Slate Retail REIT · Slate Retail REIT . Investor Update . Q4 2019. Westhaven Town Center . Franklin, TN

Slate Retail REIT

Investor Update Q4 2019

Westhaven Town Center Franklin, TN

Company Overview

Slate Retail REIT | 1

100% Grocery-anchored1

TSX SRT.UNSRT.U

76 Properties2All U.S. Locations

9.9M Square Feet

$1.25B Enterprise Value3

8.4% Current Dividend Yield4

3.1%CAGR

U.S. grocery-anchored shopping centers with resilient cash flows that generate excess yield

1 Excludes properties under development2 As of December 31, 20193 In US$ 4 Annual US$0.864 distribution divided by January 24, 2020 unit price of US$10.26

Track record of distribution growth

$0.76

$0.79

$0.82

$0.84

$0.86 $0.864

2015 2016 2017 2018 2019 2020

Performance UpdateQuarterly

Annual

Note: All figures in thousands of US$ expect per unit amounts, unless otherwise noted


Total Leasing Spreads (New & Renewal)


Net Operating Income

Net Operating Income

Funds From Operations Per Unit

Funds From Operations Per Unit

6.5%7.0%

11.0%

6.5%

4.8%

Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019

6.0%

12.5%13.1%

11.7%

7.4%

2015 2016 2017 2018 2019

$25,353

$24,266

Q4 2018 Q4 2019

$85,066

$100,932 $98,727

2017 2018 2019

$0.30 $0.29

Q4 2018 Q4 2019

$1.26 $1.27$1.20

2017 2018 2019

Portfolio

Mooresville Consumer SquareMooresville, NC

Diversified Portfolio

Geographically well diversified with 76 properties totaling 9.9M sq. ft. in 21 states and 19 metropolitan statistical areas

Top Five States (Ranked by Annual Base Rent1)

16.2% Florida

11.1% North Carolina

10.4% Pennsylvania

9.4% Georgia

8.9% South Carolina

Top Five Tenants (Ranked by Annual Base Rent1)

8.3% Walmart

6.4% Kroger

4.1% Ahold Delhaize

4.0% Publix

3.4% Southeastern Grocers

73.8% Remaining tenants (1,168 leases)

Florida

South Carolina

North Carolina

Pennsylvania

Georgia

1 As of December 31, 2019


Necessity Based Tenancy

We derive the majority of our income from retailers that provide in-person services and leverage their physical stores to provide complementary e-commerce solutions

Supermarkets & Grocery1

38%

Financial Institutions4%

Fitness Facilities4%

Medical & Personal Services 15%

Liquor Stores1%

Sporting & Footwear2%

Dollar Stores1%

Pharmacy 1%

Discount & Off-Price7%

Other Necessity-Based & Daily Needs15%

Restaurants12%

1 Includes Walmart


Drivers of long-term stable cash flow

94.8% Tenant retention since Q1 2016

100% Grocery-anchored centers

93.0% Occupancy rate

Company overview

(in USDs)30-Sep-18

Units outstanding45,800,000

SRT.U - unit price $10.00

Market Cap$ 458,000,000

Total Debt Outstanding$ 880,312,025

Cash $ (6,000,000)

Total Enterprise Value$ 1,332,312,025

USDCADCADCADCADCADCADCAD

Slate Retail REITHistorical distributionsSlate Retail REITPlaza Retail REITSmartCenters REITCrombie REITRioCan REITCT REITChoice Properties REIT

$ 0.18000Q3 2014$ 0.19774$ 0.06000$ 0.38700$ 0.22260$ 0.35250$ 0.16250$ 0.16250

$ 0.18600Q4 2014$ 0.21273$ 0.06000$ 0.40020$ 0.22260$ 0.35250$ 0.16358$ 0.16250

$ 0.18900Q1 2015$ 0.23401$ 0.06250$ 0.40020$ 0.22260$ 0.35250$ 0.16575$ 0.16250

$ 0.18900Q2 2015$ 0.23630$ 0.06250$ 0.40020$ 0.22260$ 0.35250$ 0.16575$ 0.16250

$ 0.18900Q3 2015$ 0.24750$ 0.06250$ 0.40020$ 0.22260$ 0.35250$ 0.16575$ 0.16250

$ 0.19089Q4 2015$ 0.26316$ 0.06250$ 0.41250$ 0.22260$ 0.35250$ 0.16717$ 0.16250

$ 0.19467Q1 2016$ 0.25874$ 0.06500$ 0.41250$ 0.22260$ 0.35250$ 0.17001$ 0.16750

$ 0.19467Q2 2016$ 0.25091$ 0.06500$ 0.41250$ 0.22260$ 0.35250$ 0.17001$ 0.16750

$ 0.19728Q3 2016$ 0.25790$ 0.06500$ 0.41250$ 0.22260$ 0.35250$ 0.17001$ 0.17750

$ 0.20250Q4 2016$ 0.26804$ 0.06500$ 0.42501$ 0.22260$ 0.35250$ 0.17167$ 0.17750

$ 0.20250Q1 2017$ 0.26754$ 0.06750$ 0.42501$ 0.22260$ 0.35250$ 0.17499$ 0.17750

$ 0.20250Q2 2017$ 0.26673$ 0.06750$ 0.42501$ 0.22260$ 0.35250$ 0.17499$ 0.18250

$ 0.20250Q3 2017$ 0.25155$ 0.06750$ 0.42501$ 0.22260$ 0.35250$ 0.17499$ 0.18500

$ 0.20750Q4 2017$ 0.26231$ 0.06750$ 0.43749$ 0.22260$ 0.35250$ 0.17733$ 0.18500

$ 0.21000Q1 2018$ 0.26503$ 0.06993$ 0.43749$ 0.22260$ 0.36000$ 0.18201$ 0.18500

$ 0.21000Q2 2018$ 0.27100$ 0.06999$ 0.43749$ 0.22260$ 0.36000$ 0.18201$ 0.18500

$ 0.21000Q3 2018

$ 0.21000Q4 2018 Est.

NotesUnit priceUSDCADCADCADCADCADCAD

Fact Set30-Sep-14$10.69$3.92$25.72$12.95$25.67$11.02$10.31

Fact Set30-Sep-18$10.00$4.13$31.65$13.62$25.61$13.40$12.76

Change-6.5%5.4%23.1%5.2%-0.2%21.6%23.8%

SRTPlazaSmartCentersCrombieRioCanCTChoice

Current Dividend Yield8.38%6.66%5.49%6.54%5.56%5.35%5.80%

201420152016201720182019

SRT Annual Distributions$ 0.37$ 0.76$ 0.79$ 0.82$ 0.840.87

SRT Annual Distributions201420152016201720180.365999999999999990.757889999999999950.789120000000000040.815000000000000060.84

Current Dividend YieldSRTPlazaSmartCentersCrombieRioCanCTChoice8.3749999999999991E-26.6566585956416471E-25.489668246445497E-26.5374449339207052E-25.5642327215931271E-25.3458208955223879E-25.7994043887147337E-2

Performance update


Q3 2017Q4 2017Q1 2018Q2 2018Q3 2018

Lease spreads11.10%12.50%8.30%22.0%15%


20142015201620172018

Lease spreads9.6%6.0%12.5%13.1%14.7%

Total leasing spreads (new & renewal)

Q3 2017Q4 2017Q1 2018Q2 2018Q3 20180.1110.1258.3000000000000004E-20.220.152

Total leasing spreads (new & renewal)

201420152016201720189.6000000000000002E-20.060.1250.131000000000000010.14699999999999999

Necessity-based tenancy

Supermarkets & Grocery1 38%

Other Necessity-Based & Daily Needs15%Liquor Stores1%Dollar Stores1%Pharmacy 1%

Sporting & Footwear2%Restaurants12%

Financial Institutions4%

Medical & Personal Services 15%

Fitness Facilities4%

Discount & Off-Price7%

Last mile food dist.

PowerTTM NOI% of Total NOI5-Mile Population5-Mile Avegage HH Income5-mile Median HH Income3-Mile Population3-Mile Avegage HH Income3-mile Median HH Income

Dorman$ 3,407,4303.4%87,435$ 54,264$ 36,82045,796$ 53,054$ 36,708

Uptown$ 2,235,9982.2%71,008$ 62,595$ 51,78449,280$ 60,220$ 49,271

Cordova$ 2,576,8082.6%138,585$ 59,811$ 46,79262,462$ 60,437$ 49,589

Total Power$ 8,220,2368.3%99,001$ 58,269$ 44,01651,968$ 57,318$ 44,163

Community

Mooresville Consumer$ 3,115,9093.1%63,543$ 92,560$ 79,24129,139$ 81,808$ 71,829

West Valley$ 2,334,0222.3%104,299$ 102,783$ 84,63347,718$ 104,317$ 86,555

Good Homes$ 1,665,6081.7%245,677$ 68,663$ 55,501103,228$ 69,768$ 56,220

Wedgewood$ 1,512,0761.5%98,436$ 84,615$ 59,79452,352$ 72,010$ 53,705

Cambridge$ 2,486,5302.5%248,999$ 95,678$ 75,08295,275$ 96,719$ 74,761

Summit Ridge$ 1,680,4141.7%27,234$ 52,345$ 42,92515,129$ 50,845$ 40,347

Charles Town$ 1,707,0071.7%32,575$ 78,484$ 62,71518,063$ 75,290$ 57,687

Kennywood$ 703,1330.7%217,357$ 54,416$ 44,33287,266$ 45,472$ 37,990

Indy Square$ 2,208,3062.2%212,950$ 76,904$ 58,98783,763$ 61,515$ 52,187

Derry $ 1,984,5602.0%53,573$ 94,329$ 82,18029,054$ 81,878$ 82,180

Total Community$ 19,397,56519.5%126,273$ 83,812$ 67,93154,152$ 77,754$ 64,848

Neighbourhood

All others$ 71,771,87472.2%113,593$ 76,735$ 63,23451,224$ 75,329$ 62,824

Total Neighborhood

TOTAL$ 99,389,675

*TTM as of Aug 31, 2018

5-Mile Population5-Mile Avegage HH Income5-mile Median HH Income3-Mile Population3-Mile Avegage HH Income3-mile Median HH Income

11 Galleria$1,241,0661074846101746725563846478148088

98 Palms$1,036,817172029152664209134508926464335

Abbott's Village$1,277,35617354113274211268883185134558117563

Alta Mesa Plaza$1,219,20824067568550568121283456463956397

Armstrong Plaza$409,308525187776164770229087028458824

Barefoot Commons$981,177298106406747194128906031046314

Battleground Village$1,044,1061900357135355676682339565372521

Bellview Plaza$846,1391288205201943977561415713448445

Birmingham Shoppes$987,4904037414993612207210941185796151790

Bloomingdale Plaza$810,9532066547856966882850187971069153

Buckeye Plaza$682,55735523249433312471625154435035179

Cambridge Crossings$2,443,533

Canton Shopping Center$1,005,0811935748524672939878978764977383

Charles Town Plaza$1,692,157

City Center Plaza$937,24925039166868566981052446358852345

Cordova Commons$2,629,094

County Line Plaza$706,8672637607990667042909707698863876

Cudahy Centre$528,3211385385839351377564415759350779

Derry Meadows Shoppes$2,054,332

Dill Creek Commons$677,965994567916361784416687041252269

Dorman Centre$3,625,888

Douglas Commons$1,121,978882066360557435380176232854426

Duluth Station$641,1381990149663968812656549688470129

East Brainerd Mall$1,675,177222475240540054135354620635084

East Little Creek$807,23520737461854493141204886340851304

Eastpointe Shopping Center$966,071392106294448776203967116156473

Errol Plaza$682,672773066650956201388616313254383

Eustis Village$1,685,469707955830947392295115505244544

Flowers Plantation$555,334407307691863876152789320779806

Forest Plaza$1,379,372551585768650412420505245445617

Fuquay Crossing$932,347591868239074118245417686969588

Glidden Crossing$1,285,630505845736648668387365173544306

Good Homes Plaza$1,821,000

Highland Square$1,176,520212474749937859122114179733666

Hocking Valley Mall$1,174,284509245464246428430935987242675

Independence Square$2,159,290

Kennywood Shops$706,746

Lake Raystown Plaza$1,782,019160415351243309134625104340850

Little River Pavilion$772,391311396342547650154545081942131

Locust Grove$841,933369206888358581135017932866830

Mapleridge Center$1,054,1652453867202756647801907352656724

Merchants Crossing$1,040,155644627015458253387436305250518

Merchants Square$1,230,7841846934861741715849124842641664

Meres Town Center$463,6661153436891056505466106701452904

Mitchellville Plaza$2,917,80414722510776310293854186118599114652

Mooresville Consumer Square$3,134,756

Mooresville Town Square$1,386,238647089571675976303149057775114

Mulberry Square$1,733,0036942210028585859402078723474133

National Hills$1,733,0001311726638654490480467799861699

North Augusta Plaza$2,308,452936775346840716457595009437278

North Branch Marketplace$922,31812361709276468698766937663112

North Hixson Marketplace$455,648475527866065442222867827067003

North Lake Commons$1,187,5678538616067912510941309157351123147

North Pointe$638,780988857663763468489108483369001

North Summit Square$1,388,228779605483742611316234470837917

Northland Center$1,049,104888247189655642736856570949474

Norwin Town Square$1,379,599844797585864513330478271168552

Oak Hill Village$645,5381684635841050590700765221047657

Oakland Commons$591,9881267387625162737730707076457970

Phalen Retail Center$764,58529790659619499451323115317146433

Pinewood Plaza$444,24021257753742443631016754739440001

Plaza St. Clair$680,8731149197626662588338858669070807

Plymouth Station$1,620,53512705314036810607853245143534109701

Robson Crossing$957,117657246659953262212756479953268

Roxborough Marketplace$1,370,7582577712892311472510637114533104270

Salerno Village Square$776,732834468011857770448777521855698

Seminole Oaks$778,6512389736540248611989686171051101

Shops at Cedar Point$1,226,14821398871214584721038467131757302

Smithfield Shopping Plaza$1,158,944190698843676285121369115777629

Southgate Crossing$2,192,837523747691160656322177409658877

Springboro Plaza$828,111814658259970072322847568164327

St. Elmo Central$713,159955415019436836359034719131247

Stadium Center$439,589627265490469190374614700667140

Stonefield Square$960,8891805657873769190604532717667140

Summit Ridge$1,702,783

Sunset Plaza$670,784785246135244001417686363145852

Taylorsville Town Center$1,209,10438433864644563711512436422655506

Uptown Station$2,782,374

Waterbury Plaza$1,805,9041618556716557702801135554447207

Watford Plaza$1,462,4063634986857897433369455876811

Wausau Pick 'n Save$694,110560226538950259405065967746454

Wedgewood Commons$1,660,312

Wellington Park$1,285,27416041890245736476075810215280708

West Valley Marketplace$2,528,627

Westhaven Town Center$673,018512019808979980194458968370487

Westminster Plaza$1,265,43533442065997568091335365776050643

Distributon growth

USDCADCADCADCADCADCAD

Slate Retail REITPlaza Retail REITSmartCenters REITCrombie REITRioCan REITCT REITChoice Properties REITNotes

Distribution yield8.6%6.8%5.5%6.5%5.6%5.4%5.8%as of Sept 30, 2018

FFO per unit$ 1.30$ 0.35$ 2.26$ 1.20$ 1.82$ 1.16$ 0.97SRT at 9/30/2018 | RBC - 2018E

Distribution$ 0.84$ 0.28$ 1.75$ 0.89$ 1.44$ 0.73$ 0.74Monthly (Sept 2018) annualized

FFO Payout Ratio64.6%80.0%77.4%74.2%79.1%62.8%76.3%TTM

6.5%8.0%7.7%7.4%7.9%6.3%7.6%

CADCADCADCADCADCADCAD

Historical distributionsSlate Retail REITPlaza Retail REITSmartCenters REITCrombie REITRioCan REITCT REITChoice Properties REIT

Q3 2014$ 0.1977$ 0.0600$ 0.3870$ 0.2226$ 0.3525$ 0.1625$ 0.1625$ - 0

Q4 2014$ 0.2127$ 0.0600$ 0.4002$ 0.2226$ 0.3525$ 0.1636$ 0.1625$ - 0

Q1 2015$ 0.2340$ 0.0625$ 0.4002$ 0.2226$ 0.3525$ 0.1658$ 0.1625$ - 0

Q2 2015$ 0.2363$ 0.0625$ 0.4002$ 0.2226$ 0.3525$ 0.1658$ 0.1625$ - 0

Q3 2015$ 0.2475$ 0.0625$ 0.4002$ 0.2226$ 0.3525$ 0.1658$ 0.1625$ - 0

Q4 2015$ 0.2632$ 0.0625$ 0.4125$ 0.2226$ 0.3525$ 0.1672$ 0.1625$ - 0

Q1 2016$ 0.2587$ 0.0650$ 0.4125$ 0.2226$ 0.3525$ 0.1700$ 0.1675$ - 0

Q2 2016$ 0.2509$ 0.0650$ 0.4125$ 0.2226$ 0.3525$ 0.1700$ 0.1675$ - 0

Q3 2016$ 0.2579$ 0.0650$ 0.4125$ 0.2226$ 0.3525$ 0.1700$ 0.1775$ - 0

Q4 2016$ 0.2680$ 0.0650$ 0.4250$ 0.2226$ 0.3525$ 0.1717$ 0.1775$ - 0

Q1 2017$ 0.2675$ 0.0675$ 0.4250$ 0.2226$ 0.3525$ 0.1750$ 0.1775$ - 0

Q2 2017$ 0.2667$ 0.0675$ 0.4250$ 0.2226$ 0.3525$ 0.1750$ 0.1825$ - 0

Q3 2017$ 0.2516$ 0.0675$ 0.4250$ 0.2226$ 0.3525$ 0.1750$ 0.1850$ - 0

Q4 2017$ 0.2623$ 0.0675$ 0.4375$ 0.2226$ 0.3525$ 0.1773$ 0.1850$ - 0

Q1 2018$ 0.2650$ 0.0699$ 0.4375$ 0.2226$ 0.3600$ 0.1820$ 0.1850$ - 0

Q2 2018$ 0.2710$ 0.0700$ 0.4375$ 0.2226$ 0.3600$ 0.1820$ 0.1850$ - 0

Q3 2018$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0$ - 0

Slate Retail REITPlaza Retail REITSmartCenters REITCrombie REITRioCan REITCT REITChoice Properties REIT

Q3 2014100.0100.0100.0100.0100.0100.0100.0

Q4 2014107.6100.0103.4100.0100.7100.0100.0

Q1 2015118.3104.2103.4100.0102.0100.0100.0

Q2 2015119.5104.2103.4100.0102.0100.0100.0

Q3 2015125.2104.2103.4100.0102.0100.0100.0

Q4 2015133.1104.2106.6100.0102.9100.0100.0

Q1 2016130.8108.3106.6103.1104.6100.0100.0

Q2 2016126.9108.3106.6103.1104.6100.0100.0

Q3 2016130.4108.3106.6109.2104.6100.0100.0

Q4 2016135.6108.3109.8109.2105.6100.0100.0

Q1 2017135.3112.5109.8109.2107.7100.0100.0

Q2 2017134.9112.5109.8112.3107.7100.0100.0

Q3 2017127.2112.5109.8113.8107.7100.0100.0

Q4 2017132.7112.5113.0113.8109.1100.0100.0

Q1 2018134.0116.6113.0113.8112.0102.1100.0

Q2 2018137.0116.7113.0113.8112.0102.1100.0

Q3 2018- 0- 0- 0- 0- 0- 0- 0

Slate Retail REITPlaza Retail REITSmartCenters REITCrombie REITRioCan REITCT REITChoice Properties REIT

Q3 20140.0%0.0%0.0%0.0%0.0%0.0%0.0%

Q4 20147.6%0.0%3.4%0.0%0.7%0.0%0.0%

Q1 201518.3%4.2%3.4%0.0%2.0%0.0%0.0%

Q2 201519.5%4.2%3.4%0.0%2.0%0.0%0.0%

Q3 201525.2%4.2%3.4%0.0%2.0%0.0%0.0%

Q4 201533.1%4.2%6.6%0.0%2.9%0.0%0.0%

Q1 201630.8%8.3%6.6%3.1%4.6%0.0%0.0%

Q2 201626.9%8.3%6.6%3.1%4.6%0.0%0.0%

Q3 201630.4%8.3%6.6%9.2%4.6%0.0%0.0%

Q4 201635.6%8.3%9.8%9.2%5.6%0.0%0.0%

Q1 201735.3%12.5%9.8%9.2%7.7%0.0%0.0%

Q2 201734.9%12.5%9.8%12.3%7.7%0.0%0.0%

Q3 201727.2%12.5%9.8%13.8%7.7%0.0%0.0%

Q4 201732.7%12.5%13.0%13.8%9.1%0.0%0.0%

Q1 201834.0%16.6%13.0%13.8%12.0%2.1%0.0%

Q2 201837.0%16.7%13.0%13.8%12.0%2.1%0.0%

Q3 2018-100.0%-100.0%-100.0%-100.0%-100.0%-100.0%-100.0%

Slate Retail REITPlaza Retail REITCrombie REITSmartCenters REITRioCan REITCT REITChoice Properties REIT

37.0%16.7%13.8%13.0%12.0%2.1%0.0%

USD

Slate Retail REIT

Q3 2014$ 0.18

Q4 2014$ 0.19

Q1 2015$ 0.19

Q2 2015$ 0.19

Q3 2015$ 0.19

Q4 2015$ 0.19

Q1 2016$ 0.19

Q2 2016$ 0.19

Q3 2016$ 0.20

Q4 2016$ 0.20

Q1 2017$ 0.20

Q2 2017$ 0.20

Q3 2017$ 0.20

Q4 2017$ 0.21

Q1 2018$ 0.21

Q2 2018$ 0.21

Q3 2018$ 0.21

Slate Retail REIT

Q3 2014100.0

Q4 2014103.3

Q1 2015105.0

Q2 2015105.0

Q3 2015105.0

Q4 2015106.1

Q1 2016108.2

Q2 2016108.2

Q3 2016109.6

Q4 2016112.5

Q1 2017112.5

Q2 2017112.5

Q3 2017112.5

Q4 2017115.3

Q1 2018116.7

Q2 2018116.7

Q3 2018116.7

Slate Retail REIT

Q3 20140.0%

Q4 20143.3%

Q1 20155.0%

Q2 20155.0%

Q3 20155.0%

Q4 20156.1%

Q1 20168.2%

Q2 20168.2%

Q3 20169.6%

Q4 201612.5%

Q1 201712.5%

Q2 201712.5%

Q3 201712.5%

Q4 201715.3%

Q1 201816.7%

Q2 201816.7%

Q3 201816.7%

Growth in distributions per unit - $CAD

Slate Retail REITQ3 2014Q4 2014Q1 2015Q2 2015Q3 2015Q4 2015Q1 2016Q2 2016Q3 2016Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017Q1 2018Q2 201807.5806614746636969E-20.183422676241529190.195003540002022690.251643572367755470.330838474764842740.308485890563366060.268888439364822540.3042378881359360.355517346009911920.352988773136441610.348892485081420120.272125012642864260.326539900879943220.340295337311621090.37048649742085549Plaza Retail REITQ3 2014Q4 2014Q1 2015Q2 2015Q3 2015Q4 2015Q1 2016Q2 2016Q3 2016Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017Q1 2018Q2 2018004.1666666666666741E-24.1666666666666741E-24.1666666666666741E-24.1666666666666741E-28.3333333333333481E-28.3333333333333481E-28.3333333333333481E-28.3333333333333481E-20.125000000000000220.125000000000000220.125000000000000220.125000000000000220.16550000000000020.16650000000000009SmartCenters REITQ3 2014Q4 2014Q1 2015Q2 2015Q3 2015Q4 2015Q1 2016Q2 2016Q3 2016Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017Q1 2018Q2 201803.4108527131782918E-23.4108527131782918E-23.4108527131782918E-23.4108527131782918E-26.5891472868216949E-26.5891472868216949E-26.5891472868216949E-26.5891472868216949E-29.821705426356564E-29.821705426356564E-29.821705426356564E-29.821705426356564E-20.130465116279069320.130465116279069320.13046511627906932Crombie REITQ3 2014Q4 2014Q1 2015Q2 2015Q3 2015Q4 2015Q1 2016Q2 2016Q3 2016Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017Q1 2018Q2 20180000003.0756733804714997E-23.0756733804714997E-29.230712426385046E-29.230712426385046E-29.230712426385046E-20.123076165685134020.138460686395776020.138460686395776020.138460686395776020.13846068639577602RioCan REITQ3 2014Q4 2014Q1 2015Q2 2015Q3 2015Q4 2015Q1 2016Q2 2016Q3 2016Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017Q1 2018Q2 201806.6645743718500849E-31.9993723115550033E-21.9993723115550033E-21.9993723115550033E-22.8732130879194351E-24.6208946406483431E-24.6208946406483431E-24.6208946406483431E-25.6424268158349555E-27.6854911662082248E-27.6854911662082248E-27.6854911662082248E-29.1254823047242972E-20.120054645817564420.12005464581756442CT REITQ3 2014Q4 2014Q1 2015Q2 2015Q3 2015Q4 2015Q1 2016Q2 2016Q3 2016Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017Q1 2018Q2 2018000000000000002.1276595744680771E-22.1276595744680771E-2Choice Properties REITQ3 2014Q4 2014Q1 2015Q2 2015Q3 2015Q4 2015Q1 2016Q2 2016Q3 2016Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017Q1 2018Q2 20180000000000000000

Growth in distributions per unit - $CAD

Slate Retail REITPlaza Retail REITCrombie REITSmartCenters REITRioCan REITCT REITChoice Properties REIT0.370486497420855490.166500000000000090.138460686395776020.130465116279069320.120054645817564422.1276595744680771E-20

Dividend Yield and FFO payout ratio

FFO Payout RatioSlate Retail REITPlaza Retail REITSmartCenters REITCrombie REITRioCan REITCT REITChoice Properties REIT6.4615384615384616E-27.9988571428571437E-27.743185840707964E-27.4200000000000016E-27.9120879120879117E-26.2762068965517254E-27.6289072164948457E-2Distribution yield

Slate Retail REITPlaza Retail REITSmartCenters REITCrombie REITRioCan REITCT REITChoice Properties REIT8.6153846153846164E-26.7786924939467308E-25.52909952606635E-26.5374449339207052E-25.6228035923467395E-25.4331343283582093E-25.7994043887147337E-2

Financial strength

Debt Maturity

30-Sep-18

Debt TypeMaturityYear to MaturityAmount Outstanding

RevolverRevolving Facility26-Feb-212.41$ 148,123,895Revolving Facility$ 148,123,895

Term loanTerm Loan26-Feb-212.41$ 362,500,000Term Loan$ 612,500,000

PNC Term LoanTerm Loan9-Feb-234.36$ 250,000,000Mortgage Debt$ 119,688,130

Mortgage 1 Derry Meadows Mortgage Debt1-Mar-212.42$ 11,007,549

Mortgage 2 (Guggenheim)Mortgage Debt1-Jan-256.26$ 44,582,560

Mortgage 3 (AIG)Mortgage Debt15-Jun-256.71$ 56,018,019

Mortgage 4 Plymouth StationMortgage Debt1-Jan-3112.25$ 8,080,003

weighted avg. years to maturity3.5$ 880,312,025

notes:

Maturity date includes 1-year option to extend on Revolving Facility

2018201920202021202220232024202520262027+

Revolver000$ 148,123,8950$ - 00$ - 00$ - 0

Term Loan$ 362,500,000$ 250,000,0000

Mortgage$ 11,007,549$ 100,600,578$ 8,080,003

Percentage0.0%0.0%0.0%59.3%0.0%28.4%0.0%11.4%0.0%0.9%

Consolidated Debt

Revolver2018201920202021202220232024202520262027+000148123895000000Term Loan

[CELLRANGE]

2018201920202021202220232024202520262027+36250000025000000000.0%0.0%0.0%59.3%0.0%28.4%0.0%11.4%0.0%0.9%Mortgage

[CELLRANGE]

[CELLRANGE]

[CELLRANGE]

2018201920202021202220232024202520262027+11007548.686012164100600578.369118158080002.50.0%0.0%0.0%59.3%0.0%28.4%0.0%11.4%0.0%0.9%

Trading comps

CADCADCADCADCADCADUSD

RioCan REITSmartCenters REITChoice Properties REITPlaza Retail REITCT REITCrombie REITSlate Retail REITNotes

FFO Multiple14.1x14x13.2x11.8x11.6x11.4x7.5x

FFO$ 1.82$ 2.26$ 0.97$ 0.35$ 1.16$ 1.20$ 1.30SRT at 9/30/2018 | RBC - 2018E

Unit price$ 25.61$ 31.65$ 12.76$ 4.13$ 13.40$ 13.62$ 9.7530-Sep-18

CADCADCADUSD

InterRentCap REITKillam Slate Retail REIT

FFO Multiple26.3x24.7x17.6x7.5x

FFO$ 0.45$ 1.98$ 0.94$ 1.30RBC - 2018E

Unit price$ 11.85$ 48.97$ 16.53$ 9.7530-Sep-18

CADCADUSDUSD

GraniteSummitWPTSlate Retail REIT

FFO Multiple15.4x15.3x14.9x7.5x

FFO$ 3.70$ 0.58$ 0.92$ 1.30RBC - 2018E

Unit price$ 56.96$ 8.87$ 13.72$ 9.7530-Sep-18

Retail REITs - FFO Multiple

FFO Multiple

RioCan REITSmartCenters REITChoice Properties REITPlaza Retail REITCT REITCrombie REITSlate Retail REITCADCADCADCADCADCADUSD14.07142857142857114.00442477876106313.15463917525773111.811.55172413793103611.357.5

Residential REITs - FFO Multiple

FFO Multiple

InterRentCap REITKillam Slate Retail REITCADCADCADUSD26.33333333333333224.73232323232323217.5851063829787267.5

Industrial REITs - FFO Multiple

FFO Multiple

GraniteSummitWPTSlate Retail REITCADCADUSDUSD26.33333333333333224.73232323232323217.5851063829787267.5

ignore for now -->

land area

*use squares within squares

total acres

building

parking

excess

Last Mile Food Distribution

Grocery-anchored neighbourhood shopping centers located close to households serving as critical food distribution points

Note: data is based on 5-mile radius amounts 1 Percentage of total trailing twelve month net operating income

Neighbourhood 71.9%1

Avg. Household Income $83,131

Avg. Population 110,892

Power Centers 9.6%1



Community Centers 18.5%1




Growth & Value Creation

Mooresville Town Square Mooresville, NC

6.2%

12.1% 12.4% 14.7%

17.7%

28.6%

$12.13

$11.37$11.61

$10.82$10.67

$11.19

$11.82

$6.00

$7.00

$8.00

$9.00

$10.00

$11.00

$12.00

$13.00

2020 2021 2022 2023 2024 2025+

Percentage of Portfolio GLA Expiring Average Expiring Base Rent

Market Rent

Organic Income Growth

Significant opportunity to increase expiring rents to current market rents

Average estimated spread of 5.8%

Sq. Ft. Expiring

619,259 1,193,703 1,217,989 1,447,791 1,742,782 2,823,815


Stable Distribution Growth

1 Since Slate Retail TSX listing in April 20142 In US$

Higher yields in U.S. markets & organic growth drive outsized distribution growth

Low payout ratio supports distribution


Growth in Distribution Per Unit1 – C$

2 2

Dividend Yield and FFO Payout Ratio

19.5% 19.2%

18.0%

16.7%

13.8%

2.1%

0.0%

SmartCentresREIT

Slate RetailREIT

CT REIT Plaza RetailREIT

ChoiceProperties

REIT

RioCan REIT Crombie REIT

72.0%

76.7%73.7%

77.4%79.5%

65.4%

74.9%

8.4%

5.9%

5.0%

5.8%

5.2%

4.7%

5.5%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

4 .0 %

14 .0 %

2 4. 0%

3 4. 0%

4 4. 0%

5 4. 0%

6 4. 0%

7 4.0 %

8 4. 0%

9 4. 0%

Slate RetailREIT

Plaza RetailREIT

ChoiceProperties

REIT

SmartCentresREIT

RioCan REIT CT REIT Crombie REIT

2020E FFO Payout Ratio Distribution yield

Value Creation Opportunity

$48M9% yield on investment

Current & Recently Completed1:

$3.6MProjected Incremental NOI

$84.9MValue Creation + Investment

Investment

$50M-$75M

Future:

Redevelopment Approach• Driven by tenant demand not vice-

versa• Visible value creation; longer lease

term, improved tenant mix, stronger tenant credit

• Build to own long-term

Risk Management• Pre-leased prior to build-out• Phased construction• Experienced team • Leverage long-standing relationships

1 Completed within the last 12 months


Hocking Valley Mall North Augusta Plaza

Financial Metrics

St. Elmo CentralChattanooga, TN

31.6%

56.7%

10.7%

0.9%

0

50,000,000

100,000,000

150,000,000

200,000,000

250,000,000

300,000,000

350,000,000

400,000,000

450,000,000

500,000,000

2019 2020 2021 2022 2023 2024 2025 2026 2027+

Revolver Term Loan Mortgage

Financial Strength

$185M Deployable Capital Availability

2.4 years Weighted Average Debt Maturity1

107.6% Fixed Rate Debt

4.06% Weighted Average Interest Rate2

2.51x Interest Coverage Ratio3

87.1% Flexible Bank Debt

Ample liquidity and staggered debt maturities

1 Includes impact of Slate Retail REIT’s extension option2 Includes the impact of interest rate swaps 3 For the three months ended December 31, 2019

1


Consolidated Debt Maturities

Management Platform

Slate Retail benefits from the ability to leverage the entire $6.2B Slate Asset Management platform and the expertise of more than 90real estate professionals

1 As of December 31, 20192 As of September 30, 2019

• Annual asset management fee equal to 40 bps of Gross Book Value • Performance fee totaling 15% of FFO per unit above $1.32 (plus inflation

mechanism). Calculation of FFO does not include gain from sales

• Acquisition fee equal to 75 bps of gross acquisition cost, capitalized upon closing

• No leasing, property management, construction, re-financing or disposition fees

• 5-year term(s) with internalization mechanism at $750M market cap (C$) equal to 1x trailing twelve-month fees

• Total trailing twelve-month fees of $5.5M1

• Slate Asset Management and insiders own 8.0% of Slate Retail REIT


REIT Comparison – General & Administrative Expense

U.S. REITs (US$ thousands)2 Canadian REITs (C$ thousands)2

Slate Retail REIT1 Brixmor Kimco Realty Regency Centers Crombie REIT First Capital Plaza Retail REIT

G&A (quarterly figure) 2,479$ 24,550$ 23,832$ 16,705$ 6,112$ 9,519$ 2,523$

Total assets 1,315,080$ 8,160,161$ 11,085,131$ 11,172,950$ 3,929,784$ 10,585,127$ 1,171,178$

Total revenue 34,338$ 292,965$ 282,871$ 282,276$ 97,346$ 195,478$ 28,437$

G&A as % of total assets 0.2% 0.3% 0.2% 0.1% 0.2% 0.1% 0.2%

G&A as % of total revenue 7.2% 8.4% 8.4% 5.9% 6.3% 4.9% 8.9%

15.2x

13.5x

14.7x

12.9x

13.6x 13.6x

8.6x

9.2x 9.4x

7.2x

8.7x

6.7x

9.0x9.6x

-1 0 .0 x

-8 .0 x

-6 .0 x

-4 .0 x

-2 .0 x

0 .0 x

2 .0 x

4 .0 x

6 .0 x

8 .0 x

1 0. 0x

5 .0 x

7 .0 x

9 .0 x

11 .0 x

13 .0 x

15 .0 x

17 .0 x

RioCan REIT SmartCentresREIT

ChoiceProperties

REIT

Plaza RetailREIT

CT REIT Crombie REIT Slate RetailREIT¹

FFO 2020E Multiple Debt / 2020E EBITDA

REIT/REOC Trading Comps

1 In US$

At $11.29 NAV 9.5x


Residential REITsRetail REITs

Industrial REITs

31.1x

25.2x

19.6x

8.6x

InterRent REIT CAPREIT Killam REIT Slate Retail REIT¹

FFO 2020E Multiple

20.8x19.8x

18.2x

8.6x

WPT Industrial REIT Summit IndustrialIncome REIT

Granite REIT Slate Retail REIT¹

FFO 2020E Multiple

REIT/REOC Trading Comps

Source: CIBC, SNL Financial, FactSet, company reports


2020E FFO 2020E AFFO Debt /Price

Jan-24 2020Market Cap TEV Yield Multiple Payout Ratio Multiple Payout Ratio GBV

2020E EBITDA

Implied Cap Rate

TEV / OwnedSq. Ft.

Canadian Retail Comparables – C$

Choice Properties REIT $14.80 $10,364 $17,196 5.0% 14.7x 73.7% 17.2x 85.9% 43.5% 7.2x 5.6% $263

RioCan REIT $27.45 $8,720 $15,125 5.2% 15.2x 79.5% 16.8x 88.0% 43.0% 9.2x 5.4% $398

SmartCentres REIT $32.17 $5,424 $9,727 5.8% 13.5x 77.4% 14.4x 83.1% 44.3% 9.4x 5.9% $284

First Capital REIT $21.80 $4,776 $9,628 3.9% 17.8x 70.1% 19.9x 78.6% 48.1% 12.1x 5.3% $420

CT REIT $16.40 $3,727 $6,254 4.8% 13.6x 65.4% 15.7x 75.5% 42.8% 6.7x 6.0% $230

Crombie REIT $16.16 $2,452 $4,729 5.5% 13.6x 74.9% 16.3x 89.6% 47.9% 9.0x 6.2% $267

Plaza Retail REIT $4.71 $487 $1,080 5.9% 12.9x 76.7% 14.8x 88.2% 56.6% 8.7x 6.9% $162

Average 14.5x 73.9% 16.5x 84.1% 46.6% 8.9x 5.9% $289

U.S. Retail Comparables – US$

Regency Centers $63.79 $10,660 $14,816 3.7% 16.3x 59.9% 19.8x 72.5% 31.9% 5.2x 5.9% $344

Kimco $20.35 $8,592 $14,625 5.5% 13.5x 74.5% 17.7x 97.7% 39.9% 6.6x 6.5% $245

Brixmor Property Group $21.05 $6,270 $11,139 5.4% 10.7x 58.0% 14.2x 77.0% 46.2% 6.4x 7.6% $156

Weingarten Realty Investors $30.71 $3,952 $5,830 5.1% 14.4x 74.0% 18.0x 92.4% 35.4% 5.5x 6.4% $224

SITE Centers $13.47 $2,610 $4,994 5.9% 11.9x 70.9% 14.8x 87.8% 35.0% 6.0x 7.8% $212

Acadia Realty Trust $26.02 $2,262 $4,728 4.5% 18.7x 83.4% 20.9x 93.3% 37.5% 11.1x 7.1% $355

Cedar Realty Trust $2.84 $244 $1,051 7.0% 6.2x 43.9% 12.2x 86.2% 40.2% 8.3x 8.9% $123

Average 13.1x 66.4% 16.8x 86.7% 38.0% 7.0x 7.2% $237

Slate Retail REIT C$ $13.50 $594 $1,642 8.4% 8.6x 72.0% 10.9x 92.1% 59.9% 9.6x 7.8% $156

Slate Retail REIT US$ $10.26 $451 $1,249 8.4% 8.6x 72.0% 10.9x 92.1% 59.9% 9.6x 7.8% $119

($ millions)

Analyst Coverage

BMO Capital Markets Jenny [email protected]

Raymond JamesJohann [email protected]

Echelon Partners Stephan [email protected]


RBC Capital MarketsPammi [email protected]

CIBC Capital Markets Sumayya [email protected]

mailto:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]

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 theREIT’s objectives, its strategies to achieve those objectives, as well as statements with respect to management’s beliefs, plans, estimates, and intentions, and similar statementsconcerning 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 achievementsof the REIT to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Actual results and developmentsare 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 anumber 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 ofcompetition for properties; assumptions about the markets in which the REIT and its subsidiaries operate; the global and North American economic environment; and changes ingovernmental 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 “financialoutlook” 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 InternationalAccounting Standards Board. Slate Retail uses the following non-IFRS financial measures: Funds from Operations (“FFO”), Adjusted Funds from Operations (“AFFO”), Net OperatingIncome (“NOI”), and Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”). Management believes that in addition to conventional measures prepared inaccordance with IFRS, investors in the real estate industry use these non-IFRS financial measures to evaluate the REIT’s performance and financial condition. Accordingly, these non-IFRS financial measures are intended to provide additional information and should not be considered in isolation or as a substitute for performance measures prepared in accordancewith IFRS. In addition, they do not have standardized meanings and may not be comparable to measures used by other issuers in the real estate industry or other industries.

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 ofassets 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 reportingperiod. Management’s estimates are based on historical experience and other assumptions that are believed to be reasonable under the circumstances. Actual results could differ fromthose estimates under different assumptions.


Slide Number 1Company OverviewPerformance UpdateSlide Number 4Diversified PortfolioNecessity Based TenancyLast Mile Food DistributionSlide Number 8Organic Income GrowthStable Distribution GrowthValue Creation OpportunitySlide Number 12Financial StrengthManagement PlatformREIT/REOC Trading CompsREIT/REOC Trading CompsAnalyst CoverageCautionary Statements

Slate Retail REIT · Slate Retail REIT . Investor Update . Q4 2019. Westhaven Town Center . Franklin, TN

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