(MENAFNEditorial) TORONTO, March 15, 2018 (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 March 2018 of U.S.$0.07 per class U unit of the REIT ("Class U Units"), or U.S.$0.84 on an annualized basis. Slate Retail REIT also announced today that the Board of Trustees have elected to suspend the REIT's distribution reinvestment plan until further notice.
Commencing with the March distribution to be made on April 16, 2018, unitholders who elected to participate in the DRIP will receive the declared cash distributions on the distribution payment date. The suspension of the DRIP is intended to preserve value and eliminate dilution for the REIT's unitholders.
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 units of subsidiaries of the REIT that are exchangeable into Class U Units ("Exchangeable Units") will receive a distribution equal to U.S.$0.07 per unit.
Distributions on all unit classes of the REIT, and distributions on Exchangeable Units, will be payable on April 16, 2018 to unitholders of record as of the close of business on March 29, 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 $4.5 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 proven ability to originate and execute on a wide range of compelling investment opportunities. Visit slateam.com to learn more.
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