Slate Office REIT 9 00 Convertible Unsecured Subordinated Debentures Exp 28 Feb 2026 T.SOT.DB

RE:Slate signs big gov't lease deal

[Ladislav3]

I'm surprised that they don't tell us the % above current rents that the renewal rate is for (as they have on other deals). That's usually a bad sign.

HermannHaller wrote: (I don't know why they use businesswire where no one can see the press release)

https://www.businesswire.com/news/home/20210506005371/en/Slate-Office-REIT-Announces-10-Year-Lease-Renewal-with-Government-Tenant-for-Over-100000-Square-Feet

Slate Office REIT Announces 10-Year Lease Renewal with Government Tenant for Over 100,000 Square Feet

May 06, 2021 08:00 AM Eastern Daylight Time

TORONTO--(BUSINESS WIRE)--Slate Office REIT (TSX: SOT.UN) (the "REIT"), an owner and operator of North American office real estate, announced today the completion of a 10-year lease renewal with a government tenant for over 100,000 square feet in Atlantic Canada.

“We are pleased to report this significant long-term lease renewal with one of our key government tenants. This is an excellent outcome that further enhances the durability of the REIT’s income and supports our net asset value,” said Steve Hodgson, Chief Executive Officer of Slate Office REIT. “This transaction highlights the improving market fundamentals in Atlantic Canada and is reflective of the long-term commitment to office we are seeing from tenants across our portfolio.”

Renewal Highlights

• The Province of New Brunswick is a key tenant and represents 35% of the gross leasable area at Kings Place in Fredericton
• Completed with a rental rate increase that is consistent with other increases the REIT has seen across its portfolio
• Increases the REIT’s weighted average lease term (“WALT”) in Atlantic Canada to 5.8 years from 5.2 years
• Increases the REIT’s WALT for the total portfolio to 5.5 years from 5.3 years

About Slate Office REIT (TSX: SOT.UN)