Slate Office REIT Provides Leasing Update Highlighting the Continued Strong Demand for Office Space

TORONTO--(BUSINESS WIRE)--Slate Office REIT (TSX: SOT.UN) (the "REIT"), an owner and operator of North American office real estate, today provided an update on the REIT’s leasing activity that has been completed subsequent to the first quarter of 2021.

“We continue to see positive momentum in our markets as the vaccine rollout accelerates and government restrictions ease,” said Steve Hodgson, Chief Executive Officer of Slate Office REIT. “Our team has completed over 264,000 square feet of leasing so far in the second quarter, inclusive of the previously announced Province of New Brunswick 10-year renewal. For context, this is more than double the leasing completed in the first quarter, with a month still remaining in the second quarter.”

Leasing Update – April-May 2021

• Completed 264,640 square feet of total leasing, comprised of 223,865 square feet of renewals and 40,775 square feet of new deals
• Overall rental rate increases were 26.6% above expiring or in-place building rents
• 46% of the leasing volume occurred in Atlantic Canada, 38% in the Greater Toronto Area and 16% in Chicago

“Many of our tenants are now in the process of finalizing their plans to return to the office,” said Lindsay Stiles, Chief Operating Officer of Slate Office REIT. “As a result, we are confident further positive leasing momentum will continue in the second half of the year.”

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 34 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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