Latest news with #SlateGroceryREIT
Business Wire
16 hours 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
National Post
16 hours ago
- Business
- National Post
Slate Grocery REIT Posts Q2 2025 Earnings Call Transcript and Investor Update
Article content TORONTO — 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: Article content Article content About Slate Grocery REIT (TSX: SGR.U / Article content Article content 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 Article content Article content LinkedIn Article content , Article content X (Twitter) Article content , and Article content Instagram Article content . Article content Article content 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. Article content 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. Article content Article content Article content Article content Contacts Article content Article content Article content
Globe and Mail
2 days ago
- Business
- Globe and Mail
Slate Grocery REIT Reports Second Quarter 2025 Results
Slate Grocery REIT (TSX: SGR.U) (TSX: (the "REIT"), an owner and operator of U.S. grocery- anchored real estate, today announced its financial results and highlights for the three and six months ended June 30, 2025. "The strength of our portfolio is reflected in another quarter of healthy same-property NOI growth, supported by sustained demand for our high-quality spaces and consistent double-digit renewal spreads," said Blair Welch, Chief Executive Officer of Slate Grocery REIT. "At the same time, we remain focused on prudently managing the REIT's balance sheet and upcoming debt maturities. Against a backdrop of favorable fundamentals and attractive supply-demand dynamics in the grocery-anchored sector, we believe our portfolio – anchored by below-market rents – is well positioned to drive stable growth and long-term value." For the CEO's letter to unitholders for the quarter, please follow the link here. Highlights (1) As of March 31, 2025, the REIT revised its 'Deal Types' methodology. Refer to 'Leasing and Property Portfolio' in Part II of Management's Discussion and Analysis for further details. (2) CBRE Econometric Advisors, Q2 2025 Summary of Q2 2025 Results Three months ended June 30, (thousands of U.S. dollars, except per unit amounts) 2025 2024 Change % Rental revenue $ 52,385 $ 51,818 1.1% NOI 1 2 $ 41,660 $ 41,442 0.5% Net income 2 $ 13,081 $ 14,003 (6.6)% Same-property NOI (3 month period, 114 properties) 1 2 $ 41,390 $ 40,930 1.1% Same-property NOI (12 month period, 111 properties) 1 2 $ 159,856 $ 154,863 3.2% New leasing (square feet) 2 33,516 84,679 (60.4)% New leasing spread 2 28.8% 28.0% 2.9% Total leasing (square feet) 2 423,894 706,811 (40.0)% Total leasing spread 2 11.6% 10.0% 16.0% Weighted average number of units outstanding ("WA units") 60,403 60,327 0.1% FFO 1 2 $ 15,883 $ 17,472 (9.1)% FFO per WA units 1 2 $ 0.26 $ 0.29 (10.3)% FFO payout ratio 1 2 81.6% 74.2% 10.0% AFFO 1 2 $ 12,624 $ 14,095 (10.4)% AFFO per WA units 1 2 $ 0.21 $ 0.23 (8.7)% AFFO payout ratio 1 2 102.7% 92.0% 11.6% Fixed charge coverage ratio 1 3 1.9x 2.0x (5.0)% (thousands of U.S. dollars, except per unit amounts) June 30, 2025 December 31, 2024 Change % Total assets $ 2,241,469 $ 2,233,699 0.3% Total assets, proportionate interest 1 2 $ 2,449,571 $ 2,444,143 0.2% Debt $ 1,177,515 $ 1,166,655 0.9% Debt, proportionate interest 1 2 $ 1,379,662 $ 1,370,530 0.7% Net asset value per unit $ 13.78 $ 13.84 (0.4)% Number of properties 2 116 116 —% Portfolio occupancy 2 94.0% 94.8% (0.8)% Debt / GBV ratio 52.5% 52.2% 0.6% (1) Refer to 'Non-IFRS Measures' section below. (2) Includes the REIT's share of joint venture investments. (3) As of March 31, 2025, the REIT transitioned from disclosing interest coverage ratio to fixed charge coverage ratio. Refer to 'Fixed Charge Coverage Ratio' in Part IV of Management's Discussion and Analysis for further details. Conference Call and Webcast Senior management will host a live conference call at 9:00 am ET on August 7, 2025 to discuss the results and ongoing business initiatives of the REIT. 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 $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. Supplemental Information All interested parties can access Slate Grocery's Supplemental Information online at in the Investors section. These materials are also available on SEDAR+ or upon request to the REIT at info@ or (416) 644-4264. 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', "forecasts", '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. Management believes that the expectations reflected in its forward-looking statements are based upon reasonable assumptions, however, management can give no assurance that actual results, performance or achievements will be consistent with these 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. Non-IFRS Measures This news release and accompanying financial statements are based on IFRS® Accounting Standards ('IFRS Accounting Standards'), as issued by the International Accounting Standards Board ('IASB'). We disclose a number of financial measures in this news release that are not measures used under IFRS Accounting Standards, including NOI, same-property NOI, FFO, FFO payout ratio, AFFO, AFFO payout ratio, adjusted EBITDA, fixed charges and the fixed charge coverage ratio, in addition to certain measures on a per unit basis. NOI is defined as rental revenue less operating expenses, prior to straight-line rent, IFRIC 21, Levies ("IFRIC 21") property tax adjustments and adjustments for equity investments. Same-property NOI includes those properties owned by the REIT for each of the current period and the relevant comparative period, excluding those properties under development. FFO is defined as net income adjusted for certain items including transaction/disposition costs, change in fair value of properties, change in fair value of financial instruments, deferred income taxes, unit income (expense), adjustments for equity investments and IFRIC 21 property tax adjustments. AFFO is defined as FFO adjusted for straight-line rental revenue and revenue sustaining capital, leasing costs and tenant improvements. FFO payout ratio and AFFO payout ratio are defined as distributions declared divided by FFO and AFFO, respectively. FFO per WA unit and AFFO per WA unit are defined as FFO and AFFO divided by the weighted average class U equivalent units outstanding, respectively. Adjusted EBITDA is defined as NOI less general and administrative expenses at the REIT's proportionate interest. Fixed charges include principal payments and cash interest paid, net at the REIT"s proportionate interest. Fixed charge coverage ratio is defined as adjusted EBITDA divided by fixed charges at the REIT's proportionate interest. Net asset value is defined as the aggregate of the carrying value of the REIT's equity, deferred income taxes and exchangeable units of subsidiaries. Proportionate interest represents financial information adjusted to reflect the REIT's equity accounted joint ventures and financial real estate assets and its share of net income (losses) from equity accounted joint ventures and financial real estate assets on a proportionately consolidated basis at the REIT's ownership percentage of the related investment. We utilize these measures for a variety of reasons, including measuring performance, managing the business, capital allocation and the assessment of risk. Descriptions of why these non-IFRS measures are useful to investors and how management uses each measure are included in Management's Discussion and Analysis. We believe that providing these performance measures on a supplemental basis to our IFRS Accounting Standards results is helpful to investors in assessing the overall performance of our businesses in a manner similar to management. These financial measures should not be considered as a substitute for similar financial measures calculated in accordance with IFRS Accounting Standards. We caution readers that these non-IFRS financial measures may differ from the calculations disclosed by other businesses, and as a result, may not be comparable to similar measures presented by others. SGR-FR Calculation and Reconciliation of Non-IFRS Measures The table below summarizes a calculation of non-IFRS measures based on financial information in accordance with IFRS Accounting Standards. Three months ended June 30, (in thousands of U.S. dollars, except per unit amounts) 2025 2024 Rental revenue $ 52,385 $ 51,818 Straight-line rent revenue (111) (30) Property operating expenses (9,071) (9,134) IFRIC 21 property tax adjustment (6,983) (6,696) Contribution from joint venture investments 5,440 5,484 NOI 1 2 $ 41,660 $ 41,442 Cash flow from operations $ 21,187 $ 19,582 Changes in non-cash working capital items (3,761) (1,224) Disposition costs — 290 Finance charge and mark-to-market adjustments (1,120) (436) Interest, net and TIF note adjustments 141 22 Adjustments for joint venture investments 2,748 2,665 Non-controlling interest (3,276) (3,678) Taxes on dispositions — 297 Capital expenditures (1,798) (1,407) Leasing costs (803) (611) Tenant improvements (694) (1,405) AFFO 1 2 $ 12,624 $ 14,095 Net income 2 $ 13,081 $ 14,003 Change in fair value of financial instruments 608 (272) Disposition costs — 290 Change in fair value of properties 8,454 11,706 Deferred income tax expense 2,174 1,570 Unit expense (income) 1,122 (325) Adjustments for joint venture investments 1,432 1,348 Non-controlling interest (4,005) (4,449) Taxes on dispositions — 297 IFRIC 21 property tax adjustment (6,983) (6,696) FFO 1 2 $ 15,883 $ 17,472 Straight-line rental revenue (111) (30) Capital expenditures (1,798) (1,407) Leasing costs (803) (611) Tenant improvements (694) (1,405) Adjustments for joint venture investments (582) (695) Non-controlling interest 729 771 AFFO 1 2 $ 12,624 $ 14,095 (1) Refer to 'Non-IFRS Measures' section above. (2) Includes the REIT's share of joint venture investments. Three months ended June 30, (in thousands of U.S. dollars, except per unit amounts) 2025 2024 NOI 1 2 $ 41,660 $ 41,442 General and administrative expenses (3,996) (3,949) Cash interest, net (14,419) (13,560) Finance charge and mark-to-market adjustments (1,120) (436) Current income tax (expense) recovery (238) 518 Adjustments for joint venture investments (2,692) (2,819) Non-controlling interest (3,276) (3,678) Capital expenditures (1,798) (1,407) Leasing costs (803) (611) Tenant improvements (694) (1,405) AFFO 1 2 $ 12,624 $ 14,095 (1) Refer to 'Non-IFRS Measures' section above. (2) Includes the REIT's share of joint venture investments. Three months ended June 30, (in thousands of U.S. dollars, except per unit amounts) 2025 2024 Net income 1 $ 13,081 $ 14,003 Interest and finance costs 15,539 13,996 Change in fair value of financial instruments 608 (272) Disposition costs — 290 Change in fair value of properties 8,454 11,706 Deferred income tax expense 2,174 1,570 Current income tax expense (recovery) 238 (221) Unit expense (income) 1,122 (325) Adjustments for joint venture investments 3,331 3,261 Straight-line rent revenue (111) (30) IFRIC 21 property tax adjustment (6,983) (6,696) Adjusted EBITDA 1 2 $ 37,453 $ 37,282 Adjusted EBITDA 1 2 $ 37,453 $ 37,282 Cash interest paid (16,656) (15,814) Principal payments (2,913) (2,997) Total fixed charges 1 $ (19,569) $ (18,811) Fixed charge coverage ratio 1 2 3 1.9x 2.0x (1) Includes the REIT's share of joint venture investments. (2) Refer to 'Non-IFRS Measures' section above. (3) As of March 31, 2025, the REIT transitioned from disclosing interest coverage ratio to fixed charge coverage ratio. Refer to 'Fixed Charge Coverage Ratio' in Part IV of Management's Discussion and Analysis for further details. June 30, 2025 December 31, 2024 (in thousands of U.S. dollars, except per unit amounts) Statement of Financial Position Joint Venture Investments Proportionate Share (Non-IFRS) Statement of Financial Position Joint Venture Investments Proportionate Share (Non-IFRS) ASSETS Non-current assets Properties $ 2,065,464 $ 312,300 $ 2,377,764 $ 2,054,511 $ 310,400 $ 2,364,911 Joint venture investments 118,961 (118,961) — 112,429 (112,429) — Interest rate swaps — — — 4,690 — 4,690 Other assets 3,558 — 3,558 3,624 — 3,624 $ 2,187,983 $ 193,339 $ 2,381,322 $ 2,175,254 $ 197,971 $ 2,373,225 Current assets Cash 25,603 7,305 32,908 22,668 4,851 27,519 Accounts receivable 20,502 1,014 21,516 23,417 1,723 25,140 Other assets 4,572 5,657 10,229 4,327 4,629 8,956 Prepaids 2,146 701 2,847 5,050 1,025 6,075 Interest rate swaps 663 86 749 2,983 245 3,228 $ 53,486 $ 14,763 $ 68,249 $ 58,445 $ 12,473 $ 70,918 Total assets $ 2,241,469 $ 208,102 $ 2,449,571 $ 2,233,699 $ 210,444 $ 2,444,143 LIABILITIES Non-current liabilities Debt $ 1,162,289 $ 59,371 $ 1,221,660 $ 1,120,616 $ 59,914 $ 1,180,530 Interest rate swaps 1,545 — 1,545 — — — Deferred income taxes 156,968 — 156,968 153,580 2 153,582 Other liabilities 4,256 876 5,132 4,378 837 5,215 $ 1,325,058 $ 60,247 $ 1,385,305 $ 1,278,574 $ 60,753 $ 1,339,327 Current liabilities Debt 15,226 142,776 158,002 46,039 143,961 190,000 Accounts payable and accrued liabilities 42,449 5,079 47,528 42,071 5,730 47,801 Exchangeable units of subsidiaries 9,583 — 9,583 8,733 — 8,733 Distributions payable 4,323 — 4,323 4,323 — 4,323 $ 71,581 $ 147,855 $ 219,436 $ 101,166 $ 149,691 $ 250,857 Total liabilities $ 1,396,639 $ 208,102 $ 1,604,741 $ 1,379,740 $ 210,444 $ 1,590,184 EQUITY Unitholders' equity $ 666,007 $ — $ 666,007 $ 673,474 $ — $ 673,474 Non-controlling interest 178,823 — 178,823 180,485 — 180,485 Total equity $ 844,830 $ — $ 844,830 $ 853,959 $ — $ 853,959 Total liabilities and equity $ 2,241,469 $ 208,102 $ 2,449,571 $ 2,233,699 $ 210,444 $ 2,444,143
Yahoo
2 days ago
- Business
- Yahoo
Slate Grocery REIT Reports Second Quarter 2025 Results
TORONTO, August 06, 2025--(BUSINESS WIRE)--Slate Grocery REIT (TSX: SGR.U) (TSX: (the "REIT"), an owner and operator of U.S. grocery- anchored real estate, today announced its financial results and highlights for the three and six months ended June 30, 2025. "The strength of our portfolio is reflected in another quarter of healthy same-property NOI growth, supported by sustained demand for our high-quality spaces and consistent double-digit renewal spreads," said Blair Welch, Chief Executive Officer of Slate Grocery REIT. "At the same time, we remain focused on prudently managing the REIT's balance sheet and upcoming debt maturities. Against a backdrop of favorable fundamentals and attractive supply-demand dynamics in the grocery-anchored sector, we believe our portfolio – anchored by below-market rents – is well positioned to drive stable growth and long-term value." For the CEO's letter to unitholders for the quarter, please follow the link here. Highlights Several consecutive quarters of strong leasing volumes at attractive spreads continued to drive same-property Net Operating Income ("NOI") growth of 3.6% or $5.7 million on a trailing twelve-month basis, adjusting for completed redevelopments The REIT completed 423,894 square feet of total leasing in the quarter; renewals1 were completed at 13.8% above expiring rents, and new deals were completed at 28.8% above comparable average in-place rent Portfolio occupancy remained stable at 94.0% as at June 30, 2025 The REIT's average in-place rent of $12.77 per square foot remains well below the market average of $24.002, providing significant runway for continued rent increases The REIT has only $171.4 million of debt maturing through the end of 2026, at the REIT's proportionate interest, which represents just 12.3% of the total debt outstanding and provides a stable outlook for the REIT's near-term financing costs During the second quarter, the REIT refinanced a four-property portfolio for $39.3 million and entered into a credit facility totaling $17.4 million at attractive spreads, highlighting continued demand for high-quality grocery-anchored real estate assets in the lending space Subsequent to quarter end, the REIT amended two of its existing interest rate swaps, extending the total maturity to 2.8 years and achieving a blended weighted average interest rate of 5.0% on a proportionate interest basis The REIT's current portfolio valuation continues to provide significant positive leverage; this attractive valuation, combined with continued NOI growth, is expected to increase portfolio valuation over time The REIT's units continue to trade at a discount to net asset value, presenting a compelling investment opportunity for unitholders looking for an attractive total return (1) As of March 31, 2025, the REIT revised its "Deal Types" methodology. Refer to 'Leasing and Property Portfolio' in Part II of Management's Discussion and Analysis for further details. (2) CBRE Econometric Advisors, Q2 2025 Summary of Q2 2025 Results Three months ended June 30, (thousands of U.S. dollars, except per unit amounts) 2025 2024 Change % Rental revenue $ 52,385 $ 51,818 1.1% NOI 1 2 $ 41,660 $ 41,442 0.5% Net income 2 $ 13,081 $ 14,003 (6.6)% Same-property NOI (3 month period, 114 properties) 1 2 $ 41,390 $ 40,930 1.1% Same-property NOI (12 month period, 111 properties) 1 2 $ 159,856 $ 154,863 3.2% New leasing (square feet) 2 33,516 84,679 (60.4)% New leasing spread 2 28.8% 28.0% 2.9% Total leasing (square feet) 2 423,894 706,811 (40.0)% Total leasing spread 2 11.6% 10.0% 16.0% Weighted average number of units outstanding ("WA units") 60,403 60,327 0.1% FFO 1 2 $ 15,883 $ 17,472 (9.1)% FFO per WA units 1 2 $ 0.26 $ 0.29 (10.3)% FFO payout ratio 1 2 81.6% 74.2% 10.0% AFFO 1 2 $ 12,624 $ 14,095 (10.4)% AFFO per WA units 1 2 $ 0.21 $ 0.23 (8.7)% AFFO payout ratio 1 2 102.7% 92.0% 11.6% Fixed charge coverage ratio 1 3 1.9x 2.0x (5.0)% (thousands of U.S. dollars, except per unit amounts) June 30, 2025 December 31, 2024 Change % Total assets $ 2,241,469 $ 2,233,699 0.3% Total assets, proportionate interest 1 2 $ 2,449,571 $ 2,444,143 0.2% Debt $ 1,177,515 $ 1,166,655 0.9% Debt, proportionate interest 1 2 $ 1,379,662 $ 1,370,530 0.7% Net asset value per unit $ 13.78 $ 13.84 (0.4)% Number of properties 2 116 116 —% Portfolio occupancy 2 94.0% 94.8% (0.8)% Debt / GBV ratio 52.5% 52.2% 0.6% (1) Refer to "Non-IFRS Measures" section below. (2) Includes the REIT's share of joint venture investments. (3) As of March 31, 2025, the REIT transitioned from disclosing interest coverage ratio to fixed charge coverage ratio. Refer to 'Fixed Charge Coverage Ratio' in Part IV of Management's Discussion and Analysis for further details. Conference Call and Webcast Senior management will host a live conference call at 9:00 am ET on August 7, 2025 to discuss the results and ongoing business initiatives of the REIT. 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 $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. Supplemental Information All interested parties can access Slate Grocery's Supplemental Information online at in the Investors section. These materials are also available on SEDAR+ or upon request to the REIT at info@ or (416) 644-4264. 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", "forecasts", "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. Management believes that the expectations reflected in its forward-looking statements are based upon reasonable assumptions, however, management can give no assurance that actual results, performance or achievements will be consistent with these 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. Non-IFRS Measures This news release and accompanying financial statements are based on IFRS® Accounting Standards ("IFRS Accounting Standards"), as issued by the International Accounting Standards Board ("IASB"). We disclose a number of financial measures in this news release that are not measures used under IFRS Accounting Standards, including NOI, same-property NOI, FFO, FFO payout ratio, AFFO, AFFO payout ratio, adjusted EBITDA, fixed charges and the fixed charge coverage ratio, in addition to certain measures on a per unit basis. NOI is defined as rental revenue less operating expenses, prior to straight-line rent, IFRIC 21, Levies ("IFRIC 21") property tax adjustments and adjustments for equity investments. Same-property NOI includes those properties owned by the REIT for each of the current period and the relevant comparative period, excluding those properties under development. FFO is defined as net income adjusted for certain items including transaction/disposition costs, change in fair value of properties, change in fair value of financial instruments, deferred income taxes, unit income (expense), adjustments for equity investments and IFRIC 21 property tax adjustments. AFFO is defined as FFO adjusted for straight-line rental revenue and revenue sustaining capital, leasing costs and tenant improvements. FFO payout ratio and AFFO payout ratio are defined as distributions declared divided by FFO and AFFO, respectively. FFO per WA unit and AFFO per WA unit are defined as FFO and AFFO divided by the weighted average class U equivalent units outstanding, respectively. Adjusted EBITDA is defined as NOI less general and administrative expenses at the REIT's proportionate interest. Fixed charges include principal payments and cash interest paid, net at the REIT"s proportionate interest. Fixed charge coverage ratio is defined as adjusted EBITDA divided by fixed charges at the REIT's proportionate interest. Net asset value is defined as the aggregate of the carrying value of the REIT's equity, deferred income taxes and exchangeable units of subsidiaries. Proportionate interest represents financial information adjusted to reflect the REIT's equity accounted joint ventures and financial real estate assets and its share of net income (losses) from equity accounted joint ventures and financial real estate assets on a proportionately consolidated basis at the REIT's ownership percentage of the related investment. We utilize these measures for a variety of reasons, including measuring performance, managing the business, capital allocation and the assessment of risk. Descriptions of why these non-IFRS measures are useful to investors and how management uses each measure are included in Management's Discussion and Analysis. We believe that providing these performance measures on a supplemental basis to our IFRS Accounting Standards results is helpful to investors in assessing the overall performance of our businesses in a manner similar to management. These financial measures should not be considered as a substitute for similar financial measures calculated in accordance with IFRS Accounting Standards. We caution readers that these non-IFRS financial measures may differ from the calculations disclosed by other businesses, and as a result, may not be comparable to similar measures presented by others. SGR-FR Calculation and Reconciliation of Non-IFRS Measures The table below summarizes a calculation of non-IFRS measures based on financial information in accordance with IFRS Accounting Standards. Three months ended June 30, (in thousands of U.S. dollars, except per unit amounts) 2025 2024 Rental revenue $ 52,385 $ 51,818 Straight-line rent revenue (111) (30) Property operating expenses (9,071) (9,134) IFRIC 21 property tax adjustment (6,983) (6,696) Contribution from joint venture investments 5,440 5,484 NOI 1 2 $ 41,660 $ 41,442 Cash flow from operations $ 21,187 $ 19,582 Changes in non-cash working capital items (3,761) (1,224) Disposition costs — 290 Finance charge and mark-to-market adjustments (1,120) (436) Interest, net and TIF note adjustments 141 22 Adjustments for joint venture investments 2,748 2,665 Non-controlling interest (3,276) (3,678) Taxes on dispositions — 297 Capital expenditures (1,798) (1,407) Leasing costs (803) (611) Tenant improvements (694) (1,405) AFFO 1 2 $ 12,624 $ 14,095 Net income 2 $ 13,081 $ 14,003 Change in fair value of financial instruments 608 (272) Disposition costs — 290 Change in fair value of properties 8,454 11,706 Deferred income tax expense 2,174 1,570 Unit expense (income) 1,122 (325) Adjustments for joint venture investments 1,432 1,348 Non-controlling interest (4,005) (4,449) Taxes on dispositions — 297 IFRIC 21 property tax adjustment (6,983) (6,696) FFO 1 2 $ 15,883 $ 17,472 Straight-line rental revenue (111) (30) Capital expenditures (1,798) (1,407) Leasing costs (803) (611) Tenant improvements (694) (1,405) Adjustments for joint venture investments (582) (695) Non-controlling interest 729 771 AFFO 1 2 $ 12,624 $ 14,095 (1) Refer to "Non-IFRS Measures" section above. (2) Includes the REIT's share of joint venture investments. Three months ended June 30, (in thousands of U.S. dollars, except per unit amounts) 2025 2024 NOI 1 2 $ 41,660 $ 41,442 General and administrative expenses (3,996) (3,949) Cash interest, net (14,419) (13,560) Finance charge and mark-to-market adjustments (1,120) (436) Current income tax (expense) recovery (238) 518 Adjustments for joint venture investments (2,692) (2,819) Non-controlling interest (3,276) (3,678) Capital expenditures (1,798) (1,407) Leasing costs (803) (611) Tenant improvements (694) (1,405) AFFO 1 2 $ 12,624 $ 14,095 (1) Refer to "Non-IFRS Measures" section above. (2) Includes the REIT's share of joint venture investments. Three months ended June 30, (in thousands of U.S. dollars, except per unit amounts) 2025 2024 Net income 1 $ 13,081 $ 14,003 Interest and finance costs 15,539 13,996 Change in fair value of financial instruments 608 (272) Disposition costs — 290 Change in fair value of properties 8,454 11,706 Deferred income tax expense 2,174 1,570 Current income tax expense (recovery) 238 (221) Unit expense (income) 1,122 (325) Adjustments for joint venture investments 3,331 3,261 Straight-line rent revenue (111) (30) IFRIC 21 property tax adjustment (6,983) (6,696) Adjusted EBITDA 1 2 $ 37,453 $ 37,282 Adjusted EBITDA 1 2 $ 37,453 $ 37,282 Cash interest paid (16,656) (15,814) Principal payments (2,913) (2,997) Total fixed charges 1 $ (19,569) $ (18,811) Fixed charge coverage ratio 1 2 3 1.9x 2.0x (1) Includes the REIT's share of joint venture investments. (2) Refer to "Non-IFRS Measures" section above. (3) As of March 31, 2025, the REIT transitioned from disclosing interest coverage ratio to fixed charge coverage ratio. Refer to 'Fixed Charge Coverage Ratio' in Part IV of Management's Discussion and Analysis for further details. June 30, 2025 December 31, 2024 (in thousands of U.S. dollars, except per unit amounts) Statement of Financial Position Joint Venture Investments Proportionate Share (Non-IFRS) Statement of Financial Position Joint Venture Investments Proportionate Share (Non-IFRS) ASSETS Non-current assets Properties $ 2,065,464 $ 312,300 $ 2,377,764 $ 2,054,511 $ 310,400 $ 2,364,911 Joint venture investments 118,961 (118,961) — 112,429 (112,429) — Interest rate swaps — — — 4,690 — 4,690 Other assets 3,558 — 3,558 3,624 — 3,624 $ 2,187,983 $ 193,339 $ 2,381,322 $ 2,175,254 $ 197,971 $ 2,373,225 Current assets Cash 25,603 7,305 32,908 22,668 4,851 27,519 Accounts receivable 20,502 1,014 21,516 23,417 1,723 25,140 Other assets 4,572 5,657 10,229 4,327 4,629 8,956 Prepaids 2,146 701 2,847 5,050 1,025 6,075 Interest rate swaps 663 86 749 2,983 245 3,228 $ 53,486 $ 14,763 $ 68,249 $ 58,445 $ 12,473 $ 70,918 Total assets $ 2,241,469 $ 208,102 $ 2,449,571 $ 2,233,699 $ 210,444 $ 2,444,143 LIABILITIES Non-current liabilities Debt $ 1,162,289 $ 59,371 $ 1,221,660 $ 1,120,616 $ 59,914 $ 1,180,530 Interest rate swaps 1,545 — 1,545 — — — Deferred income taxes 156,968 — 156,968 153,580 2 153,582 Other liabilities 4,256 876 5,132 4,378 837 5,215 $ 1,325,058 $ 60,247 $ 1,385,305 $ 1,278,574 $ 60,753 $ 1,339,327 Current liabilities Debt 15,226 142,776 158,002 46,039 143,961 190,000 Accounts payable and accrued liabilities 42,449 5,079 47,528 42,071 5,730 47,801 Exchangeable units of subsidiaries 9,583 — 9,583 8,733 — 8,733 Distributions payable 4,323 — 4,323 4,323 — 4,323 $ 71,581 $ 147,855 $ 219,436 $ 101,166 $ 149,691 $ 250,857 Total liabilities $ 1,396,639 $ 208,102 $ 1,604,741 $ 1,379,740 $ 210,444 $ 1,590,184 EQUITY Unitholders' equity $ 666,007 $ — $ 666,007 $ 673,474 $ — $ 673,474 Non-controlling interest 178,823 — 178,823 180,485 — 180,485 Total equity $ 844,830 $ — $ 844,830 $ 853,959 $ — $ 853,959 Total liabilities and equity $ 2,241,469 $ 208,102 $ 2,449,571 $ 2,233,699 $ 210,444 $ 2,444,143 View source version on Contacts For Further Information Investor RelationsTel: +1 416 644 4264E-mail: ir@ 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
2 days ago
- Business
- Business Wire
Slate Grocery REIT Reports Second Quarter 2025 Results
TORONTO--(BUSINESS WIRE)--Slate Grocery REIT (TSX: SGR.U) (TSX: (the "REIT"), an owner and operator of U.S. grocery- anchored real estate, today announced its financial results and highlights for the three and six months ended June 30, 2025. "The strength of our portfolio is reflected in another quarter of healthy same-property NOI growth, supported by sustained demand for our high-quality spaces and consistent double-digit renewal spreads," said Blair Welch, Chief Executive Officer of Slate Grocery REIT. "At the same time, we remain focused on prudently managing the REIT's balance sheet and upcoming debt maturities. Against a backdrop of favorable fundamentals and attractive supply-demand dynamics in the grocery-anchored sector, we believe our portfolio – anchored by below-market rents – is well positioned to drive stable growth and long-term value." For the CEO's letter to unitholders for the quarter, please follow the link here. Highlights Several consecutive quarters of strong leasing volumes at attractive spreads continued to drive same-property Net Operating Income ('NOI') growth of 3.6% or $5.7 million on a trailing twelve-month basis, adjusting for completed redevelopments The REIT completed 423,894 square feet of total leasing in the quarter; renewals 1 were completed at 13.8% above expiring rents, and new deals were completed at 28.8% above comparable average in-place rent Portfolio occupancy remained stable at 94.0% as at June 30, 2025 The REIT's average in-place rent of $12.77 per square foot remains well below the market average of $24.00 2, providing significant runway for continued rent increases The REIT has only $171.4 million of debt maturing through the end of 2026, at the REIT's proportionate interest, which represents just 12.3% of the total debt outstanding and provides a stable outlook for the REIT's near-term financing costs During the second quarter, the REIT refinanced a four-property portfolio for $39.3 million and entered into a credit facility totaling $17.4 million at attractive spreads, highlighting continued demand for high-quality grocery-anchored real estate assets in the lending space Subsequent to quarter end, the REIT amended two of its existing interest rate swaps, extending the total maturity to 2.8 years and achieving a blended weighted average interest rate of 5.0% on a proportionate interest basis The REIT's current portfolio valuation continues to provide significant positive leverage; this attractive valuation, combined with continued NOI growth, is expected to increase portfolio valuation over time The REIT's units continue to trade at a discount to net asset value, presenting a compelling investment opportunity for unitholders looking for an attractive total return (1) As of March 31, 2025, the REIT revised its 'Deal Types' methodology. Refer to 'Leasing and Property Portfolio' in Part II of Management's Discussion and Analysis for further details. (2) CBRE Econometric Advisors, Q2 2025 Expand Summary of Q2 2025 Results Three months ended June 30, (thousands of U.S. dollars, except per unit amounts) 2025 2024 Change % Rental revenue $ 52,385 $ 51,818 1.1% NOI 1 2 $ 41,660 $ 41,442 0.5% Net income 2 $ 13,081 $ 14,003 (6.6)% Same-property NOI (3 month period, 114 properties) 1 2 $ 41,390 $ 40,930 1.1% Same-property NOI (12 month period, 111 properties) 1 2 $ 159,856 $ 154,863 3.2% New leasing (square feet) 2 33,516 84,679 (60.4)% New leasing spread 2 28.8% 28.0% 2.9% Total leasing (square feet) 2 423,894 706,811 (40.0)% Total leasing spread 2 11.6% 10.0% 16.0% Weighted average number of units outstanding ("WA units") 60,403 60,327 0.1% FFO 1 2 $ 15,883 $ 17,472 (9.1)% FFO per WA units 1 2 $ 0.26 $ 0.29 (10.3)% FFO payout ratio 1 2 81.6% 74.2% 10.0% AFFO 1 2 $ 12,624 $ 14,095 (10.4)% AFFO per WA units 1 2 $ 0.21 $ 0.23 (8.7)% AFFO payout ratio 1 2 102.7% 92.0% 11.6% Fixed charge coverage ratio 1 3 1.9x 2.0x (5.0)% Expand (thousands of U.S. dollars, except per unit amounts) June 30, 2025 December 31, 2024 Change % Total assets $ 2,241,469 $ 2,233,699 0.3% Total assets, proportionate interest 1 2 $ 2,449,571 $ 2,444,143 0.2% Debt $ 1,177,515 $ 1,166,655 0.9% Debt, proportionate interest 1 2 $ 1,379,662 $ 1,370,530 0.7% Net asset value per unit $ 13.78 $ 13.84 (0.4)% Number of properties 2 116 116 —% Portfolio occupancy 2 94.0% 94.8% (0.8)% Debt / GBV ratio 52.5% 52.2% 0.6% (1) Refer to 'Non-IFRS Measures' section below. (2) Includes the REIT's share of joint venture investments. (3) As of March 31, 2025, the REIT transitioned from disclosing interest coverage ratio to fixed charge coverage ratio. Refer to 'Fixed Charge Coverage Ratio' in Part IV of Management's Discussion and Analysis for further details. Expand Conference Call and Webcast Senior management will host a live conference call at 9:00 am ET on August 7, 2025 to discuss the results and ongoing business initiatives of the REIT. 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 $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. Supplemental Information All interested parties can access Slate Grocery's Supplemental Information online at in the Investors section. These materials are also available on SEDAR+ or upon request to the REIT at info@ or (416) 644-4264. 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', "forecasts", '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. Management believes that the expectations reflected in its forward-looking statements are based upon reasonable assumptions, however, management can give no assurance that actual results, performance or achievements will be consistent with these 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. Non-IFRS Measures This news release and accompanying financial statements are based on IFRS® Accounting Standards ('IFRS Accounting Standards'), as issued by the International Accounting Standards Board ('IASB'). We disclose a number of financial measures in this news release that are not measures used under IFRS Accounting Standards, including NOI, same-property NOI, FFO, FFO payout ratio, AFFO, AFFO payout ratio, adjusted EBITDA, fixed charges and the fixed charge coverage ratio, in addition to certain measures on a per unit basis. NOI is defined as rental revenue less operating expenses, prior to straight-line rent, IFRIC 21, Levies ("IFRIC 21") property tax adjustments and adjustments for equity investments. Same-property NOI includes those properties owned by the REIT for each of the current period and the relevant comparative period, excluding those properties under development. FFO is defined as net income adjusted for certain items including transaction/disposition costs, change in fair value of properties, change in fair value of financial instruments, deferred income taxes, unit income (expense), adjustments for equity investments and IFRIC 21 property tax adjustments. AFFO is defined as FFO adjusted for straight-line rental revenue and revenue sustaining capital, leasing costs and tenant improvements. FFO payout ratio and AFFO payout ratio are defined as distributions declared divided by FFO and AFFO, respectively. FFO per WA unit and AFFO per WA unit are defined as FFO and AFFO divided by the weighted average class U equivalent units outstanding, respectively. Adjusted EBITDA is defined as NOI less general and administrative expenses at the REIT's proportionate interest. Fixed charges include principal payments and cash interest paid, net at the REIT"s proportionate interest. Fixed charge coverage ratio is defined as adjusted EBITDA divided by fixed charges at the REIT's proportionate interest. Net asset value is defined as the aggregate of the carrying value of the REIT's equity, deferred income taxes and exchangeable units of subsidiaries. Proportionate interest represents financial information adjusted to reflect the REIT's equity accounted joint ventures and financial real estate assets and its share of net income (losses) from equity accounted joint ventures and financial real estate assets on a proportionately consolidated basis at the REIT's ownership percentage of the related investment. We utilize these measures for a variety of reasons, including measuring performance, managing the business, capital allocation and the assessment of risk. Descriptions of why these non-IFRS measures are useful to investors and how management uses each measure are included in Management's Discussion and Analysis. We believe that providing these performance measures on a supplemental basis to our IFRS Accounting Standards results is helpful to investors in assessing the overall performance of our businesses in a manner similar to management. These financial measures should not be considered as a substitute for similar financial measures calculated in accordance with IFRS Accounting Standards. We caution readers that these non-IFRS financial measures may differ from the calculations disclosed by other businesses, and as a result, may not be comparable to similar measures presented by others. SGR-FR The table below summarizes a calculation of non-IFRS measures based on financial information in accordance with IFRS Accounting Standards. Three months ended June 30, (in thousands of U.S. dollars, except per unit amounts) 2025 2024 NOI 1 2 $ 41,660 $ 41,442 General and administrative expenses (3,996) (3,949) Cash interest, net (14,419) (13,560) Finance charge and mark-to-market adjustments (1,120) (436) Current income tax (expense) recovery (238) 518 Adjustments for joint venture investments (2,692) (2,819) Non-controlling interest (3,276) (3,678) Capital expenditures (1,798) (1,407) Leasing costs (803) (611) Tenant improvements (694) (1,405) AFFO 1 2 $ 12,624 $ 14,095 (1) Refer to 'Non-IFRS Measures' section above. (2) Includes the REIT's share of joint venture investments. Expand Three months ended June 30, (in thousands of U.S. dollars, except per unit amounts) 2025 2024 Net income 1 $ 13,081 $ 14,003 Interest and finance costs 15,539 13,996 Change in fair value of financial instruments 608 (272) Disposition costs — 290 Change in fair value of properties 8,454 11,706 Deferred income tax expense 2,174 1,570 Current income tax expense (recovery) 238 (221) Unit expense (income) 1,122 (325) Adjustments for joint venture investments 3,331 3,261 Straight-line rent revenue (111) (30) IFRIC 21 property tax adjustment (6,983) (6,696) Adjusted EBITDA 1 2 $ 37,453 $ 37,282 Adjusted EBITDA 1 2 $ 37,453 $ 37,282 Cash interest paid (16,656) (15,814) Principal payments (2,913) (2,997) Total fixed charges 1 $ (19,569) $ (18,811) Fixed charge coverage ratio 1 2 3 1.9x 2.0x (1) Includes the REIT's share of joint venture investments. (2) Refer to 'Non-IFRS Measures' section above. (3) As of March 31, 2025, the REIT transitioned from disclosing interest coverage ratio to fixed charge coverage ratio. Refer to 'Fixed Charge Coverage Ratio' in Part IV of Management's Discussion and Analysis for further details. Expand December 31, 2024 (in thousands of U.S. dollars, except per unit amounts) Statement of Financial Position Joint Venture Investments Proportionate Share (Non-IFRS) Statement of Financial Position Joint Venture Investments Proportionate Share (Non-IFRS) ASSETS Non-current assets Properties $ 2,065,464 $ 312,300 $ 2,377,764 $ 2,054,511 $ 310,400 $ 2,364,911 Joint venture investments 118,961 (118,961) — 112,429 (112,429) — Interest rate swaps — — — 4,690 — 4,690 Other assets 3,558 — 3,558 3,624 — 3,624 $ 2,187,983 $ 193,339 $ 2,381,322 $ 2,175,254 $ 197,971 $ 2,373,225 Current assets Cash 25,603 7,305 32,908 22,668 4,851 27,519 Accounts receivable 20,502 1,014 21,516 23,417 1,723 25,140 Other assets 4,572 5,657 10,229 4,327 4,629 8,956 Prepaids 2,146 701 2,847 5,050 1,025 6,075 Interest rate swaps 663 86 749 2,983 245 3,228 $ 53,486 $ 14,763 $ 68,249 $ 58,445 $ 12,473 $ 70,918 Total assets $ 2,241,469 $ 208,102 $ 2,449,571 $ 2,233,699 $ 210,444 $ 2,444,143 LIABILITIES Non-current liabilities Debt $ 1,162,289 $ 59,371 $ 1,221,660 $ 1,120,616 $ 59,914 $ 1,180,530 Interest rate swaps 1,545 — 1,545 — — — Deferred income taxes 156,968 — 156,968 153,580 2 153,582 Other liabilities 4,256 876 5,132 4,378 837 5,215 $ 1,325,058 $ 60,247 $ 1,385,305 $ 1,278,574 $ 60,753 $ 1,339,327 Current liabilities Debt 15,226 142,776 158,002 46,039 143,961 190,000 Accounts payable and accrued liabilities 42,449 5,079 47,528 42,071 5,730 47,801 Exchangeable units of subsidiaries 9,583 — 9,583 8,733 — 8,733 Distributions payable 4,323 — 4,323 4,323 — 4,323 $ 71,581 $ 147,855 $ 219,436 $ 101,166 $ 149,691 $ 250,857 Total liabilities $ 1,396,639 $ 208,102 $ 1,604,741 $ 1,379,740 $ 210,444 $ 1,590,184 EQUITY Unitholders' equity $ 666,007 $ — $ 666,007 $ 673,474 $ — $ 673,474 Non-controlling interest 178,823 — 178,823 180,485 — 180,485 Total equity $ 844,830 $ — $ 844,830 $ 853,959 $ — $ 853,959 Total liabilities and equity $ 2,241,469 $ 208,102 $ 2,449,571 $ 2,233,699 $ 210,444 $ 2,444,143 Expand
