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Strategies & Market Trends : Gentra .... Any old R/T employees -- Ignore unavailable to you. Want to Upgrade?

To: AL R who wrote (70)	3/8/1999 5:20:00 PM
From: SofaSpud	Read Replies (1) \| Respond to of 78

Al / Cross Gentra put out a release Friday updating the progress of their normal course issuer bid: newswire.ca They're quite a way yet from 6 million, though, so I don't know exactly whose action you saw. I was bullish on the real estate sector (obviously) when I bought these shares a couple of years ago. Gentra was (and is) the cheapest of the real estate companies on a CF basis, at around 6x forward. Plus, I liked some of their properties like the former Esso Plaza in Calgary, which had every chance to increase rates as leases expired into a tight market. Today I'm watching much more cautiously. The Calgary market is softening, and if the energy sector doesn't improve substantially within a year or so, as new space comes on the market, then Calgary will move from neutral to a solid negative for Gentra. That will make Toronto all the more crucial. Am I bullish? No. Not bearish enough to sell yet, but I'm watching very closely. FWIW.