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Slate Retail REIT Exceeding Disposition Targets with $81.5 Million in Sales above IFRS Values at 6.4% Capitalization RateSlate Retail REIT (TSX: SRT.U) (TSX: SRT.UN) (the "REIT"), an owner and operator of U.S. grocery-anchored real estate, announced today the completion of nine dispositions as part of the REIT's capital recycling program. The nine dispositions will generate gross proceeds of $45.9 million, implying a weighed average 5.6% capitalization rate ("cap rate") on trailing twelve-month net operating income. On a year-to-date basis, the REIT has completed fourteen dispositions for $81.5 million at a weighted average cap rate of 6.4% on trailing twelve-month net operating income. The REIT will seek to reinvest net proceeds into new accretive investment opportunities that will strengthen the quality of the REIT's portfolio and drive growth in net operating income. "The team has done an excellent job executing on our disposition pipeline and we are on track to exceed our pricing targets set out at the end of 2018," said Greg Stevenson, the REIT's Chief Executive Officer. "Our current acquisition pipeline presents an attractive opportunity to redeploy these proceeds very accretively into new opportunities." The dispositions completed in the third quarter of 2019 are comprised of the following:
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. $1.4 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 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 focused alternative investment platform with over $6 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 demonstrated ability to originate and execute on a wide range of compelling investment opportunities. Visit slateam.com to learn more. View source version on businesswire.com: https://www.businesswire.com/news/home/20190918006053/en/ |