The following is a summary of the Slate Grocery REIT (SRRTF) Q1 2024 Earnings Call Transcript:
Financial Performance:
Slate Grocery REIT completed over 770,000 square feet of total leasing in Q1 2024, with new deals netting 31% above the average in-place rent.
The occupancy rate stood at 94.4% at the end of the quarter, and the same-property NOI saw an increase of $1 million or 2.5% year over year.
Despite these positive indicators, the REIT's average in-place rent of $12.49 falls significantly below the market average of $23.21, indicating room for revenue growth.
Business Progress:
Slate Grocery REIT forecasts an increase in NOI in the near future, driven by the impact of new leases signed over the past year.
The company has also extended the duration of its $300 million revolver by six months while fixing over 94% of the total debt at a weighted average interest rate of 4.4%.
As it observes robust fundamentals in the broader grocery-anchored real estate sector, the REIT aims to take advantage of the significant gap between its in-place rents and the market average by incrementally increasing rents over time, delivering long-term growth to its unitholders.
More details: SLATE GROCERY REIT IR
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