Slate Office REIT Announces Changes to the Board of Trustees

TORONTO--(BUSINESS WIRE)--Slate Office REIT (TSX: SOT.UN) (the "REIT"), an owner and operator of North American office real estate, announced today the retirement of John O’Bryan, Chair of the REIT’s Board of Trustees (the “Board”). Tom Farley, a current independent trustee of the Board has been appointed Chair and Lori-Ann Beausoleil has been appointed as a trustee of the REIT.

Tom has more than 40 years of real estate experience including 25 years with Brookfield Office Properties where he held the position of Global President and, on a concurrent basis, Chairman and Director of Brookfield Canada Office Properties, from 2010 to 2014. Previously, he served as Chief Executive Officer of Brookfield’s Canadian and Australian Commercial Operations.

Lori-Ann is a Partner of PwC Canada where she is currently the National Leader – Compliance, Ethics and Governance. She has spent the last 36 years of her career focused in the real estate industry. Lori-Ann was the National Leader of the Canadian Real Estate practice for many years as well as the National Forensic Services Leader. Lori-Ann is a Chartered Professional Accountant, Chartered Accountant and holds a Bachelor of Commerce degree from the University of Toronto.

“Tom has been a highly valuable member of the REIT’s Board since becoming a trustee in 2017,” said Blair Welch, Founding Partner of Slate Asset Management. “We look forward to Tom’s leadership in his new role as Chair of Slate Office REIT as we continue to advance the REIT’s strategic objectives including the pursuit of office acquisitions in the greater Toronto area and the United States as well as exploring opportunities in Europe.”

“We are extremely grateful for John O’Bryan’s significant contributions to the REIT and for his leadership since he first became a trustee five years ago,” said Tom Farley, incoming Chair of the Board. “John has been a significant figure in the Canadian real estate industry for over 40 years and on behalf of the Board and management, I wish him the very best.”

As a result of these changes to the composition of the Board, Lori-Ann Beausoleil will become a member of the REIT’s Audit Committee and Compensation, Governance and Nominating Committee and Monty Baker, an existing trustee, will become a member of the Investment Committee.

In connection with Tom’s appointment to Chair of the Board of Slate Office REIT, he will step down as Chair of the Board of Trustees of Slate Grocery REIT, but will remain an independent trustee of Slate Grocery REIT.

These changes to the Board are effective January 1, 2021.

About Slate Office REIT (TSX: SOT.UN)
Slate Office REIT is an owner and operator of North American office real estate. The REIT owns interests in and operates a portfolio of 35 strategic and well-located real estate assets across Canada's major population centres and includes two assets in downtown Chicago, Illinois. 60% of the REIT’s portfolio is comprised of government or credit rated 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 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.

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