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April 04, 2023

Slate Office REIT Sets Date for First Quarter 2023 Financial Results Release and Conference Call, Announces Conclusion of Review of Strategic Alternatives

Slate Office REIT (TSX: SOT.UN) (the "REIT"), an owner and operator of high-quality workplace real estate, today is announcing that it will release its first quarter 2023 financial results before market hours on Tuesday, May 2, 2023. Senior management will host a live conference call at 9:00 a.m. ET on Tuesday, May 2, 2023 to discuss the results and ongoing business initiatives of the REIT.

The REIT is also announcing the conclusion of the comprehensive review of strategic alternatives undertaken by the REIT and its external advisors and a corresponding unitholder value preservation plan (the “Plan”), under which the REIT will amend its monthly cash distribution from C$0.0333 per trust unit of the REIT to C$0.0100 per trust unit of the REIT. This amendment of the REIT’s distribution policy is expected to provide an additional C$23.9 million of cash annually, which will be used to strengthen the REIT’s balance sheet and liquidity.

The Plan will provide the REIT with the flexibility and capital to continue strengthening its core business, including maintaining and growing operating cash flow, proactively leasing vacancies in the REIT’s portfolio (the “Portfolio”), and evaluating other initiatives that may surface value for the REIT. The REIT’s Board of Trustees (the “Board”) unanimously believes the Plan is the most prudent way to preserve value for unitholders in the current macroeconomic environment while also ensuring the REIT is well positioned for long-term performance. As a result of the conclusion of the review of strategic alternatives, the special committee of independent members of the Board was dissolved on April 4, 2023.

“We continue to have conviction in the value and durability of our office assets and have a long-term view to continue positioning our portfolio to align with markets, assets, and tenants that are driving growth,” said Monty Baker, Interim Chair of the Board of Trustees. “We completed a thorough strategic review in partnership with our advisors and determined that a revision to our distribution policy is prudent to preserve capital in a challenging environment and ensure the REIT will be in a stronger position when we emerge from this economic cycle.”

Unitholder Value Preservation Plan

A number of external macroeconomic factors have challenged the office sector over the past 36 months – from the overarching impacts of the COVID-19 pandemic to heightened inflation, and most recently, a rapid increase in interest rates that has constrained global financial markets. In light of the current operating environment, and with a view to ensuring the long-term stability and performance of the REIT, the Board has carefully evaluated a broad range of strategic initiatives that could unlock the inherent value contained within the REIT’s portfolio of high-quality workplace real estate.

The REIT’s distribution policy was considered in the context of the REIT’s current operations, capital structure, near-term liquidity needs, as well as the state of the broader real estate and capital markets. After careful review, the Board unanimously determined that an amendment to the REIT’s distribution policy was the most prudent strategy for preserving value for unitholders in the current operating environment, while also providing for flexibility to strengthen the REIT’s operating cash flow, address vacancies in the Portfolio, and consider other initiatives that may surface value for the REIT. The capital retained as a result of the amendment to the REIT’s distribution policy will be used to pay down debt, maintain liquidity to manage the REIT’s operations, and bolster the REIT’s financial resources.

The amendment will be effective for the April 2023 distribution payable on May 15, 2023 to unitholders of record on April 28, 2023. The Board reviews the REIT's distribution policy on an ongoing basis to determine the most prudent allocation of capital to ensure long-term value preservation for unitholders.

Conference Call Details

The REIT’s first quarter 2023 financial results conference call can be accessed by dialing (416) 764-8658 or 1 (888) 886-7786. Additionally, the conference call will be available via simultaneous audio found at A replay will be accessible until May 16, 2023 via the REIT's website or by dialing (416) 764-8692 or 1 (877) 674-7070 (access code 600956#) approximately two hours after the live event.

About Slate Office REIT (TSX: SOT.UN)

Slate Office REIT is a global owner and operator of high-quality workplace real estate. The REIT owns interests in and operates a portfolio of strategic and well-located real estate assets in North America and Europe. The majority of the REIT’s portfolio is comprised of government and high-quality credit 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 to learn more.

About Slate Asset Management

Slate Asset Management is a global alternative investment platform targeting real assets. We focus on fundamentals with the objective of creating long-term value for our investors and partners. Slate’s platform has a range of real estate and infrastructure investment strategies, including opportunistic, value add, core plus and debt investments. We are supported by exceptional people and flexible capital, which enable us to originate and execute on a wide range of compelling investment opportunities. Visit to learn more.

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. 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.


For Further Information
Investor Relations
+1 416 644 4264

Source: Slate Office REIT

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