Slate Grocery REIT (T:SGR.UN)
Business Focus: Retail REITs
| Sector: Real Estate | Industry: Commercial REITs |
| Company Contact | |
| Address: | 121 King Street West, Suite 200 TORONTO ON M5H 3T9 |
| Tel: | N/A |
| Website: | https://www.slategroceryreit.com |
| IR: | See website |
| Key People | ||
| Blair Welch Chief Executive Officer, Non-Independent Trustee | Joseph Pleckaitis Chief Financial Officer | Ramsey Tarik Ali Corporate Secretary, General Counsel - Slate Asset Management(Canada) L.P |
| Bozena M. Jankowska Managing Director, Global Head of ESG, SLAM | Connor O'brien Managing Director - SLAM | Lisa Rowe Partner, Slate Asset Management (Canada) L.P., a subsidiary of SLAM |
| Business Overview |
| Slate Grocery REIT (the REIT) is a Canada-based open-ended mutual fund trust. The REIT focuses on acquiring, owning, and leasing a portfolio of grocery-anchored real estate properties (the properties) in the United States of America (the U.S.). Its objectives are to provide unitholders with stable cash distributions from a portfolio of grocery-anchored real estate properties in the United States. The REIT owns and operates real estate infrastructure across U.S. metro markets. The Company's properties include Centerplace of Greeley, River Run, Sheridan Square, Flamingo Falls, Northlake Commons, Countryside Shoppes, Creekwood Crossing, Skyview Plaza, Riverstone Plaza, Fayetteville Pavilion, Clayton Corners, Apple Blossom Corners, Hillard Rome Commons and Riverdale Shops, among others. The REIT's investment manager is Slate Asset Management (Canada) L.P. |
| Financial Overview |
| For the fiscal year ended 31 December 2023, Slate Grocery REIT revenues increased 15% to $203.3M. Net income applicable to common stockholders decreased 88% to $15M. Revenues reflect Rental revenue increase of 13% to $149.4M, Common area maintenance recoveries increase of 24% to $19.9M. Net income was offset by Change in fair value of properties decrease from $80.7M (income) to $50.4M (expense). |
| Reporting Currency: | U.S. Dollars |
| Enterprise value: | $2,207M as of Dec 31, 2023 |
| Annual revenue (TTM): | $277.70M as of Dec 31, 2023 |
| EBITDA (TTM): | $169.27M as of Dec 31, 2023 |
| Net annual income (TTM): | $20.52M as of Dec 31, 2023 |
| Free cash flow (TTM): | $33.75M as of Dec 31, 2023 |
| Net Debt Last Fiscal Year: | $1,555M as of Dec 31, 2023 |
| Shares outstanding: | 59,129,408 as of Jan 19, 2024 |
| TTM: Trailing Twelve Months EBITDA: Earnings Before Interest, Taxes, Depreciation, & Amortization | |
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