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Slate Grocery REIT Investor Update Q2 2026 SLATE
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Slate Grocery REIT | 2 Note: Amounts are in United States Dollars and are as at June 30, 2026. Portfolio Overview Legend SGR Asset 115 Total Properties 94% Grocery- Anchored $13.10 In-Place Rent PSF $2.4B Portfolio Value 23 States 93.6% Occupancy Rate 15.2M Total Portfolio SF 4.4 Yrs Portfolio WALT
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Outlook on Grocery Wedgewood Commons, Port St. Lucie, FL
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Slate Grocery REIT | 4 2.9% 3.0% 3.2% 3.3% 3.6% 3.6% 3.7% General Retail Mall All Power Center Strip Center Neighborhood Center Grocery-Anchored Why Grocery Real Estate? Facilitates Omni-Channel Distribution All purchase methods require brick-and-mortar stores Supply Chain Efficiencies Stores near end-consumers optimize costs and fulfillment timing 1 JLL Grocery Report, 2025. Necessity Based Critical to day-to-day life Strong Fundamentals Rising tenant demand, low vacancy and limited new construction Defensive Asset Class Historical outperformance in periods of economic volatility Five-year average rent growth across retail subtypes Outsized Rent Growth1 Outsized Rent Growth Stronger rent growth as compared to other retail property types
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Slate Grocery REIT | 5 0 50 100 150 200 250 300 World Class Grocery and Essential Based Tenants Source: Deloitte Global Powers of Retail 2025. The REIT’s tenants are some of the largest consumer good distributors globally Legend SGR Tenants Non-Grocery Retail Grocery Top 20 Retailers Globally (Revenue in US$B)
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Slate Grocery REIT | 6 Online grocery sales currently represent 11.4% of total sales and are forecasted to grow to 12.4% by 2027 Grocery Stores Facilitate the Last Mile Grocery stores play a critical role in distributing food and other essential goods to end consumers by facilitating the last mile of food logistics In Store Purchasing Home Delivery / Online Order Fulfilment Grocery Store Store Pickup Customers 89% of Grocer Sales 6% of Grocer Sales 5% of Grocer Sales Over 94% of grocer sales are fulfilled using physical stores Real estate makes up less than 5% of a grocer’s operating costs Source: Brick Meets Click, 2024.
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Slate Grocery REIT | 7 Retail Space is Supply Constrained Cumulative New Supply – Historical and Forecasted Retail has experienced the lowest amount of new supply amongst competing property types and is projected to sustain this favorable trend in coming years Source: CBRE Econometric Advisors, Q2 2026. 5.7% 9.5% 11.6% 1.7%1.6% 8.7% 7.4% 1.3% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% Office Apartment Industrial Retail Past 5 Years Forecasted 5 Years
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Slate Grocery REIT | 8 Shopping Center Fundamentals Remain Strong Strip Center Supply Growth – Historical & Forecast1 Shopping Centers – Overall Vacancy & Base Rent2 Annual percentage growth (%) Demand for grocery-anchored centers and limited new construction has resulted in record-low new supply and accretive rent mark-to-market opportunities 1 Green Street Strip Center Market Sector Forecast, Q2 2026. 2 CBRE Econometric Advisors, Q2 2026. 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% 10.0% $19.50 $20.00 $20.50 $21.00 $21.50 $22.00 $22.50 $23.00 $23.50 $24.00 $24.50 2020 2021 2022 2023 2024 2025 2026 Base Rent PSF Vacancy Rate 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0%
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Operations and Strategy Update Tanglewood Commons, Winston-Salem, NC
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Slate Grocery REIT | 10 World Class Grocery and Essential Based Tenants Omnichannel distribution SGR’s properties are key to the distribution of in-store, click-and-collect and home delivery grocery sales In-store Click-and-collect Delivery Essential tenancies High concentration of essential and grocery tenants Top five tenants SGR’s portfolio is comprised of the world’s largest, most sophisticated, credit-worthy grocers, including six of the top seven US grocers by market share 94% Grocery-anchored properties3 68% Essential tenancies1 46% Grocery tenancies 1 100% of grocers employ omnichannel distribution # 2 # 1 # 4 # 7 # 5 Note: As of June 30, 2026. 1 Calculated as a percent of total portfolio GLA. 2 Source: Numerator Top 20 Grocery Retailers, 2025. 3 Calculated as a percent of number of properties. Grocery Market Share Rank2% of Portfolio1 9.3% 8.8% 4.4% 3.9% 3.3%
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Slate Grocery REIT | 11 Georgia % of GLA 7% # of Properties 9 New York % of GLA 11% # of Properties 12 North Carolina % of GLA 13% # of Properties 16 Florida % of GLA 16% # of Properties 19 Strong Presence in Growing Markets Note: As of June 30, 2026; metrics based on GLA. ~57% of SGR’s portfolio is in the rapidly growing U.S. Sunbelt #1 #3 #4 #2 Top States > 11% of GLA 5% - 10% of GLA < 5% of GLA Top 5 MSAs % of GLA Atlanta 5% Dallas 5% Charlotte 5% Greenville 4% Rochester 4% Top 5 Regions % of GLA Southeast 46% Midwest 18% Mid-Atlantic 14% Northeast 14% Southwest 5%
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Slate Grocery REIT | 12 Upside Through Under Market Rents Historically low vacancy rates combined with under market rents provide significant opportunity to grow NOI across the portfolio 6.8% National Shopping Center Vacancy Rate 1 $24.79 National Shopping Center Average Rent PSF 1 $13.10 SGR In-Place Rent PSF 14.1% SGR GLA Expiring by the end of 2027 Note: Amounts are in United States Dollars and are as of June 30, 2026. 1 CBRE Econometric Advisors, Q2 2026. 2 New development rents: rent required to achieve a 10% yield-on-cost at a development basis of $300 PSF. Shopping Centers – Rent Comparison2 Base Rent PSF $13.10 $24.79 $30.00 (47%) (56%) $-- $5.00 $10.00 $15.00 $20.00 $25.00 $30.00 $35.00 Portfolio In-Place Rent Average Retail Rent New Development Rents
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Slate Grocery REIT | 13 The REIT has already completed $115 million of refinancings in 2026. The REIT is in discussions with lenders for the remaining $29 million of loan maturities in 2026¹ 1 Includes the REIT's share of debt held in its joint ventures. which is a non-IFRS financial measure. Refer to ‘Non-IFRS Reconciliations and Financial Measures’ in part III of Management’s D iscussion and Analysis for further information. Debt Maturity Profile 90.2% Weighted Avg. Interest Rate Swap Duration 1.7YRS Fixed Rate Debt Debt Maturity Profile¹ 5.0% Weighted Avg. Interest Rate1 1 1 3% 30% 33% 7% 11% 12% 0% 4% $0 $50 $100 $150 $200 $250 $300 $350 $400 $450 $500 2026 2027 2028 2029 2030 2031 2032 2033+ Credit Facilities Mortgages and LifeCo
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The Investment Opportunity Sheridan Square, Miami-Fort Lauderdale, FL
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Slate Grocery REIT | 15 1 Source: S&P Capital IQ, priced as of August 5, 2026, total returns calculated based on domestic currency in which the security trades. US and Canadian REIT Comps Total Returns 1-Year1 3-Year1 5-Year1 SGR’s historical returns compare favourably relative to both Canadian and American peers SGR Peer's Total Return Analysis US REIT Canadian REIT 25.8% 23.1% 11.5% 15.4% 17.1% 17.3% 21.8% 22.3% 22.3% 24.7% 24.9% 26.6% 27.1% 29.7% 31.3% 31.4% 33.0% 36.1% Canadian Average US Average Regency Centers Urban Edge Properties Acadia Realty Trust Choice Properties SmartCentres Kimco Realty Brixmor Property Group Crombie InvenTrust Phillips Edison & Company First Capital Slate Grocery REIT RioCan Kite Realty Group Plaza Retail Federal Realty 46.1% 41.9% 29.7% 33.9% 34.2% 34.6% 34.9% 36.4% 42.8% 43.5% 45.5% 49.6% 50.7% 50.8% 57.0% 64.2% 69.9% 84.0% Canadian Average US Average Phillips Edison & Company Federal Realty Kite Realty Group Regency Centers RioCan Choice Properties Urban Edge Properties Kimco Realty SmartCentres Crombie Acadia Realty Trust InvenTrust Brixmor Property Group Plaza Retail Slate Grocery REIT First Capital 43.9% 62.1% 23.4% 24.0% 27.8% 29.0% 37.6% 39.3% 41.9% 44.7% 48.0% 61.5% 65.4% 65.5% 72.5% 73.8% 97.8% 167.8% Canadian Average US Average Acadia Realty Trust Federal Realty Crombie RioCan SmartCentres Urban Edge Properties Choice Properties Kimco Realty Regency Centers First Capital Brixmor Property Group Plaza Retail Kite Realty Group Phillips Edison & Company Slate Grocery REIT InvenTrust
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Slate Grocery REIT | 16 Trading Discount to Net Asset Value 1 Source: Green Street Advisors as of July 27, 2026 2 Implied capitalization rates for US Peers are based on Green Street projections while SGR is based on management’s expectatio ns for 12-month forward NOI. 3 Based on Green Street Advisors’ NAV estimate for US peers and Q2/26 IFRS NAV for SGR. 4 Includes the REIT’s proportionate share of its joint ventures and wholly-owned assets. 4 1 1 1 1,2 3 Significant discount to NAV despite having the lowest in-place rents and highest grocery-anchored percentage Federal Realty Acadia Realty Trust Regency Centers Kite Realty Group Kimco Realty Urban Edge Properties Phillips Edison InvenTrust Brixmor Property Group Strip Center REIT Average Slate Grocery REIT In-Place Rent PSF ($) $33.15 $40.01 $26.25 $22.89 $21.37 $21.79 $16.77 $20.21 $19.05 $24.61 $13.10 Grocery-Anchored (%) 26% 12% 72% 38% 43% 35% 89% 65% 54% 48% 94% Implied Cap Rate (%) 5.9% 5.9% 5.8% 6.8% 6.6% 6.8% 6.2% 6.2% 6.8% 6.3% 7.4% Implied Value PSF ($) $563 $751 $427 $404 $313 $304 $259 $354 $255 $403 $123 Discount to NAV 7.2% 6.4% 2.8% (3.1%) (2.7%) 3.3% 6.1% (3.5%) 3.8% 2.2% (9.8%) $33.15 $40.01 $26.25 $22.89 $21.37 $21.79 $16.77 $20.21 $19.05 $24.61 $13.10 5.9% 5.9% 5.8% 6.8% 6.6% 6.8% 6.2% 6.2% 6.8% 6.3% 7.4%
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Slate Grocery REIT | 17 Responsible Investment Current Initiatives • Energy, carbon, water and waste data collection will support IFRS/ISSB 1 sustainability and climate reporting requirements. • Energy audits are being considered to support the analysis and understanding of the REIT’s climate transition positioning. • Collected data, energy audit findings and climate analyses are being reviewed to inform responsible investment projects and associated capital planning. • Tenant discussions are ongoing to align with tenants’ environmental and social priorities and the exchange of property environmental performance. • Roll out of green leases underway to support tenant collaboration on environmental and social initiatives. “With responsible investment best practices as our foundation, our focus remains on aligning our strategies with generating value for our investors.” – Bozena Jankowska, Global Head of Responsible Investment Managing climate change risks and opportunities Limiting our environmental impact Engaging our tenants and stakeholders for social impact Strong governance of responsible investment risks and opportunities Priorities 1 IFRS/ISSB International Financial Reporting Standards Foundation (IFRS) and the newly affiliated International Sustainability Standards Board (ISSB).
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Slate Grocery REIT | 18 Closing Thoughts Grocery-anchored real estate facilitates the last mile of food logistics and has proven its resiliency and ability to perform in all market conditions The REIT’s in-place rents are significantly below market, providing runway for long-term revenue growth and value creation Limited new supply and strong tenant demand provides positive underlying fundamentals for the sector
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Additional Information Mooresville Town Square, Mooresville, NC
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Slate Grocery REIT | 20 Strong Corporate Governance Independent Audit Committee Investment Committee Compensation, Governance and Nominating Committee Andrea Stephen (Chair of the Board) Yes Member Chair Member Colum Bastable Yes Chair Member Member Christopher Chee Yes Member Patrick Flatley Yes Member Marc Rouleau Yes Member Chair Mary Vitug Yes Member Member Blair Welch No Member Brady Welch No
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Slate Grocery REIT | 21 Analyst Coverage CIBC Capital Markets Tal Woolley tal.woolley@cibc.com RBC Capital Markets Pammi Bir pammi.bir@rbccm.com Scotiabank Himanshu Gupta himanshu.gupta@scotiabank.com TD Securities Sam Damiani sam.damiani@tdsecurities.com ATB Cormark Capital Markets Sairam Srinivas sairam.srinivas@atb.com Raymond James Brad Sturges brad.sturges@raymondjames.ca BMO Capital Markets Tom Callaghan tom.callaghan@bmo.com
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Slate Grocery REIT | 22 Disclaimer Forward-Looking Statements This presentation contains forward-looking information within the meaning of applicable securities laws. These statements include, but are not limited to, statements concerning the REIT’s objectives, its strategies to achieve those objectives, as well as statements with respect to management’s beliefs, plans, estimates, and intentions, and similar statements concerning 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 achievements of the REIT to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Actual results and developments are 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 a number 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 of competition for properties; assumptions about the markets in which the REIT and its subsidiaries operate; the global and North American economic environment; and changes in governmental 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 “financial outlook” 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 Measures This presentation contains financial measures that do not have a standardized meaning under International Financial Reporting Standards (“IFRS”) as prescribed by the International Accounting Standards Board. Slate Grocery uses the following non-IFRS financial measures: Funds from Operations (“FFO”), Adjusted Funds from Operations (“AFFO”), Net Operating Income (“NOI”), and Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”). Management believes that in addition to conventional measures prepared in accordance 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 accordance with 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. Additional information on the REIT’s non-IFRS financial measures is available in the Management, Discussion and Analysis report for the quarter ended June 30, 2026, section “Non-IFRS Measures”, page 15. Use of Estimates The preparation of the REIT financial statements in conformity with IFRS requires management to make estimates, judgments and assumptions that affect the reported amounts of assets 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 reporting period. Management’s estimates are based on historical experience and other assumptions that are believed to be reasonable under the circumstances. Actual results could differ from those estimates under different assumptions.
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Slate Asset Management 121 King Street W, Suite 1600 Toronto, ON M5H 3T9 slateam.com