RioCan Real Estate Investment Trust T.REI.UN

RE: POR based on Di and RDI published

[baudelaire]

"II) The second change to REI RDI for 2004 is “…effective January 1, 2004 gains and losses on dispositions of properties held for resale are included in RDI.” p.35 IIRC, Gail Mifsud and/or other analysts have said that this is unique in the Cdn REIT universe. I’m guessing that it is related to the fractional ownership interests in properties that REI participates in for the RRVLP that buys turnaround properties with the intent of selling them for a gain. IIRC analyst estimates already acknowledge that this income will have a certain lumpiness to it. So there is some issue as to whether it is “recurring” – the gains are unpredictable and vary. Probably should email them for clarification on “held for resale” status." No need to email them anymore. Derek DeCloet has fully ventilated this RDI manipulation in today's G&M.