The following is a summary of the Slate Grocery REIT (SRRTF) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Slate Grocery REIT completed over 770,000 square feet of total leasing in Q1 2024, with new deals netting 31% above the average in-place rent.

• The occupancy rate stood at 94.4% at the end of the quarter, and the same-property NOI saw an increase of $1 million or 2.5% year over year.

• Despite these positive indicators, the REIT's average in-place rent of $12.49 falls significantly below the market average of $23.21, indicating room for revenue growth.

Business Progress:

• Slate Grocery REIT forecasts an increase in NOI in the near future, driven by the impact of new leases signed over the past year.

• The company has also extended the duration of its $300 million revolver by six months while fixing over 94% of the total debt at a weighted average interest rate of 4.4%.

• As it observes robust fundamentals in the broader grocery-anchored real estate sector, the REIT aims to take advantage of the significant gap between its in-place rents and the market average by incrementally increasing rents over time, delivering long-term growth to its unitholders.

More details: SLATE GROCERY REIT IR

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