Stikeman Elliott's Income Trust and REIT Group is among the most active in Canada, having acted in connection with over $3.5 billion of corporate finance and $5 billion of merger and acquisition transactions in 2004 in these sectors. In both 2004 and 2005, Stikeman Elliott acted on more income trust and REIT transactions on behalf of either the issuer or the underwriters than any other Canadian law firm.

Representative Transactions - REITs

Stikeman Elliott boasts one of the largest real estate investment trust practices in Canada. Its lawyers have represented issuers or dealers in connection with approximately one-third of all public Canadian REITs.

The following are recent representative REIT transactions in which members of our firm have been involved, either while at Stikeman Elliott or while at previous firms:

• Canadian Apartment Properties Real Estate Investment Trust's (CAP REIT) acquisition of three apartment complexes (406 apartment units) in Greater Vancouver from a vendor partnership controlled by TransGlobe Property Management Services Ltd. (TransGlobe) for a purchase price of $56 million; and CAP REIT's subsequent sale of ten apartment complexes (797 units) in the Greater Toronto Area to TransGlobe for $70 million;
  
  
• Acted for BPO Properties (Brookfield Properties Corp.), Canada Pension Plan Investment Board and a third institutional shareholder in a deal led by Brascan Corp. to acquire O&Y Properties Corp. and O&Y Real Estate Investment Trust. The deal is valued at $2 billion;
  
  
• Acting as Canadian counsel to Hospitality Properties Trust in connection with its acquisition of two Toronto hotels, as part of the acquisition of 12 hotels across the continental United States, Canada and Puerto Rico, and long-term management agreement with InterContinental Hotels Group respecting the management of 11 of these hotels;
  
  
• Canadian Apartment Properties Real Estate Investment Trust's (Capreit) acquisition through its nominee Capreit Apartments Inc., from LSR Construction Ltée of 1,431 residential suites and 18 commercial units in 34 buildings located in the Greater Montréal Area. The LSR Apartment Portfolio has been purchased for approximately $79 million with approximately $52.2 million of 5 to 7 year mortgages granted either by The Canada Life Assurance Company or London Life Insurance Company.
  
  
• Acted for the underwriters in connection with a $40 million offering of trust units by Borealis Retail REIT;
  
  
• Acted for Boardwalk Equities in its $2 billion conversion from a public company to a public REIT;
  
  
• Acted for the underwriters in connection with a $125 million offering of limited voting units by O&Y REIT;
  
  
• Acted for Canadian Apartment Properties REIT in connection with its merger with Residential Equities REIT, creating one of Canada's largest REITs with a portfolio of almost $2 billion of multi-unit residential real estate properties;
  
  
• Acted for InnVest Real Estate Investment Trust in its acquisition and financing of nine mid-market hotels;
  
  
• Acted for the underwriters in connection with a $110.2 million offering of units and convertible debentures and a $60 million offering of units by Borealis Retail REIT;
  
  
• Acted for the underwriters in connection with the $85 million initial public offering and subsequent secondary and treasury offerings of $169 million of the trust by Alexis Nihon Real Estate Investment Trust;
  
  
• Acted for Entertainment Properties Trust in its acquisition and financing of four entertainment retail centres in Mississauga, Oakville, Whitby and Kanata with an aggregate dollar value of $223 million;
  
  
• Acted for Firm Capital Mortgage Investment Trust in its initial public offering and subsequent offerings;
  
  
• Acted for the underwriters in the $216 million initial public offering and for Residential Equities Real Estate Investment Trust in subsequent public offerings;
  
  
• Acted for Kimco's investments in Canada in its joint venture with RioCan Real Estate Investment Trust and its acquisition, development and financing of retail shopping centres in Ontario, Alberta and British Columbia;
  
  
• Acted for the underwriters in connection with the numerous public offerings by Canadian Real Estate Investment Trust;
  
  
• Acted for the underwriters in the $50 million initial public offering and subsequent transactions by Allied Properties Real Estate Investment Trust;
  
  
• Acted for Canadian Apartment Properties Real Estate Investment Trust in its initial public offering and subsequent public offerings;
  
  
• Acted for the underwriters in the $182 million initial public offering by Avista Real Estate Investment Trust; and
  
  
• Acted for the underwriters in the $150 million initial public offering and subsequent $50 million public offering by TGS North American Real Estate Investment Trust.