Slate Grocery REIT Announces Normal Course Issuer Bid

Slate Grocery REIT (TSX: SGR.U) (TSX: SGR.UN) (the “REIT”), an owner and operator of U.S. grocery-anchored real estate, announced today that it has received approval from the Toronto Stock Exchange (the “TSX”) to commence a normal course issuer bid (the “NCIB”), effective as at the open of markets on February 1, 2023, to repurchase for cancellation up to 5,655,086 class U units of the REIT (the “Class U Units”) or approximately 10% of the public float of 56,550,865 Class U Units as of January 18, 2023.

As of January 18, 2023, 60,204,475 Class U Units were outstanding. The REIT may purchase Class U Units for cancellation over the 12-month period commencing February 1, 2023 and ending on January 31, 2024. 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 applicable alternative Canadian trading system 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 Class U Units that can be purchased pursuant to the NCIB is subject to a daily maximum of 22,736 Class U Units, or approximately 25% of the average daily trading volume during the period from July 1, 2022 to December 31, 2022 (being 90,947 Class U Units per day). The actual number of Class U Units which may be purchased (if any), and the timing of any such purchases, will be determined by the REIT. Any Class U Units purchased under the NCIB will be cancelled following purchase. The REIT intends to fund the purchases of Class U Units under its NCIB out of the general funds of the REIT.

Management believes it is prudent to have numerous capital allocation strategies available to it. Management may determine that using the NCIB to return capital to its unitholders at a particular time 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.

About Slate Grocery REIT (TSX: SGR.U / SGR.UN)

Slate Grocery REIT is an owner and operator of U.S. grocery-anchored real estate. The REIT owns and operates approximately US$2.4 billion of critical real estate infrastructure across major U.S. metro markets that communities rely upon for their daily needs. The REIT’s resilient grocery-anchored portfolio and strong credit tenants provide unitholders with durable cash flows and the potential for capital appreciation over the longer term. Visit slategroceryreit.com to learn more about the REIT.

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 slateam.com 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.

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