SOURCE: Slate Retail REIT

Slate Retail REIT

April 20, 2016 18:16 ET

Slate Retail REIT's Rights Offering Fully-Subscribed; Will Raise US $36.7 Million (CAD $46.4 Million)

TORONTO, ON--(Marketwired - April 20, 2016) -  Slate Retail REIT (TSX: SRT.U) (TSX: SRT.UN) (the "REIT"), an owner of U.S. grocery-anchored real estate, is pleased to announce the results of subscriptions under its Rights Offering, originally announced on March 2, 2016.

Upon closing the Rights Offering, the REIT will raise gross proceeds of approximately US $36.7 million (CAD $46.4 million). The Rights Offering was 46% over-subscribed and the REIT will be returning the excess subscription funds of approximately US $16.9 million (CAD $21.4 million) back to subscribers pursuant to the terms of the Rights Offering.

Each eligible securityholder was entitled to subscribe for one new Class U Unit ("Unit") of the REIT for every nine rights held upon payment of the subscription price of US $10.21 (CAD $13.71) per Unit. The REIT will issue 3,539,175 Units or 100% of the Units available under the Rights Offering.

Upon closing the Rights Offering and including the Units to be issued under the Rights Offering the REIT will have 35,438,557 Units issued and outstanding (on a fully-diluted basis assuming the conversion of all outstanding securities exchangeable or convertible into Units).

Slate Asset Management L.P. exercised in full itsbasic subscription privilege under the Rights Offering and also tendered a subscription for additional Units under the additional subscription privilege. As soon as practicable after determining the final allocation of Units to subscribers pursuant to the terms of the Rights Offering, the REIT will disclose the number of Units distributed under the Rights Offering to insiders as a group under the basic subscription privilege and additional subscription privilege, to the knowledge of the REIT after reasonable inquiry, as required by applicable securities laws.

The REIT did not retain any person to organize or participate in the solicitation of the exercise of rights under the Rights Offering. Accordingly, the REIT did not pay any fees or commissions relating to the solicitation of the exercise of Rights in connection with the Rights Offering.

The REIT intends to use a majority of the available funds from the Rights Offering to acquire new properties. Consistent with the REIT's strategy, the REIT is continuously engaged in discussions with respect to possible acquisitions of new properties. There can be no assurance that any of these discussions will result in a definitive agreement, and, if they do, what the terms or timing of any acquisition or disposition would be. Funds are also expected to be allocated by the REIT to capital improvement and redevelopment opportunities within the REIT's portfolio of properties.

The REIT intends to spend the available funds as stated above. However, there may be circumstances where a reallocation of the available funds may be necessary. The REIT will reallocate funds only for sound business reasons. In any event the available funds will be used by the REIT in furtherance of its business and consistent with its stated business plan.

About Slate Retail REIT (TSX: SRT.U) (TSX: SRT.UN)
Slate Retail REIT is a real estate investment trust focused on US grocery-anchored real estate. The REIT owns and operates approximately US$1 billion of assets located primarily across the top 50 U.S. metro markets. The REIT is focused on maximizing value through internal organic rental growth and strategic acquisitions. Visit 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 $3 billion in assets under management. Slate is a value oriented company and a significant sponsor of all 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 to learn more about Slate Asset Management L.P.

Forward-Looking Statements
Certain statements herein may be forward-looking statements within the meaning of applicable securities laws. These statements reflect management's expectations regarding objectives, plans, goals, strategies, future growth, results of operations, performance and business prospects and opportunities of the REIT including expectations for the current financial year, and include, but are not limited to, statements with respect to management's beliefs, plans, estimates and intentions, and similar statements concerning anticipated future events, results, circumstances, performance or expectations that are not historical facts. Statements that contain words such as "could", "should", "would", "anticipate", "expect", "believe", "plan", "intend", "will", "may", "might" and similar expressions or statements relating to matters that are not historical facts constitute forward-looking statements.

These forward-looking statements are not guarantees of future events or performance and, by their nature, are based on the REIT's current estimates and assumptions, which are subject to significant risks and uncertainties. Forward-looking statements contained herein are made as the date hereof and accordingly are subject to change after such date. The REIT does not undertake to update any forward-looking statements that are contained herein except as expressly required by applicable securities laws.

Contact Information

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    Investor Relations
    Slate Asset Management L.P.
    +1 416 644 4264