Slate Retail REIT (TSX: SRT.U) (TSX: SRT.UN) (the “REIT”) is pleased to
announce the completion of its previously announced (a) amendment and
restatement of its declaration of trust (the “Third A&R DOT”) for the
purpose of making the features of the class A units, class I units and
class U units consistent among all three classes, among other things,
and (b) subdivision of each of the: (i) class A units issued and
outstanding on May 3, 2018 (the “Record Date”) on the basis of a
subdivision ratio of one pre-subdivision class A unit for 1.0078
post-subdivision class A units; and (ii) class I units issued and
outstanding on the Record Date on the basis of a subdivision ratio of
one pre-subdivision class I unit for 1.0554 class I units (the
"Subdivision"). The Third A&R DOT and the Subdivision were completed
contemporaneously at 8:00 a.m. (Toronto time) today and such actions did
not change the relative economics of the different classes of units of
the REIT.
As a consequence of the Subdivision, the proportionate entitlement of
the class A units and class I units with respect to distributions from
the REIT was adjusted to 1.0 and all class A units, class I units and
class U units have equal rights with respect to distributions from the
REIT, redemptions of units and on the termination of the REIT. Following
completion of the Subdivision, each class A unit and each class I unit
remains convertible into a class U unit but the conversation ratio is
one-for-one. Management of the REIT anticipates that the Subdivision and
the Third A&R DOT will result in the class A units, class I units and
class U units being treated as equity of the REIT under IFRS as opposed
to their current presentation as a liability, which management of the
REIT believes is appropriate.
About Slate Retail REIT (TSX: SRT.U / SRT.UN)
Slate Retail
REIT is a real estate investment trust focused on U.S. grocery-anchored
real estate. The REIT owns and operates approximately U.S. $1.5 billion
of assets located across the top 50 U.S. metro markets that are visited
regularly by consumers for their everyday needs. The REIT’s conservative
payout ratio, together with its diversified portfolio and quality tenant
covenants, provides a strong basis to continue to grow unitholder
distributions and the flexibility to capitalize on opportunities that
drive value appreciation. Visit slateretailreit.com to
learn more about the REIT.
About Slate Asset Management L.P.
Slate Asset Management
L.P. (“Slate”) is a leading real estate investment platform with over
$5.5 billion in assets under management. Slate is a value-oriented
manager and a significant sponsor of all of its private and
publicly-traded investment vehicles, which are tailored to the unique
goals and objectives of its investors. The firm's careful and selective
investment approach creates long-term value with an emphasis on capital
preservation and outsized returns. Slate is supported by exceptional
people, flexible capital and a proven ability to originate and execute
on a wide range of compelling investment opportunities. Visit slateam.com to
learn more.
Forward‐Looking Statements
Certain information herein
constitutes “forward‐looking information” as defined under Canadian
securities laws which reflect management’s expectations regarding
objectives, plans, goals, strategies, future growth, results of
operations, performance, business prospects and opportunities of the
REIT. The words “plans”, “expects”, “does not expect”, “scheduled”,
“estimates”, “intends”, “anticipates”, “does not anticipate”,
“projects”, “believes”, or variations of such words and phrases or
statements to the effect that certain actions, events or results “may”,
“will”, “could”, “would”, “might”, “occur”, “be achieved”, or “continue”
and similar expressions identify forward‐looking statements. A specific
forward‐looking statement contained herein is the statement with respect
to the effect of the Subdivision and the Third A&R DOT on the
presentation of the REIT’s units under IFRS. Such forward‐looking
statement is qualified in its entirety by the inherent risks and
uncertainties surrounding future expectations.
Forward‐looking statements are necessarily based on a number of
estimates and assumptions that, while considered reasonable by
management as of the date hereof, are inherently subject to significant
business, economic and competitive uncertainties and contingencies. When
relying on forward‐looking statements to make decisions, the REIT
cautions readers not to place undue reliance on these statements, as
forward‐looking statements involve significant risks and uncertainties
and should not be read as guarantees of future performance or results
and will not necessarily be accurate indications of whether or not the
times at or by which such performance or results will be achieved. A
number of factors could cause actual results to differ, possibly
materially, from the results discussed in the forward‐looking
statements. Additional information about risks and uncertainties is
contained in the filings of the REIT with securities regulators,
including the REIT’s Annual Information Form dated February 16, 2018.
For Further Information
Investor Relations
+1 416 644 4264
ir@slateam.com