This thread is dead. Let's either rename it 'REIT's from a Canadian perspective' or cancel it altogether.
With all the talk both on CNN, CNBC, even homely Newsworld, about REIT's as a good hedge, why is nobody up here willing to talk about them and keep this thread alive?!
Meanwhile, for what it's worth, here's Legacy's report on 1997/year-end results, with the breakdown of how they got their .049 cents distribution. I thought that sum was paltry, but management says it was ahead of projections.
Does anyone have the next distribution date on the top of their head? Please post.
Sorry about the wanky format. My Mac scrambles screen formats sometimes.
**********
LEGACY HOTELS REAL ESTATE INVESTMENT TRUST ANNOUNCES RESULTS FOR YEAR
ENDED DECEMBER 31, 1997
TORONTO, Jan. 25 /CNW/ - Legacy Hotels Real Estate Investment Trust
(''Legacy'') today announced its financial results for the period November 10
- December 31, 1997. Legacy began operations on November 10, 1997 when it
acquired the land, buildings and operations of the 11 business hotels
previously owned by an affiliate of Canadian Pacific Hotels Corporation. The
purchase was funded through concurrent public offerings of equity units and
debt.
Operating revenues for the period exceeded forecasts and totalled $40.4
million resulting in a net loss of $548,000. This result is significantly
better than the forecasted loss of approximately $966,000 for the same period.
This forecast was outlined in the prospectus for the initial public offering
filed on October 29, 1997. It should be noted that this period is
traditionally weak in the hotel industry and that results are not indicative
of the whole year.
William R. Fatt, President and Chief Executive Officer of Legacy
attributed the strength in results to strong performances at the Hotel
Vancouver, The Palliser hotel in Calgary and the Chƒteau Laurier in Ottawa.
The major markets of Vancouver, Calgary, Toronto and Montreal are expected to
continue to experience good hotel demand.
Summarized Financial Data
For the period November 10 to December 31, 1997
(in thousands except per unit amount)
(unaudited)
Operating revenues $40,423
Net operating income from hotel operations 2,610
Operating income 1,996
Net loss (548)
Amount distributed (1) 2,928
Distribution per unit $0.04942
(1) This amount was distributed on December 31, 1997
For further information: Ann Layton, (416) 367-7101 |
