/NOT FOR DISTRIBUTION IN THE UNITED STATES/
TORONTO, April 22, 2014 /CNW/ - Slate Retail REIT (TSX:SRT.U / SRT.UN) ("Slate Retail" the "REIT") is pleased to announce its debut on the Toronto Stock Exchange (the "TSX") as a public real estate investment trust. The Class U Units of the REIT will begin trading this morning on the TSX in both US dollars (under the trading symbol SRT.U) and Canadian dollars (under the trading symbol SRT.UN). Slate Retail is the result of a transaction that combined the assets of Slate U.S. Opportunity (No. 1) Realty Trust, Slate U.S. Opportunity (No. 2) Realty Trust and U.S. Grocery Anchored Retail (1A), (1B) and (1C) Limited Partnerships. The REIT is a pure-play in U.S. grocery-anchored real estate with an initial portfolio of 29 properties across 14 states with well-recognized name brand tenants. Management remains committed to continuing the execution of its acquisition strategy and capitalizing on opportunities in target markets across the United States.
"It is our pleasure to mark this significant milestone just three years after starting our investment program in U.S. grocery-anchored real estate," said Blair Welch, Chief Executive Officer of Slate Retail REIT. "With the support of our unitholders, we look forward to continued growth of our portfolio of well-positioned cash-generating properties."
"Our strong balance sheet and cash position will allow us to continue to execute on opportunities aligned with our growth strategies," said Brady Welch, Chief Financial Officer of Slate Retail REIT. "We are well-positioned to continue our track record of delivering unitholder value in both the near and long-term."
Toronto-based Slate Properties Inc. ("Slate") will continue in its capacity as asset manager of the REIT and the REIT's portfolio. Slate, including its affiliates and senior employees, owns an approximate 10% interest in the REIT.
About Slate Retail REIT
Slate Retail REIT is an open-ended real estate investment trust and a pure-play in U.S. grocery-anchored real estate. The REIT's portfolio includes 29 properties across 14 states with name brand tenants that occupy approximately 70% of gross leasable area. The REIT's manager, Toronto-based Slate Properties Inc., has an experienced and dedicated team of real estate professionals with a proven track record of success in U.S. grocery-anchored real estate. The Slate team has established a significant presence in key target markets, predominantly within the top 50 U.S. metro areas, and has the resources in place to quickly capitalize on opportunities for accretive growth.
CAUTIONARY STATEMENTS 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 continued growth of the REIT's portfolio and management's expectation of continuing to deliver unitholder value in both the near and long-term. Such forward-looking statements are based on a number of assumptions that may prove to be incorrect, including, but not limited to, the ability of the REIT to source appropriate growth opportunities and the operating performance of the REIT's properties. 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.
SOURCE: Slate Retail REIT
For further information: Blair Welch, CEO, (416) 644-4267, email@example.com; Brady Welch, CFO, (416) 644-4263, firstname.lastname@example.org; http://www.slateretailreit.ca