Ravelin Properties REIT 9 00 Convertible Unsecured Subordinated Debentures Exp 28 Feb 2026 T.RPR.DB

RE:Free Fall

[Capharnaum]

I think investors were hoping that Slate management would get kicked out and then the assets could be sold.

In 2016, the reit was generating $0.96 in FFO per share and $0.86 AFFO per share. In 2022, the reit is generating $0.47 in FFO per share and $0.47 AFFO per share.

Slate's management has failed to generate value for the shareholders. Their capital recycling program, which should have resulted in improved results over time, has lined up their pockets in fees while producing worse results than before, time and time again.

Selling the assets and realizing the NAV would be the best thing for shareholders, else what happens next? More recycling, more fees paid to Slate, lower FFO/AFFO, another dividend cut in 5 years?