Business
Slate Retail REIT Announces Solid Second Quarter 2015 Results and Appointment of Greg Stevenson as Chief Executive Officer
(All amounts are expressed in U.S. dollars unless otherwise stated) TORONTO , Aug. ...
About this update from Slate Grocery Reit Class U
[{"type":"text","content":"\n\n(All amounts are expressed in U.S. dollars unless otherwise stated)\n\n\n\nTORONTO, Aug. 12, 2015 /CNW/ -  Slate Retail REIT (\"Slate Retail\" or the \"REIT\") (TSX: SRT.U / SRT.UN) today announced its financial results for the three months and six months ended June 30, 2015. Senior management will host a conference call at 9:00 a.m. ET on Thursday, August 13, 2015 to discuss the results and ongoing business initiatives of the REIT.\n\nSlate Retail achieved strong results for the second quarter of 2015 as it executed on its strategy of building a high-performing portfolio of U.S. grocery anchored retail properties. Subsequent to the quarter, the board of trustees appointed Greg Stevenson as Slate Retail's Chief Executive Officer, effective immediately. Mr. Stevenson has had asset management and operational oversight of the REIT's portfolio since 2013 and has played a pivotal role in the company's ongoing growth and development. He succeeds Blair Welch as the Slate Retail REIT's Chief Executive Officer. Blair Welch will remain actively involved with Slate Retail in his capacity as partner and co-founder of the REIT's external manager Slate Asset Management L.P. (\"Slate Asset Management\", \"Slate\" or the \"Manager\").\n\n\"The second quarter was another success for SRT as we completed the vend-in of Slate U.S. Opportunity (No. 3) Realty Trust as well as additional investment properties, and executed on nearly 200,000 square feet of lease transactions,\" said Blair Welch.\n\n\"We have also demonstrated our belief in Slate Retail's strategy via our unit buyback program that in the first half of 2015 purchased for cancellation over $5 million of trust units. Add to this Slate's approximate $30 million equity share in the REIT and our ongoing effort to provide best-in-class operations, including the appointment of Greg Stevenson as Chief Executive Officer. Mr. Stevenson is intimately familiar with the REIT's goals and objectives, having overseen asset management and operations for some time.\"\n\nHighlights for the Quarter\n\n\nAcquired 16 grocery-anchored properties, including the 13-property portfolio of Slate U.S. Opportunity (No. 3) Realty Trust \nPurchased for cancellation 499,434 class U units under the REIT's normal course issuer bid for a total cost of $5.3 million \nAchieved a 95% occupanc...