TORONTO–(BUSINESS WIRE)–Slate Retail REIT (TSX: SRT.U) (TSX: SRT.UN) (the “REIT”), an owner and
operator of U.S. grocery-anchored real estate, announced today that the
REIT has received approval from the Toronto Stock Exchange (the “TSX”)
to renew its existing normal course issuer bid effective at the open of
markets on May 27, 2019 to repurchase for cancellation up to 3,852,857
class U units (the “Class U Units”), or 10% of the public float of
38,528,576 Class U Units as of May 13, 2019.
As of May 13, 2019, 41,222,218 Class U Units were outstanding. The REIT
may purchase Class U Units for cancellation over the 12month period
commencing May 26, 2019 and ending on May 25, 2020. Any purchases under
the normal course issuer bid will be made through the facilities of the
TSX and/or through other permitted means, including through one or more
alternative Canadian trading systems, and in accordance with applicable
regulatory requirements at the prevailing market price on the TSX or the
alternative market at the time of purchase or such other price as may be
permitted by the TSX at the time of acquisition. Subject to certain
prescribed exemptions and any block purchase made in accordance with the
rules of the TSX, the number of Class U Units that can be purchased
pursuant to the bid is subject to a daily maximum of 8,235 Class U
Units, or approximately 25% of the average daily trading volume during
the period from November 1, 2018 to April 30, 2019 (being 32,941 Class U
Units per day). The actual number of Class U Units which may be
purchased (if any), and the timing of any such purchases, will be
determined by the REIT. Any Class U Units purchased under the normal
course issuer bid will be cancelled following purchase. The REIT intends
to fund the purchases of Class U Units under its normal course issuer
bid out of the general funds of the REIT.
Under its prior normal course issuer bid that commenced on May 26, 2018
and expires on May 25, 2019, the REIT previously sought and received
approval from the TSX to purchase up to 3,873,045 Class U Units. As of
today’s date, the REIT has purchased for cancellation 1,723,580 Class U
Units through open market purchases on the TSX at a weighted average
price of $9.57 per Class U Unit. Additionally, under a substantial
issuer bid on February 20, 2019 the REIT took up and paid for 336,563
Class U Units. In aggregate, under the normal course issuer bid and
substantial issuer bid the REIT has repurchased 2,060,143 Class U Units
at a weighted average price of $9.56 per Class U Unit.
The Board of Trustees of Slate Retail REIT believe that the purchase by
the REIT of a portion of its outstanding Class U Units will increase
unitholder value and that such purchases constitute a desirable use of
the REIT’s available resources.
Slate Asset Management L.P. is the REIT’s manager.
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. $1.4 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 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 $6
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.
Caution Regarding Forward Looking Statements
This press
release contains forward-looking statements. Often, but not always,
forward-looking statements can be identified by the use of words such as
“plans”, “expects” or “does not expect”, “is expected”, “estimates”,
“intends”, “anticipates” or “does not anticipate”, or “believes”, or
variations of such words and phrases or state that certain actions,
events or results “may”, “could”, “would”, “might” or “will” be taken,
occur or be achieved. Forward-looking statements involve known and
unknown risks, uncertainties and other factors which may cause the
actual results, performance or achievements of the REIT to be materially
different from any future results, performance or achievements expressed
or implied by the forward-looking statements. Examples of such
statements include statements regarding the REIT’s intention to acquire
Class U Units under the normal course issuer bid, to finance such
purchases out of its general funds, and the Board of Trustees’ belief
regarding the effect of the normal course issuer bid on unitholder
value. Such forward looking statements are based on a number of
assumptions that may prove to be incorrect. There can be no assurances
that forward-looking statements will prove to be accurate, as actual
results and future events could differ materially from those anticipated
in such statements. Accordingly, readers should not place undue reliance
on forward-looking statements. These cautionary statements qualify all
forward-looking statements attributable to the REIT and persons acting
on its behalf. Unless otherwise stated, all forward-looking statements
speak only as of the date of this press release and the REIT undertakes
no obligation to update such statements except as required by law.
Contacts
Investor Relations
Slate Retail REIT
Tel: +1 416 644 4264
[email protected]
