Canadian REITS data for the Year Ending 31 st December 1997



CANADIAN REITS

Year Ending 31st December 1997

Name (Commenced Operations)

Total Assets

Portfolio Size

Leverage

Comments

Riocan Reit

(29 June 1995)

$796,309,844 8,108,000 ft. 44%

Antecedent: Counsel Real Estate Fund. Focuses on leading edge retail property: specifically Community, Neighbourhood and free standing campus (power centres) preferably with anchors such as Junior Dept. Stores, supermarkets, state of art movie theatres and national retail chains. Diversified geographically across Canada.

CREIT

(1 Oct. 1996)

$653,631,000 7,829,190 ft. 43%

Antecedent: MD Realty Fund. Attempts to eliminate non-systematic risk by diversifying geographically and by asset class. Portfolio of retail (57%), industrial (24%), office (17%) and apartments (2%). Very diversified geographically across Canada. Now entering United States (Chicago) market.

Summit Reit

(31 Dec. 1995)

$443,238,343 6,148,049 ft. 44%

Antecedent: Roycom Summit Fund. Attempts to eliminate non-systematic risk by diversifying geographically and by asset class. Portfolio of retail (60%), industrial (24%), office (9%), apartments (7%). Fairly diversified geographically across Canada, and in the United States (Carolinas).

Avista Reit

(22 July 1997)

$376,445,000 4,092,000 ft. 40%

Antecedent: Canada Life Assurance Company (81 properties) in Canada.

Promotes themselves as an "institutional" Reit. Portfolio of retail (52%), industrial (26%), office (22%). Property is located in three provinces (Alberta, Ontario, Nova Scotia).

Morguard Reit

(14 Oct. 1997)

$475,453,000 5,072,517 ft. 38%

Antecedent: 60 property portfolio managed by Morguard and owned by twelve Canadian pension funds. Portfolio of retail (28%), industrial (21%), office (40%), mixed (9%), miscellaneous (1%). Property is located from Quebec westwards in Canada.

H & R Reit

(23 Dec. 1996)

$455,473,546 4,791,504 ft. 44%

High quality portfolio of retail (8%), industrial (28%), office (64%). All of its office properties are located in Greater Toronto Area and immediate environs apart from one building in Los Angeles, CA. Industrial properties are all "build to suits" for major tenants. Focuses on quality of tenant covenant and long term leases to contain risk.

Cominar Reit

(31 Mar. 1998)

$291,084,000

(31 Mar. 1998)

3,073,659 ft. 46%

Antecedent: 51 property portfolio owned by Dallaire family. Portfolio of retail (50%), industrial/mixed (18%), office (32%), in Greater Quebec City area.

Realfund Reit

(1 June 1993)

$647,655,000 4,427,653 ft. 39%

Antecedent: First City Real Fund. Portfolio of retail (77%), industrial (4%), office (4%), other (15%). Property is well distributed geographically across Canada, and in the U.S.A. (3%).

CAP Reit

(1 June 1997)

$236,551,030 3,887 apts. 60%

Focuses entirely on apartments, Luxury (25%), Mid-Tier (35%), Affordable (40%), in order to reduce risk. Apartment demand is driven by demographics rather than the economy and the impact of individual vacancy in any one building is lower than is the case with commercial property. Property is located in Ontario and Nova Scotia.

RES Reit

(24 Oct. 1997)

$428,426,000

(24 Oct. 1997)

6,838 apts.

plus

209,042 ft. ancillary commercial space.

57%

Antecedents: Property portfolios owned by Greenwin Properties Group and Lehndorff Tandem Properties Group comprising 32 apartment buildings and one townhouse complex. Focuses entirely on apartments, Luxury (20%), Mid-Tier (75%), Affordable (0%), Ancillary Commercial (5%). Property is located in British Columbia, Alberta and Ontario.

CPL Reit

(6 May 1997)

$440,145,000 43 homes with 5,969 beds plus management of 12 homes with 1,627 beds. 42%

Antecedent: Central Park Lodges Ltd. healthcare facilities. Focuses entirely on nursing homes in Canada. (This is the only Canadian health care Reit). Contains risk by investing in an industry where supply is effectively controlled by provincial governments’ ability to pay for nursing home care via licensing. Property is located in every province other than Saskatchewan and Atlantic Canada.

Royal Host Reit

(1 Oct. 1997)

$186,406,000 18 hotels with 1,610 rooms.  

Focuses entirely on mid-market hotels/motels: Upper Mid Market (51%), Mid Market (9%), Economy (18%), Resort (22%). Property is located in all provinces other than Ontario, Quebec and Prince Edward Island.

Legacy Reit

(10 Nov. 1997)

$893,464,000 11 hotels with 5,569 rooms, 489 suites.  

Antecedent: Canadian Pacific Hotels portfolio. Focuses entirely on Luxury (83%) and Upper Mid-Market (17%) hotels. The former are "classic" hotels in the grand Victorian tradition, virtually national monuments. Property is located in all provinces other than Manitoba, Saskatchewan and Newfoundland.

CHIP Reit

(1 July 1997)

$444,703,000 23 hotels with 5,444 rooms.  

Focuses entirely on Upper Mid-Market (40%) and Mid-Market (60%) hotels.

Property is located in all provinces other than Manitoba, New Brunswick, Newfoundland.