Slate Retail REIT Announces the Purchase of Five Assets in Florida and Pennsylvania

TORONTO, ON--(Marketwired - June 07, 2017) - 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 it has entered into a binding agreement to acquire a portfolio of five grocery-anchored assets (the "Portfolio") for $105 million ($160 per square foot). The Portfolio is 94% occupied, comprises 654,610 square feet of gross leasable area and is anchored by Publix, The Fresh Market, Weis Markets and Giant Food. Closing is expected to occur in the third quarter of 2017 and remains subject to customary closing conditions. Each of the five assets in the Portfolio are located in the REIT's existing markets.

"This five asset portfolio meets all of our acquisition criteria: attractive returns, markets we like that add scale, pricing well below replacement cost, strong anchors and in-place rents that are below market," said Greg Stevenson, the REIT's Chief Executive Officer. "We are very pleased to have quickly been able to deploy a significant portion of the equity capital recently raised by leveraging our strong relationships and we continue to see opportunity for the acquisition of grocery-anchored retail properties."

The following is a summary of the Portfolio:

Slate Asset Management L.P. is the REIT's manager.

About Slate Retail REIT (TSX: SRT.U) (TSX: SRT.UN)
Slate Retail REIT is a real estate investment trust focused on U.S. grocery-anchored real estate. The REIT owns and operates over U.S. $1 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. is a leading real estate investment platform with over $4.0 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.