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

To: WINDSURFER50 who wrote (61)	3/21/1998 11:53:00 AM
From: Anthony Wong	Read Replies (2) \| Respond to of 11633

From today's Globe & Mail's PRO'S PICKS: Portfolio manager Stephen Clements of the Beutal Goodman Private Balanced Fund has this to say about Legacy: Legacy Hotels Real Estate Investment Trust (LGY.IR-TSE, high $6.25 [Canadian], low $4.85, cost $5.75, close $5) is a real estate investment trust or REIT that holds city hotel properties for CP Hotels Ltd. It was purchased for the fund last November as an initial public offering and, later, a little below the launch price of $6 as the price weakened last month. Upper end hotels in North America are in a tight market with rising room rates, Mr. Clements says. Legacy is participating in the trend, with the result that its distributable cash flow, which he estimates at 75 cents a share for 1998, should rise to 87 cents in 1999. Mr. Clements' 12-month target is $7.50, which, with the 75-cent dividend, would produce a total return of 50 per cent.