TORONTO — Slate Office REIT (TSX: SOT.UN) (the “REIT”), an owner and operator of North American office real estate, announced today that the REIT has received approval from the Toronto Stock Exchange (the “TSX”) to renew its existing normal course issuer bid (“NCIB”) effective as at the open of markets on June 15, 2021 to repurchase for cancellation up to 6,586,683 trust units (the “Units”) or approximately 10% of the public float of 65,866,835 Units as of June 7, 2021.
As of June 7, 2021, 67,765,409 Units were outstanding. The REIT may purchase Units for cancellation over the 12-month period commencing June 15, 2021 and ending on June 14, 2022. Any purchases under the NCIB will be made through the facilities of the TSX and/or through other permitted means, including through one or more alternative Canadian trading systems, and in accordance with applicable regulatory requirements at the prevailing market price on the TSX or the alternative market at the time of purchase or such other price as may be permitted by the TSX 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 Units that can be purchased pursuant to the bid is subject to a daily maximum of 51,695 Units, or approximately 25% of the average daily trading volume during the period from December 1, 2020 to May 31, 2021 (being 206,782 Units). The actual number of Units which may be purchased (if any), and the timing of any such purchases, will be determined by the REIT. Any Units purchased under the NCIB will be cancelled following purchase. The REIT intends to fund the purchases of Units under its NCIB out of the general funds of the REIT.
Under its prior NCIB that commenced on May 20, 2020 and expired on May 19, 2021, the REIT previously sought and received approval from the TSX to purchase up to 6,579,147 Units. No purchases have been made during the past 12 months under the previous NCIB.
Management believes that it is important to have numerous capital allocation strategies available to it. Management may determine that using the NCIB to return capital to its unitholders is in the best interest of the REIT, which will increase unitholder value and that such purchases constitute a desirable use of the REIT’s funds.
Additional details and information can be found by visiting slateofficereit.com.
About Slate Office REIT (TSX: SOT.UN)
Slate Office REIT is an owner and operator of North American office real estate. The REIT owns interests in and operates a portfolio of 34 strategic and well-located real estate assets across Canada’s major population centres and includes two assets in downtown Chicago, Illinois. 60% of the REIT’s portfolio is comprised of government or credit rated 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.
About Slate Asset Management
Slate Asset Management is a leading real estate focused alternative investment platform with approximately $6.5 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 demonstrated ability to originate and execute on a wide range of compelling investment opportunities. Visit slateam.com to learn more.
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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