Slate Office REIT
TSX:SOT.UN
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%.
Fundamental Analysis
Slate Office REIT Sees Uptick in Leasing Activity
2023-Q4 Earnings Call
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.
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 |
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
What is Free Cash Flow?
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.
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.
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
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.
Shareholder Return
SOT.UN Price
Slate Office REIT
Average Annual Return | 1.22% |
Standard Deviation of Annual Returns | 21.66% |
Max Drawdown | -85% |
Market Capitalization | 60m CAD |
Shares Outstanding | 80 050 000 |
Percentage of Shares Shorted | 3.52% |
Company Profile
Country
Industry
Market Cap
Dividend Yield
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.