Overview

* Slate Grocery Q3 rental revenue grows 1.9% yr/yr, net income rises 55%

* Company completed 417,145 sq ft of leasing at double-digit rental spreads

* Portfolio occupancy stable at 94.3%

Outlook

* Company highlights resilient consumer spending on grocery and essential goods

* Slate Grocery REIT's portfolio rents below market average, indicating potential for rent increases

* Company's debt mostly at fixed rates, providing stable financing outlook

Result Drivers

* LEASING ACTIVITY - Co completed 417,145 sq ft of leasing at double-digit rental spreads, driving strong performance

* RESILIENT CONSUMER SPENDING - CEO Blair Welch says consumer spending on grocery and essential goods remains resilient, underpinning tenant demand

* BELOW-MARKET RENTS - Co's average in-place rent is well below market average, providing runway for rent increases

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q3 $53.31

Rental mln

Revenue

Q3 Net $11.24

Income mln

Q3 $12.98

Adjusted mln

FFO

Q3 FFO $16.47

mln

Q3 Capex -$1.86

mln

Q3 Cash $10.71

Flow mln

from

Operatio

ns

Analyst Coverage

* The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 1 "strong buy" or "buy", 4 "hold" and no "sell" or "strong sell"

* The average consensus recommendation for the commercial reits peer group is "buy."

* The stock recently traded at 10 times the next 12-month earnings vs. a P/E of 9 three months ago

Press Release:

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)