Artis Real Estate Investment Trust Investor Presentation Q2 - 13 AX.UN AX.PR.A AX.PR.U AX.PR.E AX.PR.G AX.DB.F AX.DB.U 1 <#> 360 Main Street – Winnipeg, MB Two Marketpointe – Minneapolis, MN Max at Kierland – Phoenix, AZ Humana Building – Phoenix, AZ Stampede Station – Calgary, AB CLICK TOP ERDOITP EMRATSIETSE RO TFIT SLUEC SCTYELSES <#2>2 UNIQUE FOUR PART STRATEGY 1. GEOGRAPHIC FOCUS Canadian and select U.S. markets, with a major concentration in western Canada 2. PRODUCT FOCUS Commercial real estate only • Industrial • Office • Retail 3. EXTERNAL GROWTH Accretive acquisitions in our target market 4. INTERNAL GROWTH Results driven active asset management • Positive leasing activity • Intensification & value-added projects • New developments Trimac House – Calgary, AB CLICK TO EDIT MASTER TITLE STYLE 333 PORTFOLIO OVERVIEW (1) 2011 2012 CURRENT PROPERTIES 163 220 233 SIZE 17.0 M SF 23.4 M SF 24.8 M SF GBV $3.2 B $4.4 B $5.2B GRANDE McMFOURRTR AY OCCUPANCY + 96% 96% 97% PRAIRIE COMMITMENTS EDSON EDMONTON SASKATOON RED DEER NANAIAMO KELOWNA CALGARY METRO VANCOUVER CRANBROOK MEDICINE HAT REGINA MOOSE JAW ESTEVAN WINNIPEG RETAIL OFFICE INDUSTRIAL DENVER OTTAWA MINNEAPOLIS GTA PHOENIX TORONTO (1) Portfolio Assets as at June 30, 2013, adjusted for acquisitions announced or completed at August 8, 2013, Gross Book Value (“GBV”) as at June 30, 2013, adjusted for transactions announced or completed at August 8, 2013. Occupancy excludes properties in redevelopment. 4 PORTFOLIO NOI SUMMARY(1) ASSET CLASS DIVERSIFICATION GEOGRAPHICAL DIVERSIFICATION Industrial Retail U.S. 22% 23% 24% AB 39% ON 12% SK BC Office MB 6% 9% 12% 53% (1) PortfColioL AsIsCets aKs a t TJunOe 30 , E201D3, adIjuTste dM for acAquisSitioTns aEnnRoun ceTd oIr TcomLpleEted aSt ATuguYst L8, 2E01 3. 55555 TENANT DIVERSIFICATION(1) OVER 60% OF ARTIS’ TENANTS ARE GOVERNMENT OR NATIONAL Gov’t 5% Regional & Local National 39% 56% ARTIS’ TOP 20 TENANTS ACCOUNT FOR 18.5% OF GROSS REVENUE AND HAVE A 6.9 YEAR WEIGHTED-AVERAGE LEASE TERM CLICK (1T) PoOrtfolio AsEsetsD as aIt JTune 30M, 2013, AadjusSted Tfor aEcquiRsition s TannoIunTcedL or cEomp leSted Tat AYugusLt 8, E2013 . 666 LEASE EXPIRATION SCHEDULE(1) 95% of 2013 and 28% of 2014 expiries have been dealt with Weighted-average rental increase on renewals in Q2 -13 was 10.0% Q2-13 Same Property NOI growth was 3.1% over Q2-12 14.0% 12.0% 12.3% 11.7% 10.5% 12.0% 10.0% 7.4% 8.0% 6.0% 4.0% 2.0% 0.0% 2013 2014 2015 2016 2017 (1) PortfColioL AsIseCts aKs a t TJunOe 30 , 2E01D3, adIjuTste dM for acAquisSitioTns aEnnRoun ceTd oIr TcomLpleEted aSt ATuguYst 8L, 2E013 . 777 SCHEDULE OF UPCOMING MORTGAGES MATURING Mortgage Profile (1) 600.0 $512.9 Total Debt to GBV – 49.2% Mortgage Debt to GBV – 45.4% 500.0 Interest Coverage Ratio YTD – 2.80 times Weighted-average interest rate – 4.12% Weighted-average term – 4.6 yrs 400.0 $345.9 Weighted-average term is 4.75 yrs factoring $291.7 in financing activity subsequent to June 30, 300.0 2013 $234.9 $218.4 5.00% 5.75% 200.0 $129.0 $119.0 $76.6 $77.2 $62.8 6.00% 100.0 $35.9 3.44% 3.48% 4.31% 4.22% 4.26% 3.73% 4.22% 4.83% 4.44% 4.13% 3.83% 0.0 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Mortgages– Weighted-average interest rate maturing in year (%) Debentures – Weighted-average interest rate maturing in year (%) (1) As at June 30, 2013 CLICK TO EDIT MASTER TITLE STYLE 888 LEVERAGE PROFILE Leverage Profile for the fiscal quarter ending: June 30 Sept 30 Dec 31 Mar 31 June 30 2012 2012 2012 2013 2013 Debt: GBV 54.5% 52.4% 51.5% 50.2 % 49.2 % Debt excl. convert. debentures: GBV 49.2% 48.0% 47.3% 46.1% 45.4% Net debt: EV 52.7% 49.8% 52.3% 49.8% 52.2% Unencumbered assets (in 000’s) $213,148 $99,243 $138,778 $174,427 $265,338 EBITDA interest coverage 2.41 2.54 2.64 2.89 2.84 Liquidity at August 14, 2013: Cash and cash equivalents (in 000’s) $98,842 Availability on credit facility $80,000 CLICK TO EDIT MASTER TITLE STYLE 999 DBRS INVESTMENT GRADE RATING DBRS highlighted Artis' strengths as being a reasonably scaled REIT with a mid-size portfolio that continues to improve in quality with new property additions; as well as having a well-diversified portfolio by asset type and geography; a diverse tenant roster including a number of government and other investment-grade tenants; and an improving financial profile and credit metrics CLICK TO EDIT MASTER TITLE STYLE 111000