filings.

Sameer Manji: In addition, we may refer to non-GAAP and supplementary financial measures that are not defined under IFRS and are not intended to represent financial performance, financial position, or cash flows for the period, nor should these measures be viewed as an alternative to net income, cash flow from operations, or other measures of financial performance calculated in accordance with IFRS. Throughout this discussion, please note that all figures will be presented in Canadian dollars unless otherwise specified.

Speaker Change: In addition, we may refer to non-GAAP and supplementary financial measures that are not defined under IFRS and are not intended to represent financial performance, financial position, or cash flows for the period, nor should these measures be viewed as an alternative to net income, cash flow from operations, or other measures of financial performance calculated in accordance with IFRS.

Heather Nikkel: Throughout this discussion, please note that all figures will be presented in Canadian dollars unless otherwise specified. Before we proceed, I'd like to note that a replay of this conference call will be available until September 9. You can access it by using the telephone numbers and passcode that were provided in yesterday's press release. Additionally, a recording will be made available on our website. I will now turn the call over to Samir to discuss Artis' second quarter results.

Speaker Change: Throughout this discussion, please note that all figures will be presented in Canadian dollars unless otherwise specified.

Sameer Manji: Before we proceed, I'd like to note that a replay of this conference call will be available until September 9th. You can access it by using the telephone numbers and passcode that were provided in yesterday's press release. Additionally, a recording will be made available on our website.

Speaker Change: Before we proceed, I'd like to note that a replay of this conference call will be available until September 9th. You can access it by using the telephone numbers and passcode that were provided in yesterday's press release. Additionally, a recording will be made available on our website.

Sameer Manji: I will now turn the call over to Sameer to discuss Artists' second quarter results. Thank you, Heather. Hello, everyone, and thank you for joining Artists' second quarter earnings call. During the second quarter, we continue to focus on our key objectives: strengthening our balance sheet and enhancing liquidity. While the Bank of Canada has cut its key policy rate twice in the past two months, the real estate sector continues to face some near-term challenges. We remain dedicated to delivering maximum value for our unit holders and focusing on factors within our control. Reducing leverage and increasing liquidity to bolster our balance sheet is critical to ensuring we are positioned to navigate current market conditions that are impacting the broader real estate sector.

Heather Nikkel: Additionally, a recording will be made available on our website. I will now turn the call over to Samir to discuss Artis' second quarter results. Thank you, Heather.

Speaker Change: I will now turn the call over to Samir to discuss ARTiS' second quarter results.

Samir Manji: Thank you, Heather. Hello, everyone, and thank you for joining Artis' second quarter earnings call. During the second quarter, we continued to focus on our key objectives, strengthening our balance sheet and enhancing liquidity, while the Bank of Canada has cut its key policy rate twice in the past two months.

Samir Manji: Hello, everyone, and thank you for joining Artis' second quarter earnings call. During the second quarter, we continued to focus on our key objectives, strengthening our balance sheet and enhancing liquidity, while the Bank of Canada has cut its key policy rate twice in the past two months.

Samir Manji: Thank you, Heather. Hello, everyone, and thank you for joining ARDIS's second quarter earnings call.

Samir Manji: During the second quarter, we continue to focus on our key objectives, strengthening our balance sheet and enhancing liquidity.

Speaker Change: While the Bank of Canada has cut its key policy rate twice in the past two months, the real estate sector continues to face some near-term challenges.

Samir Manji: The real estate sector continues to face some near-term challenges, but we remain dedicated to delivering maximum value for our unit holders and focusing on factors within our control. Reducing leverage and increasing liquidity to bolster our balance sheet is critical to ensuring we are positioned to navigate current market conditions that are impacting the broader real estate sector. In pursuit of achieving our internal leverage and liquidity targets, we continue to use the tools available to us as appropriate in the context of the current economic environment, including asset sales, refinancing existing mortgages, and obtaining new mortgage financing.

Speaker Change: We remain dedicated to delivering maximum value for our unit holders and focusing on factors within our control.

Speaker Change: Reducing leverage and increasing liquidity to bolster our balance sheet is critical to ensuring we are positioned to navigate current market conditions that are impacting the broader real estate sector.

Sameer Manji: In pursuing, in pursuit of achieving our internal leverage and liquidity targets, we continue to use the tools available to us as appropriate in the context of the current economic environment, including asset sales, refinancing existing mortgages, and obtaining new mortgage financing. In the second quarter of 2024, we sold two office properties in the United States and three office properties, six retail properties, and a partial of development land in Canada for an aggregate sale price of $292.4. Today, we have sold $651.6 million of real estate in 2024 and have unconditional sale agreements scheduled to close in the coming months for an additional approximately $371.2 million.

Speaker Change: In pursuit of achieving our internal leverage and liquidity targets, we continue to use the tools available to us as appropriate in the context of the current economic environment, including asset sales, refinancing existing mortgages, and obtaining new mortgage financing.

Samir Manji: In the second quarter of 2024, we sold two office properties in the United States and three office properties, six retail properties, and a parcel of development land in Canada for an aggregate sale price of $292.4 million. To date, we have sold $651.6 million of real estate in 2024 and have unconditional sale agreements scheduled to close in the coming months for an additional approximately $371.2 million. These numbers include two significant portfolio sales. Park 890, a portfolio of industrial properties in the Greater Houston area that closed in July, and the Arizona and Minnesota industrial portfolio comprising nine properties that is unconditional and expected to close in the third quarter.

Samir Manji: In the second quarter of 2024, we sold two office properties in the United States and three office properties, six retail properties, and a parcel of development land in Canada for an aggregate sale price of $292.4 million. To date, we have sold $651.6 million of real estate in 2024 and have unconditional sale agreements scheduled to close in the coming months for an additional approximately $371.2 million. These numbers include two significant portfolio sales. Park 890, a portfolio of industrial properties in the Greater Houston area that closed in July, and the Arizona and Minnesota Industrial Portfolio, comprising nine properties, that is unconditional and expected to close in the third quarter.

Speaker Change: In the second quarter of 2024, we sold two office properties in the United States and three office properties, six retail properties, and a parcel of development land in Canada for an aggregate sale price of $292.4 million.

Speaker Change: To date, we have sold $651.6 million of real estate in 2024 and have unconditional sale agreements scheduled to close in the coming months for an additional approximately $371.2 million.

Speaker Change: These numbers include two significant portfolio sales.

Speaker Change: Park 890, a portfolio of industrial properties in the Greater Houston area that closed in July.

Speaker Change: and the Arizona and Minnesota industrial portfolio comprising nine properties that is unconditional and expected to close in the third quarter.

Sameer Manji: We are also in active discussions with potential buyers regarding additional asset sales. As we have communicated in the past, the liquidity generated from these sales will be primarily directed towards reducing our debt. We consider the ongoing success of our disposition plan to be a strong indication of the high quality of our real estate portfolio, and we expect this trend to continue throughout the rest of 2024 and into 2025. Given the interest rate environment over the last two years, mortgage maturities have been a key area of focus for artists. During this time, we have been working closely with our lenders to manage our debt maturities.

Samir Manji: We are also in active discussions with potential buyers regarding additional asset sales. As we have communicated in the past, the liquidity generated from these sales will be primarily directed towards reducing our debt. We consider the ongoing success of our disposition plan to be a strong indication of the high quality of our real estate portfolio, and we expect this trend to continue throughout the rest of 2024 and into 2025. Given the interest rate environment over the last two years, mortgage maturities have been a key area of focus for artists.

Speaker Change: We are also in active discussions with potential buyers regarding additional asset sales.

Speaker Change: As we have communicated in the past, the liquidity generated from these sales will be primarily directed towards reducing our debt.

Speaker Change: We consider the ongoing success of our disposition plan to be a strong indication of the high quality of our real estate portfolio, and we expect this trend to continue throughout the rest of 2024 and into 2025.

Speaker Change: Given the interest rate environment over the last two years, mortgage maturities have been a key area of focus for artists.

Samir Manji: During this time, we have been working closely with our lenders to manage our debt maturities. We have $184.8 million of mortgage debt maturing during the remainder of 2024, 35% of which will be paid out upon disposition of the relevant investment properties. We have extension options in place for 41% of the maturities, and we anticipate no difficulty in managing the remaining 24% of maturities in the normal course.

Speaker Change: During this time, we have been working closely with our lenders to manage our debt maturities.

Sameer Manji: We have $184.8 million of mortgage debt maturing during the remainder of 2024, 35% of which will be paid out upon disposition of the relevant investment properties. We have extension options in place for 41%, and we anticipate no difficulty in managing the remaining 24% of maturities in the normal course. Artis is a $150 million non-revolving credit facility, and the first tranche of its revolving credit facilities matures this year, and we are in active discussions with lenders with respect to these maturities. Looking ahead with a substantial pool of unencumbered assets in our portfolio, securing new mortgage financing and refinancing existing mortgages will remain vital tools for us.

Speaker Change: We have $184.8 million of mortgage debt maturing during the remainder of 2024, 35% of which will be paid out upon disposition of the relevant investment properties.

Speaker Change: We have extension options in place for 41% and we anticipate no difficulty in managing the remaining 24% of maturities in the normal course.

Samir Manji: Artis' $150 million non-revolving credit facility and the first tranche of its revolving credit facilities matured this year, and we are in active discussions with lenders with respect to these maturities. Looking ahead, with a substantial pool of unencumbered assets in our portfolio, securing new mortgage financing and refinancing existing mortgages will remain vital tools for us. Our normal course issuer bid is a compelling tool available to enhance unit holder value. During the second quarter, we utilized our NCIB to purchase 2,212,000 common units at an average price of $6.43 per unit.

Samir Manji: Artis' $150 million non-revolving credit facility and the first tranche of its revolving credit facilities mature this year, and we are in active discussions with lenders with respect to these maturities. Looking ahead, with a substantial pool of unencumbered assets in our portfolio, securing new mortgage financing and refinancing existing mortgages will remain vital tools for us. Our normal course issuer bid is a compelling tool available to enhance unit holder value. During the second quarter, we utilized our NCIB to purchase 2,212,000 common units at an average price of $6.43 per unit.

Speaker Change: Artis' $150 million non-revolving credit facility and the first tranche of its revolving credit facilities mature this year, and we are in active discussions with lenders with respect to these maturities.

Speaker Change: Looking ahead, with a substantial pool of unencumbered assets in our portfolio, securing new mortgage financing and refinancing existing mortgages will remain vital tools for us.

Sameer Manji: Our normal course issue of bid is a compelling tool available to enhance unit holder value. During the second quarter, we utilized our NCIB to purchase 2,212,000 common units at an average price of $6.43 per unit. Under the current NCIB term, we have acquired a total of 3,344,824 common units, representing nearly 50% of the maximum units permitted to be purchased through the NCIB term. The weighted average price for these units was $6.32 per unit, a significant discount to our net asset value per unit of $14.11 per unit at June 30th. With respect to our equity securities investments and value investing strategy, during the quarter we announced that our ownership position in Dream Office REIT, together with our joint actor, increased to 20.75%.

Speaker Change: Our normal course issuer bid is a compelling tool available to enhance unit holder value.

Speaker Change: During the second quarter, we utilized our NCIB to purchase 2,212,000 common units at an average price of $6.43 per unit.

Samir Manji: Under the current NCIB term, we have acquired a total of 3,344,824 common units, representing nearly 50% of the maximum units permitted to be purchased through the NCIB term. The weighted average price for these units was $6.32 per unit, a significant discount to our net asset value per unit of $14.11 per unit at June 30th. With respect to our equity securities investments and value investing strategy, during the quarter, we announced that our ownership position in Dream Office REIT, together with our joint actor, increased to 20.75 percent. We are exploring all options available with respect to this investment.

Speaker Change: Under the current NCIB term, we have acquired a total of 3,344,824 common units, representing nearly 50% of the maximum units permitted to be purchased through the NCIB term.

Speaker Change: The weighted average price for these units was $6.32 per unit, a significant discount to our net asset value per unit of $14.11 per unit at June 30th.

Samir Manji: With respect to our equity securities investments and value investing strategy, during the quarter, we announced that our ownership position in Dream Office REIT, together with our joint actor, increased to 20.75 percent. We are exploring all options available with respect to this investment. In terms of our common investment, we, alongside our partners, continue to make progress towards additional sales of non-core properties within the portfolio and the densification underway on a number of core assets in the Greater Montreal Area.

Speaker Change: With respect to our equity securities investments and value investing strategy, here in the quarter we announced that our ownership position in Dream Office REIT, together with our joint actor, increased to 20.75%.

Sameer Manji: We are exploring all options available with respect to this investment. In terms of our common investment, we, alongside our partners, continue to make progress towards additional sales of non-core properties within the portfolio and the densification underway on a number of core assets in the greater Montreal area. Today, we have finalized several additional asset sales, with further dispositions in the pipeline. Through our efforts over the last several quarters, including asset sales and other capital management strategies, our debt to gross book value decreased to 49.8% at June 30th, from 50.9% at December 31st. We are committed to sustaining this momentum in the quarters ahead, and with anticipated proceeds from unconditional sales over the next several months used to continue to reduce debt, we expect overall leverage will drop below 45%.

Samir Manji: In terms of our common investment, we, alongside our partners, continue to make progress towards additional sales of non-core properties within the portfolio and the densification underway on a number of core assets in the Greater Montreal Area. To date, we have finalized several additional asset sales, with further dispositions in the pipeline. Through our efforts over the last several quarters, including asset sales and other capital management strategies, our debt to gross book value decreased to 49.8% at June 30th from 50.9% at December 31st.

Speaker Change: We are exploring all options available with respect to this investment.

Speaker Change: In terms of our Cominar investment, we, alongside our partners, continue to make progress towards additional sales of non-core properties within the portfolio and the densification underway on a number of core assets in the Greater Montreal area.

Samir Manji: To date, we have finalized several additional asset sales, with further dispositions in the pipeline. Through our efforts over the last several quarters, including asset sales and other capital management strategies, our debt to gross book value decreased to 49.8% at June 30th from 50.9% at December 31st.

Speaker Change: To date, we have finalized several additional asset sales with further dispositions in the pipeline.

Speaker Change: Through our efforts over the last several quarters, including asset sales and other capital management strategies, our debt to gross book value decreased to 49.8% at June 30th from 50.9% at December 31st.

Samir Manji: We are committed to sustaining this momentum in the quarters ahead, and with anticipated proceeds from unconditional sales over the next several months used to continue to reduce debt, we expect overall leverage will drop below 45%. With leverage in our near-term debt maturities looked after, we can now pursue growth opportunities that align with our key long-term goal of growing net asset value per unit. Operationally, our portfolio continued to demonstrate stable performance throughout the quarter.

Speaker Change: We are committed to sustaining this momentum in the quarters ahead and, with anticipated proceeds from unconditional sales over the next several months used to continue to reduce debt, we expect overall leverage will drop below 45%.

Sameer Manji: With leverage in our near-term debt maturities looked after, we will now pursue gross opportunities that align with our key long-term goal of growing net asset value per unit. Operationally, our portfolio continued to demonstrate stable performance throughout the quarter. Occupancy rates, including commitments, remained over 90% this quarter. Additionally, lease renewals that commenced in Q2 were negotiated at a weighted average rate increase of 3.1%, continuing a 14-quarter streak of growth in weighted average rental rates secured upon renewal. During the quarter, 456,510 square feet of new leases and renewals were negotiated. Further, as the lease-up of our latest development, 300 Main, continues, and NOI at the property increases, we expect a positive impact on our adjacent office and retail tenants and parkates, putting greater vibrancy and down-term benefit and an opportunity for individuals to work and live at one of the most prominent intersections.

Speaker Change: With leverage in our near-term debt maturities looked after, we will now pursue growth opportunities that align with our key long-term goal of growing net asset value per unit.

Speaker Change: Operationally, our portfolio continued to demonstrate stable performance throughout the quarter.

Samir Manji: Occupancy rates, including commitments, remained over 90% this quarter. Additionally, lease renewals that commenced in Q2 were negotiated at a weighted average rate increase of 3.1%, continuing a 14-quarter streak of growth in weighted average rental rates secured upon renewal. During the quarter, 456,510 square feet of new leases and renewals were negotiated. Further, as the lease-up of our latest development, 300 Main, continues and NOI at the property increases, we expect a positive impact on our adjacent office and retail tenants and parquets, creating greater vibrancy in downtown Winnipeg and an opportunity for individuals to work and live at one of Winnipeg's most prominent intersections.

Samir Manji: Additionally, lease renewals that commenced in Q2 were negotiated at a weighted average rate increase of 3.1%, continuing a 14-quarter streak of growth in weighted average rental rates secured upon renewal. During the quarter, 456,510 square feet of new leases and renewals were negotiated. Further, as the lease-up of our latest development, 300 Main, continues and NOI at the property increases, we expect a positive impact on our adjacent office and retail tenants and parquets, creating greater vibrancy in downtown Winnipeg and an opportunity for individuals to work and live at one of Winnipeg's most prominent intersections.

Speaker Change: Occupancy rates, including commitments, remained over 90% this quarter.

Speaker Change: Additionally, lease renewals that commenced in Q2 were negotiated at a weighted average rate increase of 3.1%, continuing a 14-quarter streak of growth in weighted average rental rates secured upon renewal.

Speaker Change: During the quarter, 456,510 square feet of new leases and renewals were negotiated.

Speaker Change: Further, as the lease-up of our latest development, 300 Main, continues.

Speaker Change: and NOI at the property increases.

Speaker Change: We expect a positive impact on our adjacent office and retail tenants and parquets, creating greater vibrancy in downtown Winnipeg and an opportunity for individuals to work and live at one of Winnipeg's most prominent intersections.

Sameer Manji: Lastly, as many of you are aware, on August 2nd, 2023, the artists' board formed a special committee to initiate a strategic review process to consider and evaluate alternatives that may be available to the REIT to unlock and maximize value for our unit holders. Since the announcement of the strategic review, we have completed or entered into unconditional agreements for $180 million of office assets, $219.3 million of retail assets, and $651.7 million of industrial assets at values and on terms that were acceptable to the REIT. This equates to over 1 billion of asset sales in line with the REIT's IFRS values, including unconditional transactions since the inception of the Special Committee.

Samir Manji: Lastly, as many of you are aware, on August 2nd, 2023, Artis' board formed a special committee to initiate a strategic review process to consider and evaluate alternatives that may be available to the REIT to unlock and maximize value for our unit holders. Since the announcement of the strategic review, we have completed or entered into unconditional agreements for $180 million of office assets. $219.3 million of retail assets and $651.7 million of industrial assets at values and on terms that were acceptable to the REIT.

Speaker Change: Lastly, as many of you are aware, on August 2, 2023, ARTIS' Board formed a special committee to initiate a strategic review process to consider and evaluate alternatives that may be available to the REIT to unlock and maximize value for our unit holders.

Samir Manji: This equates to over $1 billion of asset sales in line with the REITs' IFRS values, including unconditional transactions since the inception of the Special Committee. The work undertaken over the past year has enabled us to properly assess the current environment, and the board remains committed to pursuing strategic alternatives that may be available to the REIT to unlock and maximize value for unit holders, including pursuing near-term opportunities available to enhance and grow net asset value for units. We look forward to providing further updates on the strategic review process in due course. I will now turn it back over to the operator to moderate the question and answer session.

Speaker Change: Since the announcement of the strategic review, we have completed or entered into unconditional agreements for $180 million of office assets.

Speaker Change: $219.3 million of retail assets and $651.7 million of industrial assets at values and on terms that were acceptable to the REIT.

Speaker Change: This equates to over $1 billion of asset sales in line with the REITs IFRS values, including unconditional transactions since the inception of the Special Committee.

Sameer Manji: The work undertaken over the past year has enabled us to properly assess the current environment, and the board remains committed to pursuing strategic alternatives that may be available to the REIT to unlock and maximize value for unit holders, including pursuing your term opportunities available to enhance and grow net asset value for unit. We look forward to providing further updates on the strategic review process in due course.

Operator: This equates to over $1 billion of asset sales in line with the REITs' IFRS values, including unconditional transactions since the inception of the Special Committee. The work undertaken over the past year has enabled us to properly assess the current environment, and the board remains committed to pursuing strategic alternatives that may be available to the REIT to unlock and maximize value for unit holders, including pursuing near-term opportunities available to enhance and grow net asset value per unit.

Speaker Change: The work undertaken over the past year

Speaker Change: has enabled us to properly assess the current environment.

Speaker Change: and the board remains committed to pursuing strategic alternatives that may be available to the REIT.

Speaker Change: to unlock and maximize value for unit holders, including pursuing near-term opportunities available to enhance and grow net asset value per unit.

Operator: We look forward to providing further updates on the strategic review process in due course. I will now turn it back over to the operator to moderate the question and answer session. Thank you. Ladies and gentlemen, we will now begin the question and answer session. If you'd like to ask a question, press star 1. Which Raya question would you like to ask? Press star 2.

Speaker Change: We look forward to providing further updates on the strategic review process in due course.

Heather Nikkel: I will now turn it back over to the operator to moderate the question-and-answer session. Thank you, ladies and gentlemen. We'll now begin the question and answer session. If you'd like to ask a question, press star one. To which right a question, press star two. One moment, please, for your first question.

Speaker Change: I will now turn it back over to the operator to moderate the question and answer session.

Operator: Thank you. Ladies and gentlemen, we will now begin the question and answer session. If you'd like to ask a question, press star 1. To withdraw your question, press star 2. One moment please for your first question. Your first question comes from Jonathan Kelcher from TD Cohen. Please go ahead. Thanks.

Operator: One moment, please for your first question. Your first question comes from Jonathan Kelcher from TD Cohen. Please go ahead. Thanks. Good afternoon.

Speaker Change: Thank you. Ladies and gentlemen, we will now begin the question and answer session. If you would like to ask a question, press star 1. To withdraw your question, press star 2. One moment please for your first question.

Jonathan Kelcher: Your first question comes from Jonathan Kelcher from TD Koen. Please go ahead. Thanks. Good afternoon. First question, and I don't think I'll get a huge response on this, but on the strategic or the special committee strategic reviews, Samir, another $500,000 in cost or so this quarter. How how long will that committee remain in place?

Jonathan Kelcher: Um, first question, and I don't I don't think I'll get a huge response on this, but on the strategic or the special committee's strategic reviews, Samir, another $500,000 in costs or so this quarter, how how long will that committee remain in place? Yeah, thanks, Jonathan. The board is continuously evaluating the need for the special committee to remain and the strategic review to remain in place, and I anticipate that, you know, we'll be able to provide a further update on that within the next one or two quarters.

Speaker Change: Your first question comes from Jonathan Kelcher from TD Cohen. Please go ahead.

Jonathan Kelcher: Thanks, good afternoon. First question, and I don't think I'll get a huge response on this, but on the Strategic or the Special Committee Strategic Review, Samir, another $500,000 in costs or so this quarter, how long will that committee remain in place?

Samir Manji: Okay, now, if I recall back a year ago, like, it doesn't seem to me that your strategy that you guys had doesn't seem all that different than what you guys have done with that with a special committee. Am I right in reading that? Yeah, Jonathan, that's a fair comment. Hindsight's a wonderful thing.

Jonathan Kelcher: Thanks, good afternoon.

Jonathan Kelcher: First question, and I don't think I'll get a huge response on this, but on the Strategic, or the Special Committee's Strategic Review, Samir, another $500,000 in costs or so this quarter.

Speaker Change: How long will that committee remain in place?

Sameer Manji: Yeah, thanks, Jonathan. The board is continuously evaluating the need for the special committee to remain and the strategic review to remain in place, and I anticipate that, you know, we'll be able to provide a further update on that within the next one or two quarters. If I recall back a year ago, it doesn't seem to me that your strategy that you guys had doesn't seem all that different than what you guys have done with the special committee in place. Am I right in reading that? Yeah, Jonathan, that's a fair comment.

Samir Manji: Yeah, thanks, Jonathan. The board is continuously evaluating the need for the special committee to remain and the strategic review to remain in place, and I anticipate that, you know, we'll be able to provide a further update on that within the next one or two quarters.

Samir Manji: Thanks, Jonathan. The the board is continuously evaluating the.

Samir Manji: the need for the special committee to remain and the strategic review to remain in place and I anticipate that you know we'll be able to provide a further update on that within the next one or two quarters.

Jonathan Kelcher: If I recall back a year ago, it doesn't seem to me that the strategy that you guys had doesn't seem all that different from what you guys have done with the special committee. Am I right in reading that?

Speaker Change: Okay, now is it like, if I recall back a year ago, like it doesn't seem to me that like your, the strategy that you guys had doesn't seem all that different than than what you guys have done with that, with the special committee in place.

Samir Manji: Yeah, Jonathan, that's a fair comment. Hindsight's a wonderful thing. I think where the exercise initially was heading at that time was one that had a very, I would say, broad and open canvas to look at any and all opportunities, and time and the actual work that was then undertaken, including with our financial advisors, pointed to certain, um, specific avenues that made practical sense that have been executed upon, which we touched on in the narrative just now.

Speaker Change: Am I right in reading that? Yeah, Jonathan, that's a fair comment. Hindsight's a wonderful thing. I think where the exercise initially was

Sameer Manji: Hindsight's a wonderful thing. I think where the exercise initially was heading at that time was one that had a very, I would say, broad and open canvas to look at any and all opportunities. And time and the actual work that was then undertaken, including with our financial advisors, pointed to certain specific avenues that made practical sense that have been executed upon that we talked we touched on in the narrative just now. But again, I think it's important to acknowledge that when we started the exercise, there were no, there were no sort of stones that we were unwilling to turn over to look at what options and opportunities were available to us.

Samir Manji: I think where the exercise initially was heading at that time was one that had a very, I would say, broad and open canvas to look at any and all opportunities, and time and the actual work that was then undertaken, including with our financial advisors, pointed to certain, um, specific avenues that made practical sense that have been executed upon that we touched on in the narrative just now. But again, I think it's important to acknowledge that when we started the exercise, there were no sort of stones that we were unwilling to turn over to look at what options and opportunities were available to us, even though, in hindsight, now, it's clear that where we ultimately landed was a path that, as you put it, has generally put us back on track to where we started. Okay, fair enough, and I agree hindsight is definitely not 20-20, or is it 2020?

Speaker Change: heading at that time was one that

Speaker Change: had a very, I would say, broad and open canvas to look at any and all opportunities.

Speaker Change: and time and the actual work that was then undertaken including with our financial advisors pointed to certain

Speaker Change: specific avenues that made practical sense that have been executed upon that we touched on in the narrative just now.

Samir Manji: But again, I think it's important to acknowledge that when we started the exercise, there were no sort of stones that we were unwilling to turn over to look at what options and opportunities were available to us, even though, in hindsight, now, it's clear that where we ultimately landed was a path that, as you put it, has generally put us back on track to where we started.

Speaker Change: But again, I think it's it's important to acknowledge that when we started the exercise there were no there were no sort of

Speaker Change: Stone's that we were unwilling to turn over to look at you know what options and opportunities were available to us even though in hindsight now it's clear that

Sameer Manji: Even though in hindsight now, it's clear that, you know, where we ultimately landed was a path that, as you put it, has generally put us back on track to where we started. Okay, fair enough. Then I agree.

Speaker Change: You know, where we ultimately landed was…

Speaker Change: a path that, as you put it, has generally put us back on track to where we started.

Jonathan Kelcher: Okay, fair enough, and I agree hindsight is definitely not 20-20 or is it 2020. Just next on the incentive fee, which I don't think it was disclosed the exact amount but looks to be around $6 million. Can you maybe give us a little bit of color on what that relates to? And I guess, secondly, on that, are there any more sort of opportunities like that on your balance?

Jonathan Kelcher: Hindsight is definitely not 2020, or is 2020 just next on the the incentive fee that I don't think it was disclosed the exact amount, but looks to be around $6 million. Could you maybe give us a little bit of color on what that relates to? And I guess, secondly on that, are there any more sort of opportunities like that on your balance?

Speaker Change: Okay, fair enough, and I agree hindsight is definitely not 20-20.

Jonathan Kelcher: Just next on the incentive fee, that I don't think it was disclosed the exact amount but looks to be around $6 million. Can you maybe give us a little bit of color on what that relates to? And I guess, secondly, on that, are there any more sort of opportunities like that on your balance? Thanks, Jonathan. The the I think the important starting point here before we get into the specifics of this, item We have for quite some time, in fact, since 2021, when we established a new strategy and vision for the REIT, We made it clear that over the medium to long term, we anticipated that we would see, Lumpy forms of income that could take different forms, whether related to direct real estate and development opportunities or on the public securities investing side, and this perhaps is the first meaningful example of that quote-unquote lumpy income.

Speaker Change: or is 2020. Just next on the the incentive fee

Speaker Change: I don't think it was disclosed the exact amount, but it looks to be around $6 million. Can you maybe give us a little bit of color on what that relates to?

Speaker Change: Secondly, on that, are there any more sort of opportunities like that on your balance sheet?

Sameer Manji: Thank you, Jonathan. I think the important starting point here, before we get into the specifics of this item, we have for quite some time, in fact since 2021 when we established a new strategy and vision for the REIT, made it clear that over the medium to long term, we anticipated that we would see lumpy forms of income that could take different forms, whether it related to direct real estate and development opportunities, or on the public securities investing side. And this perhaps is the first meaningful example of that quote unquote lumpy income. It relates to a development initiative that we have been successful in executing upon, and that attached to it provided artists with the opportunity to earn an additional fee that we have chosen to recognize a portion of this quarter.

Samir Manji: Thanks, Jonathan. The I think the important starting point here before we get into the specifics of this item We have for quite some time, in fact, since 2021, when we established a new strategy and vision for the REIT, made it clear that over the medium to long term, we anticipated that we would see lumpy forms of income that could take different forms, whether related to direct real estate and development opportunities or on the public securities investing side.

Speaker Change: Thanks, Jonathan. I think the important starting point here, before we get into the specifics of this,

Speaker Change: item

Speaker Change: We have for quite some time, in fact, since 2021, when we established the new strategy and vision for the REIT,

Speaker Change: We made it clear that over the medium to long term, we anticipated that we would see

Speaker Change: Lumpy forms of income that could take different forms, whether related to direct real estate and development opportunities or on the public securities investing side.

Samir Manji: And this perhaps is the first meaningful example of that quote unquote lumpy income. It relates to a development initiative that we have been successful in executing upon and that attached to it provided artists with the opportunity to earn an additional fee that we have chosen to recognize a portion of this quarter. We believe the fee will be even greater than what has been recognized, but we wanted to take a conservative approach in what we decided to capture in the quarter.

Speaker Change: And this perhaps is the first meaningful example of that quote-unquote lumpy income.

Jonathan Kelcher: It relates to a development initiative that we have been successful in executing upon and that attached to it provided artists with the opportunity to earn an additional fee that we have chosen to recognize a portion of this quarter. We believe the fee will be even greater than what has been recognized, but we wanted to take a conservative approach in what we... decided to capture in the quarter. Okay, so when the asset closes, like this quarter or Q4, whenever that one closes, we'll get the full amount then.

Speaker Change: It relates to a development initiative that

Speaker Change: We have been successful in executing upon, and that attached to it provided artists with the opportunity to earn an additional fee that we have

Speaker Change: have chosen to recognize a portion of this quarter.

Sameer Manji: We believe the fee will be even greater than what has been recognized, but wanted to take a conservative approach in what we decided to capture in the quarter. Okay, so when you ask, it closes like this quarter or Q4. Whenever that one closes, we'll get the full amount of them. Yeah, there's mechanics in place that enable us to then fully recognize and receive the total fee payable to artists, and we expect that we should see that come to fruition in the next one or two quarters. Okay, and even though that's in NOI, that doesn't count as any sort of same property NOI, correct?

Speaker Change: believe the fee will be even greater than what has been recognized but wanted to take a conservative approach in what we

Jonathan Kelcher: Okay, so when the asset closes this quarter or Q4, whenever that one closes, we'll get the full amount then.

Speaker Change: and decided to capture in the quarter.

Speaker Change: Okay, so when the asset closes this quarter or Q4, whenever that one closes, we'll get the full amount then.

Samir Manji: Yeah, there's, correct, there are mechanics in place that enable us to then fully recognize and receive the total fee payable to artists, and we expect that we should see that come to fruition in the next one or two quarters.

Jonathan Kelcher: Yeah, there's correct, there are mechanics in place that enable us to then fully recognize and receive the total fee payable to artists, and we expect that we should see that come to fruition in the next one or two quarters. Okay, and even though that's in NOI, that doesn't count as any sort of same property NOI, correct? No, this is separate from property level NOI.

Speaker Change: Yeah, there's, there's, there's correct, there's mechanics in place that enable us to then.

Speaker Change: fully recognized and

Speaker Change: of Receive.

Speaker Change: The Total

Speaker Change: fee payable to artists, and we expect that we should see that come to fruition in the next one or two quarters.

Jonathan Kelcher: Okay, and even though that's in NOI, that doesn't count as any sort of same property NOI, correct?

Speaker Change: Okay, and even though that's in NOI that doesn't count as any sort of same property NOI, correct?

Samir Manji: No, this is separate from a property level NOI. Okay, thanks.

Sameer Manji: No, this is separate from property level NOI.

Jonathan Kelcher: Okay, thanks. I'll turn it back on. Okay, thanks, Jonathan.

Speaker Change: No, this is separate from property level NOI.

Jonathan Kelcher: Okay, thanks. I'll turn it back. Okay, thanks, Jonathan.

Jonathan Kelcher: Okay, thanks. I'll turn it back on. Okay, thanks, Jonathan. Ladies and gentlemen, as a reminder, if you'd like to ask a question, please press star 1. And there are no further questions at this time. I will turn the call back over to Heather for closing. Thank you, operator. That concludes Artis' Q2 results call. We appreciate you taking the time to join us today. Have a nice weekend. Ladies and gentlemen, this concludes your conference call for today. You may now disconnect your...

Operator: Ladies and gentlemen, as a reminder, if you'd like to ask a question, please press star 1. And if there are no further questions at this time, I will turn the call back over to Heather for closing remarks.

Speaker Change: Okay, thanks. I'll turn it back.

Heather Nikkel: Ladies and gentlemen, as a reminder, if you'd like to ask a question, please press star one. And there are no further questions at this time.

Jonathan Kelcher: Okay. Thanks, Jonathan.

Speaker Change: Ladies and gentlemen, as a reminder, if you'd like to ask a question, please press star one.

Speaker Change: Hello, I am Samir Manji, I am Samir Manji, I am Samir Manji, I am Samir Manji,

Heather Nikkel: I will turn the call back over to Heather for closing remarks. Thank you, operator. That concludes Artist's Q2 results call.

Speaker Change: And there are no further questions at this time. I will turn the call back over to Heather for closing remarks.

Heather Nikkel: Thank you, operator. That concludes Artis' Q2 results call. We appreciate you taking the time to join us today. Have a nice weekend.

Julie: We appreciate you taking the time to join us today, and have a nice weekend. Ladies and gentlemen, this concludes your conference call for today. You may now disconnect your lines. Thank you.

Heather Nikkel: Thank you, operator. That concludes Artis' Q2 results call. We appreciate you taking the time to join us today. Have a nice weekend.

Operator: Ladies and gentlemen, this concludes your conference call for today. You may now disconnect your lines. Thank you.

Speaker Change: Ladies and gentlemen, this concludes your conference call for today. You may now disconnect your lines. Thank you.

Julie: Good afternoon, my name is Julie and I will be your conference operator today.

Operator: At this time I would like to welcome everyone to the artist, Real Estate Investment Trust's second quarter 2024 results conference call. All lines have been placed on mute to prevent any background noise.

Operator: After the speakers remarks, there will be a question and answer session. If you'd like to ask a question during this time, press start at the number one on your telephone keypad. If you'd like to wish I a question, please press start at the number two. Thank you.

Heather Nikkel: I would not like to turn the conference over to Heather Nikkel. You may begin your conference. Thank you operator.

Heather Nikkel: Good afternoon everyone. Welcome and thank you for joining us for artistry's second quarter 2024 results conference call. Our results were disseminated yesterday and are available on Cedar and on our website. With me and today's call is Artis's president and CEO, Sameer Mangy, CFO, Jaclyn Koenig, COO, Kim Riley, and executive vice president, U.S, region, Phil Martin. As we discuss our performance today, we would like to acknowledge that the discussion may include forward-looking statements that involve known and unknown risks and uncertainties.

Heather Nikkel: These risks and uncertainties may cause actual results to differ materially from those expressed for implied today. We have identified these factors in our public filings with the securities regulators and with the gifts that you review those filings. In addition, we may refer to non-gap and supplementary financial measures that are not defined under IFRS and are not intended to represent financial performance, financial position, or cash flows for the period, nor should these measures be viewed as an alternative to net income, cash flow from operations, or other measures of financial performance calculated in accordance with IFRS.

Heather Nikkel: Throughout this discussion, please note that all figures will be presented in Canadian dollars unless otherwise specified. Before we proceed, I'd like to note that a replay of this conference call will be available until September 9th. You can access it by using the telephone numbers and passcode that were provided in yesterday's press release. Additionally, a recording will be made available on our website.

Heather Nikkel: I will now turn the call over to Sameer to Discuss Artists' second quarter results. Thank you, Heather.

Sameer Manji: Hello, everyone, and thank you for joining Artists' second quarter earnings call. During the second quarter, we continue to focus on our key objectives strengthening our balance sheet and enhancing liquidity. While the Bank of Canada has cut its key policy rate twice in the past two months, the real estate sector continues to face some near-term challenges. We remain dedicated to delivering maximum value for our unit holders and focusing on factors within our control, reducing leverage and increasing liquidity to bolster our balance sheet is critical to ensuring we are positioned to navigate current market conditions that are impacting the broader real estate sector.

Sameer Manji: In pursuing, in pursuit of achieving our internal leverage and liquidity targets, we continue to use the tools available to us as appropriate in the context of the current economic environment, including asset sales, refinancing existing mortgages, and obtaining new mortgage financing. In the second quarter of 2024, we sold two office properties in the United States and three office properties, six retail properties, and a partial of development land in Canada for an aggregate sale price of $292.4 Today, we have sold $651.6 million of real estate in 2024 and have unconditional sale agreements scheduled to close in the coming months for an additional approximately $371.2 million.

Sameer Manji: We are also in active discussions with potential buyers regarding additional asset sales. As we have communicated in the past, the liquidity generated from these sales will be primarily directed towards reducing our debt. We consider the ongoing success of our disposition plan to be a strong indication of the high quality of our real estate portfolio and we expect this trend to continue throughout the rest of 2024 and into 2025. Given the interest rate environment over the last two years, mortgage maturities have been a key area of focus for artists.

Sameer Manji: During this time, we have been working closely with our lenders to manage our debt maturities. We have $184.8 million of mortgage debt maturing during the remainder of 2024, 35% of which will be paid out upon disposition of the relevant investment properties. We have extension options in place for 41% and we anticipate no difficulty in managing the remaining 24% of maturities in the normal course. Artis is $150 million non-revolving credit facility and the first tranche of its revolving credit facilities mature this year and we are in active discussions with lenders with respect to these maturities.

Sameer Manji: Looking ahead with a substantial pool of unencumbered assets in our portfolio, securing new mortgage financing and refinancing existing mortgages will remain vital tools for us. Our normal course issue of bid is a compelling tool available to enhance unit holder value. During the second quarter, we utilized our NCIB to purchase 2,212,000 common units at an average price of $6.43 per unit. Under the current NCIB term, we have acquired a total of 3,344,824 common units, representing nearly 50% of the maximum units permitted to be purchased through the NCIB term.

Sameer Manji: The weighted average price for these units was $6.32 per unit, a significant discount to our net asset value per unit of $14.11 per unit at June 30th. With respect to our equity securities investments and value investing strategy, during the quarter we announced that our ownership position and dream office read together with our joint actor increased to 20.75%. We are exploring all options available with respect to this investment. In terms of our common investment, we, alongside our partners, continue to make progress towards additional sales of non-core properties within the portfolio and the densification underway on a number of core assets in the greater Montreal area.

Sameer Manji: Today, we have finalized several additional asset sales with further dispositions in the pipeline. Through our efforts over the last several quarters, including asset sales and other capital management strategies, our debt to gross book value decreased to 49.8% at June 30th, from 50.9% at December 31st. We are committed to sustaining this momentum in the quarters ahead, and with anticipated proceeds from unconditional sales over the next several months used to continue to reduce debt, we expect overall leverage will drop below 45%.

Sameer Manji: During the quarter, 456,510 square feet of new leases and renewals were negotiated. Further, as the lease-up of our latest development, 300 main continues, and NOI at the property increases, we expect a positive impact on our adjacent office and retail tenants and parkates, putting greater vibrancy and down-term benefit and an opportunity for individuals to work and live at one of the most prominent intersections.

Sameer Manji: Lastly, as many of you are aware, on August 2nd, 2023, artists board formed a special committee to initiate a strategic review process to consider and evaluate alternatives that may be available to the REIT to unlock and maximize value for our unit holders. Since the announcement of the strategic review, we have completed or entered into unconditional agreements for $180 million of office assets, $219.3 million of retail assets, and $651.7 million of industrial assets at values and on terms that were acceptable to the REIT.

Sameer Manji: This equates to over 1 billion of asset sales in line with the REIT's IFRS values, including unconditional transactions since the inception of the special committee. The work undertaken over the past year has enabled us to properly assess the current environment and the board remains committed to pursuing strategic alternatives that may be available to the REIT to unlock and maximize value for unit holders, including pursuing your term opportunities available to enhance and grow net asset value for unit.

Sameer Manji: We look forward to providing further updates on the strategic review process in due course.

Operator: I will now turn it back over to the operator to moderate the question and answer session. Thank you ladies and gentlemen. We'll now begin the question and answer session. If you'd like to ask a question, press star one to which right a question, press star two. One moment please for your first question.

Jonathan Kelcher: Your first question comes from Jonathan Kelcher from TD Koen. Please go ahead. Thanks.

Sameer Manji: Good afternoon. First question and I don't I don't think I'll get a huge response on this, but on the strategic or the special committee strategic reviews, Samir, another $500,000 in cost or so this quarter. How how long will that committee remain in place? Yeah, thanks Jonathan. The board is continuously evaluating the need for the special committee to remain and the strategic review to remain in place and I anticipate that, you know, we'll be able to provide a further update on that within the next one or two quarters.

Sameer Manji: If I recall back a year ago, it doesn't seem to me that your strategy that you guys had doesn't seem all that different than what you guys have done with the special committee in place. Am I right in reading that? Yeah, Jonathan, that's a fair comment. Hindsight's a wonderful thing. I think where the exercise initially was heading at that time was one that had a very, I would say, broad and open canvas to look at any and all opportunities.

Sameer Manji: And time and the actual work that was then undertaken, including with our financial advisors pointed to certain specific avenues that made practical sense that have been executed upon that we talked we touched on in the narrative just now. But again, I think it's important to acknowledge that when we started the exercise, there were no, there were no sort of stones that we were unwilling to turn over to look at what options and opportunities were available to us.

Sameer Manji: Even though in hindsight now, it's clear that, you know, where we ultimately landed was a path that as you put it has generally put us back back on track to where we started. Okay, fair enough. Then I agree.

Sameer Manji: Hindsight is definitely not 2020 or is 2020 just next on the the incentive fee that I don't think it was disclosed the exact amount but looks to be around $6 million. Could you maybe give us a little bit of color on what that relates to? And I guess secondly on that, are there any more sort of opportunities like that on your balance? Thank you, Jonathan. I think the important starting point here, before we get into the specifics of this item, we have for quite some time, in fact since 2021 when we established a new strategy and vision for the REIT, we made it clear that over the medium to long-term, we anticipated that we would see lumpy forms of income that could take different forms, whether it related to direct real estate and development opportunities, or on the public securities investing side.

Sameer Manji: And this perhaps is the first meaningful example of that quote unquote lumpy income. It relates to a development initiative that we have been successful in executing upon and that attached to it provided artists with the opportunity to earn an additional fee that we have chosen to recognize a portion of this quarter. We believe the fee will be even greater than what has been recognized but wanted to take a conservative approach in what we decided to capture in the quarter.

Sameer Manji: Okay, so when you ask it closes like this quarter or Q4, whenever that one closes, we'll get the full amount of them. Yeah, there's mechanics in place that enable us to then fully recognize and receive the total fee payable to artists and we expect that we should see that come to fruition in the next one or two quarters. Okay, and even though that's in NOI, that doesn't count as any sort of same property NOI correct. No, this is separate from property level NOI. Okay, thanks, I'll turn it back. Okay, thanks Jonathan.

Operator: Ladies and gentlemen as a reminder, if you'd like to ask a question, please press star one. And there are no further questions at this time.

Heather Nikkel: I will turn the call back over to Heather for closing remarks. Thank you operator.

Heather Nikkel: That concludes artist's Q2 results call. We appreciate you taking the time to join us today and have a nice weekend.

Operator: Ladies and gentlemen, this concludes your conference call for today. You may now disconnect your lines. Thank you.

Q2 2024 Artis Real Estate Investment Trust Earnings Call

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