Slate Grocery REIT

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Apr 30, 2024

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• Slate Grocery REIT Reports First Quarter 2024 Results, from 9:55PM ET on Tuesday Apr 30, 2024 by Dow Jones

  9:55PM ET on Tuesday Apr 30, 2024 by Dow Jones
  Companies Mentioned: SGR.UN
  Cash interest paid (13,585) (12,637) -------------------------------------- --- ------------ ----------- Interest coverage ratio (1 2) 2.70x 2.85x ------------------------------------- ----------------- --------------- WA units 60,307 61,460 FFO per WA unit (1 2) $ 0.27 $ 0.26 FFO payout ratio (1 2) 80.1% 82.8% AFFO per WA unit (1 2) $ 0.22 $ 0.22 AFFO payout ratio (1 2) 99.4% 98.7% -------------------------------------- --- ------------ ----------- (1) Includes the REIT's share of joint venture investments. (2) Refer to "Non-IFRS Measures" section above. Three months ended March 31, ----------------------------------- (in thousands of U.S. dollars, except per unit amounts) 2024 2023 ------------------------------------- --- ------------ ----------- Rental revenue $ 51,915 $ 50,789 Straight-line rent revenue (114) (118) Property operating expenses (37,600) (36,917) IFRIC 21 property tax adjustment 21,145 20,547 Contribution from joint venture investments 5,226 5,537 -------------------------------------- --- ------------ ----------- NOI (1 2) $ 40,572 $ 39,838 -------------------------------------- --- ------------ ----------- Cash flow from operations $ 17,039 $ 19,179 Changes in non-cash working capital items 452 (2,086) Finance charge and mark-to-market adjustments (557) (630) Interest, net and TIF note adjustments 125 30 Adjustments for joint venture investments 2,431 2,979 Non-controlling interest (3,343) (3,502) Capital expenditures (736) (1,082) Leasing costs (808) (684) Tenant improvements (1,558) (807) -------------------------------------- --- ------------ ----------- AFFO (1 2) $ 13,045 $ 13,397 -------------------------------------- --- ------------ ----------- Net income (loss) (1 2) $ 13,612 $ (14,831) Change in fair value of financial instruments (2,186) -- Change in fair value of properties (13,682) 17,880 Deferred income tax expense (recovery) 1,591 (4,624) Unit income (612) (902) Adjustments for joint venture investments 385 1,982 Non-controlling interest (4,055) (4,097) IFRIC 21 property tax adjustment 21,145 20,547 -------------------------------------- --- ------------ ----------- FFO (1 2) $ 16,198 $ 15,955 Straight-line rental revenue (114) (118) Capital expenditures (736) (1,082) Leasing costs (808) (684) Tenant improvements (1,558) (807) Adjustments for joint venture investments (649) (462) Non-controlling interest 712 595 -------------------------------------- --- ------------ ----------- AFFO (1 2) $ 13,045 $ 13,397 -------------------------------------- --- ------------ ----------- (1) Refer to "Non-IFRS Measures" section above. (2) Includes the REIT's share of joint venture investments. March 31, 2024 December 31, 2023 ------------------------------------------ ----------------------------------------- (in thousands of Statement Statement U.S. dollars, of Joint Proportionate of Joint Proportionate except per unit Financial Venture Share Financial Venture Share amounts) Position Investments (Non-IFRS) Position Investments (Non-IFRS) ---------------- ----------- ------------ --------------- ---------- ------------ --------------- ASSETS Non-current assets Properties $2,061,799 $ 307,900 $ 2,369,699 $2,062,599 $ 307,300 $ 2,369,899 Joint venture investments 108,486 (108,486) -- 107,101 (107,101) -- Interest rate swaps 14,621 612 15,233 7,652 580 8,232 Other assets 558 4,551 5,109 718 4,268 4,986 ----------------- --------- ----------- ----------- --------- ----------- ----------- $2,185,464 $ 204,577 $ 2,390,041 $2,178,070 $ 205,047 $ 2,383,117 Current assets Cash 23,407 4,709 28,116 23,587 4,420 28,007 Accounts receivable 21,846 1,442 23,288 22,172 1,813 23,985 Other assets 6,167 -- 6,167 6,985 -- 6,985 Prepaids 4,307 1,389 5,696 4,984 1,049 6,033 ----------------- --------- ----------- ----------- --------- ----------- ----------- $ 55,727 $ 7,540 $ 63,267 $ 57,728 $ 7,282 $ 65,010 ---------------- --------- ----------- ----------- --------- ----------- ----------- Total assets $2,241,191 $ 212,117 $ 2,453,308 $2,235,798 $ 212,329 $ 2,448,127 ----------------- --------- ----------- ----------- --------- ----------- ----------- LIABILITIES Non-current liabilities Debt $ 595,634 $ 205,433 $ 801,067 $ 859,637 $ 205,831 $ 1,065,468 Deferred income taxes 149,417 2 149,419 146,651 2 146,653 Other liabilities 4,365 434 4,799 4,346 482 4,828 ----------------- --------- ----------- ----------- --------- ----------- ----------- $ 749,416 $ 205,869 $ 955,285 $1,010,634 $ 206,315 $ 1,216,949 Current liabilities Debt 569,402 1,009 570,411 302,119 1,466 303,585 Accounts payable and accrued liabilities 41,292 5,239 46,531 43,217 4,548 47,765 Distributions payable 4,323 -- 4,323 4,323 -- 4,323 Exchangeable units of subsidiaries 7,661 -- 7,661 8,269 -- 8,269 ----------------- --------- ----------- ----------- --------- ----------- ----------- $ 622,678 $ 6,248 $ 628,926 $ 357,928 $ 6,014 $ 363,942 ---------------- --------- ----------- ----------- --------- ----------- ----------- Total liabilities $1,372,094 $ 212,117 $ 1,584,211 $1,368,562 $ 212,329 $ 1,580,891 ----------------- --------- ----------- ----------- --------- ----------- ----------- EQUITY Unitholders' equity $ 688,102 $ -- $ 688,102 $ 687,443 $ -- $ 687,443 Non-controlling interest 180,995 -- 180,995 179,793 -- 179,793 ----------------- --------- ----------- ----------- --------- ----------- ----------- Total equity $ 869,097 $ -- $ 869,097 $ 867,236 $ -- $ 867,236 ----------------- --------- ----------- ----------- --------- ----------- ----------- Total liabilities and equity $2,241,191 $ 212,117 $ 2,453,308 $2,235,798 $ 212,329 $ 2,448,127 ----------------- --------- ----------- ----------- --------- ----------- -----------
  

• Press Release: Slate Grocery REIT Reports First Quarter 2024 Results, from 9:55PM ET on Tuesday Apr 30, 2024 by Dow Jones

  9:55PM ET on Tuesday Apr 30, 2024 by Dow Jones
  Companies Mentioned: SGR.UN
  Cash interest paid (13,585) (12,637) -------------------------------------- --- ------------ ----------- Interest coverage ratio (1 2) 2.70x 2.85x ------------------------------------- ----------------- --------------- WA units 60,307 61,460 FFO per WA unit (1 2) $ 0.27 $ 0.26 FFO payout ratio (1 2) 80.1% 82.8% AFFO per WA unit (1 2) $ 0.22 $ 0.22 AFFO payout ratio (1 2) 99.4% 98.7% -------------------------------------- --- ------------ ----------- (1) Includes the REIT's share of joint venture investments. (2) Refer to "Non-IFRS Measures" section above. Three months ended March 31, ----------------------------------- (in thousands of U.S. dollars, except per unit amounts) 2024 2023 ------------------------------------- --- ------------ ----------- Rental revenue $ 51,915 $ 50,789 Straight-line rent revenue (114) (118) Property operating expenses (37,600) (36,917) IFRIC 21 property tax adjustment 21,145 20,547 Contribution from joint venture investments 5,226 5,537 -------------------------------------- --- ------------ ----------- NOI (1 2) $ 40,572 $ 39,838 -------------------------------------- --- ------------ ----------- Cash flow from operations $ 17,039 $ 19,179 Changes in non-cash working capital items 452 (2,086) Finance charge and mark-to-market adjustments (557) (630) Interest, net and TIF note adjustments 125 30 Adjustments for joint venture investments 2,431 2,979 Non-controlling interest (3,343) (3,502) Capital expenditures (736) (1,082) Leasing costs (808) (684) Tenant improvements (1,558) (807) -------------------------------------- --- ------------ ----------- AFFO (1 2) $ 13,045 $ 13,397 -------------------------------------- --- ------------ ----------- Net income (loss) (1 2) $ 13,612 $ (14,831) Change in fair value of financial instruments (2,186) -- Change in fair value of properties (13,682) 17,880 Deferred income tax expense (recovery) 1,591 (4,624) Unit income (612) (902) Adjustments for joint venture investments 385 1,982 Non-controlling interest (4,055) (4,097) IFRIC 21 property tax adjustment 21,145 20,547 -------------------------------------- --- ------------ ----------- FFO (1 2) $ 16,198 $ 15,955 Straight-line rental revenue (114) (118) Capital expenditures (736) (1,082) Leasing costs (808) (684) Tenant improvements (1,558) (807) Adjustments for joint venture investments (649) (462) Non-controlling interest 712 595 -------------------------------------- --- ------------ ----------- AFFO (1 2) $ 13,045 $ 13,397 -------------------------------------- --- ------------ ----------- (1) Refer to "Non-IFRS Measures" section above. (2) Includes the REIT's share of joint venture investments. March 31, 2024 December 31, 2023 ------------------------------------------ ----------------------------------------- (in thousands of Statement Statement U.S. dollars, of Joint Proportionate of Joint Proportionate except per unit Financial Venture Share Financial Venture Share amounts) Position Investments (Non-IFRS) Position Investments (Non-IFRS) ---------------- ----------- ------------ --------------- ---------- ------------ --------------- ASSETS Non-current assets Properties $2,061,799 $ 307,900 $ 2,369,699 $2,062,599 $ 307,300 $ 2,369,899 Joint venture investments 108,486 (108,486) -- 107,101 (107,101) -- Interest rate swaps 14,621 612 15,233 7,652 580 8,232 Other assets 558 4,551 5,109 718 4,268 4,986 ----------------- --------- ----------- ----------- --------- ----------- ----------- $2,185,464 $ 204,577 $ 2,390,041 $2,178,070 $ 205,047 $ 2,383,117 Current assets Cash 23,407 4,709 28,116 23,587 4,420 28,007 Accounts receivable 21,846 1,442 23,288 22,172 1,813 23,985 Other assets 6,167 -- 6,167 6,985 -- 6,985 Prepaids 4,307 1,389 5,696 4,984 1,049 6,033 ----------------- --------- ----------- ----------- --------- ----------- ----------- $ 55,727 $ 7,540 $ 63,267 $ 57,728 $ 7,282 $ 65,010 ---------------- --------- ----------- ----------- --------- ----------- ----------- Total assets $2,241,191 $ 212,117 $ 2,453,308 $2,235,798 $ 212,329 $ 2,448,127 ----------------- --------- ----------- ----------- --------- ----------- ----------- LIABILITIES Non-current liabilities Debt $ 595,634 $ 205,433 $ 801,067 $ 859,637 $ 205,831 $ 1,065,468 Deferred income taxes 149,417 2 149,419 146,651 2 146,653 Other liabilities 4,365 434 4,799 4,346 482 4,828 ----------------- --------- ----------- ----------- --------- ----------- ----------- $ 749,416 $ 205,869 $ 955,285 $1,010,634 $ 206,315 $ 1,216,949 Current liabilities Debt 569,402 1,009 570,411 302,119 1,466 303,585 Accounts payable and accrued liabilities 41,292 5,239 46,531 43,217 4,548 47,765 Distributions payable 4,323 -- 4,323 4,323 -- 4,323 Exchangeable units of subsidiaries 7,661 -- 7,661 8,269 -- 8,269 ----------------- --------- ----------- ----------- --------- ----------- ----------- $ 622,678 $ 6,248 $ 628,926 $ 357,928 $ 6,014 $ 363,942 ---------------- --------- ----------- ----------- --------- ----------- ----------- Total liabilities $1,372,094 $ 212,117 $ 1,584,211 $1,368,562 $ 212,329 $ 1,580,891 ----------------- --------- ----------- ----------- --------- ----------- ----------- EQUITY Unitholders' equity $ 688,102 $ -- $ 688,102 $ 687,443 $ -- $ 687,443 Non-controlling interest 180,995 -- 180,995 179,793 -- 179,793 ----------------- --------- ----------- ----------- --------- ----------- ----------- Total equity $ 869,097 $ -- $ 869,097 $ 867,236 $ -- $ 867,236 ----------------- --------- ----------- ----------- --------- ----------- ----------- Total liabilities and equity $2,241,191 $ 212,117 $ 2,453,308 $2,235,798 $ 212,329 $ 2,448,127 ----------------- --------- ----------- ----------- --------- ----------- -----------