Slate Retail REIT Announces Increase of 4% to Annual Distribution
TORONTO, ON --(Marketwired - September 15, 2016) - 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 September 2016 of U.S.$0.0675 per class U unit of the REIT ("Class U Units"), or U.S.$0.81 on an annualized basis.
This distribution represents a 4% increase of the monthly distribution to unitholders. The increased distribution is the third consecutive annual distribution increase by the REIT since listing on the TSX in 2014. Management continues to target a 70% AFFO payout ratio.
"We are pleased to announce this 4% increase to our distribution on the back of consistent FFO growth, strong leasing and accretive acquisition activity," said Greg Stevenson, Chief Executive Officer of the REIT.
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 October 15, 2016 to unitholders of record as of the close of business on September 30, 2016.
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.$0.0680265 per Class A Unit. Holders of class I units of the REIT ("Class I Units") will receive a distribution equal to U.S.$0.0712395 per Class I Unit. Holders of Exchangeable Units will receive a distribution equal to U.S.$0.0675 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 slateam.com/SRT.
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 U.S.$1 billion of assets located primarily across the top 50 U.S. metro markets. The REIT is focused on maximizing value through internal organic rental growth and strategic acquisitions. Visit 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 $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.
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