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Slate Retail REIT - Q2-2019 Earnings, Price Target

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Slate Retail REIT (SRT.UN) The REIT owns revenue-producing commercial real estate properties in the with a focus on grocery-anchored retail properties. Their strategy is to own quality grocery-anchored retail properties located in major markets in the U.S. that are visited regularly by consumers for their everyday needs. Retail grocery stores comprise approximately half of the leasable area. Properties are located in 18 states; Florida, Pennsylvania, North and Carolina together comprise approximately 37% of total leasable area. Shares are priced in Canadian dollars, dividends are paid in USD. For tax purposes distributions are 100% return of capital, however Canadian residents are advised to check with their account holder regarding US withholding taxes. As of Jun-30-2019, the portfolio consists of 83 grocery-anchored retail commercial properties comprising 10.5M sq. ft. The REIT is externally managed and operated by Slate Asset Management. Slate owns a 7.7% interest in the REIT.

Financial

AFFO for Q2-2019 was $10.7M(0.21 per share) compared to $9.5M(0.21 per share) for Q2-2018. Dividends were increased to $0.214 for Q2-2019 from $0.21 Q2-2018 representing payout ratios of 88% and 100% respectively.

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