So, I found a meme about my investment skills:
Slate Office REIT.
Well, it’s bad and is getting worse.
Debt is up, occupancy is down, NAV is a total fiction, and there are lots of other problems.
I kind of knew before that SOT wasn’t a good investment, but somehow I made myself believe that Amroyan had a bold new plan and it would work.
One of the reasons for me to start writing about stocks was exactly this kind of investment disaster, so I could look back and learn from my mistakes. 🙂
Some grim news from the USA about office real estate:
CRE Gets Messier: Office-CMBS Delinquency Rate Spikes the Fastest Ever. Bank-Held Office Mortgages also Hit
The conversion of office buildings into apartments seems like a good idea, but it requires time and money.
And, I guess, not every building can be converted.
Apartments From Adaptive Reuse Projects to Exceed 120,000 in Upcoming Years, Despite Recent Slowdown in Office Conversions
The only hope for me is that Armoyan and Welch brothers have lots of money at stake, so they will patch this sinking ship before it’s too late.
Btw, here is a funny commercial on the topic: