At the Bank of Canada's daily rate for October 16, 2026 (1.4154 Canadian dollars per US dollar), the US$13.00-per-unit cash price for Slate Grocery REIT works out to about C$18.40 per unit. That number is arithmetic, not a promised cheque. The deal documents published so far set the price in US dollars only and do not say what exchange rate Canadian-dollar holders will get. With closing guided to the first quarter of 2027, the loonie has months to move the C$ figure in either direction.
The search that brings most readers here is blunt: someone holding $SGR.UN, the Canadian-dollar line, wants to know what the Brixmor-Everview cash offer is worth in the currency their account actually uses. The deal itself is covered in our original report on the US$2.3 billion take-private. This piece does the currency math, shows how sensitive it is, and flags what nobody has disclosed yet.
The conversion, step by step
The Bank of Canada publishes one daily average USD/CAD rate per business day. For Friday, October 16, 2026, the Bank of Canada series shows 1.4154. Multiply: US$13.00 × 1.4154 = C$18.4002, or C$18.40 rounded.
| Item | Value |
|---|---|
| Cash price per unit (deal release, Sept. 28, 2026) | US$13.00 |
| Bank of Canada USD/CAD, October 16, 2026 | 1.4154 |
| US$13.00 converted at that rate | C$18.40 |
| $SGR.UN at the October 16, 2026 close | C$17.60 |
| Gap, C$ line | C$0.80 (4.5%) |
| $SGR.U at the October 16, 2026 close | US$12.49 |
| Gap, US$ line | US$0.51 (4.1%) |
The Bank's figure is a reference average, not a rate anyone trades at. Financial Modeling Prep's USD/CAD close for the same day was 1.414, which gives C$18.38. Two cents of noise. The real swing factors are the rate on payment day and what your broker charges to convert.
What the deal documents say about currency
The September 28, 2026 release states the consideration only as US$13.00 in cash per unit. The arrangement agreement, signed September 27, 2026 and filed as an exhibit to Brixmor's ($BRX) Form 8-K, is explicit: all references to dollars in it are references to United States dollars. The price is fixed in US dollars.
What is not disclosed in either document: whether holders of the C$ line are paid in Canadian dollars automatically, whether there will be a currency election, and which exchange rate would apply. Those mechanics belong in the plan of arrangement, which is Schedule A to the agreement, and its text is not included in the copy filed with the SEC. The REIT says further details will be in an information circular mailed before the special meeting. As of October 19, 2026, we found no circular.
The REIT's own habits offer a clue, not an answer. Its monthly distributions were declared in US dollars. Per its July 2026 distribution release, Class U holders could elect Canadian dollars through their broker, with the C$ amount based on the US/Canadian exchange rate at the time of payment. Whether the buyout copies that setup is for the circular to say.
General practice, not this deal's terms: when a TSX-listed issuer is bought for US-dollar cash, the depositary typically pays US dollars, sometimes with an option to elect Canadian dollars converted at the depositary's rate around the payment date. If no election is made and the units sit in a Canadian-dollar account, the brokerage usually converts the cash at its own retail rate. Either way, the rate that counts is the one on payment day, not the one on announcement day.
Sensitivity table: what moves the C$ number
Because US$13.00 is fixed, the C$ value moves in a straight line with the exchange rate. Every 0.01 change in USD/CAD is worth C$0.13 per unit. The table below is pure arithmetic across a range of rates, not a forecast of any of them.
| USD/CAD at payment | US$13.00 in C$ | vs. $SGR.UN C$17.60 (Oct. 16, 2026 close) |
|---|---|---|
| 1.33 | C$17.29 | -1.8% |
| 1.35 | C$17.55 | -0.3% |
| 1.37 | C$17.81 | +1.2% |
| 1.39 | C$18.07 | +2.7% |
| 1.41 | C$18.33 | +4.1% |
| 1.4154 (Bank of Canada, Oct. 16, 2026) | C$18.40 | +4.5% |
| 1.43 | C$18.59 | +5.6% |
| 1.45 | C$18.85 | +7.1% |
| 1.47 | C$19.11 | +8.6% |
The break-even rate is 1.3538 (C$17.60 divided by 13.00). At any payment-day rate below that, US$13.00 buys fewer Canadian dollars than the October 16 $SGR.UN close. For scale, the Bank's daily rate ranged from 1.4021 (September 21) to 1.4271 (October 9) between September 21 and October 16, 2026. That translates into a C$0.33 swing in the per-unit value in under four weeks.
The takeaway: buying the C$ line at C$17.60 is two positions in one. It is a bet that the deal closes, plus an unhedged long-US-dollar position until the cash arrives.
Why SGR.UN trades in C$ while the deal pays US$
Slate Grocery owns US grocery-anchored real estate and reports its financials in US dollars. Its units list on the TSX under two symbols (TSX: SGR.U / SGR.UN): $SGR.U is quoted in US dollars and $SGR.UN in Canadian dollars. The buyout sets one price, US$13.00, per unit of the REIT, whichever line the units were bought on.
In practice the two lines are the same asset priced in two currencies. At the October 16, 2026 close, C$17.60 divided by US$12.49 implies 1.409 Canadian dollars per US dollar, close to the Bank's 1.4154. Converted at 1.4154, the $SGR.UN close equals about US$12.43, six cents under the $SGR.U close. Treat that as noise rather than free money: the closes are not simultaneous, and $SGR.U is thin, with 26,653 units traded on October 16 versus 176,423 on $SGR.UN, per FMP.
What the spread is pricing
At the October 16, 2026 close, $SGR.U sat US$0.51 (4.1%) under the cash price and $SGR.UN sat C$0.80 (4.5%) under its C$18.40 equivalent. That discount pays for time and risk. No distributions will be paid from October 2026 through closing. The buyer is not required to close before January 20, 2027 without its consent, and the deal still needs a unitholder vote and court approval. The vote mechanics, closing window and per-day ticking fee are laid out in our Slate Grocery vote and timeline breakdown. More deal coverage sits in our Markets section.
The common mistake: forgetting the broker's FX cut
The Bank of Canada rate is a midpoint. Retail brokers convert at their own rate, with a markup built in. The spreads below are hypothetical, chosen to show the formula, and are not quotes from any broker.
| Broker FX markup (hypothetical) | C$ received per unit | Cost vs. Bank of Canada rate | vs. $SGR.UN C$17.60 |
|---|---|---|---|
| 0% (1.4154) | C$18.40 | C$0.00 | +4.5% |
| 1% | C$18.22 | C$0.18 | +3.5% |
| 2% | C$18.03 | C$0.37 | +2.5% |
A 2% conversion haircut eats almost half of the C$0.80 gap. Holders who own the $SGR.U line, or who hold units in a US-dollar account, can receive US dollars and choose when to convert. Ask your broker how corporate-action cash lands in your account before the payment date, not after. How the payment is taxed is a separate question; this article is not tax advice.
Bull/Bear Verdict
Bull Case: The price is fixed at US$13.00 with committed financing and no financing condition. At the Bank of Canada's October 16, 2026 rate it equals C$18.40, 4.5% above the $SGR.UN close, and a stronger US dollar by payment day would lift the C$ figure.
Bear Case: The C$ value is unhedged. At a USD/CAD rate of 1.3538 the gap to the October 16 close disappears, broker FX markups can eat a big share of what remains, and the documents have not yet said how C$ holders will be paid.
FAQ
How much is US$13.00 per Slate Grocery unit in Canadian dollars?
About C$18.40 at the Bank of Canada's October 16, 2026 daily rate of 1.4154. Every 0.01 move in USD/CAD changes that by C$0.13 per unit.
Will SGR.UN holders be paid in Canadian dollars?
Not disclosed yet. The release and the arrangement agreement price the deal in US dollars, and the payment mechanics are expected in the information circular. Until then, the safe working assumption is US$13.00 converted at whatever rate applies on payment day.
What exchange rate will be used?
No document published so far names one. For monthly distributions, the REIT converted at the exchange rate at the time of payment for holders who elected Canadian dollars. Whether the buyout works the same way is for the circular to confirm.
Is US$13.00 the final amount?
It is the base. The agreement adds US$0.002482 per unit for each day after January 20, 2027 until closing. No distributions will be paid from October 2026 through closing.