TSX:SGR.UN - Post by User
Post by
logicandinertiaon May 10, 2022 3:28pm
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Post# 34671626
Frustrating
Frustratingdon't like the ATM program, which essentially just allows them to issue stock in any amount at any time up to US$150 million (at current prices, would represent about 12mm units, or 21% dilution) over 24 months, without disclosing it to the market. So SLATE has a fee structure which is tied to size of company and deal flow. I always worried that they were deal junkies but it seemed they had found religion during the COVID downturn. i would have preferred that they work to ensure that the stubborn vacancies (still stuck at 93% occupancy) were addressed first and start growing NOI again (which is flat growth) before this silly ATM program. Furthermore, we really haven't seen the promised accretion yet from the big deal last year.
is great that the grocers are doing well, but that is 39% of total tenants, and with them at 100% occupancy, means that the 61% that isn't grocery is only 88% occupied (overall occupancy is 93%).
Ensure that the existing business is running optimally before layering on ever more dilution to the shareholder base for more deals which will accrue fees for Slate management.