An anonymous trustee reports

SLATE GROCERY REIT ANNOUNCES RENEWAL OF NORMAL COURSE ISSUER BID

Slate Grocery REIT has received approval from the Toronto Stock Exchange to renew its normal course issuer bid (NCIB), effective as at the open of markets on Feb. 1, 2024, to repurchase for cancellation up to 5,520,760 Class U units of the REIT, or approximately 10 per cent of the public float of 55,207,608 Class U units as of Jan. 18, 2024.

As of Jan. 18, 2024, 58,985,408 Class U units were outstanding. The REIT may purchase Class U units for cancellation over the 12-month period commencing Feb. 1, 2024, and ending on Jan. 31, 2025. 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 26,797 Class U units, or approximately 25 per cent of the average daily trading volume during the period from July 1, 2023, to Dec. 31, 2023 (being 107,191 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 finance the purchases of Class U units under its NCIB out of the general funds of the REIT.

Under its previous NCIB, the REIT sought and received approval from the TSX to purchase up to 5,655,086 Class U units for the period of Feb. 1, 2023, to Jan. 31, 2024. A total of 1,240,200 Class U units were repurchased through the facilities of TSX or alternative Canadian trading systems at a volume weighted average price of $9.61 (U.S.) per unit under the 2023 to 2024 NCIB.

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 finances.

About Slate Grocery REIT

Slate Grocery is an owner and operator of U.S. grocery-anchored real estate. The REIT owns and operates approximately $2.4-billion (U.S.) 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.

We seek Safe Harbor.