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Slate Office REIT - Q1-2018 Earnings & Price Target Update

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Slate Office REIT(SOT.UN) owns as of Mar-31-2018, 45 office properties comprising 7.5M sq ft with concentration in the Greater Toronto Area and Atlantic Canada at 49% and 38%, respectively. The portfolio is a mix of downtown and suburban properties with over 40% of income being generated by investment-grade and government tenants. The REIT is externally managed and operated by Slate Management Corporation who owned an 11.2% interest at Dec-31-2017 compared to 15.7% as of Jan-25-2017. Slate assumed management responsibilities for the REIT in 2014 with the vision of creating a pure-play office REIT focused on non-core real estate assets.

Slate Office REIT, was formerly FAM REIT formed in Dec-2012. The initial IPO raised $59M, the portfolio consisted of 27 income-producing office, industrial, and retail properties located in four provinces and one territory of Canada acquired from Huntingdon Capital Corp. The initial portfolio was valued at $195.7M compared to $1B as Mar-31-2018. The initial properties were spun out of Huntingdon REIT after a control change with new management who split up the Huntingdon property portfolio, a portion of which was purchased by FAM REIT as the initial group of properties. In late 2014, Slate assumed management responsibilities for the REIT with plans to create a pure-play office REIT focused on "non-core" real estate assets in Canada. Slate is the largest unitholder in the REIT, with a 15.1% interest.

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