TORONTO, Nov. 15, 2017 (GLOBE NEWSWIRE) -- 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 November 2017 of U.S.$0.07 per class U unit of the REIT ("Class U Units"), or U.S.$0.84 on an annualized basis.
This distribution represents a 3.7% increase of the monthly distribution to unitholders. The increased distribution is the fourth consecutive annual distribution increase by the REIT since listing on the Toronto Stock Exchange in 2014.
“Over the last year, the REIT has acquired over U.S.$400 million of grocery-anchored real estate and we have had five quarters of increased same property net operating income,” said Greg Stevenson, Chief Executive Officer of the REIT. “We are very pleased with the REIT’s ability to grow both externally and organically and have that growth translate into increased distributions for our investors.”
Distributions on all unit classes of the REIT, and distributions on units of subsidiaries of the REIT that are exchangeable into Class U Units ("Exchangeable Units"), will be payable on December 15, 2017 to unitholders of record as of the close of business on November 30, 2017.
Holders of Class U Units may elect to receive their distribution in Canadian dollars and should contact their broker to make such an election. If a holder of Class U 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 based on the U.S./Canadian dollar exchange rate at the time of payment of the distribution.
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.$0.070546 per Class A Unit. Holders of class I units of the REIT ("Class I Units") will receive a distribution equal to U.S.$0.073878 per Class I Unit. Holders of Exchangeable Units will receive a distribution equal to U.S.$0.07 per unit.
Distribution Reinvestment Plan
Holders of Class A Units, Class U Units and Class I Units of the REIT are eligible to participate in the Distribution Reinvestment Plan (the "DRIP"). In electing to participate in the DRIP, unitholders will have their cash distributions used to purchase Class U Units of the. Unitholders wishing to participate should contact their investment advisors to enroll. Additional details and information can be found by visiting slateretailreit.com
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 over U.S. $1.4 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 $4 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.
For Further Information
Investor Relations
Slate Asset Management L.P.
+1 416 644 4264
ir@slateam.com