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Slate Grocery REIT (SRRTF)
OTHER OTC:SRRTF
Earnings Data
Report Date
May 13, 2025TBA Not Confirmed
Period Ending
2025 (Q1)Consensus EPS Forecast
―Last Year’s EPS
0.25Same Quarter Last Year
Based on 2 Analysts Ratings
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Earnings Call Summary
Earnings Call Date:Feb 12, 2025
|% Change Since: 3.41%
|Next Earnings Date:May 13, 2025
Earnings Call Sentiment|Positive
The earnings call presented a strong performance in leasing activity, income growth, and successful refinancing, alongside challenges like trading below net asset value and higher tax expenses. The sentiment is overall positive due to the strong operational performance and favorable market conditions.Company Guidance
During the Slate Grocery REIT's Fourth Quarter 2024 Financial Results Conference Call, the company reported a robust performance with a 4.3% increase in same-property net operating income (NOI) totaling $6.7 million on a trailing 12-month basis. They achieved close to 3 million square feet of total leasing for the year at double-digit rental spreads, with new deals 28% above comparable average in-place rent and non-option renewals over 14% above expiring rents. Portfolio occupancy was stable at 94.8%, supported by a strong pipeline of new leasing opportunities. Despite challenging financing conditions, Slate Grocery REIT refinanced over $630 million of debt at an interest rate similar to maturing debt. The call also highlighted the opportunity for growth due to average in-place rents of $12.65 per square foot, significantly below the market average of $23.80. The REIT's units trade at a discount to net asset value, presenting a compelling investment opportunity, as the company continues to leverage high construction costs and tight lending conditions that limit new retail development.Strong Leasing Activity and Income Growth
The REIT completed close to 3 million square feet of total leasing throughout the year at double-digit rental spreads. New deals were completed at 28% above comparable average in-place rent and non-option renewals at over 14% above expiring rents. Same-property NOI increased by $6.7 million or 4.3% on a trailing 12-month basis.
Stable Occupancy and Positive Pipeline
Portfolio occupancy remained stable at 94.8%, with expectations of continued positive trends in occupancy due to new leasing opportunities.
Successful Debt Financing
The team financed over $630 million of debt throughout the year at an interest rate spread similar to the maturing debt, indicating lender confidence in the REIT's business.
Market Position and Investment Opportunity
The REIT's units are trading at a discount to net asset value, presenting a compelling investment opportunity. The REIT has been a top-performing retail REIT stock in Canada and the U.S. on a total return basis over the last several years.
Favorable Retail Market Conditions
High construction costs and tight lending conditions limit new retail development, contributing to limited supply and increased pricing power for landlords.
Strong Interest from Investors
Private institutional investors are interested in owning U.S. assets that generate U.S. dollars, with expectations of increased interest in the grocery-anchored real estate sector.
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SRRTF Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
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SRRTF Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
| Feb 12, 2025 | $9.71 | $9.74 | +0.32% |
| Nov 06, 2024 | $9.70 | $9.75 | +0.45% |
| Aug 08, 2024 | $8.24 | $8.24 | -0.07% |
| May 01, 2024 | $7.39 | $7.50 | +1.51% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
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FAQ
When does Slate Grocery REIT (SRRTF) report earnings?
Slate Grocery REIT (SRRTF) is schdueled to report earning on May 13, 2025, TBA Not Confirmed.
What is Slate Grocery REIT (SRRTF) earnings time?
Slate Grocery REIT (SRRTF) earnings time is at May 13, 2025, TBA Not Confirmed.
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is SRRTF EPS forecast?
Currently, no data Available
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