Slate Office REIT Announces Renewal of Normal Course Issuer Bid

TORONTO, ONTARIO--(Marketwired - Feb. 27, 2017) - Slate Office REIT (TSX:SOT.UN) (the "REIT"), a leading owner of office properties in Canada, announced that the Toronto Stock Exchange (the "TSX") has accepted the REIT's notice of intention to make a normal course issuer bid for a portion of its trust units (the "Units").

As of February 17, 2017, 40,771,908 Units were outstanding. Pursuant to the notice, the REIT may purchase for cancellation up to a maximum of 3,890,593 Units, or approximately 10.0% of the public float, over the 12-month period commencing March 2, 2017 and ending on March 1, 2018. Any purchases under the normal course issuer bid 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 alternative market 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 Units that can be purchased pursuant to the bid is subject to a daily maximum of 34,425 Units, or approximately 25% of the average daily trading volume during the period from August 1, 2016 to January 31, 2017 (being 137,504 Units). The actual number of Units which may be purchased (if any), and the timing of any such purchases, will be determined by the REIT. Any Units purchased under the normal course issuer bid will be cancelled following purchase. The REIT intends to fund the purchases of Units under its normal course issuer bid out of the general funds of the REIT. The REIT did not purchase any Units within the past 12 months under its previous normal course issuer bid.

Management believes that the purchase by the REIT of a portion of its outstanding Units will increase unitholder value and that such purchases constitute a desirable use of the REIT's available resources.

About Slate Office REIT (TSX:SOT.UN)

Slate Office REIT is an open-ended real estate investment trust. The REIT's portfolio currently comprises 35 strategic and well-located real estate assets located primarily across Canada's major population centres. The REIT is focused on maximizing value through internal organic rental and occupancy growth and strategic acquisitions. Visit slateofficereit.com to learn more.