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Investor UpdateQ3 2014
2
Cautionary Statements
Forward-Looking StatementsThis presentation contains forward-looking information within the meaning of applicable
securities laws. These statements include, but are not limited to, statements concerning the
REIT’s objectives, its strategies to achieve those objectives, as well as statements with
respect to management’s beliefs, plans, estimates, and intentions, and similar statements
concerning anticipated future events, results, circumstances, performance or expectations
that are not historical facts. Readers should not place undue reliance on any such forward-
looking statements.
Forward-looking information involves known and unknown risks, uncertainties and other
factors which may cause the actual results, performance or achievements of the REIT to be
materially different from any future results, performance or achievements expressed or
implied by the forward-looking information. Actual results and developments are likely to differ,
and may differ materially, from those expressed or implied by the forward-looking statements
contained herein.
Such forward-looking statements are based on a number of assumptions that may prove to be
incorrect, including, but not limited to, the continued availability of mortgage financing and
current interest rates; the extent of competition for properties; assumptions about the markets
in which the REIT and its subsidiaries operate; the global and North American economic
environment; and changes in governmental regulations or tax laws.
Although the forward-looking information contained in this presentation is based upon what
management believes are reasonable assumptions, there can be no assurance that actual
results will be consistent with these forward-looking statements. Certain statements included
in this presentation may be considered “financial outlook” for purposes of applicable securities
laws, and such financial outlook may not be appropriate for purposes other than this
presentation. Except as required by applicable law, the REIT undertakes no obligation to
publicly update or revise any forward-looking statement, whether as a result of new
information, future events or otherwise.
Non-IFRS MeasuresThis presentation contains financial measures that do not have a standardized meaning under
International Financial Reporting Standards (“IFRS”) as prescribed by the International
Accounting Standards Board. Slate Retail uses the following non-IFRS financial measures:
Funds from Operations (“FFO”), Adjusted Funds from Operations (“AFFO”) on an aggregate
and per unit basis and Net Operating Income (“NOI”). Management believes that in addition
to conventional measures prepared in accordance with IFRS, investors in the real estate
industry use these non-IFRS financial measures to evaluate the REIT’s performance and
financial condition. Accordingly, FFO and AFFO are used by real estate industry analysts,
investors and management as supplemental measures of operating performance of
investment property. Management uses AFFO and FFO in addition to net income to report
operating results. FFO is an industry standard for evaluating operating performance. AFFO
differs from FFO in that AFFO excludes from its definition certain non-cash revenues and
expenses recognized under IFRS, such as straight-line rent and the amortization of finance
costs, but also includes capital and leasing costs incurred during the period, but capitalized for
IFRS purposes. Management also uses AFFO to evaluate the cash generation performance
of the REIT available to fund distributions to unitholders, which is why certain non-cash items
are excluded and capital expenditures capital and leasing costs are deducted. NOI is used by
real estate industry analysts, investors and management to measure operating performance
of the REIT’s properties. NOI represents total property revenues less property operating and
maintenance expenses. Accordingly, NOI excludes certain expenses included in the
determination of net income such as investment property fair value gains and indirect
operating expenses and financing costs. These items are excluded from NOI in order to
provide results that are more closely related to a property’s results of operations. Certain
items, such as interest expense, while included in FFO, AFFO and net income, do not affect
the operating performance of a real estate asset and are often incurred at the REIT level as
opposed to the property level. As a result, management uses only those income and expense
items that are incurred at the property level to evaluate a property’s performance.
Use of EstimatesThe preparation of the REIT financial statements in conformity with IFRS requires
management to make estimates, judgments and assumptions that affect the reported amounts
of assets and liabilities, disclosure of contingent assets and liabilities at the date of the
financial statements and the reported amount of revenues and expenses during the reporting
period. Management’s estimates are based on historical experience and other assumptions
that are believed to be reasonable under the circumstances. Actual results could differ from
those estimates under different assumptions.
Business Overview
4
Key Performance Indicators – Q3 2014
• Adjusted funds from
operations outpaced forecast
by 5%
• Significant acquisition
activity
• Strong leasing fundamentals
• Anchor tenant renewals
• Enhancements to debt
structure
• 5% increase to monthly
unitholder distribution
Three months ended Sep 30, 2014
US$ thousands, excluding ratios, per unit
valuesActual Forecast
Rental revenue $11,386 $10,904
Net operating income (“NOI”)(1) $7,982 $7,627
Number of units outstanding 15,976 16,000
Funds from operations (“FFO”) (1) $4,596 $4,830
FFO per unit $0.29 $0.30
Adjusted funds from operations
(“AFFO”) (1) $4,244 $4,056
AFFO per unit(1) $0.27 $0.25
Total assets $533,877
Total debt $292,920
Occupancy 96%
AFFO payout ratio(1) 66.7%
Debt / GBV ratio 54.9%
Interest coverage ratio 3.10x
(1) See Non-IFRS measures on page 2
5
Slate Retail REIT
TSX LISTED U.S. ASSET BASEAFFO PAYOUT
RATIO
MONTLY
DISTRIBUTION
SLATE
SPONSORSHIP
SRT.U (USD)
SRT.UN (CAD) 100% 66.7% U.S.$0.06/UNIT ~8% EQUITY
• Company: The only Canadian REIT with 100% U.S. grocery-anchored asset base
• Strategy: Build scale in target markets; diversify across the top U.S. grocery retailers
• Portfolio: 33 properties in 15 states; 64% of ABR derived from the top 50 U.S. MSAs
• High Quality Tenants: led by Walmart, SuperValu, Kroger and Delhaize
• Embedded Growth: Below market rents, limited new supply, repositioning opportunities
• Aligned Manager: Slate owns approximately 8% ownership of the REIT
• U.S. Style REIT: Targeting conservative 70% AFFO payout ratio and prudent debt levels
6
80.8%
55.1%
63.8%
76.7%75.6%
86.4%
90.0%
66.7%
89.0%
86.8% 86.9%
84.7%
90.0%
93.4%
Kimco DDR Brixmor Regency Weingarten Equity One CedarRealty
Slate Retail RioCan Choice First Capital Calloway CT REIT Crombie
Conservative AFFO Payout Ratio
75.5% weighted average payout ratio 88.5% weighted average payout ratio
Slate Retail’s conservative approach provides stability and frees up
cash flow for future growth opportunities
Source: CIBC, SNL Financial, FactSet Fundamentals
7
Why Grocery-Anchored Retail?
• The grocery business is non-cyclical, less susceptible to economic fluctuation
• Grocery retail is a defensive asset class; least threatened by spread of e-commerce
• Assets provide stable cash flow streams with embedded growth
• Low cost basis coupled with significant opportunity for capital appreciation delivers a
“total returns” strategy
• Hard assets with below market in place rents offer protection against inflation
• The U.S. economy is improving, and what’s good for the U.S. economy is good for
U.S. commercial real estate
A pure-play strategy that, we believe, offers several attractive
characteristics in a volatile investment landscape
8
Why Grocery-Anchored Retail?
Grocery retail is a defensive asset class; least threatened by
spread of e-commerce
81%
88%
93%
75%
89%
97%
99%
U.S. consumer purchases in 2013; percent of purchases in-store
Drugs, health and beauty aids
$503
Clothing
$358
Computers, electronics, appliances
$272
Furniture
$257
Toys and sporting goods
$128
Books, magazines, music and videos
$120 billion
Grocery and alcohol
$884
Source: Kantar Group, U.S. Commerce Dept.
Management Strategy
10
Slate Asset Management
Since 2005, Slate Asset Management has
established itself as a dynamic, entrepreneurial
and disciplined real estate manager with a track
record of delivering exceptional returns
• Significant transaction expertise with over $2.7 billion of acquisitions
• Established and diversified capital partners including large institutions, pension
funds, high net worth and public markets
• Diversified North American asset base continues to evolve in pursuit of value
opportunities where not all players are looking
• Strategic alignment in every deal via co-investment (~8% ownership of SRT)
• Fully integrated professional operations platform includes asset management,
acquisitions / dispositions, finance, investor relations and legal
11
Fully Integrated Operations Platform
ASSET
MANAGEMENT
FINANCE/
REPORTING
INVESTOR
RELATIONSLEGAL
BANKERS TRUST
GMAC
FIRST NATIONAL FINANCIAL
FORTRESS INVESTMENT GROUP
LONESTAR
TRUSCAN
BROOKFIELD ASSET MANAGEMENT
CB RICHARD ELLIS
CIBC
CUSHMAN & WAKEFIELD
DELOITTE
GE CAPITAL
GOODMANS LLP
OXFORD PROPERTIES
A dedicated U.S. operations team draws upon experience from
preeminent names in commercial real estate finance, brokerage
and asset management
ACQUISITIONS/
DISPOSITIONS
BLAIR WELCH
CEO
BRADY WELCH
CFO
12
Business Strategy
Poised for growth and well-positioned to be a leader in the U.S.
grocery-anchored retail sector
1. BUILD A NORTH
AMERICAN PLATFORM
WITH SUPERIOR
MANAGEMENT AND
EXPERT LEADERSHIP
• “Total Returns” approach; manager acts as investor first
• Highly skilled senior leadership with significant U.S. experience
• Majority independent board with relevant skillsets
2. LEVERAGE ASSET
MANAGEMENT
EXPERTISE TO ENHANCE
PROPERTY CASH FLOWS;
CREATE LONG TERM
VALUE
• Leverage established anchor tenant relationships
• Deploy expert leasing and property management professionals
• Prudent use of financing to enhance returns
3. GROW THE PORTFOLIO
THROUGH STRATEGIC
ACQUISITIONS IN
EXISTING MARKETS AND
BEYOND
• Cultivate reputation of preferred counter-party
• Maintain robust pipeline of highly accretive acquisitions
• Acquire only what you would be “comfortable owning forever”
13
Pure-Play with Large Market Presence
Among its North American peers, Slate Retail in the only vehicle with a 100% grocery-
anchored asset base; Slate Retail also ranks high among Canadian REITs/REOCs in
exposure to major urban markets
North American REITs/REOCs portfolio exposure to
grocery-anchored centres
Canadian REITs/REOCs exposure to markets with
>1 million population
Source: GMP Securities, Company Reports
9%
19%
28% 28%
45%
64%
72%
85%
Plazacorp Crombie Retrocom Choice Calloway SlateRetail
RioCan FirstCapital
100%98%
87% 86%84%
75% 75% 74% 73%71%
64%
57%
50%
22%20%
14
Building Scale in High Quality U.S. Urban Centres
Nashville
Dallas-Ft Worth
Orlando
Jacksonville
Atlanta
Charlotte
Raleigh
Minneapolis-St Paul
Milwaukee
Detroit Pittsburgh
Philadelphia
Washington, DC
Cleveland
Presence in 18 major U.S. MSAs
33 grocery-anchored retail properties
Richmond
Average 5 mile population: 127,000
Average Household Income: $68,000
Growth through attractive, value acquisitions in existing and new markets with solid
demographic and demand fundamentals. Currently, 64% of portfolio GLA is located
within the top 50 U.S. MSAs (>1 million population)
Cincinnati
Tampa
StateNumber
of Assets
% Leasable
Area
North Carolina 5 17%
Pennsylvania 4 15%
Florida 4 13%
Ohio 3 9%
Tennessee 3 9%
Minnesota 2 7%
Michigan 1 6%
Virginia 3 4%
Texas 1 4%
Maryland 1 4%
Connecticut 1 4%
South Carolina 2 3%
Wisconsin 1 3%
Georgia 1 2%
Alabama 1 2%
Total 33 100%
15
Diverse, Strong Performing Grocery Tenant Base
Grocery Retailer Store Brands Locations % Portfolio GLA % Portfolio Rent
Wal-Mart Stores, Inc. 4 12.7% 7.9%
SuperValu, Inc. 4 5.0% 5.5%
The Kroger Co. 7 9.1% 5.3%
Delhaize America 5 4.4% 4.0%
BI-LO Holdings Inc. 4 4.6% 4.0%
Ahold USA 1 1.6% 3.2%
Publix Super Markets 3 3.1% 2.4%
Giant Eagle, Inc. 2 2.8% 2.1%
Lowes Foods LLC 2 2.1% 1.8%
Total 45.4% 36.2%
A strategic selection of among the largest, most respected names in the U.S. grocery
retailing business
The addition other national brand tenants (banks, restaurants, dollar stores) raises the Portfolio Rent
to approximately 70%
16
URBAN CENTRES
WITH >1 MILLION
POPULATION51 6
Significant U.S. Growth Opportunity
UNITED STATES
Source: U.S. Census Bureau , Progressive Grocer, Statistics Canada , Canadian Grocer
37,000 grocery stores
<1% owned by
largest landlord
~20% owned by
largest landlord
CANADA
2,400 grocery stores
LARGE, FRAGMENTED U.S. INVESTMENT LANDSCAPE PROVIDES OPPORTUNITY TO DEVELOP SCALE
17
Targeting High-Quality, Mispriced Assets
80
100
120
140
160
180
200
220
240
Significant opportunity exists for well financed players
in non-major markets
Pre-Downturn Downturn Recovery
Unprecedented
Valuation Gap
Top 6 markets
Other major MSAs
>1 million population
Moody’s RCA National All Property CPPI
(Dec 2000 = 100)
2000 2007 2010 2014
Slate launches U.S. platform
SRT lists on TSX
Source: Real Capital Analytics
18
Limited Supply of New Shopping Centres
Net Completions of U.S. Community and Neighbourhood Shopping Centres 1999-2013 (Left)
Grocery-Anchored Supermarkets and Shopping Centres Occupancy (Right)
Since 2006 there has been an approximate 92% drop in the delivery
of new U.S. shopping centres.
Source: CoStar (occupancy data only available beginning in 2007)
784 755
647 611692
783
883 890847
751
351
134 112 89 69
94.5%
94.1%
93.4%
93.0%
93.2%
93.4%
93.9%
92.8%
93.0%
93.2%
93.4%
93.6%
93.8%
94.0%
94.2%
94.4%
94.6%
0
100
200
300
400
500
600
700
800
900
1000
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
19
Strict Acquisition Criteria
1. Mispriced properties available at a discount-to-peak and/or replacement value
2. Located in strategic U.S. markets with sustainable/improving population and
employment statistics
3. Anchored by a top grocery retailer (by regional market) with an established track
record of strong sales and profitability
4. Situated in well-developed sub-markets with limited risk of new development
5. Accretive to AFFO per unit
Despite the abundance of U.S. grocery-anchored acquisition
opportunities, we remain focused on our original acquisition
strategy
TARGET ASSETS ARE…
Q3 2014 Highlights
21
Significant Acquisition Activity
We continue to maintain a robust pipeline of accretive growth opportunities. Since Q2
2014, SRT has acquired (or committed to acquire) 12 properties representing a ~40%
increase in leasable area.
Asset Metropolitan Area State Square Feet
Purchase
Price
(thousands)
Per
Square
Foot
Occupancy Anchor (Parent Co.)
Closed Q3 2014
North Summit Square Winston-Salem NC 224,530 $15,800 $70 98% Sam's Club (Walmart)
East Little Creek Norfolk VA 69,620 9,850 141 100% Farm Fresh (Supervalu)
Waterbury Plaza Hartford CT 141,443 27,150 192 100% Stop & Shop (Ahold)
Wellington Park Raleigh NC 102,487 15,500 151 91% Lowes Foods
538,080 68,300 127 97%
Closed (blue) / committed (red) subsequent to Q3 2014
Seminole Oaks Tampa FL 63,572 11,350 179 97% Winn-Dixie
Smithfield Shopping Plaza Newport News VA 134,644 13,950 92 92% Farm Fresh (SuperValu)
Forest Plaza Fond du Lac WI 123,028 17,100 139 100% Pick 'n Save (Roundy's)
Stonefield Square Louisville KY 90,991 12,600 138 92% The Fresh Market
Oakland Commons Bloomington IL 73,705 8,200 111 96% Jewel-Osco (Albertsons)
Derry Meadows Boston NH 186,997 24,423 131 93% Hannaford (Delhaize)
Stadium Center Port Huron MI 92,365 5,350 58 93% Kroger
Westminster Plaza Denver CO 97,013 12,670 131 98% Safeway
862,315 105,643 123 95%
Total 1,400,695 $173,943 $124 96%
New grocers to the portfolio in the
months following Q3 2014 include:
22
Strong Leasing Fundamentals
Tenant Size Deal Type Summary Q3 2014
>10,000 square feet
Renewal
Leases signed 3
Square feet 97,703
Avg. rent $6.25
Rental spread 2.0%
New
Leases signed 0
Square feet 0
Avg. rent $0.00
<10,000 square feet
Renewal
Leases signed 22
Square feet 42,151
Avg. rent $18.11
Rental spread 6.5%
New
Leases signed 7
Square feet 17,208
Avg. rent $17.62
Robust leasing activity including significant rental rate growth and
improvement in overall tenant quality
23
Staggered Lease Maturities
% of Total Leasable Area Expiring 2015 – 2019
8% 8% 15% 14% 13%
320,384 330,031
624,475
557,808 542,100
0.00%
2.00%
4.00%
6.00%
8.00%
10.00%
12.00%
14.00%
16.00%
18.00%
0
100,000
200,000
300,000
400,000
500,000
600,000
700,000
% of Total GLA Expiring GLA (SF)
Our stable expiry profile ensures cash flow stability
24
Anchor Tenant Renewals
During the quarter the REIT proactively completed early lease renewals
with two grocery tenants
Uptown Station Oak Hill Village
Fort Walton Beach, Florida Jacksonville, Florida
9.0 years lease term now remaining 5.6 years lease term now remaining
The REIT’s grocery anchor retention rate since inception is 100%
Photo: Uptown Station – Fort Walton Beach, FL Photo: Oak Hill Village – Jacksonville, FL
25
Debt Structure Enhancements
• New rate lock agreement for a $50 million first mortgage secured by 3 properties –
3.8% for 10 years
• New $300 million corporate credit facility with term loan and revolving components
Recent refinancing initiatives extend the REIT’s debt maturity profile,
reduce interest costs and increase the amount of fixed rate debt
Pre-refinance Post-refinance Change
Fixed rate debt as percentage of total debt 10.8% 28.7% 17.9%
Weighted average interest rate 3.4% 3.3% (0.1)%
Weighted average years until maturity 2.4 5.2 2.8
Anticipated impact of recent debt enhancements
Governance & Alignment
27
Experienced, Majority Independent Board of Trustees
Slate Retail REIT Committee
Independent Audit Investment
Compensation,
Governance and
Nomination
Tom Farley (Chairman)
Brookfield Canada Office Properties Yes
Sam Altman, JD, CFA
Joddes Limited Yes
Colum Bastable, FCA (IRL)
Cushman & Wakefield Yes
Patrick Flatley
Fidelity National Title Insurance Yes
Peter Tesché, CFA
P.T. Lloyd Associates Yes
Blair Welch
Slate Retail REIT No
Brady Welch
Slate Retail REIT No
Committee Chair
Slate Retail REIT’s Board draws on a strategic combination of skillsets that
include vast real estate, legal, finance and cross-border experience.
28
Alignment and Fee Structure
Slate owns approximately 8% of the REIT
Manager Fee Summary
Asset management 0.4% of GBV
Acquisition 0.75% of gross acquisition cost
Manager incentive 15% of FFO in excess of $1.28 (plus inflation hurdle)
Financing
None
Disposition
Property Management
Leasing
Construction
Financial Overview
30
Understanding Q3 2014 Financial Results
The following is a summary of accounting matters, that have previously been discussed,
that significantly impact Slate Retail’s consolidated financial statements prepared in
accordance with IFRS:
• Pursuant to the Combination Transaction, Slate U.S. Opportunity (No. 2) Realty Trust (“SUSO 2”) was identified as the “accounting acquirer”,
primarily as a result of unitholders of SUSO 2 holding a controlling interest in Slate Retail units post-Combination Transaction.
• As required under IFRS, the April 2014 Combination Transaction is accounted for as a “business combination” whereby SUSO 2 acquired
Slate U.S. Opportunity (No. 1) Realty Trust (‘SUSO 1”) and Grocery Anchored Retail Limited Partnerships (“GAR”).
• Slate Retail’s consolidated financial statements are issued under the name “Slate Retail REIT”. The comparative and pre-Combination
Transaction balances and results of operations reflect only a continuation of SUSO 2 from an accounting perspective.
• Goodwill recognized on completion on the Combination Transaction was primarily the result of the requirement to recognize a deferred tax
liability. Accordingly, the amount recognized as goodwill was not supportable and was immediately written-off.
• To provide better comparability, the MD&A compares the forecast presented in the February 3, 2014 Management Information Circular,
adjusted to reflect the Combination Transaction closing date on April 15, 2014
31
Financial Highlights
US$ THOUSANDSEXCEPT PER UNIT AMOUNTS
THREE MONTHS ENDED SEPTEMBER
30, 2014VARIANCE
OPERATING PERIOD ENDED SEPTEMBER
30, 2014 (1)
VARIANCE
Actual Forecast $ % Actual Forecast $ %
Property Revenue $11,386 $10,904 $482 4.4% $21,271 $20,948 $323 1.5%
Net Operating Income (NOI) 7,982 7,627 355 4.7% 14,871 14,147 724 5.1%
Funds From Operations (FFO) 4,596 4,830 (234) (4.8)% 8,929 9,215 (286) (3.1)%
FFO per Class U Unit1 0.29 0.30 (0.01) (3.3)% 0.56 0.58 (0.02) (3.4)%
Adjusted FFO (AFFO) 4,244 4,056 188 4.6% 8,301 7,799 502 6.4%
AFFO per Class U Unit1 0.27 0.25 0.02 8.0% 0.52 0.49 0.03 6.1%
(1) To increase comparability between the Forecast and the actual results, the REIT's results from operations includes the period from April 1 to September 30, 2014 ("Operating
Period"). The Operating Period ended September 30, 2014 includes the full period earnings of Slate U.S. Opportunity (No. 2) Realty Trust from April 1, 2014 and the acquisition
of Slate U.S. Opportunity (No. 1) Realty Trust and the GAR portfolio on April 15, 2014
32
Funds from Operations and Adjusted Funds From Operations
1) Calculated on a fully-diluted basis assuming the conversion of all SUSO 1 class A units and SUSO 1 class I units into Class U Units at their respective conversion ratios
and the redemption of all outstanding Class B LP2 Units and GAR B Exchangeable Units for Class U Units.(2) Excluding REIT start-up costs and REIT offering costs.
US$ THOUSANDSEXCEPT PER UNIT AMOUNTS
THREE MONTH PERIOD
ENDED SEPTEMBER 30, 2014
OPERATING PERIODENDED SEPTEMBER 30,
2014
Property Revenue $11,386 $21,271
Straight-line Rent Adjustment (74) (175)
Property Operating Expenses (1,828) (3,475)
IFRIC 21 Property Tax Adjustment (1,502) (2,750)
Net Operating Income $7,982 $14,871
Straight-line Rent Adjustment 74 175
G&A (2) (1,067) (1,744)
Interest Expense (2,393) (4,373)
FFO $4,596 $8,929
Straight-line Rent Adjustment (74) (175)
Amortization of Finance Charges 236 467
Mark-to-market Adjustments on Debt (103) (188)
Capital and Leasing Costs (411) (732)
AFFO $4,244 $8,301
FFO per Class U Unit (1) $0.29 $0.56
AFFO per Class U Unit (1) $0.27 $0.52
Appendix
34
Comparable Retail Portfolio Transactions
Transaction Date Cap Rate Comments
EDENS acquisition of AmREIT ($765M) Expected closing in Q1 2015 5.5%
Offer price implies 23.7x 2014 AFFO; 1.5
million square feet; 95% occupied; ~40%
premium to unit price
Washington Prime acquisition of Glimcher Expected closing in Q1 2015 6.0%
$4.2 billion deal (cash and stock);
combined company will own 119 assets
(68 million square feet)
Vornado Realty Trust retail REIT spin-off Expected closing in Q4 2014 5.8% 81 strip centres and 4 enclosed malls
Kite realty acquisition of Inland Jul 2014 6.6%KRG purchases Inland Diversified for $2.1
billion (57 assets / 10.2 million SF)
Blackstone-DDR JV Jun 2014 7.1%BX and DDR form a JV to acquire 76
shopping centres for $2.0 billion
Blackstone acquires portion of Edens Dec 2013 5.5%BX paid $780M for 29% stake in SC-
based shopping centre owner
Kite Realty portfolio acquisition Nov 2013 7.0%KRG paid $307 for a 9 centre portfolio
from Och-Ziff
Philips Edison equity issuance Oct 2013 7.0% $210 million total raise
Brixmor $840M IPO Oct 2013 6.7%Largest U.S. REIT IPO since Simon
Property in 1993 (NYSE: BRX)
H&R acquires equity position in Echo
RealtyAug 2013 7.0%
Represents a 1/3 equity; cap rate when
debt is marked-to-market
Source: KeyBanc Capital Markets, Company Reports
35
A Significant Value Proposition
Metropolitan Statistical
AreaState Cap Rate
Rent Per
Square
Foot
Occupancy continued…
Atlanta GA 6.5% $12.65 91% Ft. Lauderdale/Miami FL 5.9% $15.48 92%
Baltimore MD 6.2% $15.79 97% Greensboro NC 7.2% $10.96 91%
Boston MA 6.1% $16.90 98% Houston TX 6.5% $14.03 96%
Buffalo NY 7.2% $10.32 90% Jacksonville FL 6.5% $12.37 89%
Charleston SC 6.8% $10.79 90% Memphis TN 7.0% $12.31 94%
Charlotte NC 6.5% $13.91 92% Minneapolis MN 6.7% $12.68 95%
Charlottesville VA 6.2% $21.10 96% Nashville TN 7.0% $10.44 94%
Chicago IL 6.4% $14.89 95% New York NY 5.6% $22.15 97%
Cincinnati OH 7.2% $12.33 96% Orlando FL 6.6% $14.63 90%
Cleveland OH 7.2% $11.28 92% Philadelphia PA 6.4% $16.30 95%
Columbus OH 7.0% $11.96 97% Pittsburgh PA 6.8% $10.25 98%
Dallas-Fort Worth TX 6.5% $16.04 94% Raleigh-Durham NC 6.6% $14.25 94%
Dayton OH 7.2% $10.03 92% Richmond VA 6.5% $14.04 95%
Washington, DC DC 5.9% $22.58 95% Tampa-St. Petersburg FL 6.5% $12.32 91%
Denver CO 6.5% $14.77 90% National 6.4% $14.38 94%
Detroit MI 7.5% $10.76 92% Slate Retail REIT 8.1%* $9.46 96%
Source: Green Street Advisors, CIBC, FactSet Fundamentals
Estimated strip centre cap rates, in place rents and occupancy (Q3 2014)
* Implied cap rate
36
Canada/U.S. REIT/REOC Trading Comparables
Source: CIBC, SNL Financial, FactSet Fundamentals, company reports
2015E AFFO Implied
Unit Price Since ListingMarket Cap
(Millions)
TEV
(Millions)
Premium to
Analyst NAVDist. Yield AFFO Yield Multiple Payout Ratio Debt/TEV Cap Rate Value PSF
Canadian Retail Comparables - C$
RioCan REIT $26.32 (4.3%) $8,130 $14,781 2.3% 5.4% 6.0% 16.6 x 89.0% 43.5% 5.9% $185
Choice Properties $10.63 (0.5%) $4,078 $10,774 (1.1%) 6.1% 7.0% 14.2 x 86.8% 33.1% 6.3% $276
First Capital Realty $18.48 3.6% $3,989 $7,679 (1.5%) 4.7% 5.4% 18.7 x 86.9% 45.5% 5.7% $313
Calloway REIT $27.32 1.7% $3,688 $6,658 (6.2%) 5.9% 6.9% 14.5 x 84.7% 47.3% 6.4% $247
CT REIT $11.90 3.0% $1,074 $4,030 6.3% 5.5% 6.5% 15.4 x 90.0% 48.4% 6.1% $201
Crombie REIT $12.92 (3.7%) $1,686 $3,685 (9.5%) 6.9% 7.4% 13.6 x 93.4% 49.4% 6.7% $205
Average (0.0%) (1.6%) 5.7% 6.5% 15.5 x 88.5% 44.5% 6.2% $238
U.S. Retail Comparables - US$
Kimco $24.78 10.0% $10,195 $15,783 5.0% 3.9% 4.8% 20.8 x 80.8% 29.8% 6.0% $135
DDR $18.46 8.9% $6,654 $12,158 (0.4%) 3.4% 6.1% 16.4 x 55.1% 43.1% 6.5% $97
Brixmor Property Group $23.91 12.5% $5,860 $12,645 (2.3%) 3.8% 5.9% 16.9 x 63.8% 47.9% 6.6% $145
Regency Centers $62.05 18.4% $5,786 $8,063 8.1% 3.0% 4.0% 25.3 x 76.7% 25.1% 5.4% $184
Weingarten Realty
Investors$36.50 18.3% $4,463 $6,817 6.3% 3.6% 4.7% 21.2 x 75.6% 29.5% 5.9% $139
Equity One $24.14 9.0% $2,989 $4,515 1.3% 3.6% 4.2% 23.7 x 86.4% 30.8% 5.7% $291
Cedar Realty Trust $6.81 12.4% $517 $1,395 (4.5%) 2.9% 6.8% 14.8 x 90.0% 49.2% 7.1% $152
Average 12.8% 1.9% 3.5% 5.2% 19.9 x 75.5% 36.5% 6.2% $163
Slate Retail REIT US$ $10.26 (23.8%) $208 $500 (23.9%) 7.6% 12.2% 8.2 x 66.7% 61.9% 8.1% $101
TSX SRT.U (US$) / SRT.UN (C$)
Web slateretailreit.com
Office 200 Front St W, Suite 2400
Toronto, ON M5V 3K2
Contact Blair Welch
CEO
Brady Welch
CFO
Conor McBroom
VP, Investor Relations
416 644 4267
416 644 4263
416 619 4284
