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  5. SGR.UN: Hi 5i. [Slate Grocery REIT]
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Q: Hi 5i. I'm looking for income not growth and noticed SGR Dividend is above 8%. Please comment on your opinion of the sustainability of the company and the dividend.

Thanks 5i guys.
Ken
Asked by Kenneth on August 22, 2025
5i Research Answer:

Its small size adds some risk, but its business  (shopping centres anchored by grocery stores) is generally stable. It is not that cheap for the sector at 13X cash flow. The distribution has not been raised since 2019 and we would not expect big growth here. Payout ratio is 102.7% on an adjusted basis so we cannot say the distribution is 100% safe. Occupance is decent and stable at 94%. We would consider it OK but not overly attractive. 

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