Artis says Fort McMurray properties appear safe

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This article was published 07/05/2016 (3476 days ago), so information in it may no longer be current.

Artis Real Estate Investment Trust says eight retail properties in owns in fire-ravaged Fort McMurray appear to be OK.

“At this time, Artis anticipates that there has been minimal, if any, direct fire damage to these properties,” the trust said in a written statement.

However, it noted an assessment of potential damages can’t take place until it’s safe for Artis’s staff to return to the community. It said it will keep its tenants, unitholders and the community informed as further information becomes available.

It noted insurance should adequately protect it from any significant financial losses that may occur as a result of the wildfires, which have wreaked havoc on the northern Alberta city in recent days.

Artis made the comments while releasing its financial results for the first three months of 2016. They showed revenues were up 3.2 per cent from a year earlier, climbing to $139.1 million from $134.8 million in the first quarter of 2015. And funds from operations (FFO), which is the term trusts use to indicate their financial performance, grew by 1.5 per cent to $53.6 million from $52.8 million. FFO per unit was unchanged at 38 cents.