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SLATE February 23 , 2021 Grocery REIT Slate Grocery REIT Reports Fourth Quarter and Year End 2020 Results Including Record Annual Leasing Performance and Occupancy Gains ( All amounts are expressed in U.S. dollars unless otherwise stated ) 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 and twelve months ended December 31 , 2020 . " Slate Grocery REIT's strong operating performance continued in the fourth quarter of 2020 with further occupancy gains and robust leasing activity , ” said David Dunn , Chief Executive Officer . " In 2020 , the REIT set annual records for both total and new leasing volumes , demonstrating the continued strong demand for grocery and essential real estate that facilitates the last mile of distribution to consumers . With the completion of our most recent refinancing and portfolio acquisition subsequent to quarter end , we are well positioned to advance our growth strategy in 2021. " • • For the CEO's letter to unitholders for the quarter , please follow the link here . Highlights For the full year 2020 , the REIT completed 1,691,634 square feet of leasing at a 6.1 % weighted average rental spread , comprised of 1,319,504 square feet of renewals and 372,130 square feet of new leasing . The annual total and new leasing volumes both represent record performances for the REIT . In the fourth quarter , the REIT completed 480,738 square feet of leasing at a 2.7 % weighted average rental spread , comprised of 444,915 square feet of renewals and 35,823 square feet of new leasing . Occupancy increased by 0.4 % from the third quarter to 92.9 % , highlighting the resiliency of the REIT's essential tenancies and critical real estate infrastructure . The increase is due to 35,823 square feet of new leasing and the disposition of one property and two outparcels at certain properties which had a weighted average occupancy rate of 70.7 % , partially offset by 60,414 square feet of lease expiries . The weighted average tenant retention rate for the fourth quarter was 92.9 % . Since the beginning of 2016 , the weighted average retention rate has been 92.1 % .