REIT Watch: Melcor, Northwest International and Aviv Announce Monthly Dividend

on May 20, 2013


**Melcor REIT**
Melcor, a real estate investment trust established for the purpose of acquiring and owning income producing properties located in Western Canada, announced on Friday, May 17, it would distribute C$0.005625 per share for May. The dividend will be paid on June 14 to shareholders of record as at May 31.
**Northwest International Healthcare Properties**

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Northwest International Healthcare Properties announced on Friday a monthly distribution of C$0.013335 per share for May. The dividend will be paid on June 17 to shareholders of record as at May 31.
**Resource Real Estate Opportunity REIT**
Resources Real Estate Opportunity REIT announced on Monday, May 20 that it had acquired Autumn Wood Apartments in Birmingham, Alabama. The property is a 196-unit multifamily residential community located in Hoover, in Jefferson County, within the greater Birmingham area. The real estate investment trust purchased the property on April 18 for an aggregate price of $8.5 million (₤5.6 million).

**United States**
**Aviv REIT**
Aviv, a real estate investment trust that specialises in owning post-acute and long-term care skilled nursing facilities and other healthcare properties, announced on Monday that it would distribute $0.384 per share for the second quarter. The dividend will be paid out on June 17 to shareholders of record as at June 3.

**Lightstone Value Plus REIT**
Lightstone Value Plus, a public, non-traded real estate investment trust sponsored by The Lightstone Group, has bought two hotels, Residence Inn by Marriott and Courtyard by Marriott, in Baton Rouge, Louisiana, for $15.6 million (₤10.26 million).
“The acquisition contains two well-located premium franchise hotels that were acquired at a substantial discount to replacement cost,” David Lichtenstein, the chief executive of Lightstone Value Plus REIT, said in a statement on Sunday, May 19. “Both hotels have a diversified base of business and leisure travellers and are representative of The Lightstone Group’s ability to identify attractive investment opportunities.”

Courtyard by Marriott underwent a $3.1 million (₤2.04 million) renovation in 2010 and a full renovation is planned for Residence Inn by Marriott, including updated guestrooms, meeting rooms and lobby area.
**South Africa**
**SAPOA Urges Extension of REIT Tax Benefits to Unlisted Property Players**
!m[Resource Real Estate Opportunity and Lightstone Value Plus Report Acquisitions](/uploads/story/2383/thumbs/pic1_inline.png)
The South African Property Owners Association (SAPOA) is lobbying for the extension of the favourable tax dispensations of the newly launched real estate investment trust structure to unlisted property players. SAPOA’s president Estienne de Klerk said at the SAPOA convention in Sun City that due to the capital-intensive nature of property, “this dispensation will contribute to making it more accessible to the private investor in a tax-efficient manner.”
One of the problems is who would regulate unlisted REITs as the South African Financial Services Board (FSB) lacks the manpower to deal with the high volumes involved. Even if approved, the process of extending REIT’s favourable tax dispensations to the unlisted sector would be a relatively lengthy one.
**Melcor’s share price was C$10.35 as of 20.05.2013, 15.40 GMT.**
**Northwest International Healthcare Properties’ share price was C$2.08 as of 20.05.2013, 15.40 GMT.**
**Aviv’s share price was $30.87 as of 20.05.2013, 15.40 GMT.**


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