Slate Office REIT is terminating its management agreement earlier than planned, rebranding itself as Ravelin Properties REIT, and appointing a new CEO.
Slate Office REIT announced it reached a deal to terminate its managers by the end of the year, earlier than initially planned. The Toronto-based real estate investment trust stated that Slate Management ULC, its external manager, will depart on December 31st. Shant Poladian, who joined the trust's board in November, will then assume the role of CEO. With Slate Management's exit, the trust intends to rebrand itself as Ravelin Properties REIT .
The REIT will make a $2-million payment to Slate Management to expedite the termination date from March 30th, 2025, to December 31st, 2024. The amount represents the present value of payments for the first three months of 2025. This move marks another victory for activist investor and trustee George Armoyan, who effectively gained control of the REIT in October. Two years prior, he disclosed acquiring 15.8% of the trust, plus convertible debt that could increase his ownership. He subsequently initiated a campaign to replace multiple trustees. Following a brief period of calm, Mr. Armoyan engaged in another conflict with Slate Management, led by brothers Blair Welch and Brady Welch. Both brothers served as trustees of the REIT, with Brady acting as CEO. Mr. Armoyan argued that the trust had significantly underperformed its competitors over the past decade while the Welches' company collected $132-million in management fees. In October, the Welches resigned from their executive and board positions with the trust, stating that Slate Management would terminate its agreement with the REIT. Following the news, units in the trust surged nearly 50%, closing at 85 cents each on the Toronto Stock Exchange. They closed at 41 cents each on December 24th, up 12% in Christmas Eve trading. The REIT has debt exceeding $1.1-billion and a market capitalization of $33-million, according to S&P Global Market Intelligence
Real Estate REIT Management Change Rebranding Activist Investor
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