Slate Grocery REIT (SGR.U) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, ladies and gentlemen, and welcome to the Slate Grocery Reads First Quarter 2025 Financial Results Conference Call. At this time, all lines are in listen-only mode. Following the presentation, we will conduct a question-and-answer session. If at any time during this call you require immediate assistance, please press star zero for the operator. This call is being recorded on Tuesday, May 6, 2025. I would like to turn the conference over to Ms. Shibi Agarwal. Manager of Finance, please go ahead. Thank you, Operator, and good morning, everyone. Welcome to the Q1 2025 conference call for Slate Grocery REIT. I am joined this morning by Blair Welch, Chief Executive Officer, Joe Placatus, Chief Financial Officer, Connor O'Brien, Managing Director, Alan Gordon, Senior Vice President, and Brayden Lyons, Vice President. Before getting started, I would like to remind participants that our discussion today may contain forward-looking statements. And therefore, we ask you to review the disclaimers regarding forward-looking statements as well as non-IFRS measures, both of which can be found in Management Discussion and Analysis. You can visit Slate Grocery REIT's website to access all of the REIT's financial disclosure, including our Q1 2025 Investor Update, which is now available. I will now hand over the call to Blair Welch for opening remarks. Thank you, Shivya, and hello, everyone. We are pleased to report positive first quarter results for Slate Grocery REIT. Our team's strong leasing volumes at double-digit rental spreads are continuing to drive healthy net operating income growth for the REIT. Adjusting for completed redevelopments, same property net operating income increased by $6.8 million, or 4.3%, on a trailing 12-month basis. The REIT completed over 220,...