Hey there David! I will summarize Mat's thoughts here from the Discord in regards to this just so everyone can see:
So, it was hanging on ok until True North announced a 50% dividend cut and it looks like all those in the office space dipped along with that news. That said - payout ratio did jump to 84% from 74% previously as FFO dipped and trust units increased - that isn't a good combination. It's got quite a bit of debt still and interest coverage ratio is ok but not great. Looks like it is also undergoing a strategic review, which is usually a sign that the current path they are on is not necessarily the best one. Overall, it's 'ok' but the office REIT industry is still under lots of pressure. They have higher than average debt loads and low occupancy rates. Even SOT's occupancy rate dropped to 81.1% from 83.8% last year. Having close to 20% of your properties unoccupied isn't great.