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Slate Office REIT
TSX:SOT.UN

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Slate Office REIT Logo
Slate Office REIT
TSX:SOT.UN
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Price: 0.75 CAD 5.63%
Updated: Mar 29, 2024

Intrinsic Value

Slate Office REIT engages in investment in a diversified portfolio of income-producing real property investments used for office purposes. [ Read More ]

The intrinsic value of one SOT.UN stock under the Base Case scenario is 16.24 CAD. Compared to the current market price of 0.75 CAD, Slate Office REIT is Undervalued by 95%.

Key Points:
SOT.UN Intrinsic Value
Base Case
16.24 CAD
Undervaluation 95%
Intrinsic Value
Price
Worst Case
Base Case
Best Case

Fundamental Analysis

Slate Office REIT Sees Uptick in Leasing Activity
2023-Q4 Earnings Call

Slate Office REIT Sees Uptick in Leasing Activity

Despite a challenging year in 2023, Slate Office REIT is witnessing an upturn with rising demand for office space and a healthy leasing pipeline. The company reported an 11% increase in leasing activity from the previous year, completing over 624,000 square feet of leases. They secured a significant lease with a fintech company for 107,000 square feet and have ongoing negotiations for two large deals totaling over 240,000 square feet. These new leases are expected to boost net operating income starting late 2024. Slate Office REIT has also been actively realigning its portfolio, including the sale of a Mississauga asset for $19.2 million and repaying $18 million in debt. With leasing discussions over 700,000 square feet underway, the company is optimistic about occupancy rates, reinforced by tenant commitment and strategic planning for long-term space occupancy.

Financials

Balance Sheet Decomposition
Slate Office REIT

Current Assets 323.3m
Cash & Short-Term Investments 11.3m
Receivables 10m
Other Current Assets 302.1m
Non-Current Assets 1.4B
Long-Term Investments 1.4B
Other Non-Current Assets 62.4m
Current Liabilities 575.5m
Accounts Payable 32.3m
Other Current Liabilities 543.2m
Non-Current Liabilities 657m
Long-Term Debt 647.2m
Other Non-Current Liabilities 9.8m
Efficiency

Earnings Waterfall
Slate Office REIT

Revenue
197.6m CAD
Cost of Revenue
-110m CAD
Gross Profit
87.6m CAD
Operating Expenses
-15.1m CAD
Operating Income
72.5m CAD
Other Expenses
-185.6m CAD
Net Income
-113.1m CAD

Free Cash Flow Analysis
Slate Office REIT

Last Value
3-Years Average
FCF Margin
Conversion Rate
History
Components
Chart
Table
What is Free Cash Flow?
Fundamental Scores

SOT.UN Profitability Score
Profitability Due Diligence

Slate Office REIT's profitability score is 50/100. The higher the profitability score, the more profitable the company is.

Positive Free Cash Flow
Positive Operating Income
Positive Gross Profit
Positive 3-Years Revenue Growth
50/100
Profitability
Score

Slate Office REIT's profitability score is 50/100. The higher the profitability score, the more profitable the company is.

SOT.UN Solvency Score
Solvency Due Diligence

Slate Office REIT's solvency score is 19/100. The higher the solvency score, the more solvent the company is.

Long-Term Solvency
Average D/E
Short-Term Solvency
Positive Net Debt
19/100
Solvency
Score

Slate Office REIT's solvency score is 19/100. The higher the solvency score, the more solvent the company is.

Wall St
Price Targets

SOT.UN Price Targets Summary
Slate Office REIT

Wall Street analysts forecast SOT.UN stock price to rise over the next 12 months.

According to Wall Street analysts, the average 1-year price target for SOT.UN is 0.94 CAD with a low forecast of 0.81 CAD and a high forecast of 1.05 CAD.

Lowest
Price Target
0.81 CAD
8% Upside
Average
Price Target
0.94 CAD
26% Upside
Highest
Price Target
1.05 CAD
40% Upside
View Analyst Estimates
View Analyst Estimates

Competitive Landscape

Shareholder Return

SOT.UN Price
Slate Office REIT

1M 1M
-9%
6M 6M
-43%
1Y 1Y
-78%
3Y 3Y
-80%
5Y 5Y
-83%
10Y 10Y
-81%
Annual Price Range
0.75
52w Low
0.7
52w High
3.5829
Price Metrics
Average Annual Return 1.22%
Standard Deviation of Annual Returns 21.66%
Max Drawdown -85%
Shares Statistics
Market Capitalization 60m CAD
Shares Outstanding 80 050 000
Percentage of Shares Shorted 3.52%

SOT.UN Return Decomposition
Main factors of price return

What is price return decomposition?

Company Profile

Slate Office REIT Logo
Slate Office REIT

Country

Canada

Industry

Real Estate

Market Cap

60m CAD

Dividend Yield

16.9%

Description

Slate Office REIT engages in investment in a diversified portfolio of income-producing real property investments used for office purposes. The company is headquartered in Toronto, Ontario. The company went IPO on 2012-12-28. The REIT is an owner and operator of office real estate. The REIT's portfolio consists of approximately 32 real estate assets across Canada and includes two assets in downtown Chicago, Illinois. The REIT’s 61% portfolio is comprised of government or credit rated tenants. The REIT operates in Canada and the United States.

Contact

ONTARIO
TORONTO
121 King St W
+14165831764.0
http://www.slateofficereit.com/

IPO

2012-12-28

Employees

-

Officers

CEO & Trustee
Mr. Brady Scott Welch C.A.
Chief Financial Officer
Mr. Robert Allen Joseph Armstrong
General Counsel & Secretary
Mr. Ramsey Ali J.D.
Director of Acquisitions
Mr. Darrell Shipp
MD & Global Head of ESG
Ms. Bozena Maria Jankowska

See Also

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