Slate Grocery REIT

Investor Update Q4 2020 Slate Grocery REIT

100% Grocery-anchored1

SGR.UN TSX SGR.U

Properties 75 All U.S. locations

M Square feet 9.6 U.S. grocery-anchored 20 States shopping centers with resilient cash flow $1.3B Asset value2

Note: As at December 31, 2020. 1 Excludes properties under development. 2 In US$.

Slate Grocery REIT | 2 Diversified Portfolio

Pennsylvania

North Carolina

Georgia South Carolina Geographically well diversified with 75 properties totaling 9.6M sq.

Top Five Tenants1 Top Five States1 ft. in 20 states and 20 8.5% 15.5% Florida 8.1% 14.4% North Carolina metropolitan statistical 4.1% 10.5% Pennsylvania 3.9% 8.6% South Carolina areas 2.5% Southeastern Grocers 6.7% 72.9% Remaining tenants (1,082 leases)

Note: As at December 31, 2020. 1 Ranked by annual base rent.

Slate Grocery REIT | 3 COVID-19 Business Update Strong Progress on Deferrals

Deferral Payback Program $ Millions

Payback Remaining $0.3 January to April 2021: $0.3M or ~18% of remaining repayments under the total deferral payback program

$1.3 Payback To-Date Slate Grocery’s leading $1.0 August to December 2020: Collected repayments of $1.0M or ~82% cash rent collections have of the total deferral payback program Repayments represent in excess of continued with 96% of rent 100% of scheduled amounts owed under the total deferral payback program as at December 31, 2020 collected in Q4 2020

Deferrals Granted Deferral Payback

Note: All amounts in US$.

Slate Grocery REIT | 5 Leading Rent Collection

Slate Grocery REIT’s Cash Rent Collections vs. US Peers – Q3 20201 cash rent collections 96% 90% 89% 89% 88% 87% 86% 86% compare favourably 85% 84% 83% to North American peers

Slate Weingarten Kimco Retail Brixmor Acadia Regency SITE Federal Retail Urban Edge Grocery Realty Realty Opportunity Property Realty Centers Centers Realty Properties REIT Investments of America

Cash Rent Collections vs. Canadian Peers – Q3 20201

96% 95% 95% 95% 92%

Slate Grocery REIT SmartCentres Plaza Retail REIT RioCan First Capital

1 Company public disclosure.

Slate Grocery REIT | 6 Essential-Based Tenancy

Defensive portfolio comprised of grocery and essential tenants

Base rent derived from grocery and 65% essential goods and service- based tenants & Grocery1 38% Anchors that remain open for 100% business2

Tenants that are open for 99% business2

Note: As at December 31, 2020. 1 Includes Walmart. 2 Based on occupied GLA.

Slate Grocery REIT | 7 Grocery-Anchored Dominance

Slate Grocery REIT’s portfolio composition is best-in-class

% of Total Rent from Grocery-Anchored Centers1

100.0%

84.0%

69.0%

49.0% 46.0% 37.0% 30.0% 28.0% 26.0% 19.0% 12.0%

Slate Grocery Retail Regency Weingarten Brixmor Kimco Realty Urban Edge Acadia Realty Federal Realty Retail SITE Centers REIT 2 Opportunity Centers Realty Property Properties of Investments America

1 Green Street Real Estate Analytics, December 2020. 2 Excludes properties under development.

Slate Grocery REIT | 8 Essential-Based Tenancy

Slate Grocery REIT has the lowest exposure to COVID-19 sensitive tenants vs. US strip center peers

Estimated Rent Exposure to COVID-19 Sensitive Tenants1

35.1% 35.0%

30.3% 29.8% 29.3% 28.6% 28.6% 27.2%

22.8% 21.6% 20.2%

Retail Weingarten Retail Regency Brixmor Kimco Realty Acadia Realty Federal Realty SITE Centers Urban Edge Slate Grocery Properties of Realty Opportunity Centers Property REIT America Investments

Full-Service Restaurants Small Businesses (Ex. Restaurants) Fitness Theatres Bankruptcy Watchlist

1 Green Street Real Estate Analytics, December 2020.

Slate Grocery REIT | 9 Strength of Grocery

Omnichannel grocers U.S. Omnichannel Grocers – Same-Store Sales Growth1 in America quickly Year-over-Year Change adapted to rapid 16.5% changes in consumer 12.4% 10.9% 6.4% 4.3% needs and have 1.8% 2.5% 3.2% continued to perform well throughout the Publix Ahold Delhaize Kroger Walmart

pandemic Current Period Prior Period

U.S. Online Grocery Sales – Delivery & Pickup2 $ Billions $7.2 $6.6 $5.9 $5.3 $5.7 $4.0

$1.2

Aug 2019 Mar 2020 Apr 2020 May 2020 Jun 2020 Aug 2020 Nov 2020

Note: All amounts in US$. 1 Company public disclosure for Q3 2020 or latest available. 2 Brick Meets Click / Mercatus Grocery Shopping Survey, December 2020.

Slate Grocery REIT | 10 The Future of Grocery

Grocery stores are located close to where consumers 01 02 reside and will Online Grocery In-Store (Click + Collect and Innovation continue to serve as Delivery) critical food distribution points, fulfilling both in- store and online purchases

Slate Grocery REIT | 11 Operational Update Strong Leasing Continues

Slate Grocery REIT Annual New Leasing Volume Thousands of Square Feet completed record 372 329 amounts of total and 298 267 new leasing in 2020 234 despite the 97 pandemic 73

2014 2015 2016 2017 2018 2019 2020

Annual Total Leasing Volume Thousands of Square Feet 1,692 1,506 1,438 1,519

915 701 378

2014 2015 2016 2017 2018 2019 2020

Slate Grocery REIT | 13 Recent Acquisition of Grocery-Anchored Properties

Opportunistic, off- Acquisition Highlights market acquisition of • Five grocery-anchored properties comprising 396,471 square feet of gross leasable area 5 grocery-anchored • Anchored by market leading, credit grocers including Kroger, (Kroger), (Ahold properties in the Delhaize) and Winn-Dixie (Southeastern Grocers) Southeastern United • Resilient tenancies with 66% of revenue derived from essential tenants and 44% from grocers • Existing occupancy of 95% with a grocer weighted average lease term of 5.6 years States for $54.3 • Promptly deploys a portion of the capital raised from the REIT’s most recent equity offering, completed million on December 10, 2020

Portfolio Summary Geographic Summary1 57% North Carolina (3 Assets) 28% Florida (1 Asset) 15% Georgia (1 Asset)

Tenant Summary1

26% Kroger/Harris Teeter

North Carolina 12% Winn-Dixie (Southeastern Grocers)

Georgia 6% Food Lion (Ahold Delhaize)

Florida 56% Remaining tenants

Note: All amounts in US$. 1 Ranked by annual base rent.

Slate Grocery REIT | 14 Creating Value Through Redevelopment

Redevelopment Highlights Grocery Anchor

• Mooresville Town Square is a grocery-anchored center located in Mooresville, NC, 30 minutes north of Charlotte and 2 miles west of Mooresville Consumer Square, an SGR center anchored by Walmart • Mooresville is known as “Race City USA” due to NASCAR’s presence within the city and benefits from a significant daytime population • Acquired in November 2016 with in-place occupancy of 88% and within 21 months, SGR increased occupancy to 100% • Upon reaching 100% occupancy, SGR redeveloped a 0.5 acre land parcel adjacent to the (Lowe’s Foods) • Securing new rents for the redeveloped space at $30 per square foot, a 62% premium to inline rents in the rest of the center • Increased NOI to $1.6 million from $1.2 million at acquisition Completed Redevelopment

Execution

At Acquisition (November 2016) Today

Purchase Price $16.7M IFRS Value $24.0M

Yield 7.3% IFRS Cap Rate 6.8%

Occupancy 88% Occupancy 99%

W.A. Base Rent $16.29 / sq. ft. W.A. Base Rent $18.58 / sq. ft.

Note: As at December 31, 2020; all amounts in US$.

Slate Grocery REIT | 15 Solidified Balance Sheet

Enhanced liquidity with over $1 billion of debt refinancings in the last year $214M Borrowing capacity Consolidated Debt Maturities $ Millions | % of total

$350 Weighted average debt maturity1, 2 42.0% 4.0 years $300

34.1% $250 Weighted average interest 4.22% rate3 $200

$150

Interest coverage ratio4 $100 11.7% 11.2% 2.45x

$50

1.0% $0 Flexible bank debt 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 76.6% Term loan Revolver Mortgage

Note: All amounts in US$. 1 Excludes the impact of the REIT’s extension option; with the two six-month extension options the REIT’s weighted average debt maturity is 4.1 years. 2 Subsequent to December 31, 2020, the REIT completed the refinancing of a $169 million mortgage loan, extending the REIT’s weighted average debt maturity to 5.9 years. 3 Includes the impact of pay-fixed receive-float swaps. 4 For the three months ended December 31, 2020. Slate Grocery REIT | 16 Management Platform

Slate Grocery REIT benefits from the • Annual asset management fee equal to 40 bps of Gross Book Value • Performance fee totaling 15% of FFO per unit above $1.34 (plus inflation ability to leverage the entire C$6.5B mechanism). Calculation of FFO does not include gain from sales Slate Asset Management platform and • Acquisition fee equal to 75 bps of gross acquisition cost, capitalized upon the expertise of more than 100 real closing • No leasing, property management, construction, re-financing or estate professionals globally disposition fees • 5-year term(s) with internalization mechanism at $750M market cap (C$) equal to 1x trailing twelve-month fees • Total trailing twelve-month fees of $5.2M1 • Slate Asset Management and insiders own ~7% of Slate Grocery REIT REIT Comparison – General & Administrative Expense

U.S. REITs (US$ thousands)2

Retail Retail Slate Grocery Acadia Federal Regency Weingarten Brixmor Kimco Realty Opportunity Properties of SITE Centers Urban Edge REIT1 Realty Realty Centers Realty Investments America

G&A $ 10,511 $ 26,415 $ 74,781 $ 29,373 $ 72,316 $ 54,489 $ 11,974 $ 26,170 $ 38,542 $ 36,600 $ 25,472

Total assets $ 1,323,554 $ 4,251,408 $ 8,640,161 $ 7,711,293 $ 11,524,192 $ 10,986,639 $ 2,921,376 $ 3,634,817 $ 3,944,862 $ 3,134,315 $ 3,910,147

Total revenue $ 126,130 $ 186,474 $ 783,856 $ 615,981 $ 788,452 $ 757,715 $ 211,196 $ 322,856 $ 308,286 $ 242,817 $ 321,842

G&A as % of total assets 0.2% 0.2% 0.3% 0.1% 0.2% 0.2% 0.1% 0.2% 0.3% 0.4% 0.2%

G&A as % of total revenue 8.3% 14.2% 9.5% 4.8% 9.2% 7.2% 5.7% 8.1% 12.5% 15.1% 7.9%

Note: All amounts in US$ unless otherwise noted. 1 Year-to-date as at December 31, 2020. 2 Year-to-date as at September 30, 2020.

Slate Grocery REIT | 17 Growth Outlook

Slate Grocery REIT has strong grocer Opportunities post COVID-19 relationships, • Expect a robust pipeline of attractive acquisition opportunities post COVID-19 as significant liquidity landlords look to generate liquidity and a sophisticated team prepared to act on opportunities as Well-positioned to capitalize on acquisition opportunities they arise • Over $1 billion of debt refinancings completed in the last year • Significant available liquidity • Strong grocer relationships

Growth markets • Attractive markets with strong demographics (robust population and employment growth, favorable business climate) with the top 1-2 grocers in each MSA • Markets where the REIT has an existing presence

Slate Grocery REIT | 18 Analyst Coverage

BMO Capital Markets CIBC Capital Markets Jenny Ma Dean Wilkinson [email protected] [email protected]

Industrial Alliance RBC Capital Markets Frédéric Blondeau Pammi Bir [email protected] [email protected]

Scotiabank Himanshu Gupta [email protected]

Slate Grocery REIT | 19 Disclaimer

Forward-Looking Statements This presentation contains forward-looking information within the meaning of applicable securities laws. These statements include, but are not limited to, statements concerning the REIT’s objectives, its strategies to achieve those objectives, as well as statements with respect to management’s beliefs, plans, estimates, and intentions, and similar statements concerning anticipated future events, results, circumstances, performance or expectations that are not historical facts. Readers should not place undue reliance on any such forward-looking statements. Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the REIT to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained herein. Such forward-looking statements are based on a number of assumptions that may prove to be incorrect, including, but not limited to, the continued availability of mortgage financing and current interest rates; the extent of competition for properties; assumptions about the markets in which the REIT and its subsidiaries operate; the global and North American economic environment; and changes in governmental regulations or tax laws. Although the forward- looking information contained in this presentation is based upon what management believes are reasonable assumptions, there can be no assurance that actual results will be consistent with these forward-looking statements. Certain statements included in this presentation may be considered “financial outlook” for purposes of applicable securities laws, and such financial outlook may not be appropriate for purposes other than this presentation. Except as required by applicable law, the REIT undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

Non-IFRS Measures This presentation contains financial measures that do not have a standardized meaning under International Financial Reporting Standards (“IFRS”) as prescribed by the International Accounting Standards Board. Slate Grocery uses the following non-IFRS financial measures: Funds from Operations (“FFO”), Adjusted Funds from Operations (“AFFO”), Net Operating Income (“NOI”), and Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”). Management believes that in addition to conventional measures prepared in accordance with IFRS, investors in the real estate industry use these non-IFRS financial measures to evaluate the REIT’s performance and financial condition. Accordingly, these non-IFRS financial measures are intended to provide additional information and should not be considered in isolation or as a substitute for performance measures prepared in accordance with IFRS. In addition, they do not have standardized meanings and may not be comparable to measures used by other issuers in the real estate industry or other industries.

Use of Estimates The preparation of the REIT financial statements in conformity with IFRS requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Management’s estimates are based on historical experience and other assumptions that are believed to be reasonable under the circumstances. Actual results could differ from those estimates under different assumptions.

Slate Grocery REIT | 20 Slate Asset Management 121 King Street W, Suite 200 Toronto, ON M5H 3T9 slateam.com