For the period July 2, 1999 to December 31, 1999, internalization resulted in $670,000 of reduced costs. This translates into an increase to distributable income of approximately one cent per unit on an annual basis, after accounting for the Units of the Trust issued on the termination of the Agreement. The Management Agreement had a low fee structure in relation to the Trust’s peers in the industry. It is for this reason that the termination of the Manager was viewed as having been accomplished in a Unitholderfriendly transaction, as opposed to the cancellation of a bad contract. All these investment procedure is performed by a capable and skilful conveyancer who is able to make all these investments perform correctly. During 1999, the Trust expensed the termination cost together with related professional fees and other costs associated with the termination.

The Trust embarked upon two potential merger activities during 1999, one of which resulted in the Trust entering into a Merger Support Agreement with Avista Real Estate Investment Trust. fee as the Avista Real Estate Investment Trust Unitholders approved a resolution to accept a competing merger proposal. The cost to the Trust of these merger activities was approximately $2.3 million, resulting in a net $1.7 million income to the Trust for the year. But it also advised that you should always brisbane property valuations who has bulk amount of experience and is capable of performing property related issues. During 1999 the Trust disposed of 739,000 square feet of non-core assets at a net gain on sale of $969,000. The Trust deployed the proceeds of sale into new property, which is aligned with the Trust’s overall goals. The primary difference in the calculation is that free rent earned by tenants is deducted prior to arriving at cash flow from operations, whereas in the past, free rent was considered a leasing cost with no impact on cash flow from operations.

Cash flow from operations for 1999 was $1.24 per Unit versus $1.21 per Unit in 1998. The portion of the costs of terminating the former Manager that were not satisfied by the issuance of Units of the Trust of approximately $3.4 million ($0.10 per Unit) has been deducted from the $41.1 million ($1.24 per Unit) cash flow from operations during 1999. The cash flow from operations under the former method of calculation would result in $1.26 per Unit and $1.24 per Unit for 1999 and 1998 respectively.

Today sees the release of ‘Smart Productivity’ – an RDA publication.The creation of a steady and reliable stream of products back into recycling .Competition is all about companies finding an edge over others, to help secure longer-term survival.Some £100 million of private funds will be attracted to finance activities within the East Midland’s six priority urban areas.

If passed, HB 62 would not only grant counties the right to purchase, lease or otherwise acquire and use existing land for development purposes; it would also allow for development of the land as sites for industry including industrial parks and related road construction, sewers, drainage systems, sewage and waste-water disposal systems, parking areas and utilities to serve the site.Brasfield said the reason for passing the bill is property value estimate to prohibit constitutional clutter so that there would be no need to introduce 20 separate pieces of legislation on the same thing.

Neither Brasfield nor Rep. Micky Hammon, R-Decatur, believes HB 62 would address the problems that arose in connection with the Interstate 565 development project that has been the subject of much governmental discussion in the Decatur area this winter.In the I-565 project, controversy is over retail vs. industrial development, said Hammon."If industry is coming in, they are going to be coming in adding jobs, and they'll be competing with the same industries they would be competing with wherever they go," he said.

Decatur businessman Bud Orr wants someone to check weights of loaded 18-wheelers traveling the narrow, curvy and hilly Morgan County road on which he lives.But he said Tuesday that he doesn't know who to call next, because he kept "getting the run-around" from several sources at different levels."It seems that coke or coal haulers from the Jasper area are taking Kirby Bridge, the shortest route into Solutia, and they're playing havoc with the road," Orr said.

There are many, 20 to 30 a day or more, and I believe they run day and night.I don't know that the road is built for that type of heavy 18-wheelers.Orr understands that it's the truckers' choice to take the shorter routes because of today's high fuel costs."But I don't think a county farm-to-market road is built for that kind of traffic," said Orr.

Meditrust sold $160 million of 7% senior unsecured notes, due August 15, 2007; $100 million of remarketed reset notes due August 15, 2002; and a trust formed by Meditrust sold $150 million of Exercisable Put Option Securities, representing fractional undivided interest in the trust, at 7.114%, due August 14, 2004. Meditrust’s debt continued to be investment grade rated by Duff & Phelps, Moody’s Investment Service, and Standard & Poor’s. Investment grade ratings allow for a lower cost of capital and greater competitiveness.


On April 13, 1997, Meditrust and The Santa Anita Companies jointly announced a merger agreement, and the shareholders of both compa- nies voted overwhelmingly in favor of the trans- action on November 5, 1997. In addition to own- ing real estate, the paired share structure allows the combined entities to operate certain prop- erty types which are not allowed to be operated under the traditional REIT structure. Examples of some of these property types are nursing homes, hotels, parking facilities, and retirement communities. The residential property conveyancing specialists will draw up the agreement for concurrence with the buyer.

The Meditrust Companies increased its dividend for the 48th consecutive quarter in January 1998, and experienced a 17.17% total return for 1997, bringing the total return since inception (1986-1997) to 21%, once again outperforming the Standard & Poor’s 500 index at 18%. Meditrust has increased its dividends every quarter since the Companies’ inception in 1985, distributing $2.38 per share in 1997, compared to $2.31 per share in 1996.

Of the $548 million invested in health care facilities during 1997, $377 million related to assisted living facilities, $100 million to nursing homes, and $71 million for medical office buildings. Additionally, Meditrust provided $14 million to Nursing Home Properties Plc to maintain Meditrust’s 19.99% equity ownership. property valuation report Perth are the best choice when people make property transactions. Funds from operations is a measure of cash flow and is used by REIT analysts to best gauge company performance and ability to pay dividends. Meditrust added highly valued experience to its Board of Directors with the addition of six new members in 1997. Both the current and new members bring valuable experience and knowledge of the health care and real estate industries to the Board of Directors, and guide the future growth of The Meditrust Companies.

In early January 1998, Meditrust announced the acquisition of two companies: La Quinta Inns, Inc., a transaction valued at $3 billion, and Cobblestone Holdings, Inc., valued at $395 million. Together, these acquisitions are expected to increase Meditrust’s market capitalization to approximately $8 billion and contribute signifi- cantly to the future growth of Meditrust. Revenues for the year ended December 31, 1997 were $294,355,000 compared to $254,024,000 for the year ended December 31, 1996, an increase of $40,331,000 or 16%. Revenue growth was primarily attributed to increased rental income of $28,749,000 and increased interest income of $6,287,000. These increases resulted from additional real estate investments made over the last twelve months. The remaining increase to revenue of approximately $5,295,000 was primarily from horse racing operations following the merger with The Santa Anita Companies (the “Merger”) on November 5, 1997.

Revenue from horse racing was generated primarily during December 26 through December 31, 1997, which was the beginning of the live racing season. Interest expense increased by $23,212,000 due to increases in debt outstanding resulting from additional real estate investments made over the past twelve months. Depreciation and amortization increased by $5,474,000, as a result of increased real estate investments and associated debt issuance costs. Horse race operating costs of $4,263,000 were incurred during the period following the Merger and included substantial repair and maintenance costs incurred to prepare and upgrade the track for the live racing season. A conveyancing specialist or conveyancers speak to extensive power in this strategy expect control over the commitment and sees that the trading of proprietorship is completed by gauges.

The per Share decrease was primarily due to dilution caused by the Merger. Per Share amounts have been restated to reflect the exchange of Meditrust Shares of Beneficial Interest (“SBI”) for Shares of the Companies pursuant to the Merger. Revenues for the year ended December 31, 1996 were $254,024,000 compared to $209,369,000 for the year ended December 31, 1995, an increase of $44,655,000 or 21%. You have to appoint a conveyancer considering all the important and valid points which they must have to perform the process. Revenue growth was attributed to increased rental income of $23,503,000 and increased interest income of $21,152,000. These increases were principally the result of additional real estate investments made during 1996.

This increase was partially offset by an equity offering in February, 1996, and lower interest rates on the notes outstanding during 1996 compared to those out- standing during 1995. General and administrative expenses increased by $1,567,000, principally due to a higher level of operating costs associated with portfolio growth and the issuance of SBI for executive compensation, a non-cash expense.

45 % (6.14% on November 15, 1997), such interest is subject to reset quarterly during the first year of the loan. SEEDA considers URCs to be unsuited to the particular circumstances of the South East region.

Experience derived from pilot AIFs in five areas (including Thames Gateway, NE Kent, Sussex Coast, Isle of Wight and Solent Gateway) will be used to roll out the concept to other parts of the region in order to guide future investment decisions by SEEDA and other funders. Shareholders of Meditrust received 1.2016 Shares for each SBI of Meditrust they owned in a tax-free exchange of shares, and approximately 12,366,000 Shares were held and retained by former Santa Anita shareholders. Residential E Conveyancing Adelaide is a progression of agreement coupled with assortment of quests helping both purchaser and merchant of a property planned to stay away from all conceivable legitimate confusions. the investment consists of 14,285,000 shares of common stock, and represents a 19.99% interest, however, Realty does not have the right to vote more than 9.99% of the shares of NHP Plc.

During the last week of January 1998, the Companies’ stock price decreased which may result in more Shares being issued by the Companies to complete the transaction than was originally expected. Depending upon how many additional Shares, if any, are issued, the transaction may not be as accretive, on a per Share basis, as had previously been disclosed. Residential Conveyancing is a legitimate methodology of offering or obtaining of a house or property.

During 1998, as the Companies identify appropriate investment opportunities, the Companies may raise additional capital through the sale of Shares or Preferred Shares, the use of a forward equity transaction, the issuance of additional long-term debt, or through a securitization transaction. Revenues for the year ended December 31, 1997 were $289,923,000 compared to $254,024,000 for the year ended December 31, 1996, an increase of $35,899,000 or 14%.

Revenue growth was primarily attributed to increased rental income of $28,749,000 and increased interest income of $6,217,000. These increases resulted from additional real estate investments made over the last twelve months. The remaining increase to revenue of approximately $933,000 was primarily from rent and interest collected from horse racing operations following the Merger on November 5, 1997. Realty also completed the sale of $150,000,000 of 7.114% notes due August 15, 2011.

The notes were sold to a trust from which exercisable put option secu- rities due August 15, 2004, The trust ha s entered a call option pursuant to which the callholder has the right to purchase the notes from the trust on August 15, 2004 at par value. And combines public assets with private money to fund innovative new solutions. The specialists from the property field has sufficient amount of experience to handle the conveyancing process. On October 3, 1997, Meditrust paid a stock dividend to shareholders of record on that date of one SBI, without par value, of its wholly-owned subsidiary MAC, a Massachusetts business trust, for each SBI of Meditrust.

On December 19, 1997, Realty invested an additional $13,473,000 in NHP Plc raising its total equity investment to $26,982,000, at cost. The investment consists of 14,285,000 shares of common stock, and represents a 19.99% interest, however, Realty does not have the right to vote more than 9.99% of the shares of NHP Plc. Realty had shareholders’ equity of $1,792,240,000 and debt constituted 43% of total capitalization as of December 31, 1997. Sandwiched between these steps there are distinctive assorted stages included which all around finish the whole conveyancing process.

During the last week of January 1998, the Companies’ stock price decreased which may result in more Shares being issued by the Companies to complete the transaction than was originally expected. Depending upon how many additional Shares, if any, are issued, the transaction may not be as accretive, on a per Share basis, as had previously been disclosed. Operating commenced operations on October 3, 1997, however, no business was conducted other than in connection with the Merger prior to November 5, 1997. Revenues from horse racing were primarily generated during the period December 26, 1997 through December 31, 1997, which was the beginning of the live racing season. On January 3, 1998, the Companies signed a definitive merger agreement with La Quinta providing for, among other trans- actions, the merger of La Quinta with and into Realty.

The Companies are assessing the potential impact on information systems as a result of reaching the year 2000. Operating is in the process of determining what, if any, cost would be incurred to remedy existing information systems. These transactions include lease payments by Operating to Realty, intercompany and inter-entity debt borrowings and payments between the two entities, and investments in Realty by Operating. An exceptionally basic issue confronted while you think conveyancing is all straightforward, is that of a precarious purchaser.

This means it uses only recycled material and then recycles after use. Last year, Ford diverted 10 tonnes of waste from landfill by recycling its IT equipment. You can compare conveyancing solicitors in Brisbane with the available all other conveyancer in Brisbane to know the necessary qualities present in the conveyancer to make them your choice. New York Cares Spring Clean-up day gives New Yorkers a chance to give back to the city and make a visible difference in the community. City Parks and community gardens, social service agencies, and public schools are all places where children and families learn and grow, all proving to be critical to the well being of our great city. Cushman & Wakefield's strength in the multi-family properties industry, enables us to attract talent into our organization. This impressive group will help solidify that position for our Phoenix office within the Valley.

Keith Misner, Cushman & Wakefield's national director of apartment brokerage adds "The Phoenix market, and the entire Southwest for that matter, is one of the most active apartment sales markets in the country. With the addition of these veterans to our group of 25 tenured apartment brokers nationally, we will now deliver all benefits of Cushman & Wakefield's $8 billion in annual capital market activities to the private and institutional apartment owner/investors in Phoenix and the Southwest." Mr. Braun, a senior director at C&W, is one of the Valley's leaders in multi-family real estate marketing.

During his career with CBRE, Mr. Gross has been involved with the closing of more than 5,000 apartment units with a value of more than $175 million. Mr. Polachek, a director at C&W, is another specialist in multi-family properties, having joined CBRE in 1999. Ms. Karns, client coordinator, creates and manages all elements of the group's marketing efforts. The firm also operates Asset Management and Valuation Advisory Services divisions in Phoenix.

They join Andrew Ratner, Area Leader, West Coast (California, Oregon and Washington State) as executive managing directors. Tim Relyea and Scott Wegmann, both Area Leaders located in Houston, are vice chairman and executive managing director, respectively.

Thomas Collins Mr. Collins is responsible for the firm's operations in Boston, Hartford, Conn., and Manchester, N.H. He has been with the firm since 1994. In his 27 years in commercial real estate, he has been involved with more than $1 billion in transactions. Prior to joining Cushman & Wakefield, he was a vice president with FGEO, the largest commercial mortgage firm in New England. Joseph Cook Mr. Cook is responsible for Cushman & Wakefield's operations in San Francisco, Walnut Creek, Oakland and San Jose, Calif.


A 25-year veteran of the commercial real estate industry, Ms. Trocchio has led the Dallas branch to significant revenue growth in her three years with the firm. She was also recently honored with Cushman & Wakefield's Diversity Initiative Award for her efforts in promoting diversity within the firm. In one case, our proposal received the approval of the merger candidate’s Board of Trustees but was turned down in favour of a rival bid at a meeting of Unitholders. While we were disappointed by their outcomes, we are satisfied that our bids were appropriate for our own Unitholders, and that “success” through a higher bid would not have been in CREIT’s interest.

With respect to operations over the past year, our portfolio performed normally. We raised no new capital during the year, but did dispose of $39.4 million of non-strategic assets and added $68.9 million of income property to strengthen the portfolio. We undertook the successful redevelopment of two retail mall assets, both of which are being converted into stronger and better-positioned unenclosed retail centres. electronic conveyancing framework is fundamental however confusing to perform for that individual who have no information in this field In the case of the Brookdale Mall in Cornwall, a new Wal-Mart store was constructed, with Wal-Mart committed to a 20-year lease. And the Baie D’Urfé property, a small existing mall in suburban Montreal, is being converted into a community strip centre. Both undertakings are unfolding successfully, and will add to distributable income once completed later in the current year.

Also of significant importance during the year was the completion of the internalization of Management by terminating the Management Agreement and acquiring the assets of the Manager. As part of this agreement, we will also terminate the Property Manager and acquire its assets in early 2001. This internalization of both asset management and property management will give CREIT distinctive new strategic options. If you are making any property transaction for the very first time then you should take all the important steps by taking advice from the expert and senior person of the real estate field.

In most respects, the past year was prototypical for a real estate portfolio of the type that CREIT has been building. Our distributable income for the year was $1.20 per Unit, a 5.3% increase over the previous year. Lately, real estate equity securities have been quite weak, leading to much talk of privatizing and equity buy-backs.


The major advantage of using the special services that needs to take by the Enact Settlement Agents Perth then in that case you will be tension free. Our own Units, which closed at a price of $9.10 on February 29, are yielding 12.9% and are trading at a significant discount to CREIT’s net asset value. There seems to be market anxiety connected to the peaking of real estate values, the rise in interest rates and the effect these events will have on distributions. That is the way we have positioned CREIT. We intend to remain reliable.

We continue to be of the view that high-quality real estate properties have a singular capability to deliver sustainable cash flow. This is what distinguishes good real estate property from other sources of investment cash flow. While not as safe as highly rated bonds, CREIT’s cash flow is significantly safer than many market alternatives. First, a segment of the market is not yet confident that our distributions will continue at this level. Only time will convince this group that CREIT’s distributions are reliable. We will need to demonstrate the reliability through good and bad real estate markets. Given sufficient time, we intend to do so. The property matters are explained by the users of property area which had used the services in previous time.

Second, we are experiencing selling pressure because we have attracted some inappropriate investors. Some investors were attracted to the REIT sector for “growth,” and now are selling because the industry cannot deliver growth relative to other sectors. CREIT has never believed that its appeal was to the investor seeking high growth. We cater to a more conservative investor looking primarily for yield. It is important to take a moment to explain this view of our industry, and what it can mean for Unitholder returns.

Real estate investment property has traditionally delivered a reliable return on capital. In the current market, prime assets trade at total rates of return of approximately 10% to 11%, comprised of current yields of 9% to 10% with annual inflationary growth adding the remainder. Industrial companies operating in “growth” industries generate returns on invested capital of several times these figures.

This is essentially what CREIT has been designed to deliver: an initial cash yield of perhaps 9% on new money, plus some 2% to 4% annual growth to provide the full return that is within the industry’s capability. At our current price, the market seems to be demanding an initial yield of 12.9%, plus the growth. It is true that there are some activities in the industry that can deliver greater yields. Development and “value-added” activities will deliver better returns but with higher risks, a strategy that requires giving up some reliability.


At CREIT, we don’t believe in that trade-off. The arithmetic just doesn’t work. As a portfolio grows larger, the incremental yield from new development activity, which can only happen at the margin of a large asset base, would not appreciably change the return on the overall portfolio. However, development activity would certainly remove the “reliability” label from our distributions. We are specialists at communication and knowledge in providing Property Conveyancing services at very lowest price. It is for this reason that CREIT has focused on investment property. In fact, we aim to continually move up the quality ladder where initial yields are lower but more reliable. We are determined to cement in our investors’ minds that we will be reliable. We intend to attract the investor who is investing primarily for yield – a yield that is significantly higher than can be achieved with bonds.

We will also deliver some growth and provide the added advantage of a tax deferral. These are precisely the benefits that have attracted wealthy families to real estate investing over the centuries. CREIT is structured to deliver these benefits to our investors. We intend to continue to tell this story, and to stay focused on its execution. We also expect our investors to be appropriately rewarded for their patience in due course.

Nestled at the foot of the rugged Coastal Mountains, Coquitlam is home to thousands of professionals who travel to downtown Vancouver offices every day. Whether one travels by car or train, it is hard to miss Pinetree Village Shopping Centre. It is on the “coming home corner” of the two key commuter arteries – Barnett and Lougheed highways. At this same intersection sit the Park & Ride station, the city centre and a regional enclosed mall. There is no more convenient or lively a place for residents to stop on their way home from work or to spend a relaxing weekend.

With its position on the most prominent retail corner in the city, Pinetree Village is “proprietary” real estate in every sense of the word. There are no comparable sites for new development in the area. An eclectic mix of stores appeals to the every need of Coquitlam’s established, affluent population. Blue-chip tenants include Save-On Foods, Starbucks, Future Shop, A&W, Canada Trust and Cineplex Odeon. Not surprisingly, Pinetree Village has enjoyed near 100 per cent occupancy from day one. For CREIT, Pinetree Village Shopping Centre epitomizes the quality we seek in our properties – quality that will deliver reliable income and capital appreciation for years to come.


Our properties at 30 and 80 Lakeshore Drive are located in Pointe-Claire, Quebec, a suburb west of Montreal’s downtown core and minutes from the international airport at Dorval. These mid-rise buildings overlook tranquil Lac St. Louis and are surrounded by well-groomed gardens and parkland. They are equipped with extensive amenities including indoor swimming pools, saunas and laundry rooms on each floor. The 126-unit building at 80 Lakeshore Drive is air conditioned throughout. The 161-unit building at 30 Lakeshore offers fitness facilities and large suites. Both properties feature spectacular views of the water and have been virtually 100 per cent occupied since CREIT purchased the properties.

The Lakeshore buildings are prize acquisitions for CREIT. Unique locations in large cities further enhance income reliability. These assets represent an extraordinary investment. Lakefront land is not only rare but is also difficult to acquire. Enact Conveyancing Melbourne is doing their special efforts for making the process done smoothly and correctly. When available, it is typically slated for luxury condominium development, where developers can generate hefty entrepreneurial profits. Because of this barrier to entry factor, CREIT’s buildings – offering luxury rentals on the water – will likely not face any serious competitive risk over the foreseeable future.

Traffic levels are high and further inflated by Oak Brook Mall, the landmark enclosed shopping centre just down the road. Oak Brook Mall consistently ranks among the best in North America in terms of sales productivity. Yet The Shops at Oak Brook are distinctively different from those at the larger mall. Among CREIT’s tenants are the established, off-price retailers that are taking North America by storm. They include T.J. Maxx (operating as Winners in Canada), Old Navy (a subsidiary of The Gap), Mikasa and Zany Brainy. Some of America’s most renowned stores have jumped on the whisper of an opportunity to move into The Shops. CREIT has found the very definition of “proprietary real estate” in The Shops of Oak Brook, with excellent demand fundamentals, the product of choice for tenants and significant barriers to entry for new competitive developments.

Income of the Trust before the non-recurring events set out below increased by $1.6 million to $34.5 million in 1999 from $32.9 million in 1998. Net income of the Trust decreased by 10.8% to $29.4 million from $32.9 million in 1998, and the net income per Unit decreased by 12.0% to $0.88 in 1999 from $1.00 in 1998. During 1999, the Trust embarked on certain activities which impacted earnings, but were non-recurring in nature, such as the termination of the Management Agreement, the receipt of a break fee on a merger attempt and a net gain on property dispositions.


Total property rental revenue increased by $4.1 million to $106.1 million in 1999 from $102.0 million in 1998, while property operating costs increased by $1.6 million to $37.1 million from $35.5 million in 1998. Approximately one-half of the net difference between the revenue increase and the operating cost increase is attributed to the improvement in the same-asset performance and the remainder is attributed to investment activity (acquisition and developments net of property dispositions) throughout 1999 and 1998. The property conveyancers make their reputation by the way of presenting their steps for their clients. Each of the Trust’s geographic regions recorded positive year-over-year results on a same-asset basis, ranging from a high of a 12.5% increase in the Atlantic region to a low of a 0.04% increase in British Columbia. With the exception of the Trust’s properties located in the interior of British Columbia, the underlying property markets demonstrated strong performance during 1999.

The following chart summarizes the weighted average contractual rental rates expiring over the next five years by property type. For the most part, the embedded or contractual rental lease rates in the Trust’s portfolio expiring over the next five years are at or below the prevailing current market rates, except for the office portfolio in Vancouver, which will experience approximately 44,000 square feet of lease expiries in the Year 2002 which are at rates above the current market lease rates.

In 1999, the Trust assumed or arranged $20.7 million of financing relating to property acquisitions, refinanced $85.5 million of debt, arranged $8.4 million of debt against previously unencumbered assets, retired $79.3 million of debt upon maturity and, through the purchaser assuming the debt on property sales, retired $16.4 million of debt. The Trust recorded a foreign currency translation which reduced debt by $2.6 million and repaid $6.0 million through amortized monthly payments.

The weighted average cost of debt decreased from 7.53% on December 31, 1998 to 7.25% on December 31, 1999, and the average term to maturity rose from 3.1 years to 4.4 years. Bank interest expense increased to $3.2 million in 1999 from $2.4 million in 1998 primarily as a result of a greater reliance on the bank facilities to fund acquisitions.


A conveyancing Sydney solicitor is the best choice that one should make to avoid the chances of mistake in your process. Management’s strategy as it relates to financing is to adopt a portfolio approach so as to lower the cost of debt. The better quality assets are financed with the highest leverage, and lesser quality assets have low levels or no debt at all. On a portfolio basis, the over-all leverage is limited to 50%. By adopting this approach, Management feels it has negotiated a lower cost of debt than could be obtained by leveraging each asset to 50%. During 1999, the average spread over same term Canada bonds for mortgage financing activities was 163 basis points. Management endeavours to stagger the maturity of its debts so that the Trust is not faced with refinancing a substantial amount of debt as a percentage of the portfolio in any one year.

Amortization of leasing costs for 1999 increased 46.5% to $2.8 million from $1.9 million in 1998. During 1999, the Trust incurred an aggregate of $5.6 million of leasing costs (including free rent inducements for new leasing activity during the year) on approximately 1.6 million square feet of leasing activity, resulting in an average cost of $3.59 for each square foot leased. This compares to an average of $4.18 per square feet leased in 1998 and $5.06 per square foot leased in 1997.

The first phase resulted in the termination of the Manager on July 2, 1999, and the Trust employing directly all former employees of the Manager. On or before January 5, 2001, the Trust will terminate the Property Manager, Dorchester Oaks Property Management Inc. (“DOPMI”), and will employ directly most of the former employees of the Property Manager. At that time, the Trust will be a self-advised, selfmanaged real estate investment trust.