Slate Office REIT Announces Changes to Board of Trustees

TORONTO, Nov. 18, 2024 /CNW/ - Slate Office REIT (TSX: SOT.UN) (the "REIT"), an owner and operator of commercial real estate, today announced the appointment of George Armoyan as Chair of the Board of Trustees (the "Board") as well as the addition of Shant Poladian to the Board. Sam Altman has stepped down as Chair and has also resigned as a Trustee. The REIT wishes to thank Mr. Altman for his prior service.

"It has been a busy year for the REIT, and it has become clear that a successful turnaround requires a new strategic direction. As Chair, I will be working closely with the Board on the restructuring of the REIT and internalization of management.", commented Mr. Armoyan. 

Shant Poladian will assist the REIT with the internalization of management of the REIT following the previously announced process to terminate the REIT's management agreement with its external manager, Slate Management ULC.

Mr. Poladian has been actively involved as a senior real estate and capital markets professional for more than two decades. Mr. Poladian has served on the Board of Trustees of Killam Apartment REIT since 2023. He is Managing Director of Springhurst Capital Corp, a real estate advisory firm, and CEO/co-founder of Junction Realty Partners Inc., a boutique developer of mini-midrise rental apartments in Toronto. Previously, Mr. Poladian was the Chief Executive Officer of FAM REIT, the predecessor to Slate Office REIT. Mr. Poladian holds a Bachelor of Commerce degree from the University of Toronto and is a professional accountant in both Canada (CPA-CA Ontario) and the United States (CPA – Delaware).

"I look forward to working with George and the Board to re-imagine and execute a brighter future for the REIT. As an internally managed REIT, we expect that the REIT will be better aligned to drive value going forward," commented Mr. Poladian.

About Slate Office REIT (TSX: SOT.UN)

The REIT owns and operates a portfolio of well-located commercial real estate assets in North America and Europe. The majority of the REIT's portfolio is comprised of government and high-quality credit tenants. Visit slateofficereit.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 statements in this news release may include, without limitation, statements pertaining to: the restructuring of the REIT, the internalization of management, and the REIT's improved alignment to drive value going forward. 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, including those risks and uncertainties relating to: the REIT's need for additional funding in the near term and amendments to its existing indebtedness in order to continue as a going concern as further described under the heading "Risks and Uncertainties" in the REIT's management's discussion and analysis for the period ending September 30, 2024, available on SEDAR+ at www.sedarplus.ca under the REIT's issuer profile; and other risks and uncertainties contained in the filings of the REIT with securities regulators on SEDAR+.

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SOURCE Slate Office REIT

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