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Ravelin Properties (RPR.UN) investor relations material

Ravelin Properties Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary11 Aug, 2025

Executive summary

  • Achieved $4.1 million in cost savings in H1 2025 from eliminating management fees and tighter overhead control, with expected annualized run-rate savings of $10 million for 2025.

  • Internalized property management and accounting for Chicago properties, targeting over $2.5 million in annualized savings.

  • Signed 163,279 sq. ft. of new leases and renewals in Q2 2025 at a weighted average net rental rate of $19.73 per sq. ft.; new/renewed leases (excluding vacant space) were 6.23% above prior rates.

  • Disposed of a fully occupied Ontario property for $16.5 million, using proceeds to reduce Canadian revolving credit facility borrowings.

  • Ongoing recapitalization discussions with lenders and advisors.

Financial highlights

  • Q2 2025 rental revenue was $45.2 million, down 8.9% year-over-year.

  • Net operating income (NOI) fell 17.6% year-over-year to $20.4 million.

  • Net loss for Q2 2025 was $10.4 million, a significant improvement from a $150.0 million loss in Q2 2024.

  • Funds from operations (FFO) dropped 50.9% year-over-year to $2.2 million ($0.03 per unit).

  • Adjusted FFO (AFFO) was $2.5 million ($0.03 per unit), down 41.6% year-over-year.

  • Total assets at June 30, 2025 were $1.22 billion, down 0.5% from December 31, 2024.

  • Total debt was $1.08 billion, down 1.0% from year-end 2024.

  • Liquidity at June 30, 2025 was $28.8 million, up from $24.3 million at December 31, 2024.

Outlook and guidance

  • Management expects further improvement in net debt to Adjusted EBITDA as cost savings from internalization are fully realized in future quarters.

  • Leasing pipeline exceeds 450,000 sq. ft. of renewals and new leases, with 139,533 sq. ft. of rent reviews underway in Ireland.

  • Anticipates continued cost savings and operational efficiencies from internalization initiatives.

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Frequently asked questions

Slate Office REIT is a real estate investment trust that focuses on acquiring, owning, and managing office properties. The company’s portfolio primarily consists of high-quality office spaces leased to corporate and government tenants across major urban and suburban markets. Slate Office REIT emphasizes long-term tenant relationships and asset management strategies to optimize property performance and returns. The company is headquartered in Toronto, Canada, and its shares are listed on the TSX.

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