Slate Grocery Reit Class U · TSX:SGR.U
Slate Grocery Reit Class U — Q4 2024 Earnings Presentation
23 slides from Slate Grocery Reit Class U's earnings presentation, February 2025
Slide 1: Slate Grocery REIT Investor Update
Slate Grocery REIT Investor Update SLATE
Slide 2: Slate Grocery REIT - Overview
Slate Grocery REIT - Overview Pure-play grocery- 9 5y, anchored focused SGRUN = ° Asset value '? $2.48 Properties All U.S. locations ' Square feet’ 15.3m 23 States ' S12 65 PSF in-place rent? ° Note: Amounts are in USS. As of December 31, 2024, Amount is shown at proportionate interest, which is a n
Slide 3: Outlook on Grocery
Outlook on Grocery SLATE Wedgewood Commons, Port St. Lucie, FL
Slide 4: Why Grocery Real Estate?
Why Grocery Real Estate? Necessity Based Critical to day-to-day life Defensive Asset Class Historical outperformance in periods of economic volatility Facilitates Omni-Channel Distribution All purchase methods require brick-and-mortar stores Supply Chain Efficiencies Stores near end-consumers optimi
Slide 5: World Class Grocery and Essential Based Tenants
World Class Grocery and Essential Based Tenants The REIT’s tenants are some of the largest grocers globally Top 20 Retailers Globally (Revenue in US$B) 300 77> Legend i ! Wicrocery 250 ! . I | | Non-Grocery Retail f 200 | i 7 7SGR Tenants 7 150 1 | root im . oe 100 ‘| \ ! i \ it i De tray 1 1 1 1 1
Slide 6: 14.0% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0%
14.0% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0%
Slide 7: Grocery Stores Facilitate the Last Mile
Grocery Stores Facilitate the Last Mile Grocery stores play a critical role in distributing food and other essential goods to end consumers by facilitating the last mile of food logistics OF 10) >- 89% of Grocer Sales Git In Store Purchasing >- Grocery Store 1 1 | Real estate makes up 1 less than 5%
Slide 8: Shopping Center Fundamentals Remain Strong
Shopping Center Fundamentals Remain Strong Demand for grocery-anchored centers and limited new construction has resulted in record-low new supply and accretive rent mark-to-market opportunities Shopping Centers - Rent Comparison’ SPSF per annum 8%) $30.00 (47%) $23.80 $12.65 Portfolio Average New De
Slide 9: Operations and Strategy Update
Operations and Strategy Update SLATE
Slide 10: World Class Grocery and Essential Based Tenants
World Class Grocery and Essential Based Tenants Top five tenants SGR's portfolio is comprised of the world’s largest, most sophisticated, credit-worthy grocers, including six of the top seven US grocers by market share tenants Grocery Market Share Rank? % of Portfolio! 95% Uroger Essential tenancies
Slide 11: Strong Presence in Growing Markets
Strong Presence in Growing Markets EE > 11%: of cua (I 5% - 10% of GLA < 5% OF GLA % of GLA Dallas 5% Atlanta 5% Charlotte 5% Greenville 4% Rochester Top 5 Regions % of GLA Southeast 45% Midwest 7% Mid-Atlantic 18% Northeast 14% Southwest 6% ~57% of SGR’s portfolio is in the rapidly growing U.S. Sun
Slide 12: Upside Through Under Market Rents
Upside Through Under Market Rents Historically low vacancy rates combined with under market rents provide significant opportunity to grow NOI across the portfolio 6 5% Shopping Center . (o) Vacancy Rate! $23.80 $2251 $2306 $20.96 $21.30 92180 32 9% GLA Expiring in the In-Place Rents are «J /o next 3
Slide 13: Actively Addressed Near-Term Debt Maturities
Actively Addressed Near-Term Debt Maturities The REIT completed $634 million of refinancings in the second half of 2024 Debt Maturity Profile (Post Refinancing)! 1] 14.8%! 91.9% Weighted Avg. Interest Rate 12% 10% 6% 4% = L] || 31% Fixed Rate Debt 13% Weighted Avg. 2025 2026 2027 2028 2029 2030 2031
Slide 14: Operational Excellence
Operational Excellence Strong Leasing 2./M +10.4% Total SF Total Spread Robust annual leasing volumes at strong rental rate spreads Refinancings S634m Addressed Maturities Over two thirds of principal maturing in 2024 and 2025 has been refinanced ESG Integration 1.9m Total SF w/ Green Leases Advance
Slide 15: The Investment Opportunity
ome "7 The Investment Opportunity su | Ni See a ne SLATE
Slide 16: Trading Discount to Net Asset Value
Trading Discount to Net Asset Value Significant discount to NAV despite having the lowest in-place rents and highest grocery-anchored percentage $32.64 $31.67 $24.91 715% 6.1%, . 5.8% Ss 56% af - $1265 Brixmor StripCenteq Slate! ‘oer Re ae ieaeney Kite Realty Kimco Realty Site Centers ‘ben Edge pile
Slide 17: Environmental, Social & Governance
Environmental, Social & Governance ESG Priorities Current ESG Initiatives a * Energy, carbon, water and waste data collection will support Managing climate change risks and opportunities IFRS/ISSB ' sustainability and climate reporting requirements. * Energy audits are being considered to support th
Slide 18: Closing Thoughts
Closing Thoughts Grocery-anchored real estate facilitates the last mile of food logistics and has proven its resiliency and ability to perform in all market conditions The REIT’s in-place rents are significantly below market, providing runway for long-term revenue growth and value creation Refinanci
Slide 19: Additional Information
Additional Information SLATE
Slide 20: Strong Corporate Governance
Strong Corporate Governance Compensation, Governance Independent Audit Committee Investment Committee and Nominating Committee Andrea Stephen 4 (Chair of the Board) Yes Member Chair Member e a\ Colum Bastable Yes Chair Member Member 9 Christopher Chee Yes Member @ ry Patrick Flatley Yes Member ? Mar
Slide 21: Analyst Coverage
Analyst Coverage CIBC Capital Markets Cl BC © Sumayya Syed sumayya.syed@cibc.com RAYMOND JAMES Raymond James Brad Sturges brad.sturges@raymondjames.ca Cormark Securities C) CORMARK Sairam Srinivas m ssrinivas@cormark.com RBC RBC Capital Markets Pammi Bir pammi.bir@rbccm.com Scotiabank §& scotiabank
Slide 22: Disclaimer
Disclaimer Forward-Looking Statements This presentation contains forward-looking information within the meaning of applicable securities laws. These statements include, but are not limited to, statements concerning the REIT’s objectives, its strategies to achieve those objectives, as well as stateme
Slide 23: Slate Asset Management
Slate Asset Management S ATE 121 King Street W, Suite 200 Toronto, ON M5H 3T9 slateam.com