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

RE:RE:RE:RE:RE:RE:GOING BACK UP- $5.04

[Altman1979]

HEre is PART 2:

Yew Grove Portfolio Portfolio Overview: Yew Grove’s core portfolio consist of 6 industrial and 15 office assets (the REIT also has a retail asset which management classifies as non-core). The assets are located across Ireland, however the majority of them are in Dublin. Yew Grove generates the bulk of its rent from its office portfolio with the segment making up 78% of total revenues. Encouragingly for SOT, Yew Grove estimates that rents in its Dublin office assets are currently 12% below market, which should provide a tailwind for earnings at maturity or during rent review periods. Tenant Overview: Yew Grove’s tenant base is skewed towards high growth and creditworthy tenants with 97% of its revenues derived from large multi-national corporations or governments. 32% of YEW’s rent is generated from tenants in the life sciences industry, a sought-after exposure in today’s healthcare focussed environment. As of Q2/21 Yew Grove’s portfolio was ~95% occupied and had a WALT of 7.9 years. The portfolio includes exposure to Dublin but also clusters / hubs for innovation setup outside of the city and supported by government incentive programs aimed at encouraging FDI. Ireland has a high concentration of foreign tech firms and is the only English speaking country in the EU following Brexit. Management Platform: Slate Office intends to retain the existing team at Yew Grove to manage the acquired assets. The contract was purchased for ~€2 mln. The resulting portfolio, on a pro-forma basis will earn 65% of its revenue from Canada, 18% from the US and 17% from Ireland. Acquisition Pipeline: The team at Yew Grove was well progressed on identifying a pipeline of growth opportunities. These included $200 mln in immediate potential acquisitions and an additional $500 mln of longer-term prospects. This will be in part financed through the disposition of $100 mln of existing properties. Management noted that a theoretical geographic footprint in five years would include Central Canada and Ireland – the Chicago properties represent a larger value add program but the public markets have been less willing to ascribe value to this potential.