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Slate Grocery REIT Class U Units T.SGR.UN

Alternate Symbol(s):  SRRTF

Consumer Cyclical Real Estate Advertising Agencies REIT - Retail
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.


TSX:SGR.UN - Post by User

Slate Grocery REIT Class U Units
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  • DanielDardenX
Post by DanielDardenon Aug 27, 2024 3:03pm
403 Views
Post# 36198155

CIBC

CIBC
Our Conclusion
Sumayya Syed, CFA
Alexander Augimeri
Neutral
Earnings Update
 With tenant demand for grocery-anchored real estate still robust, SGR management expects supply/demand dynamics to remain favourable. High construction costs and interest rates have put pressure on new supply, inherently rendering existing space more scarce. With healthy underlying demand for well-located assets, and historically low vacancy, SGR continues to capture healthy lifts on renewals. Addressing near-term debt maturities could help improve sentiment, which is a focus area for the REIT.
Units are now yielding ~10%, a level that may garner increased investor interest. Nevertheless, the payout ratio remains relatively elevated at ~95%, though we do expect an improvement from NOI growth. Our $10.50 NAV and $9.50 price target remain unchanged as we finetune our estimates.

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