The following is a summary of the Slate Office REIT (SLTTF) Q4 2023 Earnings Call Transcript:

Financial Performance:

• Slate Office REIT completed over 624,000 square feet of leasing in 2023, a significant 11% increase from 2022, and completed an additional 150,000 square feet of new leasing after the quarter ended.

• The REIT sold an asset in Mississauga, Ontario for a gross purchase price of $19.2 million, and the proceeds from these dispositions were used to repay around $18 million of debt.

• In relation to portfolio realignment, $120 million worth of assets that do not align with their long-term plan are under contract for disposition or in various stages of negotiation.

Business Progress:

• There is an accelerating demand for high-quality office space being seen from both emerging and established companies.

• Active discussions are ongoing with two users for new or expansion leasing which would contribute to the REIT's net operating income beginning in late '24 and into '25.

• Deal signed with a leading financial technology company for a 107,000 square foot space, and their occupancy is expected to increase due to limited lease rollover and a pipeline of over 700,000 square feet for new leasing and renewals.

• The Company is expecting to add about $3 million of net operating income at a significant lease location in 2025 with pending costs likely to be around $8-9 million.

• An increase in activity noted at the beginning of the year, pointing to interested buyers for their on-market real estate assets, particularly in the smaller snack brackets.

More details: SLATE OFFICE REIT IR

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