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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

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.


TSX:SOT.DB - Post by User

Post by Tree2treeon Oct 01, 2024 11:19am
495 Views
Post# 36248330

REIT's are able to borrow against properties again

REIT's are able to borrow against properties again
BTB.UN was able to increase mortgage borrowing in order to repay debentures.  I'm not saying it's the same situation as SOT, but it shows lenders are willing to increase lending against specific properties.

"In an effort to reduce the interest costs on our indebtedness, we choose to optimize our mortgage debt at the property-level to generate sufficient proceeds to repay entirely the Debentures and accrued interest thereon at their maturity", says Michel Lonard, President and Chief Executive Officer. "This strategy is leverage-neutral and enables us to achieve a weighted-average interest cost significantly below the cost we would have incurred by issuing a new convertible debenture."
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