Slate Retail REIT Announces Distribution for the Month of December 2018 Representing a 1.8% Increase and Fifth Consecutive Annual Increase
TORONTO--(BUSINESS WIRE)--Dec 17, 2018--Slate Retail REIT (TSX: SRT.U) (TSX: SRT.UN) (the “REIT”), an owner and operator of U.S. grocery-anchored real estate, announced today that the Board of Trustees has declared a distribution for the month of December 2018 of U.S.$0.07125 per class U unit of the REIT (“Class U Units”), or U.S.$0.855 on an annualized basis.
This distribution represents a 1.8% increase of the monthly distribution to unitholders. The increased distribution is the fifth consecutive annual distribution increase by the REIT since listing on the Toronto Stock Exchange in 2014.
Holders of Class U Units may elect to receive their distribution in Canadian dollars and should contact their broker to make such an election.
Holders of class A units of the REIT (“Class A Units”) will receive a distribution equal to the Canadian dollar equivalent (based on the U.S./Canadian dollar exchange rate at the time of payment of the distribution) of U.S.$0.07125 per Class A Unit, unless the unitholder has elected to receive distributions in U.S. dollars. Holders of class I units of the REIT (“Class I Units”) will receive a distribution of U.S.$0.07125 per Class I Unit, unless the unitholder has elected to receive distributions in Canadian dollars. Holders of units of subsidiaries of the REIT that are exchangeable into Class U Units (“Exchangeable Units”) will receive a distribution of U.S.$0.07125 per unit.
If a holder of Class U Units or Class I Units elects to receive distributions in Canadian dollars, the holder will receive the Canadian dollar equivalent amount of the distribution being paid on the Class U Units or Class I Units, as applicable, based on the U.S./Canadian dollar exchange rate at the time of payment of the distribution.
Distributions on all unit classes of the REIT, and distributions on Exchangeable Units, will be payable on January 15, 2019 to unitholders of record as of the close of business on December 31, 2018.
About Slate Retail REIT (TSX: SRT.U / SRT.UN)
Slate Retail REIT is a real estate investment trust focused on U.S. grocery-anchored real estate. The REIT owns and operates approximately U.S. $1.5 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 slateretailreit.com 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 $6 billion in assets under management. Slate is a value-oriented manager and a significant sponsor of all of 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.
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KEYWORD: NORTH AMERICA CANADA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES REIT FINANCE CONSTRUCTION & PROPERTY COMMERCIAL BUILDING & REAL ESTATE
SOURCE: Slate Retail REIT
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PUB: 12/17/2018 03:03 PM/DISC: 12/17/2018 03:03 PM