SEDAR Interim Financial Statements

Slate Grocery REIT CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS For the three and nine months ended September 30, 2025 (Unaudited) Note September 30, 2025 December 31, 2024 ASSETS Non-current assets Properties 4 $ 2,066,864 $ 2,054,511 Joint venture investments 5 134,042 112,429 Interest rate swaps 7 — 4,690 Other assets 3,380 3,624 $ 2,204,286 $ 2,175,254 Current assets Cash 18,999 22,668 Accounts receivable 6 22,571 23,417 Other assets 3,262 4,327 Prepaids 8,900 5,050 Interest rate swaps 7 — 2,983 $ 53,732 $ 58,445 Total assets $ 2,258,018 $ 2,233,699 LIABILITIES Non-current liabilities Debt 8 $ 1,188,913 $ 1,120,616 Interest rate swaps 7 2,330 — Deferred income taxes 159,754 153,580 Other liabilities 4,393 4,378 $ 1,355,390 $ 1,278,574 Current liabilities Debt 8 7,602 46,039 Accounts payable and accrued liabilities 10 43,079 42,071 Exchangeable units of subsidiaries 11 8,072 8,733 Distributions payable 12 4,323 4,323 $ 63,076 $ 101,166 Total liabilities $ 1,418,466 $ 1,379,740 EQUITY Unitholders' equity $ 661,592 $ 673,474 Non-controlling interest 13 177,960 180,485 Total equity $ 839,552 $ 853,959 Total liabilities and equity $ 2,258,018 $ 2,233,699 The accompanying notes are an integral part of the condensed consolidated interim financial statements. Slate Grocery REIT CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION (unaudited – in thousands of United States dollars, unless otherwise stated) Slate Grocery REIT Q3 2025 Financial Statements 2 Three months ended September 30, Nine months ended September 30, Note 2025 2024 2025 2024 Rental revenue 14 $ 53,313 $ 52,325 $ 158,765 $ 156,058 Property operating expenses (9,098) (8,742) (56,240) (55,476) General and administrative expenses 15 (4,077) (3,988) (12,271) (11,882) Interest and finance costs 16 (16,702) (13,926) (47,481) (41,939) Share of income in joint venture investments 5 2,331 1,440 9,222 6,147 Disposition costs — (8) — (298) Change in fair value of financial instruments 543 (3,606) (1,279) (1,148) Change in fair value of properties 4 (12,132) (11,395) (287) (9,419) Net income before income taxes and unit expense $ 14,178 $ 12,100 $ 50,429 $ 42,043 Deferred income tax expense 9 (3,345) (1,845) (8,554) (5,006) Current income tax recovery (expense) 9 407 70 102 (34) Unit expense 17 (2) (3,077) (1,576) (2,140) Net income $ 11,238 $ 7,248 $ 40,401 $ 34,863 Net income attributable to Unitholders $ 8,230 $ 4,603 $ 30,295 $ 26,237 Non-controlling interest 13 3,008 2,645 10,106 8,626 Slate Grocery REIT CONDENSED CONSOLIDATED INTERIM STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (unaudited – in thousands of United States dollars, unless otherwise stated) Three months ended September 30, Nine months ended September 30, Note 2025 2024 2025 2024 Net income $ 11,238 $ 7,248 $ 40,401 $ 34,863 Items to be subsequently reclassified to profit or loss (Loss) gain on effective hedges of interest rate risk, net of tax 7 (141) (5,180) (2,622) 2,286 Reclassification of other comprehensive income reserve to profit or loss (636) (143) (922) (429) Reclassification of effective hedges of interest rate risk to profit or loss 7 (846) (2,185) (3,375) (6,562) Other comprehensive loss (1,623) (7,508) (6,919) (4,705) Comprehensive income (loss) $ 9,615 $ (260) $ 33,482 $ 30,158 Comprehensive income (loss) attributed to Unitholders $ 6,976 $ (1,052) $ 25,053 $ 22,693 Non-controlling interest 13 2,639 792 8,429 7,465 The accompanying notes are an integral part of the condensed consolidated --- interim financial statements. Slate Grocery REIT CONDENSED CONSOLIDATED INTERIM STATEMENTS OF INCOME (unaudited – in thousands of United States dollars, unless otherwise stated) Slate Grocery REIT Q3 2025 Financial Statements 3 Note REIT units Retained earnings Accumulated comprehensive income (loss) Capital reserve Non- controlling interest Total December 31, 2024 $ 584,769 $ 84,027 $ 6,102 $ (1,424) $ 180,485 $ 853,959 Net income and other comprehensive (loss) income — 30,295 (5,242) — 8,429 33,482 Distributions, net 12 — (38,325) — — (10,954) (49,279) Exchanges 11, 12 1,390 — — — — 1,390 September 30, 2025 $ 586,159 $ 75,997 $ 860 $ (1,424) $ 177,960 $ 839,552 Note REIT units Retained earnings Accumulated comprehensive income (loss) Capital reserve Non- controlling interest Total December 31, 2023 $ 584,769 $ 96,835 $ 7,263 $ (1,424) $ 179,793 $ 867,236 Net income and other comprehensive (loss) income — 26,237 (3,544) — 7,465 30,158 Distributions 12 — (38,316) — — (9,136) (47,452) September 30, 2024 $ 584,769 $ 84,756 $ 3,719 $ (1,424) $ 178,122 $ 849,942 The accompanying notes are an integral part of the condensed consolidated interim financial statements. Slate Grocery REIT CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY (unaudited – in thousands of United States dollars, unless otherwise stated) Slate Grocery REIT Q3 2025 Financial Statements 4 Nine months ended September 30, Note 2025 2024 OPERATING ACTIVITIES Net income $ 40,401 $ 34,863 Items not affecting cash Straight-line rent 4 (366) (254) Change in fair value of financial instruments 7 1,279 1,148 Change in fair value of properties 4 287 9,419 IFRIC 21 property tax adjustment 4 7,183 7,671 Deferred income tax expense 8,554 5,006 Unit expense 17 1,576 2,140 Share of income in joint venture investments 5 (9,222) (6,147) Interest and finance costs 16 47,481 41,939 Cash interest paid, net 16 (44,644) (40,740) Changes in working capital items (1,069) (203) $ 51,460 $ 54,842 INVESTING ACTIVITIES Acquisitions 4 (457) — Dispositions — 11,881 Contributions to joint venture investments 5 (15,300) (880) Distributions from joint venture investments 5 2,909 2,937 Funds held in escrow 571 1,065 Capital expenditures 4 (4,827) (3,594) Leasing costs 4 (2,462) (2,097) Tenant improvements 4 (3,253) (3,678) Development and expansion capital 4 (8,458) (9,717) $ (31,277) $ (4,083) FINANCING ACTIVITIES Revolver advances, net of financing costs 22 20,550 13,445 Mortgage advances, net of financing costs 22 63,123 — Revolver, term loan and mortgage repayments 22 (57,667) (20,103) REIT unit distributions 12 (38,316) (38,316) Exchangeable units of subsidiaries distributions 12, 17 (588) (588) Distributions to non-controlling interest (10,954) (9,136) $ (23,852) $ (54,698) Decrease in cash (3,669) (3,939) Cash, beginning of the period 22,668 23,587 Cash, end of the period $ 18,999 $ 19,648 The accompanying notes are an integral part of the condensed consolidated interim financial statements. Slate Grocery REIT CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS (unaudited – in thousands of United States dollars, unless otherwise stated) Slate Grocery REIT Q3 2025 Financial Statements 5 1. DESCRIPTION OF THE REIT AND OPERATIONS Slate Grocery REIT (the "REIT") is an unincorporated, open-ended mutual fund trust under and governed by the laws of the Province of Ontario. The REIT focuses on acquiring, owning, and leasing a portfolio of grocery-anchored real estate properties (the "proper --- ties") in the United States of America (the "U.S."). The class U units of the REIT trade on the Toronto Stock Exchange ("TSX") under the symbols SGR.U and SGR.UN. The principal, registered, and head office of the REIT is 121 King Street West, Suite 1600, Toronto, Ontario, M5H 3T9. The objectives of the REIT are to: • provide unitholders with stable cash distributions from a portfolio of grocery-anchored real estate properties in the U.S.; • enhance the value of the REIT’s assets in order to maximize long-term unitholder value through active management; and • expand the asset base of the REIT and increase the REIT’s earnings on a per unit basis, including through accretive acquisitions. 2. BASIS OF PREPARATION i. Statement of compliance These condensed consolidated interim financial statements (the "consolidated financial statements") have been prepared in accordance with International Accounting Standard ("IAS") 34, Interim Financial Reporting, as issued by the International Accounting Standards Board ("IASB"). ii. Approval of the consolidated financial statements The consolidated financial statements were approved by the trustees of the REIT and authorized for issuance on November 5, 2025. iii. Basis of measurement These consolidated financial statements have been prepared on a going concern basis and measured at historical cost, except for properties and certain financial instruments, which are measured at fair value. The application of the going concern basis of preparation assumes that the REIT will continue in operation for the foreseeable future and be able to realize its assets and discharge its liabilities and commitments in the normal course of business. The REIT expects to continue as a going concern for the foreseeable future. iv. Functional and presentation currency These consolidated financial statements are presented in U.S. dollars, which is the REIT’s functional currency and the functional currency of all its subsidiaries. 3. MATERIAL ACCOUNTING POLICY INFORMATION A summary of material accounting policy information is included in note 3 of the audited consolidated financial statements of the REIT as at and for the year ended December 31, 2024. These consolidated financial statements follow the same accounting policies and methods of computation as used in the REIT's most recent annual consolidated financial statements. These consolidated financial statements do not include all of the information and disclosures required in the annual financial statements prepared under IFRS® Accounting Standards ("IFRS Accounting Standards") and should be read in conjunction with the REIT's audited consolidated financial statements as at and for the year ended December 31, 2024. Future accounting policies IFRS 18, Presentation and Disclosure in Financial Statements In April 2024, IFRS 18, Presentation and Disclosure in Financial Statements ("IFRS 18") was issued to replace IAS 1, Presentation of Financial Statements, with the aim to provide users with more transparent and comparable information. It requires the usage of new categories of income and expense in the consolidated statements of income and comprehensive income including operating, investing, financing, income taxes and discontinued operations sections, as well as new subtotals aligning with these categories. The standard further requires management-defined performance measures to be disclosed in the consolidated financial statements, along with disclosures related to how such --- measures are calculated and reconciled to the most comparable subtotals specified by IFRS Accounting Standards. IFRS 18 is effective for reporting periods beginning on or after January 1, 2027, with early adoption permitted, and is to be applied retrospectively. The REIT is currently in the process of assessing the impact of adopting the new standard on its consolidated financial statements. Slate Grocery REIT NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (unaudited – in thousands of United States dollars, unless otherwise stated) Slate Grocery REIT Q3 2025 Financial Statements 6 4. PROPERTIES As at September 30, 2025, the REIT owned 116 properties (December 31, 2024 - 116 properties), of which 101 are in entities consolidated by the REIT. The remaining 15 properties are accounted as joint venture investments (note 5) and not included in the table below. The change in properties is as follows: September 30, 2025 December 31, 2024 Beginning of the period $ 2,054,511 $ 2,062,599 Acquisitions 457 — Capital expenditures 4,827 3,931 Leasing costs 2,462 2,950 Tenant improvements 3,253 5,629 Development and expansion capital 8,458 12,433 Straight-line rent 366 363 Dispositions — (12,757) IFRIC 21 property tax adjustment (7,183) — Change in fair value of properties (287) (20,637) End of the period $ 2,066,864 $ 2,054,511 Valuation assumptions used to estimate the fair value of all the REIT's properties are as follows: September 30, 2025 1 December 31, 2024 1 Capitalization rate range 5.8% – 10.0% 5.6% – 10.2% Weighted average capitalization rate 7.2 % 7.2 % 1 Includes the REIT's share of joint venture investments. The following table presents the estimated change to the fair value of the REIT’s properties when there is a decrease or increase to the capitalization rates as at September 30, 2025: (Decrease) Increase in capitalization rate Change in fair value of properties 1 (1.00%) $ 399,300 (0.75%) 287,552 (0.50%) 184,368 (0.25%) 88,790 0.25% (82,706) 0.50% (159,937) 0.75% (232,223) 1.00% (300,028) 1 Includes the REIT's share of joint venture investments. The following table presents the estimated change to the fair value of the REIT’s properties when there is a decrease or increase to the REIT's stabilized net operating income as at September 30, 2025: (Decrease) Increase in stabilized net operating income Change in fair value of properties 1 $(100) $ (1,394) $100 1,394 1 Includes the REIT's share of joint venture investments. Slate Grocery REIT NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (unaudited – in thousands of United States dollars, unless otherwise stated) Slate Grocery REIT Q3 2025 Financial Statements 7 5. JOINT VENTURE INVESTMENTS The REIT accounts for its joint venture investments using the equity method. The table below summarizes the REIT's investment in joint ventures: September 30, 2025 December 31, 2024 Portfolio State Number of properties Ownership interest Number of properties Ownership interest Tom Thumb Portfolio Texas, Florida, and California 10 90% – 95% 10 90% – 95% Northeast Grocery Portfolio New York and Indiana 4 85% 4 85% Windmill Plaza Michigan 1 50% 1 50% The change in the REIT's joint venture investments are as follows: September 30, 2025 December 31, 2024 Tom Thumb Portfolio Northeast Grocery Portfolio Windmill Plaza Total Total Beginning of the period $ 58,387 $ 50,323 $ 3,719 $ 112,429 $ 107,101 Contributions 12,750 2,550 — 15,300 880 Distributions (1,884) (426) (599) (2 --- ,909) (4,287) Share of income in joint venture investments 3,066 5,898 258 9,222 8,735 End of the period $ 72,319 $ 58,345 $ 3,378 $ 134,042 $ 112,429 On August 29, 2025, the REIT repaid a mortgage totaling $11.5 million, at the REIT's ownership interest, that was secured by one property within the Tom Thumb Portfolio. 6. ACCOUNTS RECEIVABLE Accounts receivable consists of the following: September 30, 2025 December 31, 2024 Rent receivable $ 7,525 $ 10,576 Allowance (2,047) (2,002) Accrued recovery income 9,947 8,879 Other receivables 7,146 5,964 Total $ 22,571 $ 23,417 Rent receivable consists of base rent and operating expense recoveries billed to tenants. Accrued recovery income represents amounts that have not been billed to the tenants and are generally billed and paid subsequent to the period in which they were incurred. The change in the allowance for expected credit losses is as follows: September 30, 2025 December 31, 2024 Beginning of the period $ (2,002) $ (1,171) Allowance (1,442) (1,198) Bad debt write-off 1,136 121 Bad debt recovery 261 246 End of the period $ (2,047) $ (2,002) The REIT measures the allowance at an amount equal to lifetime expected losses by taking into account past default experience and considering both current and potential bankruptcy, abandonment by tenants, and certain tenant disputes. Slate Grocery REIT NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (unaudited – in thousands of United States dollars, unless otherwise stated) Slate Grocery REIT Q3 2025 Financial Statements 8 7. INTEREST RATE SWAPS The REIT has entered into certain pay-fixed, receive-float interest rate swap contracts to hedge the cash flow risk associated with monthly SOFR based interest payments on the REIT's floating rate debt. The terms of the interest rate swaps are as follows: Maturity date Remaining term (years) Pay-fixed rate Receive-floating rate Notional amount July 22, 2027 1.8 3.438 % One-month SOFR $ 137,500 July 22, 2027 1.8 3.615 % One-month SOFR 137,500 August 1, 2028 2.8 3.540 % One-month SOFR 9,000 August 22, 2028 2.9 3.355 % One-month SOFR 175,000 August 22, 2028 2.9 3.465 % One-month SOFR 175,000 June 1, 2030 4.7 3.738 % One-month SOFR 39,300 Total / Weighted average 2.6 3.478 % $ 673,300 On August 8, 2025, the REIT entered into a $9.0 million pay-fixed, receive-float interest swap contract to hedge the cash flow risk associated with a $9.0 million asset refinancing (note 8) and it's monthly SOFR-based interest payments. The REIT has applied hedge accounting for the interest swap contract as a cash flow hedge, with changes in fair value recognized in other comprehensive income (loss). On July 1, 2025, the REIT amended its $137.5 million interest rate swap with a pay-fixed rate of 2.400% and a maturity date of July 22, 2027. The amendment adjusted the pay-fixed rate to 3.438% and removed a one-time cancellation option that was exercisable on July 24, 2025. There were no changes to the swap’s notional amount. As a result of the amendment, the $0.2 million cash flow hedge reserve related to the derecognized swap contract was reclassified from other comprehensive income into net income. The REIT has applied hedge accounting for the amended swap contract as a cash flow hedge, with changes in fair value recognized in other comprehensive income (loss). On July 1, 2025, the REIT amended its $175.0 million interest rate swap with a pay-fixed rate of 2.822% and a maturity date of August 22, 2025. The amendme --- nt adjusted the pay-fixed rate to 3.355% and the maturity to August 22, 2028. There were no changes to the swap’s notional amount. As a result of the amendment, the $0.4 million cash flow hedge reserve related to the derecognized swap contract was reclassified from other comprehensive income into net income. The REIT has applied hedge accounting for the amended swap contract as a cash flow hedge, with changes in fair value recognized in other comprehensive income (loss). On June 5, 2025, the REIT entered into a $39.3 million pay-fixed, receive-float interest swap contract to hedge the cash flow risk associated with a $39.3 million portfolio refinancing (note 8) and it's monthly SOFR-based interest payments. The REIT has applied hedge accounting for the interest swap contract as a cash flow hedge, with changes in fair value recognized in other comprehensive income (loss). A reconciliation of the change in the fair value of the interest rate swaps and related deferred tax impact is as follows: Fair value of interest rate swaps Deferred income tax recovery (expense) Net impact after tax Note Balance, June 30, 2025 $ (882) $ 226 $ (656) Change in fair value of effective hedges of interest rate risk (189) 48 (141) Change in fair value of financial instrument through profit or loss 130 (33) 97 Net payments received on effective hedges of interest rate risk 16 (1,138) 292 (846) Net payments received on financial instruments through profit or loss 16 (251) 63 (188) Balance, September 30, 2025 $ (2,330) $ 596 $ (1,734) Slate Grocery REIT NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (unaudited – in thousands of United States dollars, unless otherwise stated) Slate Grocery REIT Q3 2025 Financial Statements 9 Fair value of interest rate swaps Deferred income tax (expense) recovery Net impact after tax Note Balance, December 31, 2024 $ 7,673 $ (1,964) $ 5,709 Change in fair value of effective hedges of interest rate risk (3,524) 902 (2,622) Change in fair value of financial instrument through profit or loss (1,199) 307 (892) Net payments received on effective hedges of interest rate risk 16 (4,536) 1,161 (3,375) Net payments received on financial instruments through profit or loss 16 (744) 190 (554) Balance, September 30, 2025 $ (2,330) $ 596 $ (1,734) Fair value of interest rate swaps Deferred income tax (expense) recovery Net impact after tax Note Balance, June 30, 2024 $ 14,261 $ (3,650) $ 10,611 Change in fair value of effective hedges of interest rate risk (6,961) 1,781 (5,180) Change in fair value of financial instrument through profit or loss (3,009) 770 (2,239) Net payments received on effective hedges of interest rate risk 16 (2,937) 752 (2,185) Net payments received on financial instrument through profit or loss 16 (597) 153 (444) Balance, September 30, 2024 $ 757 $ (194) $ 563 Fair value of interest rate swaps Deferred income tax (expense) recovery Net impact after tax Note Balance, December 31, 2023 $ 7,652 $ (1,959) $ 5,693 Change in fair value of effective hedges of interest rate risk 3,072 (786) 2,286 Change in fair value of financial instrument through profit or loss 661 (169) 492 Net payments received on effective hedges of interest rate risk 16 (8,819) 2,257 (6,562) Net payments received on financial instrument through profit or loss 16 (1,809) 463 (1,346) Balance, September 30, 2024 $ 757 $ (194) $ 563 Slate Grocery REIT NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (unaudited – in thousands --- of United States dollars, unless otherwise stated) Slate Grocery REIT Q3 2025 Financial Statements 10 8. DEBT Debt balances held by the REIT at September 30, 2025 and December 31, 2024 are as follows: September 30, 2025 Maturity Interest rate Properties provided as security Fair value of security Maximum available Principal Available to be drawn 1 Revolver 1 2 January 14, 2028 S+175 bps 3 4 N/A 5 N/A 5 $ 275,000 $ 227,821 $ 47,179 Term loan July 15, 2027 S+160 bps 3 4 N/A 5 N/A 5 275,000 275,000 — Term loan 2 January 14, 2028 S+165 bps 3 4 N/A 5 N/A 5 225,000 225,000 — Mortgage April 11, 2027 DS+220 bps3 1 20,333 17,350 16,492 858 Mortgage December 1, 2029 6.40% 10 141,444 100,500 100,500 — Mortgage January 1, 2030 5.51% 2 57,000 32,707 32,707 — Mortgage March 18, 2030 3.48% 8 158,600 73,860 73,860 — Mortgage6 June 4, 2030 S+175 bps 3 4 72,300 39,300 39,300 — Mortgage August 7, 2030 S+165 bps 3 1 13,556 9,000 9,000 — Mortgage January 1, 2031 5.50% 1 24,000 4,189 4,189 — Mortgage May 1, 2031 3.75% 19 321,900 153,720 153,720 — Mortgage February 1, 2033 5.50% 5 101,900 54,786 54,786 — Total $ 1,260,412 $ 1,212,375 $ 48,037 December 31, 2024 Maturity Interest rate Properties provided as security Fair value of security Maximum available Principal Available to be drawn 1 Revolver 1 2 January 14, 2028 S+175 bps 3 4 N/A 5 N/A 5 $ 275,000 $ 220,771 $ 54,229 Term loan July 15, 2027 S+160 bps 3 4 N/A 5 N/A 5 275,000 275,000 — Term loan 2 January 14, 2028 S+165 bps 3 4 N/A 5 N/A 5 225,000 225,000 — Mortgage July 1, 2025 4.14% 5 78,800 31,004 31,004 — Mortgage August 1, 2025 4.43% 1 13,333 7,700 7,700 — Mortgage December 1, 2029 6.40% 10 140,667 100,500 100,500 — Mortgage January 1, 2030 5.51% 2 57,800 33,000 33,000 — Mortgage March 18, 2030 3.48% 8 153,400 75,268 75,268 — Mortgage January 1, 2031 5.50% 1 24,000 4,686 4,686 — Mortgage May 1, 2031 3.75% 19 320,800 156,397 156,397 — Mortgage February 1, 2033 5.50% 5 102,300 55,374 55,374 — Total $ 1,238,929 $ 1,184,700 $ 54,229 1 Debt available to be drawn is subject to certain calculations, as provided by the REIT's lending agreements. 2 The revolver requires a stand-by fee to be paid in an amount equal to 0.25% of the unused portion of the revolver where the unused portion is greater than or equal to 50% of the maximum amount available and 0.15% of the unused portion of the revolver where the unused portion is less than 50% of the maximum amount available, calculated daily. 3 "S" means one-month SOFR, "DS" means daily SOFR, and "bps" means basis points. 4 The applicable spread for the revolver where the total indebtedness to gross asset value (the "consolidated leverage ratio") is: (i) less than or equal to 45% is 145 bps; (ii) greater than 45% but less than or equal to 50% is 155 bps; (iii) greater than 50% but less than or equal to 55% is 175 bps (iv) greater than 55% but less than or equal to 60% is 200 bps; and (iv) greater than 60% is 220 bps, and includes a 10 bps SOFR index adjustment. The applicable spread for the term loan where the consolidated leverage ratio is; (i) less than or equal to 45% is 135 bps; (ii) greater than 45% but less than or equal to 50% is 150 bps; (iii) greater than 50% but less than or equal to 55% is 160 bps (iv) greater than 55% but less than or equal to 60% is 185 bps; and (iv) greater than 60% is 205 bps, and includes a 10 bps SOFR index adjustment. The applicable spread for the term loan 2 where the consolidated leverage ratio is; (i) less than or equal to 45% is --- 135 bps; (ii) greater than 45% but less than or equal to 50% is 150 bps; (iii) greater than 50% but less than or equal to 55% is 165 bps (iv) greater than 55% but less than or equal to 60% is 190 bps; and (iv) greater than 60% is 210 bps, and includes a 10 bps SOFR index adjustment. 5 Debt is secured by a general pledge of equity of certain subsidiaries of the REIT. Collectively, those subsidiaries hold an interest in 50 of the REIT's properties at September 30, 2025 (December 31, 2024 - 50). 6 Maturity date excludes two 12-month extension options exercisable at the REIT's option. Slate Grocery REIT NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (unaudited – in thousands of United States dollars, unless otherwise stated) Slate Grocery REIT Q3 2025 Financial Statements 11 The carrying value of debt held by the REIT at September 30, 2025 is as follows: Interest rate 1 Principal Deferred financing costs and mark-to- market ("MTM") adjustments Accumulated amortization of costs and MTM adjustments Carrying amount Current Non-current Revolver1 5.88% $ 227,821 $ (3,718) $ 1,115 $ 225,218 $ — $ 225,218 Term loan1 5.73% 275,000 (5,381) 3,354 272,973 — 272,973 Term loan 21 5.78% 225,000 (3,006) 902 222,896 — 222,896 Mortgage 6.44% 16,492 (622) 156 16,026 — 16,026 Mortgage1 6.40% 100,500 (5,175) 949 96,274 — 96,274 Mortgage 5.51% 32,707 (588) 89 32,208 460 31,748 Mortgage 3.48% 73,860 (1,562) 857 73,155 1,935 71,220 Mortgage 5.88% 39,300 (873) 44 38,471 — 38,471 Mortgage1 5.78% 9,000 (175) 6 8,831 — 8,831 Mortgage 5.50% 4,189 127 (55) 4,261 695 3,566 Mortgage 3.75% 153,720 (3,133) 1,504 152,091 3,689 148,402 Mortgage 5.50% 54,786 (929) 254 54,111 823 53,288 Total $ 1,212,375 $ (25,035) $ 9,175 $ 1,196,515 $ 7,602 $ 1,188,913 1 The revolver, term loan, term loan 2, and floating-rate mortgage interest rates are based on the applicable SOFR as at September 30, 2025. The carrying value of debt held by the REIT at December 31, 2024 is as follows: Interest rate 1 Principal Deferred financing costs and MTM adjustments Accumulated amortization of costs and MTM adjustments Carrying amount Current Non-current Revolver 6.08% $ 220,771 $ (3,718) $ 279 $ 217,332 $ — $ 217,332 Term loan 5.93% 275,000 (5,381) 2,539 272,158 — 272,158 Term loan 2 5.98% 225,000 (3,006) 225 222,219 — 222,219 Mortgage 4.14% 31,004 (1,079) 1,030 30,955 30,955 — Mortgage 4.43% 7,700 78 (66) 7,712 7,712 — Mortgage 6.40% 100,500 (5,175) 172 95,497 — 95,497 Mortgage 5.51% 33,000 (588) 10 32,422 444 31,978 Mortgage 3.48% 75,268 (1,562) 732 74,438 1,885 72,553 Mortgage 5.50% 4,686 127 (47) 4,766 667 4,099 Mortgage 3.75% 156,397 (3,133) 1,266 154,530 3,586 150,944 Mortgage 5.50% 55,374 (929) 181 54,626 790 53,836 Total $ 1,184,700 $ (24,366) $ 6,321 $ 1,166,655 $ 46,039 $ 1,120,616 1 The revolver, term loan, and term loan 2 interest rates are based on the applicable one-month SOFR as at December 31, 2024. On August 8, 2025, the REIT entered into a $9.0 million mortgage, secured by one property, bearing interest at one-month SOFR plus an applicable spread of 165 bps and maturing on August 7, 2030. On June 5, 2025, the REIT entered into a $39.3 million mortgage, secured by four properties, bearing interest at one-month SOFR plus an applicable spread of 175 bps and maturing on June 4, 2030, with two twelve-month extension options available. In connection with the refinancing, the REIT removed one property from the existing portfolio. On April 11, 2025, the REIT entered into a --- mortgage for a total facility amount of $17.4 million, of which $11.6 million was advanced upon closing on a gross basis. The mortgage, secured by one property, bears interest at daily SOFR plus 220 bps and matures on April 11, 2027. Slate Grocery REIT NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (unaudited – in thousands of United States dollars, unless otherwise stated) Slate Grocery REIT Q3 2025 Financial Statements 12 On December 13, 2024, the REIT entered into a $33.0 million mortgage, which is secured by two properties, bearing interest at 5.51% and maturing on January 1, 2030. The proceeds of the mortgage were used to repay a portion of the existing mortgage on the portfolio. In connection with the repayment, the REIT transferred one property in the existing portfolio to the Revolver and term loans pool. On November 20, 2024, the REIT entered into a $100.5 million mortgage, secured by a portfolio of ten properties, bearing interest at 6.40% and maturing on December 1, 2029. The proceeds of the mortgage were used to repay a portion of the existing mortgage on the portfolio. In connection with the repayment, the REIT removed one property from the existing portfolio. On October 21, 2024, the REIT refinanced its Revolver and Term loan 2 (collectively, the "Facility") for an aggregate principal amount of $275.0 million and $225.0 million, respectively. The Facility has a maturity date of January 14, 2028, and pays an interest rate of one-month SOFR plus an applicable spread based on a consolidated leverage ratio. The applicable spreads for the Revolver and Term loan 2 are 175 bps and 165 bps, respectively. 9. INCOME TAXES Subsidiaries of the REIT, Slate Grocery Investment L.P. ("Investment L.P."), and GAR (1B) Limited Partnership ("GAR B") made an election to be classified as corporations for U.S. federal tax purposes. Investment L.P. and GAR B are subject to U.S. federal and state income taxation on their allocable shares in Slate Grocery One L.P. ("LP1"), a subsidiary of the REIT, and any subsidiary limited partnership thereof. Slate Grocery Investment Inc. ("Investment Inc.") is a U.S. corporation formed in the state of Delaware. It is subject to federal and state income taxation on its allocable share in Slate Grocery Investment US L.P. ("SGIUSLP"), a subsidiary of the REIT, and any subsidiaries thereof. The REIT is therefore subject to U.S. federal income taxation on its allocable share of rental income derived directly or indirectly through such subsidiary limited partnerships and corporations on a net basis, taking into account allowable deductions. Investment L.P. and GAR B are each subject to a combined federal and state income tax rate of 25.59% (December 31, 2024 – 25.59%). Investment Inc. is subject to a combined federal and state income tax rate of 25.12% (December 31, 2024 – 25.12%). To the extent U.S. taxes are paid by Investment L.P., GAR B and Investments Inc. such amounts will be creditable against an investor’s Canadian federal income tax liability to the extent permitted by Canadian tax law. Total taxes paid for the nine month period ended September 30, 2025 were $1.8 million (nine month period ended September 30, 2024 – $2.1 million). Branch profit tax is tax imposed on U.S. earned income that is repatriated to Canada. 10. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES Accounts payable and accrued liabilities consists of the following: September 30, 2025 December 31, 2024 Accounts payable and accrued --- liabilities $ 20,195 $ 17,732 Prepaid rent 7,093 8,468 Tenant improvements payable 6,022 6,582 Other payables 9,769 9,289 Total $ 43,079 $ 42,071 Included in accounts payable and accrued liabilities are operating expenses, property taxes, and capital and leasing expenses. Other payables include security deposits, trustee fees, accrued interest payable, branch profit tax payable, and other non-operating items. 11. EXCHANGEABLE UNITS OF SUBSIDIARIES Each class of the exchangeable units issued by the REIT's subsidiaries are presented as financial liabilities in accordance with IAS 32. Exchangeable units of subsidiaries Exchangeable units of subsidiaries are redeemable at the option of the holder, for cash or class U units of the REIT, as determined by the REIT. Distributions paid on exchangeable units of subsidiaries are recorded as unit expense in the period in which they become payable. Exchangeable units of subsidiaries are re-measured based on the quoted closing price of REIT units into which they are exchangeable with changes in fair value recognized in net income as unit expense. Slate Grocery REIT NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (unaudited – in thousands of United States dollars, unless otherwise stated) Slate Grocery REIT Q3 2025 Financial Statements 13 The change in the total exchangeable units of subsidiaries and carrying amount are as follows: September 30, 2025 December 31, 2024 Note Exchangeable Units Value Exchangeable Units Value Beginning of the period 907 $ 8,733 907 $ 8,269 Exchanged (132) (1,390) — — Change in fair value 17 — 729 — 464 End of the period 775 $ 8,072 907 $ 8,733 12. REIT UNITS As at September 30, 2025, the REIT has the following REIT units issued and outstanding, in thousands of units: Class A Class I Class U Authorized for issue Unlimited Unlimited Unlimited Issued and outstanding 106 10 59,146 Each REIT unit confers the right to one vote at any meetings of REIT unitholders. The REIT is also authorized to issue an unlimited number of special voting units. Special voting units are only issued in tandem with the issuance of securities redeemable for or exchangeable into REIT units. The special voting units do not have any economic entitlement in the REIT with respect to distributions but provide the holder with the same voting rights in the REIT as a holder of REIT units. GAR B exchangeable units are accompanied by an equivalent number of special voting units. Each REIT unit entitles the holder to the same rights and obligations as any other REIT unitholder and no REIT unitholder is entitled to any privilege, priority or preference in relation to any other holder of REIT units of class A units, class I units, and class U units of the REIT to participate in distributions made by the REIT including distributions of net income, net realized capital gains or other amounts and, in the event of termination or winding-up of the REIT, in the net assets of the REIT remaining after satisfaction of all liabilities. REIT units will be fully paid and non-assessable when issued and are transferable. The REIT's Declaration of Trust grants holders of class A units and class I units of the REIT the right to convert all or any portion of their class A units and class I units of the REIT, at any time (the “conversion date”), into class U units by giving written notice to the REIT. On the applicable conversion date, the REIT will deliver to the class A unitholder or class I unitholder the appl --- icable number of class U units for each class A unit or class I unit converted by such unitholder. With certain restrictions, the unitholders have the right to require the REIT to redeem their units on demand. Upon receipt of the redemption notice by the REIT, all rights to and under the units tendered for redemption shall be surrendered and the holder thereof shall be entitled to receive a price per unit as determined by a market formula and shall be paid in accordance with the conditions provided for in the Declaration of Trust. At the Market Program On March 30, 2022, the REIT established an at the market equity program ("ATM program") that allowed the REIT to issue, at its discretion, up to $150.0 million of class U units of the REIT to the public from time to time through an agent. Distributions pursuant to the ATM program were made in accordance with the terms of an equity distribution agreement dated March 30, 2022 entered into among the REIT and the agent. The ATM program was effective until April 28, 2024 and was not renewed thereafter. For the nine month periods ended September 30, 2025 and 2024, no units were issued under the ATM program. Normal course issuer bid On January 27, 2025, the REIT renewed its normal course issuer bid ("NCIB"), effective from February 3, 2025 until January 30, 2026, pursuant to which it may repurchase and cancel up to 5.5 million class U units of the REIT. For the nine month periods ended September 30, 2025 and 2024, no class U units have been purchased and subsequently canceled under the NCIB. Slate Grocery REIT NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (unaudited – in thousands of United States dollars, unless otherwise stated) Slate Grocery REIT Q3 2025 Financial Statements 14 Weighted average class U units outstanding The following is the weighted average number of class U units outstanding on a fully diluted basis, in thousands of units: Three months ended September 30, Nine months ended September 30, 2025 2024 2025 2024 Class U units 59,032 59,005 59,017 59,001 Class A units 110 115 111 117 Class I units 10 10 10 12 Exchangeable units of subsidiaries 885 907 898 907 Deferred units 382 310 366 290 Total 60,419 60,347 60,402 60,327 Class U units outstanding The following is the total number of class U units outstanding, if all other units of the REIT, its subsidiaries, and its deferred unit plans ("DUP"), were converted or exchanged, as applicable, for class U units of the REIT, in thousands of units: September 30, 2025 December 31, 2024 Class U units 59,146 59,009 Class A units 106 111 Class I units 10 10 Exchangeable units of subsidiaries 775 907 Deferred units 390 341 Total 60,427 60,378 Unit distributions Pursuant to the Declaration of Trust, the income of the REIT is distributed on dates and in amounts as determined by the board of trustees. The following table summarizes the REIT's distributions and reconciliation to distributions paid or settled: Three months ended September 30, Nine months ended September 30, 2025 2024 2025 2024 Declared REIT unit distributions $ 12,781 $ 12,772 $ 38,325 $ 38,316 Exchangeable units of subsidiaries distributions 187 196 579 588 $ 12,968 $ 12,968 $ 38,904 $ 38,904 Add: Distributions payable, beginning of period 4,323 4,323 4,323 4,323 Less: Distributions payable, end of period (4,323) (4,323) (4,323) (4,323) Distributions paid $ 12,968 $ 12,968 $ 38,904 $ 38,904 Deferred unit plans Trustees of the REIT who are not members of managem --- ent may elect to receive all or a portion of their trustee fees in the form of deferred units that vest immediately upon grant. The REIT also offers DUP for officers of the REIT whereby officers may elect to receive deferred class U units, which represent a right to receive class U units, in lieu of an equivalent amount of asset management fees for management services rendered by Slate Asset Management (Canada) L.P. (the "Manager"). The deferred units are equivalent in value to REIT units and accumulate additional deferred units at the same rate that distributions are paid on REIT units in relation to the market value of REIT units. Slate Grocery REIT NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (unaudited – in thousands of United States dollars, unless otherwise stated) Slate Grocery REIT Q3 2025 Financial Statements 15 The change in deferred units is as follows, in thousands of units: Three months ended September 30, Nine months ended September 30, 2025 2024 2025 2024 Beginning of the period 375 302 341 264 Reinvested distributions 8 7 21 19 Issued 11 11 32 37 Redeemed (4) — (4) — End of the period 390 320 390 320 Fair value of units $ 4,064 $ 3,325 $ 4,064 $ 3,325 13. NON-CONTROLLING INTEREST The REIT has an established partnership with the North America Essential Fund ("NA Essential Fund"), a vehicle with management services provided by the Manager. The NA Essential Fund made an initial cash investment of $180.0 million indirectly into the REIT's assets through the purchase of an 18.37% partnership interest in two of the REIT's subsidiaries, LP1 and SGIUSLP. The non-controlling interest in SGIUSLP includes the proportionate interest in the Tops Portfolio, a grocery anchored portfolio comprising 11 properties and 1.6 million square feet in major metro markets in New York, Ohio, and Georgia. Primary Investment Number of properties September 30, 2025 December 31, 2024 LP1, SGIUSLP 116 18.4 % 18.4 % Tops Portfolio 11 10.0 % 10.0 % 14. REVENUE Revenue consists of the following: Three months ended September 30, Nine months ended September 30, 2025 2024 2025 2024 Rental revenue $ 39,037 $ 38,549 $ 116,399 $ 114,557 Common area maintenance recoveries 5,533 5,144 16,844 15,367 Property tax and insurance recoveries 7,352 7,427 21,599 21,695 Percentage rent 220 95 708 552 Other revenue 1 1,171 1,110 3,215 3,887 Total $ 53,313 $ 52,325 $ 158,765 $ 156,058 1 Other revenue includes straight-line rent, ground rent, termination fees, storage rent, and other non-rental income. The REIT enters into long-term lease contracts with tenants for space in the REIT’s properties. Leases generally provide for the tenant to pay base rent, with provisions for contractual increases in base rent over the term of the lease, plus operating costs and property tax recoveries. Certain leases have limitations or escalation restrictions on the amount of recoveries or cost reimbursements, which the tenant is obligated to pay regardless of the actual costs incurred by the REIT to operate and maintain the properties. The REIT’s existing leases have a weighted average outstanding term of 4.4 years (December 31, 2024 – 4.7 years) in which certain leases include clauses to enable periodic increases in rental rates. The future minimum lease payments from the REIT’s non-cancellable operating leases as a lessor are as follows: September 30, 2025 December 31, 2024 In one year or less $ 175,321 $ 171,154 In more than one year but not more than five years 476,37 --- 8 446,387 In more than five years 195,880 182,639 Total 1 $ 847,579 $ 800,180 1 Includes the REIT's share of joint venture investments. Slate Grocery REIT NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (unaudited – in thousands of United States dollars, unless otherwise stated) Slate Grocery REIT Q3 2025 Financial Statements 16 15. GENERAL AND ADMINISTRATIVE EXPENSES General and administrative expenses consists of the following: Three months ended September 30, Nine months ended September 30, Note 2025 2024 2025 2024 Asset management fees 21 $ 2,331 $ 2,317 $ 6,908 $ 6,851 Professional fees and other 1,262 1,236 4,203 3,906 Bad debt expense 431 360 953 875 Franchise and business taxes 53 75 207 250 Total $ 4,077 $ 3,988 $ 12,271 $ 11,882 16. INTEREST AND FINANCE COSTS Interest and finance costs consists of the following: Three months ended September 30, Nine months ended September 30, Note 2025 2024 2025 2024 Interest on debt and finance charges $ 17,023 $ 17,107 $ 49,855 $ 51,368 Interest rate swaps, net settlement 7 (1,320) (3,534) (5,211) (10,628) Interest income (123) (50) (375) (153) Amortization of finance charges and MTM premium 22 1,336 617 3,854 1,994 Amortization of gain on financial instrument 7 (192) (192) (576) (576) Amortization of deferred gain on TIF notes (22) (22) (66) (66) Total $ 16,702 $ 13,926 $ 47,481 $ 41,939 17. UNIT EXPENSE Unit expense consists of the following: Three months ended September 30, Nine months ended September 30, Note 2025 2024 2025 2024 Exchangeable units of subsidiaries distributions 11, 12 $ (187) $ (196) $ (579) $ (588) Change in fair value of DUP 64 (712) (268) (388) Change in fair value of exchangeable units of subsidiaries 11 121 (2,169) (729) (1,164) Total $ (2) $ (3,077) $ (1,576) $ (2,140) Slate Grocery REIT NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (unaudited – in thousands of United States dollars, unless otherwise stated) Slate Grocery REIT Q3 2025 Financial Statements 17 18. FAIR VALUES Except as noted, the carrying value of financial assets and financial liabilities including cash, accounts receivable, funds held in escrow, accounts payable and accrued liabilities, distributions payable, and rental security deposits recorded within other liabilities, approximate their fair values because of the short period until receipt or payment of cash. The carrying amounts and fair value hierarchy of the REIT’s financial instruments are as follows: Fair Value September 30, 2025 Carrying amount Level 1 Level 2 Level 3 Total Financial assets TIF notes receivable $ 377 $ — $ — $ 485 $ 485 Total financial assets $ 377 $ — $ — $ 485 $ 485 Financial liabilities Interest rate swaps $ 2,330 $ — $ 2,330 $ — $ 2,330 Revolver 225,218 — 227,821 — 227,821 Term loan 272,973 — 225,000 — 225,000 Term loan 2 222,896 — 275,000 — 275,000 Mortgages 475,428 — 467,306 — 467,306 Exchangeable units of subsidiaries 8,072 8,072 — — 8,072 Total financial liabilities $ 1,206,917 $ 8,072 $ 1,197,457 $ — $ 1,205,529 Fair Value December 31, 2024 Carrying amount Level 1 Level 2 Level 3 Total Financial assets Interest rate swaps $ 7,673 $ — $ 7,673 $ — $ 7,673 TIF notes receivable 677 — — 810 810 Total financial assets $ 8,350 $ — $ 7,673 $ 810 $ 8,483 Financial liabilities Revolver $ 217,332 $ — $ 220,771 $ — $ 220,771 Term loan 272,158 — 275,000 — 275,000 Term loan 2 222,219 — 225,000 — 225,000 Mortgages 454,946 — 427,258 — 427,258 Exchangeable units of subsidiaries 8,733 8,733 — — 8, --- 733 Total financial liabilities $ 1,175,388 $ 8,733 $ 1,148,029 $ — $ 1,156,762 19. CAPITAL MANAGEMENT The REIT's capital management objectives are to: i. ensure compliance with the REIT's Declaration of Trust; ii. ensure compliance with restrictions in debt agreements; and iii. provide sufficient liquidity to operate the REIT's properties, fund obligations as they become due and build unitholder value. Procedures to monitor compliance with the Declaration of Trust and debt agreements are performed as a part of the overall management of operations and periodically by review of the REIT's board of trustees and reporting to the REIT's lender. In order to maintain or adjust the capital structure, the REIT may issue trust units, debentures, or mortgage debt, adjust the amount of distributions paid to unitholders, return capital to unitholders, or reduce or increase debt. Slate Grocery REIT NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (unaudited – in thousands of United States dollars, unless otherwise stated) Slate Grocery REIT Q3 2025 Financial Statements 18 The REIT considers its debt and equity instruments to be its capital as follows: Note September 30, 2025 December 31, 2024 Debt 8 $ 1,196,515 $ 1,166,655 Exchangeable units of subsidiaries 11 8,072 8,733 Equity 839,552 853,959 Total $ 2,044,139 $ 2,029,347 The Declaration of Trust provides that the REIT is not permitted to exceed financial leverage in excess of 60% of gross book value, as defined by the Declaration of Trust, and is calculated as follows: Note September 30, 2025 December 31, 2024 Gross book value $ 2,258,018 $ 2,233,699 Debt 8 1,196,515 1,166,655 Leverage ratio 53.0 % 52.2% Additional investment and operating guidelines are provided for by the Declaration of Trust. The REIT is in compliance with these guidelines. The REIT's revolver and term loans are subject to financial and other covenants. The following are the primary financial covenants, with all terms defined by the respective lending agreement: Threshold September 30, 2025 December 31, 2024 Maximum leverage ratio: consolidated total indebtedness shall not exceed 60% of gross asset value < 60% 52.9% 53.4% Minimum fixed charge coverage ratio: adjusted EBITDA to consolidated fixed charges shall not be less than 1.5x 1 > 1.5x 1.9x 2.0x 1 Adjusted EBITDA and consolidated fixed charges are defined by the Third Amended and Restated Credit Agreement for the revolver and term loan 2, as well as the Second Amended Credit Agreement for the term loan, and are calculated on a trailing twelve-month basis. As at September 30, 2025 and December 31, 2024, the REIT is in compliance with all of its applicable financial covenants. 20. RISK MANAGEMENT The REIT’s risk management policies are established to identify, analyze, and manage the risks faced by the REIT and to implement appropriate procedures to monitor risks and adherence to established controls. Risk management policies and systems are reviewed periodically in response to the REIT’s activities and to ensure applicability. In the normal course of business, the main risks arising from the REIT’s use of financial instruments include credit risk, liquidity risk, and market risk. These risks, and the actions taken to manage them, include: i. Credit risk Credit risk is the risk of financial loss to the REIT associated with the failure of a tenant or other party to meet its contractual obligations related to lease agreements, including future lease payments, l --- oan arrangements and TIF notes receivables. This risk is mitigated by diversifying the REIT's tenant base through the limitation of concentration in individual tenants and geographical areas. In addition, the risk is mitigated by carrying out appropriate credit checks and related due diligence on any significant tenants. As of September 30, 2025, one individual tenant accounted for 5.8% (December 31, 2024 – 5.8%) of the REIT’s base rent. ii. Liquidity risk Liquidity risk is the risk that the REIT will not be able to meet its financial obligations as they fall due. The REIT’s approach to managing liquidity is to ensure sufficient financial resources are available to meet its liabilities as they become due. This includes monitoring of cash, current receivables, current payables, and non-current liabilities as they become current. Real property investments tend to be relatively illiquid, with the degree of liquidity generally fluctuating in relation to the demand for and the perceived desirability of such investments. Such illiquidity can limit the REIT’s ability to vary its portfolio promptly in response to changing economic or investment conditions. If the REIT were required to liquidate a real property investment promptly, the proceeds to the REIT might be significantly less than the aggregate carrying value of such property. Slate Grocery REIT NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (unaudited – in thousands of United States dollars, unless otherwise stated) Slate Grocery REIT Q3 2025 Financial Statements 19 The REIT's contractual commitments as at September 30, 2025 are as follows: Total contractual cash flow Remaining in 2025 2026-2027 2028-2029 Thereafter Accounts payable and accrued liabilities $ 43,079 $ 43,079 $ — $ — $ — Distributions payable 4,323 4,323 — — — Revolver 1 2 227,821 — — 227,821 — Revolver interest payable 1 2 3 26,561 3,290 22,842 429 — Term loan 1 2 275,000 — 275,000 — — Term loan interest payable 1 2 24,397 3,849 20,548 — — Term loan 2 1 2 225,000 — — 225,000 — Term loan 2 interest payable 1 2 25,562 3,178 21,969 415 — Mortgages 1 2 484,554 1,870 32,178 117,790 332,716 Mortgage interest payable 1 2 110,698 5,930 44,989 42,010 17,769 Interest rate swaps 3,230 — 2,420 760 50 Exchangeable units of subsidiaries 8,072 8,072 — — — Total $ 1,458,297 $ 73,591 $ 419,946 $ 614,225 $ 350,535 1 Interest payable on floating-rate instruments is calculated on the outstanding principal using forward curves plus the applicable margins through maturity. 2 Excludes the impact of the REIT's $673.3 million pay-fixed, receive-float interest rate swaps that hedge a portion of the cash flow risk associated with one-month SOFR based interest payments. 3 Includes stand-by fee on the revolver to be paid in an amount equal to 0.25% of the unused portion of the revolver where the unused portion is greater than or equal to 50% of the maximum amount available and 0.15% of the unused portion of the revolver where the unused portion is less than 50% of the maximum amount available, calculated daily. The REIT maintains $8.0 million in cash and cash equivalents to satisfy a mortgage covenant that is recorded in the cash balance in the condensed consolidated interim statements of financial position. iii. Interest rate risk Interest rate risk arises from the possibility that the value of, or cash flows related to, a financial instrument will vary as a result of changes in market interest rates. The REIT manages its financia --- l instruments with the objective of mitigating any potential interest rate risks. For the revolver, term loan, and term loan 2, and the floating-rate mortgages, the interest rate on the loans will vary depending on changes in base rate and/or SOFR rate. The REIT is subject to interest rate risks mainly from non-current debt that has variable interest rate. The REIT manages these cash flow interest rate risks using pay-fixed received-float interest rate swap contracts to swap the floating-rate payments on the credit facility for fixed rate payments. Cash flow sensitivity analysis The interest rate profile of variable rate interest bearing debt and associated interest rate sensitivity to changes in interest rates is as follows: September 30, 2025 December 31, 2024 Variable-rate instruments Revolver $ 227,821 $ 220,771 Term loan 225,000 275,000 Term loan 2 275,000 225,000 Mortgage 16,492 — Mortgage 39,300 — Mortgage 9,000 — Effect of interest rate swaps (673,300) (625,000) Total effective variable-rate debt $ 119,313 $ 95,771 Effective fixed rate debt as a total of all debt 90.2% 91.9% Annual impact of a 25 bps change on interest rates $ 298 $ 239 Slate Grocery REIT NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (unaudited – in thousands of United States dollars, unless otherwise stated) Slate Grocery REIT Q3 2025 Financial Statements 20 iv. Unit price risk The REIT is exposed to unit price risk in net income as a result of its exchangeable units of subsidiaries. Exchangeable units of subsidiaries have been classified as liabilities and measured at fair value based on market trading prices. Exchangeable units of subsidiaries negatively impact net income when the unit price rises and positively impact net income when unit prices decline. An increase of $1.00 in the underlying price of exchangeable units of subsidiaries results in an increase to liabilities and a decrease in net income of $0.8 million. v. Currency risk Currency risk is associated with a fluctuation in the value of the U.S. dollar relative to other foreign currencies. Although not material, the REIT is exposed to currency risk as certain of the REIT’s expenses are denominated in Canadian dollars. 21. RELATED PARTIES Pursuant to the terms of a management agreement, as amended on October 1, 2021, the Manager provides all management services to the REIT. The Manager agreed to provide certain services in connection with the business of the REIT, including: the structuring of the REIT; liaising with legal and tax counsel; identifying properties for acquisition; maintaining ongoing relationships with the lenders in respect of the mortgage loans for the properties; conducting continuous analysis of market conditions; and advising with respect to the disposition of the properties. In return for its service, the Manager receives the following fees: i. an asset management fee calculated as a percentage of gross book value ("GBV") of the REIT. A rate of 0.40% (the “rate”) is applicable to a GBV of up to $2.0 billion and reduced based on certain GBV increases. The asset management fee is recognized in net income as a general and administrative expense; and ii. an acquisition fee in an amount equal to 0.75% of the gross purchase price of each property (or interest in a property), including the price, due diligence costs, closing costs, legal fees, and additional capital costs for all properties indirectly acquired by the REIT. The acquisition fee is capitalized to the pr --- operties at the time of acquisition. Related party transactions incurred and payable to the Manager for the three and nine month periods ended September 30, 2025 were $2.3 million and $6.9 million, respectively (three and nine month periods ended September 30, 2024 - $2.3 million and $6.9 million, respectively). These transactions are in the normal course of operations and are in accordance with the management agreement and are measured at the exchange amount. The exchange amount is the consideration established under the contract, as approved by the REIT's board of trustees. The Manager is a significant unitholder in the REIT, with an approximate 5.6% interest. Trustee fees The REIT's key personnel include trustees and officers of the REIT. For the three and nine month periods ended September 30, 2025, trustee fees amounted to $0.2 million and $0.6 million, respectively (three and nine month periods ended September 30, 2024 - $0.2 million and $0.6 million, respectively). Trustee fees are recorded as general and administrative expenses in the condensed consolidated statements of income. 22. SUPPLEMENTAL CASH FLOW INFORMATION Changes in liabilities arising from financing activities are as follows: Revolver 1 Term Loans 1 Mortgages Exchangeable units of subsidiaries Total Balance, December 31, 2024 $ 217,332 $ 494,377 $ 454,946 $ 8,733 Cash flows Advances, net1 20,550 — 63,123 — 83,673 Debt repayments (13,500) — (44,167) — (57,667) Non-cash changes Amortization of deferred financing costs and MTM adjustments 836 1,492 1,526 — 3,854 Exchanges — — — (1,390) (1,390) Change in fair value — — — 729 729 Balance, September 30, 2025 $ 225,218 $ 495,869 $ 475,428 $ 8,072 1Changes in financial instruments that hedge the REIT's liabilities arising from financing activities include the REIT's interest rate swaps. Refer to note 7 for more detail. Slate Grocery REIT NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (unaudited – in thousands of United States dollars, unless otherwise stated) Slate Grocery REIT Q3 2025 Financial Statements 21 23. SUBSEQUENT EVENTS The following events occurred subsequent to September 30, 2025: i. On November 5, 2025, the REIT borrowed $25.9 million on its revolver. ii. On October 15, 2025, the REIT declared monthly distributions of $0.072 per class U unit. Holders of class A units, class I units, and units of subsidiaries of the REIT were also entitled to receive an equivalent distribution. Slate Grocery REIT NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (unaudited – in thousands of United States dollars, unless otherwise stated) Slate Grocery REIT Q3 2025 Financial Statements 22