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Slate Grocery REIT Reports Second Quarter 2021 Results Share ( All amounts are expressed in U.S. dollars unless otherwise stated ) TORONTO -- ( ) -- 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 six months ended June 30 , 2021 . " We are pleased to report a strong second quarter that is reflective of the positive market fundamentals for grocery - anchored real estate , ” said David Dunn , Chief Executive Officer of Slate Grocery REIT . " Coupling the robust and accelerating US economic recovery with the continued strong performance of America's largest omnichannel grocers relative to pre - pandemic levels , our business is poised to further advance our key operational and strategic objectives in the latter half of 2021. " For the CEO's letter to unitholders for the quarter , please follow the link . Highlights • Completed 171,458 square feet of leasing during the second quarter , comprised of 122,488 square feet of renewals and 48,970 square feet of new leasing . Leases in the second quarter were completed at a weighted average rental spread of 5.8 % , with spreads of 13.9 % for new leases and 3.4 % for renewals . • Occupancy increased by 0.1 % from the first quarter to 93.2 % mainly due to new leasing in the quarter , partially offset by the disposition of an outparcel at an existing property . The weighted average tenant retention rate for the second quarter was 93.6 % . • Subsequent to quarter end , the REIT completed the acquisition of a grocery - anchored property in Indianapolis , Indiana for $ 8.5 million ( $ 81 per square foot ) . Concurrent with the acquisition , the REIT secured a new , long - term lease with the property's anchor tenant , Kroger , for 15 years . • The REIT's previously announced transformational acquisition of 25 properties valued at $ 390 million remains on track to close in the third quarter of 2021 . • • During the six month period ended June 30 , 2021 , the REIT executed ancillary revenue agreements at various properties within the portfolio that will contribute approximately $ 0.3 million of net operating income ( " NOI " ) on an annualized basis . The REIT continues to pursue a deep pipeline of additional opportunities . Including the impact of completed redevelopments , same - property NOI for the trailing twelve month period ended June 30 , 2021 ( comprised of 59 properties ) increased by 1.4 % and same - property NOI for the three month period ended June 30 , 2021 ( comprised of 59 properties ) increased by 1.2 % , over the respective comparative periods . • Rental revenue for the second quarter was $ 33.4 million . • Net loss for the second quarter was $ 3.1 million , which is a $ 10.0 million decrease from the same quarter of the prior year . The decrease is attributed to the change in fair value of financial instruments and the change in fair value of properties , partially offset by the aforementioned increase in revenue . • Funds from operations ( " FFO " ) per unit for the second quarter was $ 0.26 , which represented a $ 0.02 increase from the most recent quarter due to a full quarter of NOI contribution from the portfolio