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Gold/Mining/Energy : Canadian REITS, Trusts & Dividend Stocks

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To: Scott Mc who wrote (3397)	6/6/2002 2:35:28 PM
From: Scott Mc	Read Replies (1) of 11633

Anyone any comments, some of these REIT's managements get paid on transactions, so it provides an incentive to flip properties. That was one thing I noticed on AVN(royalty trust) specifically stated that they do not get a fee for buying or selling properties... Any comments anyone?? Maybe this makes sense, although I know Summit had problems with their previous management some years ago... SUMMIT REIT ENTERS INTO DEFINITIVE AGREEMENT TO SELL NON-CORE ... Summit REIT has signed a definitive agreement to sell a non-core office property located on the North Service Road in Burlington, Ont., for gross proceeds of approximately $7-million or $115 per square foot, which represents a 9.6-per-cent cap rate. The transaction is scheduled to close on June 18, 2002. The property is a four-storey office building comprising a net leasable area of 60,942 square feet. The property was constructed in 1991 and acquired by Summit REIT in November, 1997. Once the transaction is completed, office properties will comprise approximately 6.5 per cent of Summit's total portfolio. "This transaction is in line with our ongoing strategy to dispose of non-core office properties and focus the portfolio predominantly on the light industrial flex space sector," commented Lou Maroun, president. "Efforts continue to sell our remaining office properties, and we will utilize the funds generated to further expand Summit's presence in our target sector."

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