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SLATE May 10 , 2021 Grocery REIT Slate Grocery REIT Reports First Quarter 2021 Results ( 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 months ended March 31 , 2021 . " We are pleased to report a solid first quarter in which the REIT continued to progress on key operational and strategic objectives , " said David Dunn , Chief Executive Officer . " The strong performance of our grocery - anchored portfolio throughout the pandemic has enabled us to further increase our ownership of the critical real estate that facilitates the last mile of food logistics . We have now executed over $ 530 million of grocery - anchored acquisitions since June 2020 at a weighted average cap rate of 7.8 % and look forward to applying our active asset management strategies to create further value for unitholders . " • For the CEO's letter to unitholders for the quarter , please follow the link here . Highlights During the first quarter of 2021 , the REIT announced a $ 390.0 million acquisition of a high quality , grocery - anchored portfolio ( the " Acquisition " ) comprising 25 properties and 3.1 million square feet in major metro markets across the United States ( the " Portfolio " ) . The Acquisition materially increases the REIT's exposure to certain of America's largest metropolitan statistical areas ( " MSA ” ) , with 83 % of the Portfolio's income derived from the top - 50 MSAS , including 46 % from New York and Dallas . The Acquisition represents a 7.8 % capitalization rate or $ 127 per square foot and is expected to close in the third quarter of 2021. In connection with the Acquisition , the REIT issued 11,420,000 subscription receipts at an issuance price of C $ 11.65 per subscription receipt , for gross proceeds of C $ 133.0 million . On February 10 , 2021 , the REIT completed the acquisition of five grocery - anchored properties for an aggregate purchase price of $ 54.2 million ( $ 138 per square foot ) , at a weighted average capitalization rate of 7.7 % . This acquisition contributes 396,471 square feet to the REIT's portfolio . On January 14 , 2021 , the REIT closed a $ 169.0 million 10 - year mortgage , bearing interest of 3.75 % . The net proceeds from the loan were used to reduce the REIT's term loan to $ 83.0 million , resulting in an increase of the REIT's debt portfolio to a weighted average term to maturity of 5.5 years . Completed 143,325 square feet of leasing during the three month period ended March 31 , 2021 at a 2.4 % weighted average rental spread , comprised of 96,551 square feet of renewals and 46,774 square feet of new leasing .