UPDATE TO SOURCE -- Slate Grocery REIT Announces Agreement to Acquire US$425 Million Grocery-Anchored Real Estate Portfolio and Agreement to Form Joint Venture with Slate North American Essential Real Estate Income Fund L.P.

TORONTO, June 21, 2022 (GLOBE NEWSWIRE) -- Slate Grocery REIT (TSX: SGR.U) (TSX: SGR.UN) (the “REIT”), an owner and operator of U.S. grocery-anchored real estate, announced today that it has agreed to acquire 14 properties comprising 2.5 million square feet (the “Portfolio”). The Portfolio is valued at US$425 million (the “Acquisition”), which represents a 6.9% capitalization rate or US$174 per square foot. The Portfolio is located across seven states with over two-thirds of the Portfolio value being allocated to the Southeastern United States.