AX.PR.A To Be Redeemed

Artis Real Estate Investment Trust has announced:

that it has delivered formal notice to the registered holder(s) of its Preferred Units, Series A (the “Series A Units”) that, on September 30, 2022, the REIT will redeem all of the 3,248,300 outstanding Series A Units at a price of $25.353875 (the “Redemption Price”) for each Series A Unit, being $25.00 plus $0.353875 in accrued and unpaid distributions thereon up to but excluding September 30, 2022, less any taxes required to be deducted and withheld by Artis.

After September 30, 2022, the Series A Units will cease to be entitled to distributions and the only remaining rights of holders of such units will be to receive payment of the redemption amount.

AX.PR.A was announced 2012-7-24 as a FixedReset, 5.25%+406, with complex taxation nature of the distributions. It became rated in March, 2013, and was then added to the HIMIPref™ universe. It reset to 5.662% in 2017; I recommended against conversion; and there was no conversion.

Thanks to Assiduous Reader Philip169382 for bringing this to my attention!

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