Slate Grocery REIT Reports Third Quarter 2025 Results

Core Insights - Slate Grocery REIT reported strong financial results for Q3 2025, highlighting continued leasing momentum and resilient consumer spending on grocery and essential goods [2][4]. Financial Performance - Rental revenue for Q3 2025 was $53.313 million, a 1.9% increase from $52.325 million in Q3 2024 [4]. - Net income surged by 55.0% to $11.238 million compared to $7.248 million in the same quarter last year [4]. - Same-property NOI for the three-month period increased by 2.2% to $42.592 million [4]. - Total assets rose to $2.258 billion, a 1.1% increase from $2.234 billion at the end of 2024 [4]. Leasing Activity - The REIT completed 417,145 square feet of total leasing in Q3 2025, with a total leasing spread of 14.4%, up 69.4% from the previous year [4][5]. - New leasing deals were completed at a spread of 34.8% above comparable average in-place rent [5]. Portfolio Metrics - Portfolio occupancy stood at 94.3%, slightly down from 94.8% in the previous quarter [4][5]. - The average in-place rent of $12.82 per square foot remains significantly below the market average of $24.09, indicating potential for future rent increases [5]. Debt and Financing - The REIT's total debt increased by 2.6% to $1.197 billion [4]. - A weighted average interest rate of 5.0% was reported, with 90.4% of the debt at a fixed rate, providing stability in financing costs [5]. Investment Opportunity - The REIT's units are trading at a discount to net asset value, presenting a compelling investment opportunity for unitholders [5].