Slate Retail REIT Closes C$74.8 Million Public Offering and C$5.0 Million Private Placement

TORONTO, ONTARIO–(Marketwired – Jan. 20, 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 the closing of its previously announced public offering of 5,209,500 class U units of the REIT (“Units”) at a price of C$14.35 per Unit or US$10.89 per Unit (the “Offering Price”) for gross proceeds of approximately C$74.8 million (the “Public Offering”). The Public Offering was conducted on a bought deal basis by a syndicate of underwriters (the “Underwriters”) led by CIBC World Markets Inc., BMO Capital Markets and GMP Securities. The 5,209,500 Units include 679,500 class U trust units of the REIT which were issued and sold to the Underwriters upon the exercise in full of the over-allotment option that had been granted to the Underwriters by the REIT.

The Public Offering, combined with the previously announced private placement of 350,000 class U units of the REIT to Slate Asset Management L.P., the REIT’s manager, at the Offering Price (the “Private Placement”) for gross proceeds of approximately C$5.0 million which also closed today, resulted in total gross proceeds of approximately C$79.8 million.

Proceeds of the Public Offering and Private Placement will be used to reduce outstanding indebtedness under the REIT’s secured revolving credit facility (which may be subsequently redrawn and applied as needed to fund future acquisitions and for general trust purposes).

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 US$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 www.slateam.com/SRT 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 C$3.5 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 slateam.com to learn more about Slate Asset Management L.P.

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. Words 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. A specific forward-looking statement contained herein is the statement with respect to the use of the net proceeds of the Public Offering and the Private Placement (and subsequent use of the REIT’s secured revolving credit facility). Such forward-looking statement is qualified in its 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, including the REIT’s base shelf prospectus dated March 17, 2015.