Artis Real Estate Investment Trust (AX-UN) Q3 2025 earnings summary

Executive summary

• Entered into an agreement for RFA Capital Holdings Inc. to acquire all outstanding units, forming RFA Financial, with a unitholder vote scheduled for December 11, 2025 and anticipated closing in Q1 2026.

• Maintained focus on reducing leverage, strengthening the balance sheet, and growing the portfolio organically despite a challenging environment.

Financial highlights

• Revenue for Q3 2025 was $59.5 million, down 10.3% year-over-year; net operating income was $30.1 million, down 11.7%.

• Reported a net loss of $33.6 million for Q3 2025, compared to a net loss of $11.6 million in Q3 2024.

• FFO for Q3 2025 was $17.1 million (down 47.4% year-over-year), and AFFO was $8.6 million (down 60.8%).

• Distributions per common unit remained at $0.15 for the quarter.

• Same Property NOI increased 2.4% year-over-year in Q3 2025.

Outlook and guidance

• Management expects the proposed combination with RFA to provide multiple growth avenues, enhanced access to capital, and exposure to the financial services sector.

• Unitholders are encouraged to vote in favor of the transaction, with anticipated benefits from redeployment of capital into RFA Financial's platforms.