Slate Grocery REIT (SGR) 2018年年度报告「TSX」.pdf

1、SLATE RETAIL REITDecember31,2018 Q4 2018 TSX:SRT.U and SRT.UNRemember that the Green Bay Packers won because they executed the fundamentals better than their competition.Trick playsmake headlines,but winners execute the basics.Alan C Greenberg,Chairman of the Executive Committee of Bear Stearns,1986

2、DEAR FELLOW UNITHOLDERS One can make the argument that the best thing about watching sports is that the outcome is unknown.Researchers believe this is because humansfind it more enjoyable to think about what could happen than what already did.We want to be more instructive than talking about what co

3、uld happenand instead outline what is in fact our plan for the future of Slate Retail REIT(Slate Retail)as we head into a new year.Before we look forward,we want to take a brief look back at 2018.We highlighted several initiatives in our year end 2017 Letter to Unitholders thatcan be distilled very

4、simply;after several years growing the company largely through acquisition,the 2018 plan was to focus on organic growth andde-risk our balance sheet.Below are the key performance indicators we used to measure our goal.1.Total organic portfolio net operating income(NOI)growth achieved of 3.8%driven p

5、urely by leasing and redevelopment activity;2.Increased occupancy to 94.2%from 93.7%year-over-year;3.Achieved a 92.1%tenant retention ratio,up from 88.3%in 2017;4.Reduced debt outstanding by$13.1 million while taking fixed rate debt to 99.2%of total debt,up from 57.7%in 2017;and5.Reduced units outst

6、anding by approximately 2.2 million units.As the third and fourth points highlight,NOI growth was largely financed organically through the significant operating cash flow the portfolio generates.The team did a tremendous job executing on what we set out to do and as importantly,we did what we said w