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

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To: BioInv who wrote (152)	11/8/1998 8:51:00 PM
From: Polartee	Read Replies (1) of 11633

HOT.UN is being avoiding because it did not internalize management. LGY.UN is just as bad that way. The REIT managers are external to these funds setting up all kinds of conflicts of interest. In the case of LGY.UN, the manager is owned by Canadian Pacific which also owns hotels (ones it did not want to put in the REIT). There is a must read article by Burgundy Asset Management on this under: newswire.ca If you still feel like investing after that look at RYL.UN which is the only Canadian hotel REIT to have internalized management. Check out this address for a recent slide show: mcinerneyir.com This REIT should pay $1.23 in '99 and it can be bought for around $7-7.25 for a 17% yield, about the same as HOT.UN. So if you think the hotel cycle in this country is not going bust any time soon, this one's a buy. John

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