/NOT FOR DISSEMINATION IN THE UNITED STATES/
TORONTO, May 21, 2015 /CNW/ â Slate Retail REIT (TSX:SRT.UN/SRT.U) (“Slate Retail” or the “REIT”) today announced that the Toronto Stock Exchange (the “TSX“) has accepted the REIT’s notice of intention to make a normal course issuer bid for a portion of its class U units (the “Class U Units“).
As of the date hereof, 21,877,918 Class U Units are outstanding. Pursuant to the notice, the REIT may purchase for cancellation up to 1,093,895 Class U Units, or approximately 5% of the currently issued and outstanding Class U Units, over the 12-month period commencing May 26, 2015 and ending on May 25, 2016. Any purchases under the normal course issuer bid will be made through the facilities of the TSX or alternative Canadian trading platforms, and in accordance with applicable regulatory requirements at market prices 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 10,663 Class U Units, or approximately 25% of the average daily trading volume during the preceding six calendar months. The actual number of Class U Units to be purchased, 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 the bid out of its available cash and/or undrawn credit facilities. No Class U Units were purchased by the REIT in connection with its previous normal course issuer bid, which expires on May 25, 2015. The REIT decided not to purchase any Class U Units under its previous normal course issuer bid as the board of trustees and management of the REIT determined that buying back units was not, at such time, in the best interests of the REIT. The board has authorized the REIT to purchase up to the maximum allowable Class U Units that may be acquired under the normal course issuer bid that is the subject of this press release. Looking ahead, the board anticipates that such buyback of units may be an appropriate use of the REIT’s available resources.
The board of trustees of the REIT believes that the purchase by the REIT of a portion of its outstanding Class U Units may from time to time be an appropriate use of available resources and in the best interests of the REIT and its unitholders.
The REIT also announced today that it has entered into a binding agreement to purchase Hocking Valley Mall, a 98% occupied, 179,415 square foot grocery-anchored shopping centre located in Lancaster (Columbus MSA), Ohio for U.S.$8,750,000 (U.S.$49 per square foot). The property is anchored by Kroger. The acquisition is expected to be completed in second quarter 2015 and remains subject to customary closing conditions.
About Slate Retail REIT
Slate Retail REIT is an open-ended real estate investment trust focused on U.S. grocery-anchored real estate. The REIT’s portfolio includes over 40 properties 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. For more information, please visit www.slateretailreit.com.
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 and finance such purchases out of its available cash and/or undrawn credit facilities. 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.
SOURCE Slate Retail REIT
