TSX:REI.UN - Post by User
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CANCDNon Apr 12, 2021 10:32pm
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Covid I inside
Covid I inside - Mitchell Goldhar founded real estate firm SmartCentres in the early 1990s, then developed more than 265 shopping centers in the ensuing two decades.
- In May 2015, he sold most of SmartCentre's assets to SmartREIT (formerly Calloway REIT), for about $880 million in shares, cash and assumed debt.
- Goldhar, who chairs SmartREIT, also owns various developments across Canada through his private company Penguin Investments.
- This includes a stake, along with SmartREIT, in the Vaughan Metropolitan Centre, a 100-acre master planned development north of Toronto.
penguin is his privately owned company where he skims off the deals.
also pg160 of 2020 annual report
Penguin Services Agreement
The amended and restated services agreement entered into on November 5, 2020 (the “Penguin Services Agreement”), and effective from February 2018 reflects the additional services provided by Penguin since that time. Under the agreement, Penguin provides specified services to the Trust in connection with the development of its projects. In return for those services, Penguin is entitled to receive: (i) a fixed quarterly fee of $1,000 (subject to inflation-related increments after 2018) and (ii) an annual variable fee between $1,500 and $3,500 (also inflation-adjusted after 2018) that is based on the achievement of the Trust-level targets for “New Development Initiatives” and “New Projects” that the Trust uses to measure the performance of its executive officers and other annual targets (other than such Trust-level targets) of a similar nature that the Trust uses to measure the performance of its executive officers as determined by the Board of Trustees from time to time.
Non-Competition Agreement
A new non-competition agreement with Penguin replaces and supersedes the previous non-competition agreement extending the term by 5 years and broadening restricted competing initiatives to include various forms of mixed-use development.
that's odd... you have non competition agreements with yourself?