Slate Grocery REIT (SGR) 2017年年度报告「TSX」.pdf

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1、Q4 2017TSX:SRT.U and SRT.UNStay away from negative people.They have a problem for every solution.Albert EinsteinDEAR FELLOW UNITHOLDERSWe can talk about the negative headwinds in retail but there are enough people doing that.In our view,retail will always change.Admittedly,thepace at which it is cha

2、nging right now feels like it is speeding up,in large part due to advances in technology.We are not denying that things willchange and we are keeping a watchful eye on trends in the industry.However,what we are seeing is that necessity-based retail,e.g.grocery stores,is still thriving and the import

3、ance of well-located brick-and-mortar real estate to these businesses continues to grow.The grocery store is still thecheapest,fastest and safest way to distribute food to over 225 million Americans that live in suburban America.In addition,the other service andnecessity based tenants that complemen

4、t our grocers,e.g.fitness,medical and dental,hardware/DIY,dollar stores,and restaurant/food uses,arealso growing their brick and mortar locations as demand for their products grow and cannot be replicated efficiently or at all,online.We have categorized 2017s results into a few different buckets but

5、 all of the results stem from our view that investing in overlooked and capitalstarved markets and applying hands-on proactive asset management will result in value enhancement for the REITs portfolio.The results alsoprovides colour on how we expect to achieve earnings and net asset value(NAV)growth

6、 in 2018 and beyond.LeasingExecuted over 1.5 million square feet of leases,an increase of 64%year-over-year.Comparatively,the weighted average increase in ownedleasable area grew by 19%;To support the REITs defensive asset class strategy,only 0.03%of GLA was impacted by bankruptcy.Achieved an increa