Slate Grocery REIT T.SGR.UN

Daniel:

[CanSiamCyp]

With all due respect, please remove your rose-coloured glasses (with respect to SLAM) and wake up and smell the coffee. Clearly there are macro level events which no one could have predicted ... such as Putin invading Ukraine and exacerbating global inflationary pressures, etc. However, the rising interest/mortgage rates and increasing office vacancy rates did not require a degree in rocket science to forsee.

Good managers know how to increase unitholder value ... at HR.un, they have allocated some properties for disposition and other office buildings for renovating as multi-residential units ... where there is high and continuing upwards demand pressure! Funds generated by dispositions have been ... and another tranche of $277M was just announced today ... allocated for an active NCIB program. HR.un was forced during the Wu Flu early days to implement a 50% distribution cut but they at least had a viable strategic plan to accompany the cut.

At TNT.un, they resisted cutting the distribution until quite recently when they implemented a 50% cut ... since the cut and the drop in unit price, executives - especially Drimmer the head honcho - have been very actively buying units on the market - shoring up prices and instilling confidence in the remaining unitholders.

For SOT.un, SLAM have done nothing - repeat nothing - but implement a 70% distribution cut - which follows a 50% distribution cut several years ago. No active NCIB! No executive skin in the game by buying units! No strategic plan of any sort! All they have done over the years is buy up junk properties that no other funds were interested in .... cuz acquisitions generate exorbitant finder fees for SLAM. And now we see the ultimate outcome of their malfeasance! Will there be a buy out so that unitholders can regain at least a fraction of what has been lost? That is our only hope now!

So if you think that SLAM and the Welch Brothers manage SGR.un out of the goodness of their hearts ... well maybe somebody on this bulletin board has some swamp land that you would be interested in buying. Rest assured ... that if push come to shove in the future regarding the "health" of SGR.un - there will only be one major beneficiary group ... and that is SLAM and the Welch Brothers!

Just saying!