Slate Office REIT (RPR.UN) AI Stock Analysis

• Market Cap: C$16.31M
• Dividend Yield: N/A
• Average Volume (3M): 38.17K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.57
• Revenue Growth: -6.21%
• EPS Growth: 65.52%
• Country: CA
• Employees: N/A
• Sector: Real Estate
• Sector Strength: 53
• Industry: REIT - Office
• EPS (TTM): -0.20
• Shares Outstanding: 80,562,460
• 10 Day Avg. Volume: 49,617
• 30 Day Avg. Volume: 38,171
• PEG Ratio: N/A
• Price to Book (P/B): 0.00
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 0.00
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 53 Neutral
• Price Target: ―

The overall stock score reflects significant financial challenges with declining revenues and high leverage. While technical analysis indicates short-term positive momentum, the valuation remains unattractive due to negative earnings. Addressing profitability and reducing debt are crucial for long-term improvement.

Positive Factors

Cash Flow Generation

Positive free and operating cash flows indicate the company's ability to generate cash, crucial for sustaining operations and funding strategic initiatives.

Strategic Property Management

Strategic property management and acquisitions can enhance revenue stability and growth, strengthening the business model over the long term.

Stable Asset Levels

Stable asset levels provide a foundation for future growth and financial stability, despite challenges in equity ratio and leverage.

Negative Factors

Declining Revenue

Declining revenues can undermine the company's ability to maintain profitability and invest in growth, posing long-term challenges.

High Leverage

High leverage increases financial risk and limits flexibility, potentially affecting the company's ability to navigate economic downturns.

Increasing Losses

Rising net losses highlight profitability issues, which can strain financial resources and hinder long-term strategic execution.

Slate Office REIT Business Overview & Revenue Model

Company Description

Ravelin Properties REIT is an open-ended real estate investment trust based in Ontario, Canada. Listed on the Toronto Stock Exchange (TSX) under the symbol RPR.UN, the REIT owns 46 commercial properties across Canada, the United States, and Ireland. In 2024, the TSX initiated a delisting review due to financial concerns, but lifted the review in 2025 after the REIT addressed its debt restructuring plan. The REIT's head office is located in Toronto.

How the Company Makes Money

Slate Office REIT generates revenue primarily through the leasing of office spaces within its property portfolio. The company earns rental income from tenants who occupy these spaces, and it may also benefit from ancillary services related to property management. Additionally, Slate Office REIT actively seeks to enhance its earnings through strategic acquisitions of new properties, aiming to increase occupancy rates and rental income. Partnerships with real estate brokers and other stakeholders in the real estate sector can further influence its revenue generation. The REIT may also engage in dispositions of properties where it sees an opportunity to realize capital gains, contributing to its overall income.

Slate Office REIT Financial Statement Overview

Summary

Slate Office REIT's financial health is under pressure with declining revenues, increasing losses, and high leverage. While some cash flow metrics are positive, the overall trajectory suggests financial instability. The company needs to address profitability issues and reduce leverage to improve its financial standing.

Income Statement

The income statement shows a concerning trend with declining revenues and increasing net losses. The TTM data highlights a negative net profit margin and a significant decrease in EBITDA. The revenue growth rate has been modest, but profitability remains a critical issue.

Balance Sheet

The balance sheet reflects high leverage with a debt-to-equity ratio that has worsened over time. The decrease in stockholders' equity and the increase in total debt are concerning trends. While asset levels remain relatively stable, the equity ratio has declined, indicating potential financial instability.

Cash Flow

Cash flow analysis shows a positive free cash flow and operating cash flow, but these have been declining. The operating cash flow to net income ratio is favorable due to negative net income, but sustainability is in question given the cash flow trends. Free cash flow growth is also showing signs of stress.

Breakdown	TTM	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019
Income Statement
Total Revenue	198.78M	197.62M	196.51M	172.65M	183.59M	215.52M
Gross Profit	85.42M	87.64M	91.75M	78.07M	85.94M	100.25M
EBITDA	-342.63M	-69.11M	79.59M	70.63M	82.08M	93.63M
Net Income	-408.09M	-113.12M	-18.10M	53.30M	6.72M	64.23M
Balance Sheet
Total Assets	1.71B	1.75B	1.87B	1.81B	1.68B	1.71B
Cash, Cash Equivalents and Short-Term Investments	11.85M	11.27M	19.91M	9.91M	8.52M	6.12M
Total Debt	924.60M	983.01M	1.15B	1.05B	972.60M	1.00B
Total Liabilities	1.22B	1.23B	1.22B	1.19B	1.07B	1.08B
Stockholders Equity	495.87M	515.37M	644.37M	621.97M	604.74M	627.30M
Cash Flow
Free Cash Flow	28.25M	30.14M	26.64M	13.53M	23.46M	22.32M
Operating Cash Flow	37.48M	40.12M	49.56M	38.23M	46.45M	49.30M
Investing Cash Flow	24.15M	-26.36M	-88.37M	-134.27M	-7.89M	116.57M
Financing Cash Flow	-64.74M	-15.20M	49.75M	95.33M	-35.98M	-166.91M

Slate Office REIT Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.19
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:RPR.UN, the sentiment is Negative. The current price of 0.19 is below the 20-day moving average (MA) of 0.23, below the 50-day MA of 0.32, and below the 200-day MA of 0.40, indicating a bearish trend. The MACD of -0.04 indicates Negative momentum. The RSI at 31.48 is Neutral, neither overbought nor oversold. The STOCH value of 30.95 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:RPR.UN.

Slate Office REIT Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
BTB.UN	78 Outperform	C$364.55M	8.76	8.60%	7.37%	0.92%	92.93%
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
AP.UN	55 Neutral	C$1.96B	-3.42	-10.26%	13.67%	1.86%	1.84%
RPR.UN	53 Neutral	C$16.31M	-0.12	-141.77%	―	-6.21%	65.52%
TNT.UN	53 Neutral	C$125.53M	-4.11	-7.68%	5.79%	-5.17%	-187.42%
D.UN	53 Neutral	$363.39M	-2.35	-14.98%	5.65%	-1.06%	-20.07%
INO.UN	48 Neutral	C$32.98M	-0.92	-17.55%	―	-7.30%	55.77%

Slate Office REIT Corporate Events

Ravelin Properties REIT Secures Loan Forbearance Extensions Amid Financial Restructuring Efforts

Ravelin Properties REIT has announced the extension of forbearance periods for loans totaling over CAD$528.3 million and US$45.5 million, as well as a loan for a key Chicago office property, allowing the company to assess financial options and potentially implement a comprehensive Recapitalization Plan. Despite increasing interest rates on the loans to align with its financial state, the REIT aims to preserve capital and address current defaults, while actively engaging with stakeholders to find potential solutions to sustain operations and stabilize its position.

Ravelin Properties REIT Reports Q3 2025 Financial Results, Highlights Leasing Growth and Redevelopment Plans

Ravelin Properties REIT reported its financial results for the third quarter of 2025, highlighting a return to stability in same-property net operating income and significant growth in its leasing pipeline. Despite a decrease in occupancy due to known vacancies, the REIT is exploring redevelopment opportunities for high-vacancy properties and is in discussions to extend forbearance agreements with senior lenders. The company achieved a record level of gross rental revenue and net operating income, indicating a positive trajectory despite challenges.