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Slate Retail Reit

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Slate Retail Reit SLATE RETAIL REIT ANNUAL INFORMATION FORM For the Year Ended December 31, 2015 Dated March 2, 2016 TABLE OF CONTENTS INFORMATION ..................................................................................................................................................... 1 FORWARD-LOOKING STATEMENTS ................................................................................................................ 1 NON-IFRS MEASURES ....................................................................................................................................... 2 ORGANIZATIONAL STRUCTURE ....................................................................................................................... 2 GENERAL DEVELOPMENT OF THE BUSINESS ............................................................................................... 4 DESCRIPTION OF THE BUSINESS .................................................................................................................... 6 Overview ........................................................................................................................................................ 6 Manager ......................................................................................................................................................... 6 Objectives....................................................................................................................................................... 6 Growth Strategies .......................................................................................................................................... 6 PROPERTIES OF THE REIT ............................................................................................................................... 8 Overview ........................................................................................................................................................ 8 Geographic Diversification ........................................................................................................................... 11 Occupancy and Leasing ............................................................................................................................... 12 Tenant Mix.................................................................................................................................................... 12 Fifteen Largest Parent Company Tenants ................................................................................................... 13 Fifteen Largest Tenants ............................................................................................................................... 13 DESCRIPTION OF THE PROPERTIES............................................................................................................. 17 MATERIAL SUBSIDIARIES ............................................................................................................................... 26 Slate Retail Investment L.P. ......................................................................................................................... 26 Slate Retail General Partner ........................................................................................................................ 26 Slate Retail One L.P. .................................................................................................................................... 26 Slate Retail Two L.P. .................................................................................................................................... 28 U.S. Grocery Anchored Retail (1B) Limited Partnership .............................................................................. 30 NORMAL COURSE ISSUER BID ...................................................................................................................... 31 INDEBTEDNESS AND OTHER OBLIGATIONS ................................................................................................ 31 Overview ...................................................................................................................................................... 31 Unitholder Rights Plan ................................................................................................................................. 32 RISK FACTORS ................................................................................................................................................. 33 Risk Factors Related to the Real Estate Industry ........................................................................................ 33 Risk Factors Related to the Business of the REIT ....................................................................................... 34 Risk Factors Related to the Units ................................................................................................................ 39 Risk Factors Related to Canadian Tax Matters ........................................................................................... 41 Risk Factors Related to U.S. Tax Matters .................................................................................................... 43 MARKET FOR SECURITIES ............................................................................................................................. 45 Trading Price and Volume............................................................................................................................ 45 Prior Sales .................................................................................................................................................... 46 ESCROWED SECURITIES ................................................................................................................................ 46 DISTRIBUTION POLICY AND HISTORY .......................................................................................................... 46 General ......................................................................................................................................................... 46 Distribution Reinvestment Plan .................................................................................................................... 46 Distribution History ....................................................................................................................................... 47 Restrictions................................................................................................................................................... 48 CAPITAL STRUCTURE...................................................................................................................................... 48 Authorized Capital and Outstanding Securities ........................................................................................... 48 Units ............................................................................................................................................................. 48 Special Voting Units ..................................................................................................................................... 48 Conversion Rights ........................................................................................................................................ 49 DECLARATION OF TRUST ............................................................................................................................... 50 i General ......................................................................................................................................................... 50 Investment Guidelines .................................................................................................................................. 50 Operating Policies ........................................................................................................................................ 51 Amendments to Investment Guidelines and Operating Policies .................................................................. 53 Regulatory Conflict ....................................................................................................................................... 53 Meetings of Unitholders ............................................................................................................................... 53 Advance Notice Provision ............................................................................................................................ 54 Redemption Right ........................................................................................................................................ 55 Purchases of Units by the REIT ................................................................................................................... 56 Take-Over Bids ............................................................................................................................................ 56 Issuance of Units .......................................................................................................................................... 57 Non-Certificated Inventory System .............................................................................................................. 57 Limitation on Non-Resident Ownership ....................................................................................................... 58
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