File: Attachment 06123877-00000001-00032881-SLATEGROC-newsrelease-043024-PDF.pdf

April 30, 2024

Slate Grocery REIT Reports First Quarter 2024

Results

TORONTO, ON - Slate Grocery REIT (TSX: SGR.U) (TSX: SGR.UN) (the "REIT"), an owner and operator of U.S. grocery- anchored real estate, today announced its financial results and highlights for the three months ended March 31, 2024.

"Throughout the first quarter, our team converted strong demand for our high-quality, grocery-anchored spaces into nearly 800,000 square feet of leasing at double-digit leasing spreads," said Blair Welch, Chief Executive Officer of Slate Grocery REIT. "At the same time, we saw steady growth in our net operating income, which we expect to build on in the coming months, as new leases completed over the last 12 months start to come online. Looking forward, our team will continue to capitalize on the tailwinds in the grocery-anchored sector to unlock additional value for our unitholders." For the CEO's letter to unitholders for the quarter, please follow the link here.

Highlights

dot Completed 770,784 square feet of total leasing in the quarter at attractive spreads that drove revenue growth

New deals were completed at 30.9% above comparable average in-place rent, and non-option renewals at 15.2% above expiring rent

As at quarter end, portfolio occupancy was 94.4% Adjusting for completed redevelopments, same-property Net Operating Income ("NOI") increased by $1.0

million or 2.5% year over year

dot Continued to prudently manage balance sheet to ensure the REIT remains protected in the current interest rate environment The REIT exercised a six-month extension option on its $300.0 million revolver 94.2% of the REIT's total debt is fixed, with a weighted average interest rate of 4.4%, providing positive leverage and stability to the REIT At $12.49 per square foot, average rent in the REIT's portfolio remains well below market, providing significant runway for continued rent increases and NOI growth

dot The REIT's units are trading at a discount to Net Asset Value ("NAV"), presenting a compelling investment opportunity for unitholders looking for an attractive total return As at March 31, 2024, the REIT's unit price indicates an implied capitalization rate of 8.0% based on trailing twelve-month NOI, representing a 39.8% discount to NAV Summary of Q1 2024 Results Three months ended March 31,

(thousands of U.S. dollars, except per unit amounts) 2024 2023 Change % Rental revenue NOI 1 2 $ 51,915 $ 50,789 2.2% Net income 2 $ 40,572 $ 39,838 1.8 %

$ 13,612 $ (14,831) (191.8) %

Same-property NOI (3 month period, 113 properties) 1 $ 39,229 $ 38,818 1.1 % Same-property NOI (12 month period, 96 properties) 1 $ 119,968 $ 119,529 0.4 %

New leasing (square feet) 2 98,198 137,008 (28.3) % New leasing spread 2 30.9% 17.1 % 13.8 % Total leasing (square feet) 2 770,784 30.7 % Total leasing spread 2 10.8% 589,804 0.8 % New leasing anchor / junior anchor 2 10,000 10.0 % 63,130 (84.2)%

Weighted average number of units outstanding ("WA units") 60,307 61,460 (1.9) % FFO 1 2 1.5 % FFO per WA units 1 2 $ 16,198 $ 15,955 3.9 %

FFO payout ratio 1 2 $ 0.27 $ 0.26 (2.7)% AFFO 1 2 (2.6) % AFFO per WA units 1 2 80.1% 82.8% -- % AFFO payout ratio 1 2 $ 13,045 $ 13,397 0.7 %

$ 0.22 $ 0.22

99.4% 98.7 %

(thousands of U.S. dollars, except per unit amounts) March 31, 2024 December 31, 2023 Change % 0.2 % Total assets, IFRS $ 2,241,191 $ 2,235,798 0.2 % Total assets, proportionate interest 1 0.3 % Debt, IFRS $ 2,453,308 $ 2,448,127 0.2 % Debt, proportionate interest 1 0.3 % Net asset value per unit $ 1,165,036 $ 1,161,756

$ 1,371,478 $ 1,369,053

$ 14.01 $ 13.97

Number of properties 2 117 117 -- % Portfolio occupancy 2 94.4% 94.7% (0.3) % 52.0% 52.0% Debt / GBV ratio 2.70x 2.72x -- % Interest coverage ratio 1 (0.7) %

1 Refer to "Non-IFRS Measures" section below. 2 Includes the REIT's share of joint venture investments.

Conference Call and Webcast

Senior management will host a live conference call at 9:00 am ET on May 1, 2024 to discuss the results and ongoing business initiatives of the REIT.

The conference call can be accessed dialing (289) 514-5100 or 1 (800) 717-1738. Additionally, the conference call will be available via simultaneous audio found at https://onlinexperiences.com/scripts/Server.nxp?LASCmd=AI:4;F:QS!10100&ShowUUID=F194EEF0-F3C1-4FCB-B6D4- 7D43001F98CF&LangLocaleID=1033. A replay will be accessible until May 15, 2024 via the REIT's website or by dialing (289) 819-1325 or 1 (888) 660-6264 (access code 49272#) approximately two hours after the live event. About Slate Grocery REIT (TSX: SGR.U / SGR.UN)

Slate Grocery REIT is an owner and operator of U.S. grocery-anchored real estate. The REIT owns and operates approximately $2.4 billion of critical real estate infrastructure across major U.S. metro markets that communities rely upon for their everyday needs. The REIT's resilient grocery-anchored portfolio and strong credit tenants provide unitholders with durable cash flows and the potential for capital appreciation over the longer term. Visit slategroceryreit.com to learn more about the REIT.

About Slate Asset Management

Slate Asset Management is a global alternative investment platform. We focus on fundamentals with the objective of creating long-term value for our investors and partners. Slate's platform focuses on four areas of real assets, including real estate equity, real estate credit, real estate securities, and infrastructure. We are supported by exceptional people and flexible capital, which enable us to originate and execute on a wide range of compelling investment opportunities. Visit slateam.com to learn more, and follow Slate Asset Management on LinkedIn, X (Twitter), and Instagram.

Supplemental Information

All interested parties can access Slate Grocery's Supplemental Information online at slategroceryreit.com in the Investors section. These materials are also available on SEDAR+ or upon request to the REIT at info@slateam.com or (416) 644-4264.

Forward Looking Statements

Certain information herein constitutes "forward-looking information" as defined under Canadian securities laws which reflect management's expectations regarding objectives, plans, goals, strategies, future growth, results of operations, performance, business prospects and opportunities of the REIT. The words "plans", "expects", "does not expect", "scheduled", "estimates", "intends", "anticipates", "does not anticipate", "projects", "believes", or variations of such words and phrases or statements to the effect that certain actions, events or results "may", "will", "could", "would", "might", "occur", "be achieved", or "continue" and similar expressions identify forward-looking statements. Management believes that the expectations reflected in its forward-looking statements are based upon reasonable assumptions, however, management can give no assurance that actual results, performance or achievements will be consistent with these forward-looking statements. Such forward-looking statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations.

Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable by management as of the date hereof, are inherently subject to significant business, economic and competitive uncertainties and contingencies. When relying on forward-looking statements to make decisions, the REIT cautions readers not to place undue reliance on these statements, as forward-looking statements involve significant risks and uncertainties, and should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not the times at or by which such performance or results will be achieved. A number of factors could cause actual results to differ, possibly materially, from the results discussed in the forward- looking statements. Additional information about risks and uncertainties is contained in the filings of the REIT with securities regulators.

Non-IFRS Measures

This news release and accompanying financial statements are based on International Financial Reporting Standards ("IFRS"), as issued by the International Accounting Standards Board ("IASB").

We disclose a number of financial measures in this news release that are not measures used under IFRS, including NOI, same-property NOI, FFO, FFO payout ratio, AFFO, AFFO payout ratio, adjusted EBITDA and the interest coverage ratio, in addition to certain measures on a per unit basis.

dot NOI is defined as rental revenue less operating expenses, prior to straight-line rent, IFRIC 21, Levies ("IFRIC 21") property tax adjustments and adjustments for equity investment. Same-property NOI includes those properties owned by the REIT for each of the current period and the relevant comparative period excluding those properties under development. dot FFO is defined as net income adjusted for certain items including transaction costs, change in fair value of properties, change in fair value of financial instruments, deferred income taxes, unit income (expense), adjustments for equity investment and IFRIC 21 property tax adjustments.

dot AFFO is defined as FFO adjusted for straight-line rental revenue and sustaining capital, leasing costs and tenant improvements.

dot FFO payout ratio and AFFO payout ratio are defined as distributions declared divided by FFO and AFFO, respectively.

dot FFO per WA unit and AFFO per WA unit are defined as FFO and AFFO divided by the weighted average class U equivalent units outstanding, respectively.

dot Adjusted EBITDA is defined as NOI less general and administrative expenses.

dot Interest coverage ratio is defined as adjusted EBITDA divided by cash interest paid.

dot Net asset value is defined as the aggregate of the carrying value of the REIT's equity, deferred income taxes and exchangeable units of subsidiaries.

dot Proportionate interest represents financial information adjusted to reflect the REIT's equity accounted joint ventures and financial real estate assets and its share of net income (losses) from equity accounted joint ventures and financial real estate assets on a proportionately consolidated basis at the REIT's ownership percentage of the related investment.

We utilize these measures for a variety of reasons, including measuring performance, managing the business, capital allocation and the assessment of risk. Descriptions of why these non-IFRS measures are useful to investors and how management uses each measure are included in Management's Discussion and Analysis. We believe that providing these performance measures on a supplemental basis to our IFRS results is helpful to investors in assessing the overall performance of our businesses in a manner similar to management. These financial measures should not be considered as a substitute for similar financial measures calculated in accordance with IFRS. We caution readers that these non- IFRS financial measures may differ from the calculations disclosed by other businesses, and as a result, may not be comparable to similar measures presented by others.

SGR-FR

For Further Information

Investor Relations

Tel: +1 416 644 4264

E-mail: ir@slateam.com Calculation and Reconciliation of Non-IFRS Measures Three months ended March 31,

The table below summarizes a calculation of non-IFRS measures based on IFRS financial information. 2024 2023

(in thousands of U.S. dollars, except per unit amounts) $ 51,915 $ 50,789 Rental revenue Straight-line rent revenue (114) (118) Property operating expenses IFRIC 21 property tax adjustment (37,600) (36,917) Contribution from joint venture investments NOI 1 2 21,145 20,547

Cash flow from operations 5,226 5,537 Changes in non-cash working capital items Finance charge and mark-to-market adjustments $ 40,572 $ 39,838 Interest, net and TIF note adjustments Adjustments for joint venture investments $ 17,039 $ 19,179 Non-controlling interest (2,086) Capital expenditures 452 Leasing costs (630) Tenant improvements (557) 30 AFFO 1 2 125 2,979 Net income (loss) 1 2 (3,502) Change in fair value of financial instruments 2,431 (1,082) Change in fair value of properties Deferred income tax expense (recovery) (3,343) (684) Unit income (807) Adjustments for joint venture investments (736) 13,397 Non-controlling interest IFRIC 21 property tax adjustment (808) FFO 1 2 Straight-line rental revenue (1,558) Capital expenditures Leasing costs $ 13,045 $ Tenant improvements Adjustments for joint venture investments $ 13,612 $ (14,831) Non-controlling interest -- AFFO 1 2 (2,186) 17,880 1 Refer to "Non-IFRS Measures" section above. (13,682) (4,624) 2 Includes the REIT's share of joint venture investments. 1,591 (902) 1,982 (612) (4,097) 20,547 385 15,955 (118) (4,055) (1,082) (684) 21,145 (807) (462) $ 16,198 $ 595 (114) 13,397

(736)

(808)

(1,558)

(649)

712

$ 13,045 $ Three months ended March 31,

(in thousands of U.S. dollars, except per unit amounts) 2024 2023 NOI 1 2 General and administrative expenses $ 40,572 $ 39,838 Cash interest, net Finance charge and mark-to-market adjustments (3,945) (3,847) Current income tax expense Adjustments for joint venture investments (13,460) (12,607) Non-controlling interest Capital expenditures (557) (630) Leasing costs Tenant improvements (325) (724) AFFO 1 2 1 Refer to "Non-IFRS Measures" section above. (2,795) (2,558) 2 Includes the REIT's share of joint venture investments. (3,343) (3,502) (in thousands of U.S. dollars, except per unit amounts) Net income (loss) 1 (736) (1,082) Interest and financing costs Change in fair value of financial instruments (808) (684) Change in fair value of properties Deferred income tax expense (recovery) (1,558) (807) Current income tax expense Unit income $ 13,045 $ 13,397 Adjustments for joint venture investments Straight-line rent revenue Three months ended March 31, IFRIC 21 property tax adjustment Adjusted EBITDA 1 2 2024 2023

NOI 1 2 $ 13,612 $ (14,831) General and administrative expenses Adjusted EBITDA 1 2 14,017 13,237 Cash interest paid Interest coverage ratio 1 2 (2,186) --

WA units (13,682) 17,880 FFO per WA unit 1 2 FFO payout ratio 1 2 1,591 (4,624) AFFO per WA unit 1 2 AFFO payout ratio 1 2 325 724

1 Includes the REIT's share of joint venture investments. (612) (902) 2 Refer to "Non-IFRS Measures" section above. 2,531 4,078

(114) (118)

21,145 20,547

$ 36,627 $ 35,991

40,572 39,838 (3,945) (3,847) $ 36,627 $ 35,991 (13,585) (12,637) 2.70x 2.85x

60,307 61,460

$ 0.27 $ 0.26

80.1 % 82.8%

$ 0.22 $ 0.22

99.4 % 98.7 % Three months ended March 31,

(in thousands of U.S. dollars, except per unit amounts) 2024 2023 Rental revenue Straight-line rent revenue $ 51,915 $ 50,789 Property operating expenses IFRIC 21 property tax adjustment (114) (118) Contribution from joint venture investments NOI 1 2 (37,600) (36,917)

Cash flow from operations 21,145 20,547 Changes in non-cash working capital items Finance charge and mark-to-market adjustments 5,226 5,537 Interest, net and TIF note adjustments Adjustments for joint venture investments $ 40,572 $ 39,838 Non-controlling interest Capital expenditures $ 17,039 $ 19,179 Leasing costs Tenant improvements 452 (2,086) AFFO 1 2 (557) (630) Net income (loss) 1 2 Change in fair value of financial instruments 125 30 Change in fair value of properties Deferred income tax expense (recovery) 2,431 2,979 Unit income Adjustments for joint venture investments (3,343) (3,502) Non-controlling interest IFRIC 21 property tax adjustment (736) (1,082) FFO 1 2 Straight-line rental revenue (808) (684) Capital expenditures Leasing costs (1,558) (807) Tenant improvements Adjustments for joint venture investments $ 13,045 $ 13,397 Non-controlling interest AFFO 1 2 $ 13,612 $ (14,831)

1 Refer to "Non-IFRS Measures" section above. (2,186) -- 2 Includes the REIT's share of joint venture investments. (13,682) 17,880

1,591 (4,624)

(612) (902)

385 1,982

(4,055) (4,097)

21,145 20,547

$ 16,198 $ 15,955

(114) (118)

(736) (1,082)

(808) (684)

(1,558) (807)

(649) (462)

712 595

$ 13,045 $ 13,397 March 31, 2024 December 31, 2023

Statement of Proportionate Statement of Proportionate Financial Financial (in thousands of U.S. dollars, except per Position Joint Venture Share Position Joint Venture Share unit amounts) ASSETS Investments (Non-IFRS) Investments (Non-IFRS) Non-current assets Properties $ 2,061,799 $ 307,900 $ 2,369,699 $ 2,062,599 $ 307,300 $ 2,369,899 Joint venture investments 108,486 (108,486) -- 107,101 (107,101) -- Interest rate swaps 14,621 612 7,652 580 Other assets 558 4,551 15,233 718 4,268 8,232 5,109 4,986 Current assets $ 2,185,464 $ 204,577 $ 2,390,041 $ 2,178,070 $ 205,047 $ 2,383,117 Cash Accounts receivable 23,407 4,709 28,116 23,587 4,420 28,007 Other assets 21,846 1,442 23,288 22,172 1,813 23,985 Prepaids 6,985 6,985 6,167 -- 6,167 4,984 -- 6,033 Total assets 4,307 1,389 5,696 $ 57,728 1,049 $ 65,010 $ 55,727 $ 7,540 $ 63,267 $ 2,235,798 $ 7,282 $ 2,448,127 $ 2,241,191 $ 212,117 $ 2,453,308 $ 212,329

LIABILITIES $ 595,634 $ 205,433 $ 801,067 $ 859,637 $ 205,831 $ 1,065,468 Non-current liabilities 149,417 2 149,419 146,651 2 146,653 Debt 4,365 4,799 4,346 4,828 Deferred income taxes 434 482 Other liabilities $ 749,416 $ 205,869 $ 955,285 $ 1,010,634 $ 206,315 $ 1,216,949

Current liabilities 569,402 1,009 570,411 302,119 1,466 303,585 Debt 41,292 5,239 46,531 43,217 4,548 47,765 Accounts payable and accrued liabilities 4,323 4,323 4,323 4,323 Distributions payable 7,661 -- 8,269 -- 8,269 Exchangeable units of subsidiaries -- 7,661 $ 357,928 -- $ 622,678 $ 6,248 $ 628,926 $ 1,368,562 $ 6,014 $ 363,942 Total liabilities $ 1,372,094 $ 212,117 $ 1,584,211 $ 212,329 $ 1,580,891

EQUITY $ 688,102 $ -- $ 688,102 $ 687,443 $ -- $ 687,443 Unitholders' equity 180,995 180,995 179,793 179,793 Non-controlling interest -- -- Total equity $ 869,097 $ 869,097 $ 867,236 $ 867,236 Total liabilities and equity $ 2,241,191 $ -- $ 2,453,308 $ 2,235,798 $ -- $ 2,448,127

$ 212,117 $ 212,329