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High Dividend Yield Remains Anchored By Grocery Stability (TSX:SGR.U:CA)

High Dividend Yield Remains Anchored By Grocery Stability (TSX:SGR.U:CA)


KenWiedemann

Investment thesis

Slate Grocery (SGR.UN: CAD and USD ADR SRRTF) is a REIT focused on retail spaces anchored by grocery stores. Slate owns 117 properties in 24 states, with an average rent of $12.37/square foot across 15.3 million square feet.

Grocery-anchored retail is

E2024

E2025

E2026

Sales prices

2.2

2.2

2.2

Price/FFO

5.8

5.6

5.3

Type

% of total rental area

Weighted average lease duration (years)

Grocery store (Anchor)

43.8%

5.2

Retail (non-anchor)

48.3%

4.2

Vacant

5.9%

Type

Square foot

Average base rent

Spread (difference between old rent and new rent)

Renewal

<10,000

$23.18

10.1%

Renewal

>10,000

$9.63

8.3%

New lease

<10,000

$21.40

24.3%

New lease

>10,000

$13.00

1.0%

Quarter ending in September

Number of tenants

Weighted average rent ($/ft²)

Change

Renewals

68

$12.95

9.1%

New leases

31

$18.76

Total / Weighted average

99

$13.82

16.4%



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