Slate Grocery REIT (SRRTF) Q2 2025 Earnings Call Transcript

Slate Grocery REIT (OTC:SRRTF) Q2 2025 Earnings Conference Call August 7, 2025 9:00 AM ET

Company Participants

Blair Welch – CEO & Trustee
Joseph Pleckaitis – Chief Financial Officer
Shivi Agarwal – Manager of Finance

Conference Call Participants

Bradley Sturges – Raymond James Ltd., Research Division
Sairam Srinivas – Cormark Securities Inc., Research Division
Tal Woolley – CIBC Capital Markets, Research Division

Operator

Good morning, ladies and gentlemen, and welcome to the Slate Grocery REIT Second Quarter 2025 Financial Results Call. [Operator Instructions] This call is being recorded on Thursday, August 7, 2025. I would now like to turn the conference over to Shivi Agarwal. Please go ahead.

Shivi Agarwal

Thank you, operator, and good morning, everyone. Welcome to the Q2 2025 Conference Call for Slate Grocery REIT. I’m joined this morning by Blair Welch, Chief Executive Officer; Joe Pleckaitis, Chief Financial Officer; Connor O’Brien, Managing Director; Allen Gordon, Senior Vice President and Braden Lyons, Vice President.

Before getting started, I would like to remind participants that our discussion today may contain forward-looking statements, and therefore, we ask you to review the disclaimers regarding forward-looking statements as well as non-IFRS measures, both of which can be found in management’s discussion and analysis. You can visit Slate Grocery REIT’s website to access all of the REIT’s financial disclosure, including our Q2 2025 investor update, which is available now.

I will now hand over the call to Blair Welch for opening remarks.

Blair Welch

Thanks, Shivi, and hello, everyone. We are pleased to report strong second quarter financial results for Slate Grocery REIT. Our team continues to achieve strong leasing volumes at double-digit rental spreads, which drove another quarter of healthy net operating income growth for the REIT. The REIT completed over 423,000 square feet of total leasing throughout this quarter. Renewal spreads were completed at 13.8% above expiring rents, and new