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S 0.165 +37.5% NNX 0.035 +0.0% ABX 52.05 −0.3% TTS 2.40 −4.0% FCI 0.400 −9.1% GR 0.075 +0.0% AII 23.32 +12.1% TUNG 1.73 +2.4% LGO 1.00 −3.4% EMM 0.080 +0.0% OGN 3.45 +2.1% MSA 6.50 +1.1% SGZ 0.040 −11.1% GRSL 0.307 −3.9% DEX 0.380 −1.3% WMS 0.040 +0.0% S 0.165 +37.5% NNX 0.035 +0.0% ABX 52.05 −0.3% TTS 2.40 −4.0% FCI 0.400 −9.1% GR 0.075 +0.0% AII 23.32 +12.1% TUNG 1.73 +2.4% LGO 1.00 −3.4% EMM 0.080 +0.0% OGN 3.45 +2.1% MSA 6.50 +1.1% SGZ 0.040 −11.1% GRSL 0.307 −3.9% DEX 0.380 −1.3% WMS 0.040 +0.0%
Earnings

Slate Grocery REIT Reports Fourth Quarter and Year End 2025 Results

By The Northwire Desk — AI Analysis Feb 10, 2026 · 19:26 SGR · 16.09 None
SGR · Price

Executive Summary

  • Slate Grocery REIT reported Q4 2025 and FY 2025 results, showing modest revenue growth (+2.9% YoY) and NOI increase (+1.7%) while net income fell 17% YoY.
  • Completed 1.7 M sq ft of total leasing in 2025, with rental spreads up 57.6% QoQ and occupancy stable at 94.4%.
  • Executed two strategic transactions: acquired remaining JV interest in a 10‑asset portfolio for $5.7 M and disposed of a non‑grocery property in Texas to de‑leverage the balance sheet.

Key Details

  • Financial Highlights (Q4 2025 vs Q4 2024)
  • Rental revenue: $54.6 M (+2.9%)
  • NOI: $42.2 M (+1.7%)
  • Net income: $13.1 M (‑17.0%)
  • Same‑property NOI (12‑mo): $165.6 M (+1.9%)
  • FFO: $14.9 M (‑1.0%); AFFO: $11.7 M (‑0.9%)

  • Weighted‑average units outstanding: 60,436 (↑0.1%)

  • Operating Metrics

  • Total leasing in 2025: 680,410 sq ft, a 102.2% increase YoY.
  • New leasing spread: 45.7%, up from 29.0% YoY (+57.6%).
  • Portfolio occupancy (Dec 31 2025): 94.4% (‑0.4 pts YoY).

  • Average in‑place rent: $12.86/ft² vs market average $24.34/ft².

  • Capital Structure

  • Debt: $1,303.5 M, up 11.7% YoY; 87.8% of debt fixed‑rate, weighted avg. interest rate 5.0%.
  • Debt/GBV ratio: 55.3% (↑5.9 pts).

  • Fixed charge coverage ratio: 1.8×, down from 1.9× YoY.

  • Strategic Transactions

  • Acquisition: Remaining minority interest in a 10‑asset joint‑venture portfolio for cash consideration of $5.7 M, achieving 100% ownership.

  • Disposition: Sale of a non‑grocery anchored property in Flower Mound, Texas; proceeds used to reduce leverage.

  • Refinancing Activity

  • Post‑quarter refinance of an eight‑property portfolio for $90.0 M to consolidate existing mortgage loans.

  • Conference Call

  • Live call scheduled for Feb 11 2026, 9:00 am ET; replay available until Feb 25 2026.

Notable Quotes

“Our fourth quarter and year‑end results underscore the resilience of grocery‑anchored real estate… we have secured near‑term financing stability that will help position the portfolio for continued long‑term performance.” – Blair Welch, CEO

Read the original news release →

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