Artis Real Estate Investment Trust : Provides Update on NCIB and Insider Buying Activity

FOR IMMEDIATE RELEASE

JANUARY 3, 2019

ARTIS REAL ESTATE INVESTMENT TRUST PROVIDES

UPDATE ON NCIB AND INSIDER BUYING ACTIVITY

Artis Real Estate Investment Trust (TSX: AX.UN) ("Artis" or the "REIT") provided an update today on its normal course issuer bid ("NCIB") and insider buying activity.

From November 1, 2018, when the REIT announced its intention to purchase units through its NCIB until December 31, 2018, Artis has acquired:

• • 3,541,927 trust units at a weighted-average price of $9.77;

• • 4,600 Series A preferred units at a weighted-average price of $20.58;

• • 3,800 Series E preferred units at a weighted-average price of $19.06; and,

• • 3,800 Series G preferred units at a weighted-average price of $19.68.

During the same period, the following company insiders have purchased trust units on the open market:

Insider NameRelationship to Artis

# of Trust Units AcquiredWeighted-Average Price

# of Trust Units Owned or Controlled

Ron Joyce Ida Albo Bruce Jack Armin Martens Ronald Rimer Lauren Zucker Jim Green Philip Martens

Significant Unitholder Trustee

900,000

$10.10

17,750,000

3,600

$9.70

3,600

Trustee

2,000

$10.24

5,000

Trustee, President & CEO Trustee

155,000

$9.99

817,102

10,000

$9.28

30,000

Trustee CFO

45,600

US$7.87

75,600

13,000

$9.92

87,000

Senior Officer

1,250

US$7.91

2,599

Artis is committed to maximizing its unit purchases under the NCIB for the full 2019 year.

*********

Artis is a diversified Canadian real estate investment trust investing in office, retail and industrial properties. Since 2004, Artis has executed an aggressive but disciplined growth strategy, building a portfolio of commercial properties in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario and select markets in the United States. As of September 30, 2018, Artis' commercial property comprises approximately 24.8 million square feet of leasable area.

During the three months ended September 30, 2018, Property Net Operating Income ("Property NOI") by asset class, including Artis' proportionate share of properties held in joint venturearrangements, was approximately 52.6% office, 20.4% retail and 27.0% industrial. Property NOI by geographical region, including Artis' proportionate share of properties held in joint venture arrangements, was approximately 3.0% in British Columbia, 21.0% in Alberta, 6.5% in Saskatchewan, 13.6% in Manitoba, 11.1% in Ontario, 10.4% in Arizona, 18.1% in Minnesota, 8.8% in Wisconsin and 7.5% in U.S. - Other.

Property NOI is a non-GAAP measure. Artis calculates Property NOI as revenues less property operating expenses such as utilities, repairs and maintenance and realty taxes. Property NOI does not include charges for interest or other expenses not specific to the day-to-day operation of the REIT's properties.

For further information, please contact Mr. Armin Martens, President and Chief Executive Officer, Mr. Jim Green, Chief Financial Officer or Ms. Heather Nikkel, Vice-President - Investor Relations of the REIT at 1.204.947.1250

The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.

Suite 600 - 220 Portage Avenue

Winnipeg, MB R3C 0A5

T 204.947.1250 F 204.947.0453

www.artisreit.com

AX.UN on the TSX