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

RE:Now that Armoyan has control I will evaluate his performance

[HRc60to65]

We are not knowing G. Armoyan intention.

We are knowing he had sold for more than 150M$ of investments at profits.

He had 100M$ invested in Slate Office reit.

We are knowing the average selling price of Slate properties is around 125$ per sqft.

We are knowing Slate properties at book value (1 375M$) are at 195$ per sqft.

We are knowing the total Slate debts (without debenture) (1 050M$) is 149$ per sqft

We are knowing unitholders equity (167.5M$) is at 24$ per sqft

Debentures (158M$) are at 22$ per sqft.

149$ + 24$ + 22$ = 195$ and = the book value

G. Armoyan may decided to take an other impairment charge of 170M$ or more ereasing all the unitholders equity and a part of the debentures holders value and put Slate in BK.  He will supply 150M$ in dip financing.

G. Armoyan loss in Slate will be absorbed by the capital gain of all his assets sale.

G. Armoyan will renegotiated all loans to 4% interest rate or lower saving 40M$ per year.  Eliminating bdebenture.  The new FFO will be over 52M$ per year.

The dip financing (150M$) will be exchanged for new shares of Slate for 80% of all the outstanding shares of Slate and 20% for debentures holders.

At the end G. Armoyan  is lossing nothing and get 80% of 52M$ (41M$) of FFO each year and debentures holders 10.4M$ of FFO or 6.5%