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Unit Information

Slate Retail REIT is listed on the Toronto Stock Exchange under the symbols SRT.UN and SRT.U, quoted in Canadian and U.S. dollars, respectively. Investors may purchase class U units of the REIT in either currency.

SRT-UN.TO

13.24 -0.02 ( -0.15% )

Previous Close13.26 Bid13.23 EPS N/A
Open13.30 PE RatioN/A Day Range13.17 - 13.30
Market Cap572.30M Ask13.24 Volume35,493

SRT-U.TO

10.50 +0.00 ( +0.00% )

Previous Close10.50 Bid10.45 EPS N/A
Open10.50 PE RatioN/A Day Range10.50 - 10.50
Market Cap453.86M Ask11.00 Volume2,200
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Presentations

Click here to view the latest investor presentation. 

Click here to view the latest Annual General Meeting presentation. 

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Financial Reports

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Distributions

      Distribution Per Unit DRIP Reinvestment Price
Period Record Date Payment Date USD CAD* USD CAD*
Sep 2017 Sep 29, 2017 Oct 16, 2017 $0.06750 $0.08410 $10.81 $13.47
Aug 2017 Aug 31, 2017 Sep 15, 2017 $0.06750 $0.08190 $10.83 $13.14
Jul 2017 Jul 31, 2017 Aug 15, 2017 $0.06750 $0.08550 $10.36 $13.13
Jun 2017 Jun 30, 2017 Jul 17, 2017 $0.06750 $0.08550 $10.61 $13.45
May 2017 May 31, 2017 Jun 15, 2017 $0.06750 $0.08890 $11.08 $14.60
Apr 2017 Apr 30, 2017 May 15, 2017 $0.06750 $0.09230 $11.08 $15.15
Mar 2017 Mar 31, 2017 Apr 17, 2017 $0.06750 $0.08910 $11.26 $14.87
Feb 2017 Feb 28, 2017 Mar 15, 2017 $0.06750 $0.09060 $10.70 $14.36
Jan 2017 Jan 31, 2017 Feb 17, 2017 $0.06750 $0.08780 $10.99 $14.29
      Distribution Per Unit DRIP Reinvestment Price
Period Record Date Payment Date USD CAD* USD CAD*
Dec 2016 Dec 31, 2016 Jan 16, 2017 $0.06750 $0.08840 $10.97 $14.37
Nov 2016 Nov 30, 2016 Dec 15, 2016 $0.06750 $0.08830 $11.15 $14.59
Oct 2016 Oct 30, 2016 Nov 15, 2016 $0.06765 $0.09130 $10.11 $13.67
Sep 2016 Sep 30, 2016 Oct 17, 2016 $0.06750 $0.08870 $10.59 $13.93
Aug 2016 Aug 31, 2016 Sep 15, 2016 $0.06489 $0.08530 $10.65 $14.00
Jul 2016 Jul 31, 2016 Aug 15, 2015 $0.06489 $0.08390 $11.22 $14.51
Jun 2016 Jun 30, 2016 Jul 15, 2016 $0.06489 $0.08380 $10.58 $13.67
May 2016 May 31, 2016 Jun 15, 2016 $0.06489 $0.08330 $10.58 $13.58
Apr 2016 Apr 30, 2016 May 16, 2016 $0.06489 $0.08380 $10.21 $13.18
Mar 2016 Mar 31, 2016 Apr 15, 2016 $0.06489 $0.08310 $10.60 $13.57
Feb 2016 Feb 29, 2016 Mar 15, 2016 $0.06489 $0.08590 $10.97 $14.52
Jan 2016 Jan 31, 2016 Feb 16, 2016 $0.06489 $0.08970 $9.64 $13.33
      Distribution Per Unit DRIP Reinvestment Price
Period Record Date Payment Date USD CAD* USD CAD*
Dec 2015 Dec 31, 2015 Jan 15, 2016 $0.06489 $0.09300 $9.76 $13.99
Nov 2015 Nov 30, 2015 Dec 15, 2015 $0.06300 $0.08630 $10.16 $13.92
Oct 2015 Oct 30, 2015 Nov 16, 2015 $0.06300 $0.08380 $10.06 $13.38
Sep 2015 Sep 30, 2015 Oct 15, 2016 $0.06300 $0.08180 $10.45 $13.57
Aug 2015 Aug 31, 2015 Sep 15, 2015 $0.06300 $0.08350 $10.09 $13.38
Jul 2015 Jul 31, 2015 Aug 17, 2015 $0.06300 $0.08200 $11.02 $14.39
Jun 2015 Jun 30, 2015 Jul 15, 2015 $0.06300 $0.08000 $10.38 $13.21
May 2015 May 29, 2015 Jun 15, 2015 $0.06300 $0.07800 $10.51 $12.94
Apr 2015 Apr 30, 2015 May 15, 2015 $0.06300 $0.07500 $10.50 $12.53
Mar 2015 Mar 31, 2015 Apr 15, 2015 $0.06300 $0.07900 $10.17 $12.67
Feb 2015 Feb 27, 2015 Mar 17, 2015 $0.06300 $0.08000 $10.05 $12.84
Jan 2015 Jan 30, 2015 Feb 16, 2015 $0.06300 $0.07800 $10.76 $13.38
      Distribution Per Unit DRIP Reinvestment Price
Period Record Date Payment Date USD CAD* USD CAD*
Dec 2014 Dec 31, 2014 Jan 15, 2015 $0.06300 $0.07500 $10.39 $12.40
Nov 2014 Nov 28, 2014 Dec 15, 2014 $0.06300 $0.07300 $10.09 $11.64
Oct 2014 Oct 31, 2014 Nov 17, 2014 $0.06000 $0.06800 $10.02 $11.33
Sep 2014 Sep 30, 2014 Oct 15, 2014 $0.06000 $0.06700 $10.27 $11.51
Aug 2014 Aug 29, 2014 Sep 15, 2014 $0.06000 $0.06600 $11.21 $12.35
Jul 2014 Jul 31, 2014 Aug 15, 2014 $0.06000 - - -
Jun 2014 Jun 30, 2014 Jul 15, 2014 $0.06000 - - -
May 2014 May 30, 2014 Jun 16, 2014 $0.09000 - - -
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Distribution Reinvestment Plan

Slate Retail REIT's Distribution Reinvestment Plan ("DRIP") allows unitholders of class A, U and I units to have all distributions they receive from the REIT put towards the purchase of additional class U units. A Participant may terminate participation in the DRIP at any time. Interested unitholders should contact their broker and consult the full text of the DRIP, available here:

Distribution Reinvestment Plan

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Analyst Coverage

Please read our Disclaimer regarding analyst coverage

 

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Tax Information

Slate Retail REIT (the "REIT") is a Canadian mutual fund trust within the meaning of the Income Tax Act. Unitholders generally will be required to include in computing its income for a particular taxation year, as income from property, the portion of net income of the REIT, including net realized taxable capital gains, that is paid or payable to the unitholder in that taxation year, whether or not those amounts are received in cash, additional units or otherwise. Any losses of the REIT for purposes of the Income Tax Act cannot be allocated to, or treated as a loss of, a REIT unitholder.

Based on the current provisions of the Income Tax Act, and subject to the provisions of any particular plan, REIT units are a qualified investments for trusts governed  an RRSP, RESP, RRIF, TFSA, deferred profit sharing plan and registered disability savings plan.

  2016 2015 (Jan-May) 2015 (Jun-Dec) 2014
Other Taxable Income 65.0% 55.0% 61.0%  52.0%
Capital Gains (Taxable) 0.0% 0.0% 0.0%  N/A
Return of Capital 35.0% 45.0% 39.0%  48.0%
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Governance

Slate Retail REIT's majority independent Board of Trustees brings together a strategic combination of skill-sets with vast real estate, finance, and cross-border experience. Our board is committed to best-in-class corporate governance, and is comprised as follows:

Tom Farley
Chair of the Board of Trustees

Mr. Farley is Chairman of the Board of Brookfield Canada Office Properties and has over 30 years of real estate industry experience. Most recently, Mr. Farley held the position of President and Global Chief Operating Officer of Brookfield Office Properties, overseeing asset management, leasing, and property operating initiatives. Further, he served as Chairman of the Board of Brookfield Johnson Controls Canada and Brookfield Johnson Controls Australia. Previously at Brookfield he was Chief Executive Officer of Canadian Commercial Operations, Chief Executive Officer of Australian Commercial Operations and Senior Vice President, Western Canada. Mr. Farley received a Bachelor of Arts from the University of Victoria, a CRF designation from the Real Estate Institute of Canada and is a member of the American Management Association.

Sam Altman
Independent Trustee

Mr. Altman is the President of Joddes Limited, a Canadian investment company with major positions in several healthcare companies. Through this role, Mr. Altman is familiar with the U.S. tax and securities regulatory environment, including cross border issues. Mr. Altman was formerly President and Chief Executive Officer of Pendopharm, a pharmaceutical contract manufacturer. Previously, he was an independent consultant to healthcare, and industrial marketing clients on strategy, corporate development and mergers and acquisitions. Mr. Altman formerly led corporate strategy and investment for Scott’s Hospitality and was previously a management consultant at McKinsey and Company where he advised industrial and retail marketing clients across North America, Mexico and Europe. Mr. Altman received a Master of Business Administration from Cornell University, a Juris Doctor degree from Queen's University, is a CFA charterholder and is a member of the Law Society of Upper Canada.

Colum Bastable
Independent Trustee

Mr. Bastable is the Chair of Canadian operations for Cushman & Wakefield. Mr. Bastable joined Royal LePage in 1976 as Vice President of Finance, ultimately becoming Executive Vice President of all of Royal LePage’s commercial operations. In 1993, Mr. Bastable became President and Chief Executive Officer of Royal LePage and a Managing Partner of Brascan (now Brookfield). In 2005, he became President and Chief Executive Officer of Cushman & Wakefield LePage Ltd. Mr. Bastable is a member of the board of trustees of Brookfield Canada Office Properties and was previously on the board of Toronto Hydro-Electric System. In 2007, Mr. Bastable was appointed as Chair of McMaster University’s Board of Governors. Mr. Bastable is a Chartered Accountant and has been honored as a Fellow of the Institute Chartered Accountants in Ireland.

Patrick Flatley
Independent Trustee

Mr. Flatley is a Senior Vice President of New York-based Fidelity National Title Insurance Co. where he represents the interests of Canadian commercial real estate owners and operators completing cross border transactions. In this role, Mr. Flatley has completed over 75 commercial title insurance policies in the U.S. for clients including Brookfield Properties, Cadillac Fairview, Canada Pension Plan Investment Board and Oxford Properties. In addition, Mr. Flatley is a Partner of KenAidan Realty, a Toronto-based real estate developer, and a founding partner of Great American Bagel Enterprise for which Mr. Flatley has sourced and secured retail locations for the company in various U.S. locations. Prior to his commercial real estate career, Mr. Flatley was a professional hockey player, whose NHL career spanned fourteen seasons, including four as Captain of the New York Islanders. Mr. Flatley continues his involvement in professional hockey, working with the NHL, NHLPA, and MSG Networks in recent years. Mr. Flatley attended the University of Wisconsin– Madison.

Andrea Stephen
Independent Trustee

Ms. Stephen is a corporate director. She is currently a member of the board of trustees, and a member of the executive, audit and compensation and governance committees of First Capital Realty Inc. She is also on the board of trustees and a member of the audit committee of Boardwalk Real Estate Investment Trust, and a member of the board of directors, a member of the executive committee and chair of the compensation committee of The Macerich Company. Ms. Stephen retired from her position as Executive Vice President, Investments at The Cadillac Fairview Corporation Limited (“Cadillac Fairview”) in 2011. In this position, she was responsible for developing and executing investment strategy. She executed over $9 billion of transactions, including Cadillac Fairview’s first investments in the United Kingdom and Brazil. Ms. Stephen was previously a director of Multiplan Empreendimentos Imobiliaros, a public real estate company listed on the Brazil stock exchange, and was also a member of the board of directors of the Pension Real Estate Association (PREA). She has served as Director, Real Estate with the Ontario Teachers’ Pension Plan Board, where she initiated the U.S. real estate investment program and led the team that privatized Cadillac Fairview. Ms. Stephen was also previously a member of the Investor Advisory Committee of the National Association of Real Estate Investment Trusts (NAREIT) and a director of Canada’s Walk of Fame. Ms. Stephen obtained an undergraduate degree in business from St. Francis Xavier University and is a Chartered Professional Accountant, Chartered Accountant.

 

Blair Welch
Non-Independent Trustee

Mr. Welch was formerly the Chief Executive Officer of the REIT and has over 20 years of experience in the real estate industry in North America, Europe and Asia. Prior to co-founding the Manager in 2004, Mr. Welch worked with First National Financial Corporation from 2002 until 2005 where he was responsible for developing a successful Canadian commercial mortgage-backed securities program. From 2001 to 2002, Mr. Welch was employed as a consultant by the General Motors Acceptance Corporation Commercial Mortgage to underwrite commercial assets for securitization. Mr. Welch also worked with General Motors Acceptance Corporation Commercial Mortgage to assist with their Canadian commercial mortgage-backed securities program. From 1997 to 2000, Mr. Welch was a Vice President and original member of New York-based Fortress Investment Group, spending time in Tokyo and Toronto, where he was responsible for originating office, retail, industrial and hospitality investment opportunities throughout both the U.S. and Canada. Mr. Welch began his career in the corporate finance group of Bankers Trust in New York and Toronto from 1996 to 1997, where he identified acquisition opportunities, oversaw due diligence, supervised property managers and leasing professionals, analyzed and approved capital expenditures and helped raise debt and equity capital for a variety of U.S. real estate clients. Mr. Welch also worked with Brazos Advisors (now Lonestar), participating in direct investment, securitization and corporate debt transactions in the U.S. and Canada. Mr. Welch holds a Bachelor of Commerce degree from the University of British Columbia.

Brady Welch
Non-Independent Trustee

Mr. Welch has over 20 years of experience in the real estate industry in North America, Asia and Europe across a variety of asset classes, including office, industrial, multi-family and retail and formerly served as Chief Financial Officer of the REIT. Prior to co-founding the Manager in 2004, he held senior management positions with Fortress Investment Group from 1998 to 2005, including acting as a Vice-President and Managing Director, where he was responsible for overseeing all direct investments in commercial real estate in the U.S. In this capacity, Mr. Welch identified acquisition opportunities, underwrote asset values, oversaw due diligence, negotiated purchase and sale agreements, selected lenders and negotiated financing terms, supervised property managers and third party leasing professionals, approved large leasing contracts, approved capital expenditures, prepared annual operating budgets, provided updates on operating performance and developed and executed asset disposition strategies. During his eight year tenure at Fortress, Mr. Welch was involved in a significant number of real estate investments across retail, office, industrial, multi-family and hospitality asset classes. From 1997 until 1998, Mr. Welch managed the joint venture investments of Truscan (the former real estate arm of Canada Trust) including class A office towers in Canada’s five major urban markets. Mr. Welch began his career in the mid-1990s with Brazos Advisors (now Lonestar), participating in the acquisition and work-out of Canadian distressed real estate loan pools from insurance companies and financial institutions. Mr. Welch holds a Bachelor of Commerce degree from Mount Allison University.

 

Slate Retail REIT - Board/Committee Composition - Effective June 20, 2017

Name

Independent

Audit

Investment

Compensation, Governance and Nominating

Tom Farley (Chair)

Yes

Member 

Chair

Member

Sam Altman

Yes

Member

Member

Member

Colum Bastable

Yes

Chair

 

Chair

Patrick Flatley

Yes

 

Member

 

Andrea Stephen

Yes

Member

Member

Member

Blair Welch

No

 

 

 

Brady Welch

No

 

 

 

 

Click to view the Charter of the Board of Trustees ►

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Committees

The Audit Committee is comprised of independent members of the Board of Trustees, appointed on an annual basis for the purpose of overseeing the REIT's financial controls and reporting in addition to monitoring whether the REIT complies with financial covenant and legal regulatory requirements governing financial disclosure matters and financial risk management.

Members of the Audit Committee include Colum Bastable (Chair), Sam Altman, Andrea Stephen and Tom Farley.

Charter of the Audit Committee

The Compensation, Governance and Nominating Committees is comprised of independent members of the Board of Trustees, appointed on an annual basis. The committee is charged with overseeing board effectiveness, trustee selection, considering questions of management succession, administering securities-based compensation plans and assessing the overall performance and compensation of management of the REIT, among other responsibilities.

Members of the Compensation, Governance and Nominating Committee include Colum Bastable (Chair), Sam Altman, Tom Farley and Andrea Stephen.

Charter of the Compensation, Governance and Nominating Committee

The Investment Committee has the overall responsibility to ensure that the REIT's investment decisions are consistent with the Investment Guidelines and Operating policies as set forth in the REIT's Declaration of Trust. The committee will carry out its responsibilities with a view to achieving the REIT's strategic objectives of assembling a portfolio of high quality assets and delivering the benefits of such real estate to unitholders.

Members of the Investment Committee include Tom Farley (Chair), Sam Altman, Pat Flatley and Andrea Stephen.

Charter of the Investment Committee

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Policies

It is the policy of Slate Retail REIT that all activities be conducted with the highest standards of fairness, honesty and integrity and in compliance with all legal and regulatory requirements. In keeping with our commitment to best-in-class corporate governance, Slate has implemented numerous, policies and position descriptions for Slate Retail REIT.

Policies

Code of Conduct and Ethics
Slate Retail REIT’s Code of Conduct and Ethics (the “Code”) has been endorsed by the board of trustees of the REIT and applies to trustees, directors and officers of the REIT and Slate Asset Management LP. The objective of the Code is to provide guidelines for maintaining the integrity, reputation, honesty, objectivity and impartiality of the REIT. The Code addresses conflicts of interest, protecting the REIT’s assets, confidentiality, fair dealing with security holders, competitors and employees, insider trading, compliance with laws, and the reporting of any illegal or unethical behaviour.

Code of Business Conduct and Ethics

Whistleblower Policy
The REIT, its subsidiaries, and Slate Asset Management L.P. have a strong commitment to the conduct of their business in a lawful and ethical manner. In line with that commitment, the REIT has adopted a Whistleblower Policy. The Whistleblower Policy outlines the process by which trustees, directors, officers, managers and employees may communicate with the REIT about concerns they may have in respect of illegal or unethical behavior and when in doubt about the best course of action in a particular situation, without retaliation.

Any employee with a good faith concern about any accounting or auditing matter or any other matter which such employee believes in violation of the Code is directed to contact the Chair of the Audit Committee of the REIT (who is independent of management of the REIT Entities) on a confidential basis.

Whistleblower Policy

See also:

Disclosure and Confidential Information Policy
Insider Trading Policy
Majority Voting Policy
Unit Ownership Policy

Position Descriptions

Chair of the Board of Trustees
Chair of the Audit Committee
Chair of the Investment Committee
Chair of the Compensation, Governance and Nominating Committee
Chief Executive Officer

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Further Information

If you have questions about Slate Retail REIT,  contact us directly.
For change of address and other inquiries related to unit registration, contact our transfer agent.

Slate Retail REIT

c/o Slate Asset Management L.P.
121 King St W, Suite 200
Toronto, ON M5H 3T9 Canada

Phone: +1 416 644 4264
Email: ir@slateam.com

Transfer Agent

TMX Equity Transfer Services
200 University Ave, Suite 300
Toronto, ON M5H 4H1 Canada

Phone: +1 866 393 4891
Email: tmxeinvestorservices@tmx.com

 
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