Slate Office REIT Appoints Steve Hodgson to CEO

TORONTO--(BUSINESS WIRE)--Slate Office REIT (TSX: SOT.UN) (the "REIT"), an owner and operator of North American office real estate, announced today that Steve Hodgson, its current Chief Operating Officer, has been named as Chief Executive Officer effective June 3, 2020. Scott Antoniak, the REIT’s current CEO, will stay within Slate Asset Management (“Slate”) and will focus on origination of private market opportunities. Given his role within the larger Slate organization, Antoniak will remain available to the REIT’s management team throughout the transition to ensure operational continuity.

Hodgson has worked closely with Antoniak since 2014. As COO, he maintains responsibility for asset management and business development of the REIT, including oversight of operations, leasing and capital investment programs and executing on financing, acquisition and disposition activity. He joined Slate Asset Management as a Vice President of Asset Management in 2014 and previously worked at Oxford Properties Group, a Canadian owner, developer and manager of commercial real estate.

“Steve’s deep knowledge of our investment portfolio and rich experience across the North American commercial real estate industry will continue to benefit Slate Office REIT as we pursue our strategy and growth initiatives,” said John O’Bryan, Chairman of the Board of Trustees. “We are sincerely grateful to Scott for his leadership and look forward to seeing him thrive in his new position.”

“Steve is a valuable member of the Slate Asset Management team who is well-equipped to lead the next chapter of Slate Office REIT,” said Blair Welch, Founding Partner of Slate Asset Management. “We are fortunate that Scott is staying within Slate to grow the private markets business and that he leaves his current role with a first-rate portfolio and a strong balance sheet intact that position the REIT to withstand market volatility and embrace economic recovery.”

“I am excited to embrace a new challenge within private markets and to remain a part of the broader Slate Asset Management family,” said Antoniak. “Slate Office REIT is in excellent hands under Steve.”

“I thank the Board for the confidence they have placed in me as we remain committed to delivering significant value for our unitholders,” said Hodgson. “Scott’s guidance over the last six years has been tremendously helpful and our team is fully-prepared to continue executing Slate Office REIT’s strategy in accordance with initiatives previously laid out on our First Quarter 2020 Financial Results conference call.”

About Slate Office REIT (TSX: SOT.UN)

Slate Office REIT is an open-ended real estate investment trust. The REIT's portfolio comprises 36 strategic and well positioned real estate assets located primarily across Canada's major population centres and includes two downtown assets in Chicago, Illinois. 61% of the REIT’s portfolio is comprised of government or credit rated tenants. The REIT is focused on maximizing value through internal organic rental and occupancy growth and strategic acquisitions. Visit slateofficereit.com to learn more.

About Slate Asset Management

Slate Asset Management is a leading real estate focused alternative investment platform with approximately $6.5 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.

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.