Artis issued $46.0 mln of 7.5% June 30, 2014, Series E convertible
debentures ($9.30 conversion price). On July 9, $40 mln was issued and the
over-allotment option of $6.0 mln closed on July 15. The proceeds from this
issue will be used to repay indebtedness and for working capital purposes.

there could be a modest dilution effect in 2010 from this issue,
while 2009 should see immaterial dilution. Our 2010E FFO is trimmed to
$1.54/unit from $1.56/unit, and our 2010E AFFO to $1.09/unit from
$1.11/unit.

Artis has also agreed to sell the Albert Street Mall in Regina for $4.4 million
at a 7.4% cap rate (to close in July). The REIT expects to book a gain on
sale of $1.1 million on the disposition, and realize cash proceeds of
approximately $2.0 million.