Slate Grocery REIT Stories Second Quarter 2024 Outcomes

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TORONTO — Slate Grocery REIT (TSX: SGR.U) (TSX: SGR.UN) (the “REIT”), an proprietor and operator of U.S. grocery-anchored actual property, right now introduced its monetary outcomes and highlights for the three and 6 months ended June 30, 2024.

“Favorable fundamentals within the grocery-anchored sector proceed to supply tailwinds for our portfolio of high-quality grocery actual property,” stated Blair Welch, Chief Govt Officer of Slate Grocery REIT. “We’re seeing the affect of a number of consecutive quarters of robust leasing at excessive spreads on our same-property internet working earnings, which elevated 3.5 p.c over the previous yr. On the identical time, our staff continues to keep up robust leasing volumes at enticing double-digit spreads. With emptiness and new provide hovering at historic lows, we see runway to proceed rising income and rising worth for our unitholders.”

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For the CEO’s letter to unitholders for the quarter, please comply with the hyperlink right here.

Highlights

• Accomplished 706,811 sq. ft of complete leasing within the quarter at enticing spreads that drove income progress
  • New offers had been accomplished at 28.0% above comparable common in-place hire, and non-option renewals at 12.8% above expiring rents
  • Portfolio occupancy remained secure at 94.2% as at quarter finish
  • Adjusting for accomplished redevelopments, same-property Web Working Earnings (“NOI”) elevated by $1.4 million or 3.5% year-over-year
  • At $12.56 per sq. foot, common hire within the REIT’s portfolio stays effectively under market, offering vital runway for continued hire will increase and NOI progress
• Continued to prudently handle stability sheet to make sure the REIT stays protected within the present rate of interest surroundings
  • 94.8% of the REIT’s complete debt is fastened, with a weighted common rate of interest of 4.5%, offering constructive leverage and stability for the REIT
  • The REIT continues to actively handle upcoming debt maturities with productive lender conversations ongoing
• The REIT’s items proceed to commerce at a reduction to Web Asset Worth (“NAV”), presenting a compelling funding alternative for unitholders on the lookout for a sexy complete return
  • On June 27, 2024, the REIT closed the sale of a stabilized non-grocery anchored property at a premium to IFRS e book worth, which additional validates the REIT’s NAV
  • As at June 30, 2024, the REIT’s unit worth represents a 42.8% low cost to NAV

Abstract of Q2 2024 Outcomes

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Convention Name and Webcast

Senior administration will host a stay convention name at 9:00 am ET on August 8, 2024 to debate the outcomes and ongoing enterprise initiatives of the REIT.

The convention name will be accessed dialing (289) 514-5100 or 1 (800) 717-1738. Moreover, the convention name might be accessible through simultaneous audio discovered at https://onlinexperiences.com/scripts/Server.nxp?LASCmd=AI:4;F:QS!10100&ShowUUID=219BE7E7-2377-41C8-98AC-95B17EF427F0&LangLocaleID=1033. A replay might be accessible till August 22, 2024 through the REIT’s web site or by dialing (289) 819-1325 or 1 (888) 660-6264 (entry code 27850#) roughly two hours after the stay occasion.

About Slate Grocery REIT (TSX: SGR.U / SGR.UN)

Slate Grocery REIT is an proprietor and operator of U.S. grocery-anchored actual property. The REIT owns and operates roughly $2.4 billion of crucial actual property infrastructure throughout main U.S. metro markets that communities depend upon for his or her on a regular basis wants. The REIT’s resilient grocery-anchored portfolio and robust credit score tenants present unitholders with sturdy money flows and the potential for capital appreciation over the long run. Go to slategroceryreit.com to be taught extra in regards to the REIT.

About Slate Asset Administration

Slate Asset Administration is a world various funding platform. We deal with fundamentals with the target of making long-term worth for our traders and companions. Slate’s platform focuses on 4 areas of actual belongings, together with actual property fairness, actual property credit score, actual property securities, and infrastructure. We’re supported by distinctive individuals and versatile capital, which allow us to originate and execute on a variety of compelling funding alternatives. Go to slateam.com to be taught extra, and comply with Slate Asset Administration on LinkedIn, X (Twitter), and Instagram.

Supplemental Data

All events can entry Slate Grocery’s Supplemental Data on-line at slategroceryreit.com within the Traders part. These supplies are additionally accessible on SEDAR+ or upon request to the REIT at information@slateam.com or (416) 644-4264.

Ahead Wanting Statements

Sure info herein constitutes “forward-looking info” as outlined below Canadian securities legal guidelines which replicate administration’s expectations concerning aims, plans, objectives, methods, future progress, outcomes of operations, efficiency, enterprise prospects and alternatives of the REIT. The phrases “plans”, “expects”, “doesn’t count on”, “scheduled”, “estimates”, “intends”, “anticipates”, “doesn’t anticipate”, “initiatives”, “believes”, or variations of such phrases and phrases or statements to the impact that sure actions, occasions or outcomes “might”, “will”, “may”, “would”, “may”, “happen”, “be achieved”, or “proceed” and comparable expressions establish forward-looking statements. Administration believes that the expectations mirrored in its forward-looking statements are based mostly upon cheap assumptions, nevertheless, administration can provide no assurance that precise outcomes, efficiency or achievements might be per these forward-looking statements. Such forward-looking statements are certified of their entirety by the inherent dangers and uncertainties surrounding future expectations.

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Ahead-looking statements are essentially based mostly on quite a few estimates and assumptions that, whereas thought-about cheap by administration as of the date hereof, are inherently topic to vital enterprise, financial and aggressive uncertainties and contingencies. When counting on forward-looking statements to make choices, the REIT cautions readers to not place undue reliance on these statements, as forward-looking statements contain vital dangers and uncertainties, and shouldn’t be learn as ensures of future efficiency or outcomes, and won’t essentially be correct indications of whether or not or not the instances at or by which such efficiency or outcomes might be achieved. A variety of components may trigger precise outcomes to vary, presumably materially, from the outcomes mentioned within the forward-looking statements. Further details about dangers and uncertainties is contained within the filings of the REIT with securities regulators.

Non-IFRS Measures

This information launch and accompanying monetary statements are based mostly on Worldwide Monetary Reporting Requirements (“IFRS”), as issued by the Worldwide Accounting Requirements Board (“IASB”).

We disclose quite a few monetary measures on this information launch that aren’t measures used below IFRS, together with NOI, same-property NOI, FFO, FFO payout ratio, AFFO, AFFO payout ratio, adjusted EBITDA and the curiosity protection ratio, along with sure measures on a per unit foundation.

• NOI is outlined as rental income much less working bills, previous to straight-line hire, IFRIC 21, Levies (“IFRIC 21”) property tax changes and changes for fairness investments. Similar-property NOI contains these properties owned by the REIT for every of the present interval and the related comparative interval, excluding these properties below improvement.
• FFO is outlined as internet earnings adjusted for sure gadgets together with transaction/disposition prices, change in truthful worth of properties, change in truthful worth of monetary devices, deferred earnings taxes, unit earnings (expense), changes for fairness investments and IFRIC 21 property tax changes.
• AFFO is outlined as FFO adjusted for straight-line rental income and income sustaining capital, leasing prices and tenant enhancements.
• FFO payout ratio and AFFO payout ratio are outlined as distributions declared divided by FFO and AFFO, respectively.
• FFO per WA unit and AFFO per WA unit are outlined as FFO and AFFO divided by the weighted common class U equal items excellent, respectively.
• Adjusted EBITDA is outlined as NOI much less normal and administrative bills.
• Curiosity protection ratio is outlined as adjusted EBITDA divided by money curiosity paid.
• Web asset worth is outlined as the combination of the carrying worth of the REIT’s fairness, deferred earnings taxes and exchangeable items of subsidiaries.
• Proportionate curiosity represents monetary info adjusted to replicate the REIT’s fairness accounted joint ventures and monetary actual property belongings and its share of internet earnings (losses) from fairness accounted joint ventures and monetary actual property belongings on a proportionately consolidated foundation on the REIT’s possession share of the associated funding.

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We make the most of these measures for a wide range of causes, together with measuring efficiency, managing the enterprise, capital allocation and the evaluation of danger. Descriptions of why these non-IFRS measures are helpful to traders and the way administration makes use of every measure are included in Administration’s Dialogue and Evaluation. We imagine that offering these efficiency measures on a supplemental foundation to our IFRS outcomes is useful to traders in assessing the general efficiency of our companies in a way just like administration. These monetary measures shouldn’t be thought-about as an alternative to comparable monetary measures calculated in accordance with IFRS. We warning readers that these non-IFRS monetary measures might differ from the calculations disclosed by different companies, and in consequence, will not be similar to comparable measures introduced by others.

SGR-FR

Calculation and Reconciliation of Non-IFRS Measures

The desk under summarizes a calculation of non-IFRS measures based mostly on IFRS monetary info.

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View supply model on businesswire.com: https://www.businesswire.com/information/residence/20240807732587/en/

Contacts

For Additional Data
Investor Relations
Tel: +1 416 644 4264
E-mail: ir@slateam.com

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