TSX:SOT.DB - Post by User
Comment by
rad10on Sep 19, 2024 5:08pm
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Post# 36231927
RE:RE:RE:Slate Office
RE:RE:RE:Slate OfficePeople like tree2tree look at the NAV and think they are getting a bargain.
The external manager has lumped a bunch of crappy assets all together with a <80% occupancy. It's clear SLAM is very active, just not with the office REIT.
There is some confusion as to what was actually said during the Q1 conference call. I personally thought their sales were realizing 30% of net asset value, NOT a 30% discount to NAV. (I rewound it several times) Either way if you extrapolate the 30% discount across the portfolio (the better case scenario) the equity is just a few cents. If it's the worse case scenario the debentures aren't covered.