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

Alternate Symbol(s): SLTTF | T.SOT.UN | T.SOT.DB.A | T.SOT.DB.B

Real Estate REIT - Diversified

Slate Office REIT (the REIT) is a Canada-based global owner and operator of workplace real estate. The REIT is an unincorporated, open-ended real estate investment trust. The REIT owns interests in and operates a portfolio of real estate assets in North America and Europe. The REIT's portfolio is primarily comprised of government and credit tenants. The REIT's portfolio consists of approximately 54 commercial properties located in Canada, the United States and Ireland. The REIT's Canada operations include Atlantic, Ontario and Western. The REIT is externally managed and operated by Slate Management ULC.

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Slate Office REIT 9 00 Convertible Unsecured Subordinated Debentures Exp 28 Feb 2026 > It’s over they can’t get extension renewals

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Comment by InvestSmarteron May 03, 2023 6:48pm

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Post# 35428775

RE:It’s over they can’t get extension renewals

MARKOPOLIS wrote:
SOT has a weighted average mortgage term remaining of only 1.6 years and $338mm due in 2023

Subsequent Events disclosure shows a 3month extension, a 2month extension, and an "overhold" (no extension but paying month-to-month)

Has $18mm cash + $38mm undrawn credit

Net Debt to BV was 62.3%. If the asset values were higher then leverage would drop....
IFRS NAV of $7.63/unit based on weighted average cap rate of 7.05%. If they could sell anything at carrying value then I'm sure they would.

Looks like SOT could use $100mm capital to reduce mortgage balances on renewal and give confidence to potential tenants. Options:

1) sell a GTA asset with devt upside

2) rights offering

3) ?

Distribution cut saves $22mm, but it's not enough

ITS OVER