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

RE:For your interest

[TVR]

Hard to tell from the numbers reported on the Woodbine Corporate Centre sale but it appears that SOT.UN may have received no net proceeds from this sale.  The mortgage on the property was reportedly $50 million (refinanced in August 2023) and the proceeds from the sale were $52 million.  There is no indication that the purchase was $52 million + assumption of the mortgage. If that is accurate SOT.UN essentially received nothing for this sale and it would have made no difference to the REIT's debt ratios. Hard to believe a lender would put a $50 million mortgage on a $52 million property.   What am I missing something here?