Investment Q&A

Q: a number of questions related to the Slate family of companies.
1) What is the relationship to each other, and the purpose of the different Slate ticker symbols?
2) For SGR.un, are they impacted or could problems at SOT.un spill over to them?
3) For SGR.un their payout ratio is very high. i) have they shown forward finacials that imply this will come down? ii) if not do you have any data which suggests the dividend could be at risk? I am thinking of investing just for the dividend, and hope that the principal will simply hold where it is. Thanks

Q: Hello,
I have follow up questions on your June 19 response to Scott. I am not a shareholder and not planning on becoming one - Just curious about the next steps following the defaults.

You mentioned the convertible holders may issue stock causing massive dilution. It is essentially a takeover to take control of the asset disposition process and negotiation with the 1st mortgagees.

Are debentures always convertibles?

I presume the 1st mortgagee for each property owned will also send their notice of default and ask for repayment / start the foreclosure process. Is that correct and do the convertible owners have any remedy to try protecting the remaining equity?
Just looking for your general comments to understand next steps. Thank you for your great service.

Q: Looking at the balance sheet is this a bankruptcy ? The conv debt is trading at 30 cents on the dollar. What is the outlook and is there a play on a turnaround?

Q: Is there any play here is some of these hammered REITs like Slate Office? It just cut the dividend, now trades for pennies. How risky is it to conclude that at some point it will restart a dividend as rates are being cut and office properties increase in value, and you would see the share price rise?

Q: what am i buying when i look at these 2 reits.. slate office reit seams compeling book value good buildings ?location tenants leases ap.un looks like a solid upgrade as a investor with a lack of information and iq. can you make it clear i understand the interest rates office space just thought their might be an opportunity werea company reit is punished with mutual funds etfsselling all office reits guilty by assocition.can you please give your most under appreciated stock in mining energy reits growth thanks!

Q: The bottom fell ot of this quite dramatically during Mar'23. What happened and would you dump it, sit on it or double-down?

Q: Office reits are trading at considerable discount to net asset value. Are there any Canadian Office Reits you would recommend at this time. One criteria would be low levels of leverage.
Thank you.

Q: Since TNT.UN 's slice on its dividend and subsequent plunge- how would sot.un and btb.un stand now ? Makes one apprehensive especially the office reits.

Q: Hi 5i,

What would be your top 3 office REITS to buy?

TIA

Q: I would appreciate an updated view on Slate Office REIT. Thanks!

Q: TGIF,

Please advise your thoughts on SOT.UN specifically with respect to income.

Thanks very much.

Q: are any of these worth buying ?

Q: Following up on the question earlier Tuesday, please comment on the announced acquisition of Yew Grove REIT by Slate. Quite large (75% of SOT's market cap) and SOT describes it as transformative. I would imagine significant debt and/or an equity offering will be needed. Challenges of managing an offshore entity versus sticking closer to home?

Q: Hi. What is your opinion on the suitability of Slate Office REIT for income in the higher risk portion of a portfolio? Is the dividend sustainable? thx

Q: Hi 5i,

Just looking for your opinion on the dentures of SOT.un. This would be part of my higher risk bond portfolio. It’s a 5.25% debenture (SOT.DB) due 28/02/23 currently trading around par.

The balance sheet seems strong enough to handle the repayment in 2023. I don’t think the conversion price of $10.53 will enter into the conversation.

Any concerns and your opinion would be most helpful.
John

Q: Hi 5i:
Based on the idea that offices will not be needed as much in the post pademics future , is it worth to keep this stock (SOT) for a 5 years period?, or it would be better to switch to HR for example.
wishing a good year to your team and all members. Alex

Q: As a income investor optimism and skepticism seems to be on the downside for reits-how do you feel on Rei.un,Tnt.un,Sot.un going forward.Feels like some lowering of positions maybe warranted.

Q: Was wondering about this reit -lofty income whether it can stand up

Q: For income only,your opinion on these 3 companies.Would you buy any or would you recommend others with similar yields?Deduct as required.

Q: Slate Office Reit got an uptick today following quarter results and various initiatives. What is your opinion on all the moving parts here and including the Wafra involvement which I can not evaluate. Thank you.