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Slate Office REIT

OTCPK:SLTT.F
Snowflake Description

Proven track record and fair value.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
SLTT.F
OTCPK
CA$453M
Imp Market Cap
  1. Home
  2. US
  3. Real Estate
Company description

Slate Office REIT is an open-ended real estate investment trust. The last earnings update was 16 days ago. More info.


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SLTT.F Share Price and Events
7 Day Returns
0.7%
OTCPK:SLTT.F
1.2%
US REITs
1.6%
US Market
1 Year Returns
-23.6%
OTCPK:SLTT.F
15.2%
US REITs
2.6%
US Market
SLTT.F Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Slate Office REIT (SLTT.F) 0.7% 2.4% -9.5% -23.6% - -
US REITs 1.2% 2.9% 3.3% 15.2% 13.3% 25.8%
US Market 1.6% -1.7% 2.1% 2.6% 38.5% 41.4%
1 Year Return vs Industry and Market
  • SLTT.F underperformed the REITs industry which returned 15.2% over the past year.
  • SLTT.F underperformed the Market in United States of America which returned 2.6% over the past year.

SLTT.F Value

 Is Slate Office REIT undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Slate Office REIT to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Slate Office REIT.

OTCPK:SLTT.F Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations
Levered Adjusted Funds From Operations Average of 2 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 11%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for OTCPK:SLTT.F
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.53
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.531 (1 + (1- 26.5%) (269.27%))
1.39
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.39
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (1.39 * 5.96%)
11.02%

Discounted Cash Flow Calculation for OTCPK:SLTT.F using 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations Model

The calculations below outline how an intrinsic value for Slate Office REIT is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Slate Office REIT is a Real Estate Investment Trust (REIT), we use funds from operations (FFO) or adjusted funds from operations (AFFO) instead of levered free cash flow for REITs. This excludes depreciation and borrowing. Ideally analysts estimates of AFFO are used, where these aren't available we use FFO.

OTCPK:SLTT.F DCF 1st Stage: Next 10 year cash flow forecast
Adjusted Funds From Operations (AFFO) (CAD, Millions) Source Present Value
Discounted (@ 11.02%)
2019 46.43 Analyst x3 41.82
2020 46.54 Analyst x3 37.76
2021 48.32 Est @ 3.83% 35.32
2022 50.01 Est @ 3.5% 32.93
2023 51.65 Est @ 3.27% 30.63
2024 53.26 Est @ 3.11% 28.45
2025 54.85 Est @ 3% 26.39
2026 56.45 Est @ 2.92% 24.47
2027 58.07 Est @ 2.86% 22.67
2028 59.70 Est @ 2.82% 21.00
Present value of next 10 years cash flows CA$301.44
OTCPK:SLTT.F DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= CA$59.70 × (1 + 2.73%) ÷ (11.02% – 2.73%)
CA$740.29
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= CA$740.29 ÷ (1 + 11.02%)10
CA$260.37
OTCPK:SLTT.F Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= CA$301.44 + CA$260.37
CA$561.81
Equity Value per Share
(CAD)
= Total value / Shares Outstanding
= CA$561.81 / 74.33
CA$7.54
OTCPK:SLTT.F Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in OTCPK:SLTT.F represents 0.73856x of TSX:SOT.UN
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.73856x
Value per Share
(Listing Adjusted, USD)
= Value per Share (CAD) x Listing Adjustment Factor
= CA$ 7.54 x 0.73856
$5.57
Value per share (USD) From above. $5.57
Current discount Discount to share price of $4.53
= -1 x ($4.53 - $5.57) / $5.57
18.6%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Slate Office REIT is available for.
Intrinsic value
19%
Share price is $4.53 vs Future cash flow value of $5.57
Current Discount Checks
For Slate Office REIT to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Slate Office REIT's share price is below the future cash flow value, but not at a moderate discount (< 20%).
  • Slate Office REIT's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Slate Office REIT's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Slate Office REIT's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
OTCPK:SLTT.F PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in CAD CA$1.07
TSX:SOT.UN Share Price ** TSX (2019-05-21) in CAD CA$6.14
United States of America REITs Industry PE Ratio Median Figure of 155 Publicly-Listed REITs Companies 32.75x
United States of America Market PE Ratio Median Figure of 3,087 Publicly-Listed Companies 17.74x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Slate Office REIT.

OTCPK:SLTT.F PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= TSX:SOT.UN Share Price ÷ EPS (both in CAD)

= 6.14 ÷ 1.07

5.71x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Slate Office REIT is good value based on earnings compared to the US REITs industry average.
  • Slate Office REIT is good value based on earnings compared to the United States of America market.
Price based on expected Growth
Does Slate Office REIT's expected growth come at a high price?
Raw Data
OTCPK:SLTT.F PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 5.71x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts
-10.9%per year
United States of America REITs Industry PEG Ratio Median Figure of 141 Publicly-Listed REITs Companies 2.58x
United States of America Market PEG Ratio Median Figure of 2,123 Publicly-Listed Companies 1.53x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for Slate Office REIT, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Slate Office REIT's assets?
Raw Data
OTCPK:SLTT.F PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in CAD CA$8.68
TSX:SOT.UN Share Price * TSX (2019-05-21) in CAD CA$6.14
United States of America REITs Industry PB Ratio Median Figure of 191 Publicly-Listed REITs Companies 1.89x
United States of America Market PB Ratio Median Figure of 5,202 Publicly-Listed Companies 1.84x
OTCPK:SLTT.F PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= TSX:SOT.UN Share Price ÷ Book Value per Share (both in CAD)

= 6.14 ÷ 8.68

0.71x

* Primary Listing of Slate Office REIT.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Slate Office REIT is good value based on assets compared to the US REITs industry average.
X
Value checks
We assess Slate Office REIT's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check)
  5. Slate Office REIT has a total score of 3/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

SLTT.F Future Performance

 How is Slate Office REIT expected to perform in the next 1 to 3 years based on estimates from 2 analysts?

  • No analysts cover Slate Office REIT, future earnings growth has been estimated based on fundamentals.
The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
-10.9%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Slate Office REIT expected to grow at an attractive rate?
  • Slate Office REIT's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 2.7%.
Growth vs Market Checks
  • Slate Office REIT's earnings are expected to decrease over the next 1-3 years, this is below the United States of America market average.
  • Slate Office REIT's revenues are expected to decrease over the next 1-3 years, this is below the United States of America market average.
Annual Growth Rates Comparison
Raw Data
OTCPK:SLTT.F Future Growth Rates Data Sources
Data Point Source Value (per year)
OTCPK:SLTT.F Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts -10.9%
OTCPK:SLTT.F Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 2 Analysts -6.2%
United States of America REITs Industry Earnings Growth Rate Market Cap Weighted Average 5.9%
United States of America REITs Industry Revenue Growth Rate Market Cap Weighted Average 4.3%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.8%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.3%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
OTCPK:SLTT.F Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below
All numbers in CAD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
OTCPK:SLTT.F Future Estimates Data
Date (Data in CAD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2020-12-31 198 61 2
2019-12-31 206 59 2
OTCPK:SLTT.F Past Financials Data
Date (Data in CAD Millions) Revenue Cash Flow Net Income *
2019-03-31 223 66 75
2018-12-31 210 53 77
2018-09-30 193 59 63
2018-06-30 180 49 69
2018-03-31 164 45 49
2017-12-31 152 46 50
2017-09-30 145 41 50
2017-06-30 135 48 29
2017-03-31 127 37 41
2016-12-31 122 41 36
2016-09-30 117 36 35
2016-06-30 115 29 37

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Slate Office REIT's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Slate Office REIT's revenue is expected to decrease over the next 1-3 years, this is not considered high growth.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
OTCPK:SLTT.F Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below

All data from Slate Office REIT Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OTCPK:SLTT.F Future Estimates Data
Date (Data in CAD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2020-12-31
2019-12-31
OTCPK:SLTT.F Past Financials Data
Date (Data in CAD Millions) EPS *
2019-03-31 1.07
2018-12-31 1.15
2018-09-30 1.00
2018-06-30 1.16
2018-03-31 0.88
2017-12-31 0.96
2017-09-30 1.05
2017-06-30 0.69
2017-03-31 1.11
2016-12-31 1.06
2016-09-30 1.10
2016-06-30 1.21

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Slate Office REIT will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Slate Office REIT's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Slate Office REIT has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

SLTT.F Past Performance

  How has Slate Office REIT performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Slate Office REIT's growth in the last year to its industry (REITs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Slate Office REIT has delivered over 20% year on year earnings growth in the past 5 years.
  • Slate Office REIT's 1-year earnings growth exceeds its 5-year average (52.9% vs 44.6%)
  • Slate Office REIT's earnings growth has exceeded the US REITs industry average in the past year (52.9% vs 16%).
Earnings and Revenue History
Slate Office REIT's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Slate Office REIT Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OTCPK:SLTT.F Past Revenue, Cash Flow and Net Income Data
Date (Data in CAD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 222.81 75.15 7.82
2018-12-31 209.90 77.14 7.49
2018-09-30 193.22 63.37 7.29
2018-06-30 179.93 69.28 7.04
2018-03-31 164.11 49.17 6.21
2017-12-31 152.14 49.71 5.75
2017-09-30 144.85 50.10 5.04
2017-06-30 134.97 29.48 4.67
2017-03-31 126.94 41.24 4.31
2016-12-31 122.19 36.42 4.21
2016-09-30 117.04 35.03 4.11
2016-06-30 114.94 36.80 4.06
2016-03-31 102.39 32.03 3.94
2015-12-31 90.09 27.18 3.49
2015-09-30 69.65 14.44 4.36
2015-06-30 49.43 14.34 3.91
2015-03-31 41.65 1.99 3.85
2014-12-31 34.59 2.86 3.91
2014-09-30 33.32 4.25 2.41
2014-06-30 31.87 0.83 2.32
2014-03-31 30.60 6.86 2.51
2013-12-31 28.48 14.22 2.43
2013-09-30 3.60 55.51 1.09
2012-12-31 0.70 37.04 0.28
2012-09-30 23.07 -1.83 1.28

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Slate Office REIT has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Slate Office REIT used its assets more efficiently than the US REITs industry average last year based on Return on Assets.
  • Slate Office REIT's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Slate Office REIT's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Slate Office REIT has a total score of 4/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

SLTT.F Health

 How is Slate Office REIT's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Slate Office REIT's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Slate Office REIT's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Slate Office REIT's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Slate Office REIT's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Slate Office REIT Company Filings, last reported 1 month ago.

OTCPK:SLTT.F Past Debt and Equity Data
Date (Data in CAD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 602.11 1,220.95 4.68
2018-12-31 611.45 1,211.66 7.19
2018-09-30 593.81 1,236.68 7.90
2018-06-30 587.83 1,058.60 5.71
2018-03-31 575.93 1,045.68 3.85
2017-12-31 484.54 839.42 9.15
2017-09-30 480.72 837.18 20.79
2017-06-30 467.59 796.36 2.28
2017-03-31 346.81 666.89 2.50
2016-12-31 345.71 649.19 4.25
2016-09-30 338.70 652.19 2.97
2016-06-30 293.38 609.31 3.13
2016-03-31 250.25 539.16 2.33
2015-12-31 252.16 536.02 8.92
2015-09-30 252.33 538.87 5.95
2015-06-30 249.18 528.96 15.19
2015-03-31 136.17 325.78 1.87
2014-12-31 140.09 321.19 3.07
2014-09-30 121.45 161.37 5.71
2014-06-30 118.12 164.76 6.73
2014-03-31 97.83 170.28 1.85
2013-12-31 99.15 167.05 1.79
2013-09-30 98.33 166.01 1.87
2012-12-31 63.86 136.10 5.26
2012-09-30 53.35 134.66 0.32
  • Slate Office REIT's level of debt (202.8%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (173.6% vs 202.8% today).
  • Debt is not well covered by operating cash flow (5.4%, less than 20% of total debt).
  • Interest payments on debt are not well covered by earnings (EBIT is 1.7x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess Slate Office REIT's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Slate Office REIT has a total score of 0/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

SLTT.F Dividends

 What is Slate Office REIT's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
6.51%
Current annual income from Slate Office REIT dividends. Estimated to be 7.13% next year.
If you bought $2,000 of Slate Office REIT shares you are expected to receive $130 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Slate Office REIT's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.46%).
  • Slate Office REIT's dividend is above the markets top 25% of dividend payers in United States of America (3.72%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
OTCPK:SLTT.F Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below
United States of America REITs Industry Average Dividend Yield Market Cap Weighted Average of 184 Stocks 3.8%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2003 Stocks 2.5%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.5%
United States of America Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

OTCPK:SLTT.F Future Dividends Estimate Data
Date (Data in CA$) Dividend per Share (annual) Avg. No. Analysts
2020-12-31 0.40 6.00
2019-12-31 0.48 6.00
OTCPK:SLTT.F Past Annualized Dividends Data
Date (Data in CA$) Dividend per share (annual) Avg. Yield (%)
2019-05-15 0.400 6.524
2019-04-15 0.400 6.745
2019-03-15 0.400 6.551
2019-02-15 0.750 11.665
2019-01-15 0.750 11.339
2018-12-17 0.750 12.309
2018-11-15 0.750 10.723
2018-10-15 0.750 9.789
2018-09-17 0.750 9.533
2018-08-15 0.750 9.447
2018-07-16 0.750 9.695
2018-06-15 0.750 9.834
2018-05-15 0.750 9.882
2018-04-16 0.750 9.898
2018-03-15 0.750 9.819
2018-02-15 0.750 9.680
2018-01-15 0.750 9.377
2017-12-15 0.750 9.153
2017-11-15 0.750 9.190
2017-10-16 0.750 9.210
2017-09-15 0.750 9.296
2017-07-17 0.750 9.432
2017-06-15 0.750 9.410
2017-05-15 0.750 9.257
2017-04-17 0.750 9.136
2017-03-15 0.750 9.250
2017-02-15 0.750 9.166
2017-01-16 0.750 9.387
2016-12-15 0.750 9.488
2016-11-15 0.750 9.616
2016-10-17 0.750 9.123
2016-09-15 0.750 8.937
2016-08-16 0.750 8.836
2016-07-15 0.750 9.024
2016-06-15 0.750 9.664
2016-05-16 0.750 9.433
2016-04-15 0.750 9.521
2016-03-16 0.750 9.664
2016-02-16 0.750 10.219
2016-01-15 0.750 10.873
2015-12-15 0.750 10.784
2015-11-16 0.750 10.267
2015-10-15 0.750 10.376
2015-09-15 0.750 10.469
2015-08-17 0.750 10.629
2015-07-15 0.750 10.832
2015-06-15 0.750 10.584
2015-05-15 0.750 10.156
2015-04-16 0.750 9.307
2014-11-06 0.750 9.461
2014-08-08 0.750 9.239
2014-05-09 0.750 8.580
2014-03-07 0.750 8.451
2013-11-07 0.750 8.643
2013-08-12 0.750 8.695
2013-05-10 0.750 7.969
2013-03-08 0.750 7.561
2013-01-16 0.750 7.592

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Whilst dividend payments have been stable, Slate Office REIT has been paying a dividend for less than 10 years.
  • Slate Office REIT has only been paying a dividend for 6 years, and since then dividends per share have fallen.
Current Payout to shareholders
What portion of Slate Office REIT's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1x coverage).
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Slate Office REIT's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Slate Office REIT afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Slate Office REIT has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

SLTT.F Management

 What is the CEO of Slate Office REIT's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Scott Antoniak
COMPENSATION CA$700,000
TENURE AS CEO 4.3 years
CEO Bio

Mr. Scott Raymond Antoniak has been the Chief Executive Officer of Slate Office REIT (Formerly FAM Real Estate Investment Trust) since January 22, 2015. Mr. Antoniak also serves as a Chief Operating Officer at Slate Asset Management LP. He joined Slate in 2015 and is responsible for overall strategy, operation and performance of the firm. Prior to this, he served as Executive Director in the real estate investment banking group at CIBC World Markets. He joined CIBC in 1997 and was involved in real estate transactions across North America totalling over $15 billion including the 2013 disposition of the GE Canada Real Estate Portfolio and the 2011 disposition of the Slate/Blackstone Canadian Office Portfolio. Mr. Antoniak was also responsible for the execution of capital markets transactions which included overseeing underwriting and due diligence activities at the firm. Previously, he held various management positions in commercial real estate finance. Mr. Antoniak holds an MBA in Real Property Development from York University and a BA in Economics from Western University.

CEO Compensation
  • Scott's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Scott's remuneration is lower than average for companies of similar size in United States of America.
Management Team Tenure

Average tenure of the Slate Office REIT management team in years:

3.3
Average Tenure
  • The tenure for the Slate Office REIT management team is about average.
Management Team

Scott Antoniak

TITLE
Chief Executive Officer
COMPENSATION
CA$700K
TENURE
4.3 yrs

Robert Armstrong

TITLE
Chief Financial Officer
COMPENSATION
CA$400K
TENURE
3.4 yrs

Steve Hodgson

TITLE
Chief Operating Officer
COMPENSATION
CA$350K
TENURE
2.5 yrs

Katie Fasken

TITLE
Associate
TENURE
3.3 yrs

Erisa Vieira

TITLE
Legal Counsel
TENURE
3.3 yrs

Darrell Shipp

TITLE
Director of Acquisitions

Greg Stevenson

TITLE
Chief Executive Officer of Slate Retail REIT
TENURE
3.8 yrs

Michael Sheehan

TITLE
Director & Controller
TENURE
1.6 yrs

Lindsay Stiles

TITLE
Vice President of Asset Management
TENURE
3.3 yrs
Board of Directors Tenure

Average tenure and age of the Slate Office REIT board of directors in years:

3.8
Average Tenure
56
Average Age
  • The tenure for the Slate Office REIT board of directors is about average.
Board of Directors

John O’Bryan

TITLE
Chairman of the Board
COMPENSATION
CA$77K
AGE
67
TENURE
3.8 yrs

Tom Farley

TITLE
Independent Trustee
COMPENSATION
CA$44K
AGE
62
TENURE
2 yrs

Monty Baker

TITLE
Independent Trustee
AGE
62
TENURE
1.3 yrs

Meredith Michetti

TITLE
AGE
53
TENURE
0.3 yrs

Blair Welch

TITLE
AGE
45
TENURE
4 yrs

Brady Welch

TITLE
AGE
48
TENURE
4.5 yrs

Nora Duke

TITLE
Independent Trustee
COMPENSATION
CA$69K
AGE
56
TENURE
3.9 yrs
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by Slate Office REIT insiders in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
27. Mar 19 Buy Thomas Farley Individual 26. Mar 19 27. Mar 19 36,753 $4.60 $168,859
19. Mar 19 Buy Ramsey Ali Individual 06. Mar 19 19. Mar 19 7,270 $4.65 $33,153
19. Mar 19 Buy John O’Bryan Individual 08. Mar 19 08. Mar 19 7,500 $4.52 $33,909
12. Mar 19 Buy Brady Welch Individual 08. Mar 19 08. Mar 19 16,110 $4.54 $73,131
11. Mar 19 Buy Robert Armstrong Individual 06. Mar 19 06. Mar 19 5,900 $4.53 $26,731
11. Mar 19 Buy Scott Antoniak Individual 07. Mar 19 07. Mar 19 15,000 $4.53 $67,884
07. Mar 19 Buy Steve Hodgson Individual 07. Mar 19 07. Mar 19 3,300 $4.53 $14,934
07. Mar 19 Buy Nora Duke Individual 07. Mar 19 07. Mar 19 5,000 $4.54 $22,702
06. Mar 19 Buy Steve Hodgson Individual 06. Mar 19 06. Mar 19 1,170 $4.51 $5,275
20. Nov 18 Buy Scott Antoniak Individual 20. Nov 18 20. Nov 18 4,416 $5.47 $24,170
X
Management checks
We assess Slate Office REIT's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Slate Office REIT has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

SLTT.F News

Simply Wall St News

SLTT.F Company Info

Description

Slate Office REIT is an open-ended real estate investment trust. The REIT's portfolio currently comprises 41 strategic and well-located real estate assets located primarily across Canada's major population centres including two downtown assets in Chicago, Illinois. The REIT is focused on maximizing value through internal organic rental and occupancy growth and strategic acquisitions.

Details
Name: Slate Office REIT
SLTT.F
Exchange: OTCPK
Founded:
CA$337,880,695
CA$315,915,321
74,333,753
Website: http://www.slateofficereit.com
Address: Slate Office REIT
121 King Street West,
Suite 200,
Toronto,
Ontario, M5H 3T9,
Canada
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
TSX SOT.UN Trust Units The Toronto Stock Exchange CA CAD 28. Dec 2012
OTCPK SLTT.F Trust Units Pink Sheets LLC US USD 28. Dec 2012
Number of employees
Current staff
Staff numbers
0
Slate Office REIT employees.
Industry
Office REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/22 07:04
End of day share price update: 2019/05/21 00:00
Last estimates confirmation: 2019/05/09
Last earnings filing: 2019/05/06
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.