Slate Grocery REIT announced that it has agreed to acquire 14 properties comprising 2.5 million square feet. The Portfolio is valued at USD 425 million, which represents a 6.9% capitalization rate or USD 174 per square foot. The Portfolio is located across seven states with over two-thirds of the Portfolio value being allocated to the Southeastern United States.

Acquisition highlights: Significant concentration of assets in the rapidly growing Sunbelt Region ­ Significantly increases the REIT's exposure to Florida, North Carolina, and Georgia ­ leading markets for population growth in the US; Comprised of a wide range of high-performing grocers ­ Increases the REIT's exposure to leading national grocers, including Publix, Ahold Delhaize, Albertsons, and Walmart; Attractive valuation and defensive basis ­ Low acquisition basis of USD 174 per square foot with below market rents; Significantly increases the size and scale of the REIT's portfolio ­ The REIT's pro forma portfolio will comprise 15.7 million square feet and USD 2.4 billion of essential grocery-anchored real estate; The Acquisition will be financed through new bank financing, the proceeds from the USD 180 million Investment from the NA Essential Fund (as described above), and existing balance sheet liquidity.