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Gold/Mining/Energy : Canadian REITS, Trusts & Dividend Stocks -- Ignore unavailable to you. Want to Upgrade?

To: Scott Mc who wrote (4852)	11/14/2002 7:19:49 PM
From: David Alon	Read Replies (1) \| Respond to of 11633

Summit Real Estate Investment Trust Announces $75 million Offering of Trust Units -------------------------------------------------------------------------------- Advertisement -------------------------------------------------------------------------------- 15:53 EST Thursday, November 14, 2002 TORONTO, ONTARIO--Summit Real Estate Investment Trust has announced that it has entered into an agreement to sell, to a syndicate of underwriters led by CIBC World Markets Inc. and BMO Nesbitt Burns Inc., 5,067,568 trust units at $14.80 per unit to raise gross proceeds of approximately $75 million. Summit has extended to the underwriters the option, exercisable in whole or in part until 48 hours prior to closing of the transaction, to purchase up to 760,135 additional trust units at the same offering price. Closing is expected to occur on or about December 3, 2002. The proceeds of the offering will be used to repay existing indebtedness and for general trust purposes. As one of Canada's largest Real Estate Investment Trusts, Summit REIT owns a portfolio of quality properties in Canada and the United States containing over 23 million square feet of leaseable space. Focused on the light industrial/flex space segment of the North American real estate market, Summit is dedicated to maximizing distributable income and the value of its property portfolio through active property management, accretive acquisitions and selective development opportunities. Summit REIT's Units are listed on the Toronto Stock Exchange under the symbol SMU.UN. For more information on Summit REIT, visit our website at www.summitreit.com.

To: Scott Mc who wrote (4852)	11/14/2002 9:35:58 PM
From: Tommaso	Read Replies (3) \| Respond to of 11633

Well, since I do not have the time and do not know how to go around western Canada acquiring producing gas and oil resources and managing them, I am quite happy to pay someone 1.5 % to buy the properties and 3% to collect the income. As I explained, the U. S. model where there are high fixed management expenses leads to total loss of capital on the part of the investor and all income used for the benefit of management. For some trusts. I like the Canadian model of active acquisitions and continual pass-through of income much better. Of course, that, too, may turn out to have pitfalls.