Slate Grocery REIT (SGR-UN) investor relations material

Executive summary

• Portfolio valued at $2.4B with 116 properties across 23 states and 15.2M SF as of June 30, 2025.

• 95% of properties are grocery-anchored, with a 94% occupancy rate and a weighted average lease term of 4.5 years.

• Achieved strong Q2 2025 results with robust leasing volumes, double-digit rental spreads, and healthy net operating income growth.

• Completed over 423,000 sq ft of leasing in Q2 2025; renewals at 13.8% above expiring rents, new deals at 28.8% above in-place rent.

• In-place rents are significantly below market, providing runway for long-term revenue growth.

Financial highlights

• Same property net operating income increased by $5.7M or 3.6% on a trailing twelve-month basis, adjusted for completed redevelopments.

• Rental revenue increased 1.1% year-over-year to $52.4 million for Q2 2025.

• Net income declined 6.6% year-over-year to $13.1 million for the quarter.

• In-place rent per square foot is $12.77, well below the national shopping center average of $24.00.

• 28.6% of gross leasable area expires by end of 2027, offering mark-to-market rent opportunities.

Outlook and guidance

• Forecasting continued strong rental spreads and NOI growth, expecting annual NOI growth of 3% to 4%.

• Limited new retail supply and strong tenant demand are expected to support positive fundamentals.

• Management expects continued stable growth and long-term value, supported by below-market rents and favorable supply-demand dynamics.

• Pipeline includes over 200,000 sq ft of leases at LOI or negotiation stage.

• Occupancy expected to remain around 94-95% in coming quarters.