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+.
SOT-SA
SOURCE Slate Office REIT