Slate Office REIT Announces Leadership Transition

Slate Office REIT (TSX: SOT.UN) (the "REIT"), an owner and operator of high-quality workplace real estate, today announced that Brady Welch, Founding Partner of Slate Asset Management, has been appointed Interim Chief Executive Officer (“Interim CEO”) of Slate Office REIT. Welch will replace Steve Hodgson, who is stepping down from his role as Chief Executive Officer to pursue other opportunities, effective May 12, 2023.

Welch has over 30 years of real estate industry experience in Canada, the US, and Europe. Prior to co-founding Slate Asset Management, he held senior management positions with Fortress Investment Group in New York, where he was responsible for direct investments in real estate equity and debt portfolios and related asset management strategies in Canada, the US, and Europe. Prior to Fortress, he managed Truscan’s (now TD Canada Trust) investments in Class A office towers in Canada’s five major urban markets. He has been a Trustee of the Board of the REIT since its inception and will remain a Trustee of the Board during his tenure as Interim CEO.

“Brady is a proven leader whose global real estate expertise and deep knowledge of our business will be invaluable in the next phase of the REIT’s growth,” said Monty Baker, Chair of the Board of the REIT. “With the global office sector facing significant headwinds, Brady’s decades of experience navigating through various economic cycles in Canada, the US, the Europe will help us further strengthen the REIT’s position to execute on our strategy for long-term performance.”

Baker added: “On behalf of the entire Board, I’d like to thank Steve for his leadership and many contributions over the last several years. Steve was instrumental in navigating the REIT through the challenges of the pandemic and driving the early execution of the REIT’s ongoing repositioning strategy. We wish him all the best in his future endeavors.”

“Slate Office REIT has grown into a stable, global platform with a portfolio of high-quality office real estate,” said Brady Welch, Interim CEO of the REIT. “I believe we are well-positioned to navigate the headwinds facing the office sector, and I look forward to working with Charles Peach and the broader Slate Asset Management team to execute on our long-term strategy of aligning the REIT’s portfolio with assets, tenants, and markets that will create value for our unitholders.”

Welch will work closely with Hodgson and other members of the REIT’s senior management team over the coming weeks to ensure a seamless transition of leadership.

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 slateofficereit.com 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 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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