Slate Grocery Reit Class U · TSX:SGR.U
Slate Grocery Reit Class U — Q2 2025 Earnings Presentation
23 slides from Slate Grocery Reit Class U's earnings presentation, Aug 8, 2025
Slide 1: Slate Grocery REIT Investor Update Q2 2025
Slate Grocery REIT Investor Update Q2 2025
Slide 2: Portfolio Overview
Portfolio Overview $2.4B 116 15.2M 23 95% $12.77 94.0% 4.5 Yrs Portfolio Total Total Portfolio States Grocery- In-Place Rent Occupancy Portfolio WALT Value Properties SF Anchored PSF Rate Legend SGR Asset Note: Amounts are in United States Dollars and are as at June 30, 2025. Slate Grocery REIT | 2
Slide 3: Outlook on Grocery
Outlook on Grocery Wedgewood Commons, Port St. Lucie, FL
Slide 4: Why Grocery Real Estate?
Why Grocery Real Estate? Necessity Based Outsized Rent Growth1 Critical to day-to-day life Five-year average rent growth across retail subtypes Defensive Asset Class Grocery-Anchored 3.7% Historical outperformance in periods of economic volatility Neighborhood Center 3.6% Facilitates Omni-Channel Di
Slide 5: World Class Grocery and Essential Based Tenants
World Class Grocery and Essential Based Tenants The REIT’s tenants are some of the largest consumer good distributors globally Top 20 Retailers Globally (Revenue in US$B) 300 Legend Grocery 250 Non-Grocery Retail 200 SGR Tenants 150 100 50 0 Source: Deloitte Global Powers of Retail 2025. Slate Groce
Slide 6: 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 89% Over 94% of grocer sales are fulfilled using of Grocer Sales physical stores In Store Purchasing 5% of Groce
Slide 7: Retail Space is Supply Constrained
Retail Space is Supply Constrained Retail has experienced the lowest amount of new supply amongst competing property types and is projected to sustain this favorable trend in coming years Cumulative New Supply – Historical and Forecasted 14.0% 12.0% 11.5% 10.0% 9.5% 8.0% 8.0% 6.0% 5.7% 5.8% 4.0% 1.7
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 Strip Center Supply Growth – Historical & Forecast1 Shopping Centers – Overall Vacancy & Base Rent2 Annual
Slide 9: Operations and Strategy Update
Operations and Strategy Update Tanglewood Commons, Winston-Salem, NC
Slide 10: World Class Grocery and Essential Based Tenants
World Class Grocery and Essential Based Tenants Top five tenants Essential tenancies Omnichannel distribution SGR’s portfolio is comprised of the world’s High concentration of essential and grocery SGR’s properties are key to the distribution largest, most sophisticated, credit-worthy tenants of in-
Slide 11: Strong Presence in Growing Markets
Strong Presence in Growing Markets Top States #3 New York > 11% of GLA 5% - 10% of GLA % of GLA 11% < 5% of GLA # of Properties 12 Top 5 MSAs % of GLA #2 North Carolina Dallas 5% Atlanta 5% % of GLA 13% Charlotte 5% # of Properties 16 Greenville 4% Rochester 4% #4 Georgia Top 5 Regions % of GLA 7% %
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 Shopping Centers – Rent Comparison2 National Shopping 6.8% Center Vacancy Rate1 $35.00 Base Rent PSF (57%) $30.00 $30.00 National Shoppin
Slide 13: Debt Maturity Profile
Debt Maturity Profile After completing $57 million of debt financing in Q2 20251, the REIT is in discussions with lenders for the refinancing of $149 million of loan maturities for 20252 Debt Maturity Profile¹ 4.8% $500 $450 31% Weighted Avg. 93.0% $400 Interest Rate2 $350 23% Fixed Rate Debt 2 $300
Slide 14: The Investment Opportunity
The Investment Opportunity Sheridan Square, Miami-Fort Lauderdale, FL
Slide 15: 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 $36.88 $31.82 8.5% 7.9% 7.8% $25.24 7.2% 7.4% 7.2% 7.2% 7.2% 7.2% 6.8% 6.4% $21.49 $20.81 $21.03 $23.11 5.9% $19.75 $20.21 $17.94 $15.93 $12.77 Brixmor Str
Slide 16: US and Canadian REIT Comps Total Returns
US and Canadian REIT Comps Total Returns SGR’s historical returns compare favourably relative to both Canadian and American peers SGR Peer's Total Return Analysis US REIT Canadian REIT 1-Year1 3-Year1 5-Year1,2 Slate Grocery REIT 31.7% First Capital 43.3% Brixmor Property Group 174.9% First Capital
Slide 17: Responsible Investment
Responsible Investment Priorities Current Initiatives • Energy, carbon, water and waste data collection will support Managing climate change risks and opportunities IFRS/ISSB 1 sustainability and climate reporting requirements. • Energy audits are being considered to support the analysis and underst
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 Limited n
Slide 19: Additional Information
Additional Information Mooresville Town Square, Mooresville, NC
Slide 20: Strong Corporate Governance
Strong Corporate Governance Compensation, Governance Independent Audit Committee Investment Committee and Nominating Committee Andrea Stephen Yes Member Chair Member (Chair of the Board) Colum Bastable Yes Chair Member Member Christopher Chee Yes Member Patrick Flatley Yes Member Marc Rouleau Yes Me
Slide 21: Analyst Coverage
Analyst Coverage CIBC Capital Markets Raymond James Tal Woolley Brad Sturges tal.woolley@cibc.com brad.sturges@raymondjames.ca Cormark Securities RBC Capital Markets Sairam Srinivas Pammi Bir ssrinivas@cormark.com pammi.bir@rbccm.com Scotiabank Himanshu Gupta himanshu.gupta@scotiabank.com Slate Groc
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 contact
Slate Asset Management 121 King Street W, Suite 1600 Toronto, ON M5H 3T9 slateam.com