Artis REIT completes arrangement with RFA

Executive Summary

• Sandpiper Group, along with joint actors, acquired approximately 6,880,684 common shares of RFA Financial Inc. following the completion of the arrangement transaction between Artis Real Estate Investment Trust and RFA Financial Inc.
• The acquisition represents a 14.76% stake in RFA on a post-consolidation basis, marking Sandpiper's entry as a significant shareholder in RFA.
• This transaction was part of the broader business combination where Artis and RFA merged, with RFA acquiring all common and preferred units of Artis.

Key Details

• Transaction Context: The share acquisition occurred in connection with the completion of the arrangement transaction between Artis Real Estate Investment Trust and RFA Financial Inc., originally announced in a joint press release on February 2, 2026.
• Shares Acquired: Sandpiper Group and its joint actors acquired an aggregate of approximately 6,880,684 common shares of RFA.
• Ownership Percentage: The acquired shares represent approximately 14.76% of the current common shares issued and outstanding in RFA (post-consolidation).
• Pre-Transaction Position: Immediately prior to the transaction, Sandpiper beneficially owned and controlled 20,642,059 common units of Artis, representing 21.73% of the issued and outstanding common units of Artis.
• Post-Transaction Position: Immediately following closing, Sandpiper ceased to have beneficial ownership of any common units of Artis but became a beneficial owner of RFA shares.
• Share Consolidation: The transaction included a three-to-one share consolidation for RFA.
• Nature of Holdings: The common shares acquired are held for investment purposes. Sandpiper reserves the right to increase or decrease its beneficial ownership through market transactions, private agreements, or otherwise.
• Regulatory Filing: An early warning report will be filed by Sandpiper in accordance with applicable securities laws.
• Fractional Share Rounding: The number of common shares acquired is an estimate and subject to change due to fractional share rounding mechanisms inherent in the transaction.

Notable Quotes

• None provided in the text.