TORONTO–(BUSINESS WIRE)–Slate Office REIT (TSX: SOT.UN) (the “REIT”), an owner and operator of high-quality workplace real estate, today issued the following statement in response to an open letter issued by G2S2 Capital Inc. (“G2S2”) to Slate Office REIT unitholders:
The REIT regularly engages with unitholders and welcomes constructive input focused on enhancing value for the REIT and all unitholders. Members of the REIT’s Board of Trustees (the “Board”) and senior management team have held many meetings, discussions, and property tours with G2S2 and its Executive Chairman, George Armoyan, over the past several months – dating back to May 2022. In these conversations, Mr. Armoyan expressed interest in acquiring certain of the REIT’s assets located in Atlantic Canada. We made clear our openness to engaging constructively with Mr. Armoyan under the same fair terms we use with all other prospective purchasers and sellers. These conversations were ongoing as recently as this week.
Across multiple meetings, we asked for Mr. Armoyan’s suggestions and ideas for improving the REIT’s business strategy and operations. Mr. Armoyan did not provide any suggestions beyond what the Board and senior management are already executing or have considered.
The REIT believes that constructive engagement – not a potentially expensive and distracting proxy contest – is the best forum for addressing unitholder feedback. We remain willing to continue to engage with G2S2 in good faith, in the interest of all unitholders. To this end, members of the REIT’s Board are scheduled to meet with Mr. Armoyan today.
The REIT’s senior management team continues to focus on buying well-located, quality real estate, with high-quality credit tenants that will generate stable and growing cash flow for unitholders. There is no unitholder action required at this time. The REIT will provide further updates if developments warrant.
About Slate Office REIT (TSX: SOT.UN)
Slate Office REIT is a global owner and operator of high-quality workplace real estate. The REIT owns interests in and operates a portfolio of strategic and well-located real estate assets in North America and Europe. A majority of the REIT’s portfolio is comprised of government and high-quality credit tenants. The REIT acquires quality assets at a discount to replacement cost and creates value for unitholders by applying hands-on asset management strategies to grow rental revenue, extend lease term and increase occupancy. Visit slateofficereit.com to learn more.
Forward-Looking Statements
Certain information herein constitutes “forward-looking information” as defined under Canadian securities laws which reflect management’s expectations regarding objectives, plans, goals, strategies, future growth, results of operations, performance, business prospects and opportunities of the REIT. The words “plans,” “expects,” “does not expect,” “scheduled,” “estimates,” “intends,” “anticipates,” “does not anticipate,” “projects,” “believes,” or variations of such words and phrases or statements to the effect that certain actions, events or results “may,” “will,” “could,” “would,” “might,” “occur,” “be achieved,” or “continue” and similar expressions identify forward-looking statements. Such forward-looking statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations.
Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable by management as of the date hereof, are inherently subject to significant business, economic and competitive uncertainties and contingencies. When relying on forward-looking statements to make decisions, the REIT cautions readers not to place undue reliance on these statements, as forward-looking statements involve significant risks and uncertainties and should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not the times at or by which such performance or results will be achieved. A number of factors could cause actual results to differ, possibly materially, from the results discussed in the forward-looking statements. Additional information about risks and uncertainties is contained in the filings of the REIT with securities regulators.
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+1 416 644 4264
ir@slateam.com
