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Business Wire
2 days ago
- Business
- Business Wire
Slate Grocery REIT Posts Q2 2025 Earnings Call Transcript and Investor Update
TORONTO--(BUSINESS WIRE)--Slate Grocery REIT (TSX: SGR.U) (TSX: (the 'REIT'), an owner and operator of U.S. grocery-anchored real estate, announced today that the Q2 2025 earnings call transcript and investor update are now available on the REIT's website and can be accessed by visiting the following links: About Slate Grocery REIT (TSX: SGR.U / Slate Grocery REIT is an owner and operator of U.S. grocery-anchored real estate. The REIT owns and operates approximately U.S. $2.4 billion of critical real estate infrastructure across major U.S. metro markets that communities rely upon for their everyday needs. The REIT's resilient grocery-anchored portfolio and strong credit tenants are expected to provide unitholders with durable cash flows and the potential for capital appreciation over the longer term. Visit to learn more about the REIT. About Slate Asset Management Slate Asset Management is a global investor and manager focused on essential real estate and infrastructure assets. We focus on fundamentals with the objective of creating long-term value for our investors and partners across the real assets space. We are supported by exceptional people and flexible capital, which enable us to originate and execute on a wide range of compelling investment opportunities. Visit to learn more, and follow Slate Asset Management on LinkedIn, X (Twitter), and Instagram. Forward-Looking Statements Certain information herein constitutes 'forward-looking information' as defined under Canadian securities laws which reflect management's expectations regarding objectives, plans, goals, strategies, future growth, results of operations, performance, business prospects and opportunities of the REIT. The words 'plans', 'expects', 'does not expect', 'scheduled', 'estimates', 'intends', 'anticipates', 'does not anticipate', 'projects', 'believes', or variations of such words and phrases or statements to the effect that certain actions, events or results 'may', 'will', 'could', 'would', 'might', 'occur', 'be achieved', or 'continue' and similar expressions identify forward-looking statements. Such forward-looking statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable by management as of the date hereof, are inherently subject to significant business, economic and competitive uncertainties and contingencies. When relying on forward-looking statements to make decisions, the REIT cautions readers not to place undue reliance on these statements, as forward-looking statements involve significant risks and uncertainties and should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not the times at or by which such performance or results will be achieved. A number of factors could cause actual results to differ, possibly materially, from the results discussed in the forward-looking statements. Additional information about risks and uncertainties is contained in the filings of the REIT with securities regulators. SGR-FR
Hamilton Spectator
19-07-2025
- Business
- Hamilton Spectator
Condo development in Hamilton stalls as market hits historic low
Builders of highrise condos are hitting the brakes on Hamilton projects as the residential development sector struggles through the worst market downturn in decades. After another dismal quarter, the horizon for condo towers — the kind of density Hamilton is banking on to breathe more life into downtown , meet growth targets and provide more housing — is hazier than ever. One builder that's taking a wait-and-see approach is Coletara Development, which has paused sales on a 23-storey condo tower planned for vacant land on the edge of downtown Coletara Development has paused sales on a 23-storey condo tower planned for vacant land on the edge of downtown. 'The project's all completed. We're ready to go from a planning perspective,' Paul Kemper, president of the Mississauga-based firm, told The Spectator. 'That's not our issue. Our issue is that the market has slowed down.' Just under half of the Apex Condos, which is planned for the southwest corner of King and Queen streets, have sold, Kemper said. 'We're just waiting for the market to come back and then we'll be moving forward with additional sales.' Typically, although the threshold can vary, high-density condo developers must reach at least 60 per cent in presales to line up financing from lenders before projects can advance. The residential market across the Greater Toronto and Hamilton Area (GTHA) — and especially within the high-density condo sector — has crashed under the weight of a combination of factors, including spiked interest rates, escalating construction costs and higher unit prices. Kemper points out interest rates have come down, but consumer confidence hasn't yet rebounded during a wounded economy (most recently battered by U.S. tariffs). Our issue is that the market has slowed down. 'The reality is that because the economy is going poorly, there is just not the disposable income that people have to buy homes, and the homes are at all-time-high prices, so it's hard for the consumer. We recognize that.' The 'only variable that we can control' to tame prices is decreasing the size of units, but 'they have to be livable at the end of the day,' Kemper said. Coletara is no stranger to Hamilton, having built a 24-storey residential building at the former All Saints Anglican Church site at King and Queen, just north of the Apex property, a few years ago. And as his firm watches the market to resume sales, it has three other high-density projects in the queue for downtown that it wants to move on, Kemper said. 'We haven't moved them into sales yet because we're waiting for Apex to complete.' Other highrise developers with Hamilton projects are also taking a hard look at the cratering condo market. Slate Asset Management has planned three buildings of 27, 14 and eight storeys, with nearly 800 units between them, at the shuttered Corktown Plaza off John Street South. Slate Asset Management has planned three buildings of 27, 14 and eight storeys, with nearly 800 units between them, at the shuttered Corktown Plaza off John Street South. But 'in light of changing market conditions for condos sales,' Slate has 'proposed an amendment' to buyers of the first tower that would 'extend our construction financing condition timeline by one year,' a company spokesperson said via email. The only change for buyers who accepted the proposal is the extended timeline, but full deposits with interest were refunded to those who wanted out, Slate noted. 'We remain committed to finding ways to move forward with the project, and we are working hard to realize our vision for this community.' Real estate research firm Urbanation's second-quarter analysis of the GTHA new condo market tallied 502 sales, which extended a 30-year low for the sector. Second-quarter sales were down 10 per cent from the first and dipped 69 per cent year-over-year. This second quarter was 91 per cent below the 10-year average. Nobody wants vacant parcels. Unsold units are piling up as GTHA developers pause condo projects with only three launching presales on 891 units in the second quarter. Since the start of 2024 in the GTHA, 21 projects (4,412 units) have been cancelled. Of those, Urbanation noted, nine are being converted to rentals, an emerging trend as condo developers pivot from sales-dependent financing. Meanwhile, construction starts (essentially when foundations are poured) continue to lag from previous years. Across all housing types, Hamilton had 1,481 starts in 2024, a stark contrast from 3,347 in 2023 and 3,352 in 2022, according to Canada Mortgage and Housing Corporation (CMHC) data. Coletara Development has paused sales on a 23-storey condo tower planned for vacant land on the edge of downtown. The downturn has interrupted Hamilton's once-surging condo market, says Pauline Lierman, vice-president of market research for Zonda Urban, a real-estate research firm. That's disappointing, says Lierman, a McMaster University graduate who says she was looking forward to seeing planned residential-commercial development at Pier 8 , a city partnership with private builders, hit the market. 'That has kind of been swept under the rug.' In April 2024, Waterfront Shores, the consortium behind the project — which calls for 1,645 residential units, including a 45-storey tower — told the city 'builder threshold profit' for the phased development's first two blocks had 'not been met.' Lierman says it became 'very easy to churn out towers' with investors willing to buy units, but now amid the severe slowdown, developers have resorted to 'lowball pricing' to get past the financing hurdle. Developers might opt to 'shelve' projects and 'rethink' their products, including opting for smaller buildings or shifting to rental, Lierman said. That last option would be a good thing, Coun. Cameron Kroetsch suggests. We definitely need more rental stock downtown. 'We definitely need more rental stock downtown,' said Kroetsch, noting nearly 80 per cent of those who live in the core are renters. The condo crunch overlaps with a dispute between highrise developers and Philpott Memorial Church over the sale of the congregation's York Boulevard church. The cited sticking point has been potential heritage protection for the 124-year-old church, a discussion that sparked concerns from Kroetsch about housing not materializing for years on the site should the church be razed. 'If you're going to tear it down, it has to be replaced with housing.' Representatives of development partners Empire Communities and Hamilton Coliseum Place didn't respond to The Spectator's requests for comment. With more than 90 per cent of housing in private ownership, it's 'beholden' to market dynamics, said Coun. Maureen Wilson, whose ward includes the Apex Condos. In such a landscape, local governments are limited in what they can do, but 'nobody wants vacant parcels' of land, Wilson said. 'We know that people, density, adds to vitality, adds to economic exchange, adds to us enjoying and having more and different neighbours.' As the market bottoms out, the residential construction sector has pressed the city for breaks on development charges, which municipalities use to pay for growth-related infrastructure. Finance staff are examining potential relief but have emphasized foregone revenue must be recouped through property taxes and pointed to the need for senior levels of government to backstop any discounts. Cranes in the sky are for projects that got underway a few years ago , but now highrise residential development is at a grim crossroads, says Mike Collins-Williams, CEO of the West End Home Builders' Association. 'Everyone in the industry is hopeful that there will be a turnaround, but I think with each passing month, there's a deeper understanding that this is a seismic shock that is going to take potentially years to navigate our way out of.'
Yahoo
10-07-2025
- Business
- Yahoo
Slate buys $226M Sun Belt apartment portfolio
This story was originally published on Multifamily Dive. To receive daily news and insights, subscribe to our free daily Multifamily Dive newsletter. Number of Properties: Six Buyer: Slate Asset Management Seller: ZMR Capital Property type: Garden style Units: 1,600 Location: Tampa, Florida; Atlanta; and Phoenix Total purchase price: $226.5 million In times of uncertainty, many real estate investors focus on playing defense. Multifamily, which fills an essential need and has limited inventory due to slowing starts, is an inviting target. 'As long as they're well run, you can keep them occupied,' said Peter Tsoulogiannis, partner and chief investment officer at Slate Asset Management. 'You can keep growing your rent slowly and steadily. It may not be exciting, but it's very defensive.' Tsoulogiannis says his Chicago-based investment and management firm executed that defensive strategy this week when it announced it was payingid $226.5 million to acquire 1,600 units of apartments across six properties located around the Tampa, Florida; Atlanta; and Phoenix metros. Slate is acquiringbuying the portfolio from syndicator Tampa-based syndicator ZMR Capital, which will continue to manage the assets. King & Spalding advised Slate on this transaction, which is expected to close at the end of July. 'We're making an equity play where we're in the control piece, and we're keeping the operating partner in,' Tsoulogiannis said. The six-property Sun Belt portfolio is well occupied and has long-term growth potential through mark-to-market rent increases, according to Tsoulogiannis. The assets were built in the 1970s and 1980s and have undergone renovations in the past. 'The assets are actually performing really well,' Tsoulogiannis said. 'With these structures you get into, the fund lives you get into and the maturing mortgages you get into, sometimes the assets just have to change business plans in order to continue.' Slate will continue to invest in multifamily properties through both debt and equity offerings, and will remain open to structures like the one it has with ZMR in the future. 'We hope this is the first of more in this space,' he said. Tsoulogiannis said that the properties are situated near grocers and other essential goods and service providers. 'For residential to work really well, it needs to be close to all those other essential amenities,' he said. Slate will continue to invest in multifamily through both debt and equity offerings, and will be open to structures like the one it has with ZMR in the future. multiple structures. 'We can work with lots of different people, but we want to find good operators who know what they're doing,' Tsoulogiannis said. 'If they have control of assets and they need capital to continue to add value to those assets in some way, shape or form, we're open to that.' Tsoulogiannis believes the multifamily sector is poised to benefit from favorable supply-demand dynamics, an undersupply of new housing and increasing demand for rental options. 'We hope this is the first of more in this space,' he said. Click here to sign up to receive multifamily and apartment news like this article in your inbox every weekday. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Wire
10-07-2025
- Business
- Business Wire
Slate Grocery REIT to Release Second Quarter 2025 Financial Results
TORONTO--(BUSINESS WIRE)--Slate Grocery REIT (TSX: SGR.U) (TSX: (the 'REIT'), an owner and operator of U.S. grocery-anchored real estate, announced today that it will be releasing its second quarter 2025 financial results before market hours on Thursday, August 7, 2025. Senior management will host a live conference call at 9:00 am ET on Thursday, August 7, 2025 to discuss the results and ongoing business initiatives of the REIT. Conference Call Details The conference call can be accessed by dialing (289) 514-5100 or 1 (800) 717-1738. Additionally, the conference call will be available via simultaneous audio found at A replay will be accessible until August 21, 2025 via the REIT's website or by dialing (289) 819-1325 or 1 (888) 660-6264 (access code 47849#) approximately two hours after the live event. About Slate Grocery REIT (TSX: SGR.U / Slate Grocery REIT is an owner and operator of U.S. grocery-anchored real estate. The REIT owns and operates approximately U.S. $2.4 billion of critical real estate infrastructure across major U.S. metro markets that communities rely upon for their daily needs. The REIT's resilient grocery-anchored portfolio and strong credit tenants are expected to provide unitholders with durable cash flows and the potential for capital appreciation over the longer term. Visit to learn more about the REIT. About Slate Asset Management Slate Asset Management is a global investor and manager focused on essential real estate and infrastructure assets. We focus on fundamentals with the objective of creating long-term value for our investors and partners across the real assets space. We are supported by exceptional people and flexible capital, which enable us to originate and execute on a wide range of compelling investment opportunities. Visit to learn more, and follow Slate Asset Management on LinkedIn, X (Twitter), and Instagram. Forward-Looking Statements Certain information herein constitutes 'forward-looking information' as defined under Canadian securities laws which reflect management's expectations regarding objectives, plans, goals, strategies, future growth, results of operations, performance, business prospects and opportunities of the REIT. The words 'plans', 'expects', 'does not expect', 'scheduled', 'estimates', 'intends', 'anticipates', 'does not anticipate', 'projects', 'believes', or variations of such words and phrases or statements to the effect that certain actions, events or results 'may', 'will', 'could', 'would', 'might', 'occur', 'be achieved', or 'continue' and similar expressions identify forward-looking statements. Such forward-looking statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable by management as of the date hereof, are inherently subject to significant business, economic and competitive uncertainties and contingencies. When relying on forward-looking statements to make decisions, the REIT cautions readers not to place undue reliance on these statements, as forward-looking statements involve significant risks and uncertainties and should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not the times at or by which such performance or results will be achieved. A number of factors could cause actual results to differ, possibly materially, from the results discussed in the forward-looking statements. Additional information about risks and uncertainties is contained in the filings of the REIT with securities regulators. SGR-FR
Business Wire
08-07-2025
- Business
- Business Wire
Slate Asset Management Agrees to Acquire $226.5 Million Sunbelt Multifamily Portfolio
CHICAGO--(BUSINESS WIRE)--Slate Asset Management ('Slate'), a global investor and manager focused on essential real estate and infrastructure assets, today announced that it has agreed to acquire a six-property, 1,600-unit multifamily portfolio (the 'Portfolio') for $226.5 million. The properties in the Portfolio are located in rapidly growing Sunbelt markets across Florida, Georgia, and Arizona. 'We are pleased to announce our latest investment in the multifamily real estate sector – a performing portfolio of defensive assets with attractive fundamentals serving essential needs in markets with strong demographics,' said Peter Tsoulogiannis, Partner and Chief Investment Officer at Slate. 'We have strong conviction in the long-term demand for housing, and despite macro volatility, our investment philosophy remains unchanged; we continue to focus on acquiring below replacement cost with below market in-place rents in order to generate meaningful cash flow growth.' The multifamily sector is poised to benefit from highly favorable supply-demand dynamics: a structural undersupply of new housing due to declining housing starts combined with increasing demand for rental options. The Portfolio is well occupied, with long-term growth potential through mark-to-market rent increases. The Portfolio's garden-style apartments are concentrated in and around the growing Tampa, Atlanta, and Phoenix MSAs. The properties are located near grocers and other essential goods and service providers, providing attractive housing options for the cities' burgeoning workforces. King & Spalding advised Slate on this transaction, which is expected to close at the end of July. About Slate Asset Management Slate Asset Management is a global alternative investment platform. We focus on fundamentals with the objective of creating long-term value for our investors and partners. Slate's platform focuses on four areas of real assets, including real estate equity, real estate credit, real estate securities, and infrastructure. We are supported by exceptional people and flexible capital, which enable us to originate and execute on a wide range of compelling investment opportunities. Visit to learn more, and follow Slate Asset Management on LinkedIn, X (Twitter), and Instagram.
