WINNIPEG, Nov. 7, 2017 /CNW/ - Lanesborough Real
Estate Investment Trust ("LREIT") (TSX: LRT.UN) today reported its
operating results for the quarter ended September 30, 2017. The following comments in
regard to the financial position and operating results of LREIT
should be read in conjunction with Management's Discussion &
Analysis and the financial statements for the quarter ended
September 30, 2017, which may be
obtained from the LREIT website at www.lreit.com or the SEDAR
website at www.sedar.com.
Addressing the liquidity challenges of the Trust and stabilizing
operations continue to be the top priorities for LREIT as
management maintains its focus on the divestiture program; debt
renewal/restructuring; and initiatives aimed at improving operating
results.
Operating Results
LREIT completed the three and nine month periods ended
September 30, 2017 with negative
funds from operations ("FFO") of $1.1
million and $4.4 million,
respectively, compared to negative FFO of $1.6 million and $10.2
million during the same periods in the prior year. The
positive FFO variances mainly reflect decreases in interest expense
as a result of the divestiture and debt restructuring activities
undertaken during 2016.
The decrease in interest expense during Q3-2017 was partially
offset by a modest decrease in net operating income ("NOI") as the
average occupancy level of the Fort
McMurray properties decreased from 76% during Q3-2016 to 73%
during Q3-2017. During the nine month period ended September 30, 2017, however, the average
occupancy level of the Fort
McMurray properties increased to 71% compared 62% during the
same period in the prior year.
Overall, LREIT completed the three and nine month periods ended
September 30, 2017 with a loss and
comprehensive loss of $6.8 million
and $20.4 million, respectively,
compared to a loss and comprehensive loss of $11.1 million and income and comprehensive income
of $1.8 million during the same
periods in the prior year. The decreased loss during Q3-2017 mainly
reflects a favourable variance in fair value adjustments of the
investment properties and a decrease in interest expense, partially
offset by the above noted decrease in NOI. The decrease in
operating results during the nine months ended September 30, 2017 mainly reflects an
unfavourable variance in the fair value adjustments of investment
properties, partially offset by the above noted decrease in
interest expense and increase in NOI
Liquidity and Capital Resources
During the first nine months of 2017, cash used in operating
activities, before working capital adjustments, amounted to
$0.9 million, compared to
$2.2 million during the same period
in 2016, and the cash shortfall, after accounting for working
capital adjustments, regular mortgage principal repayments, capital
expenditures, and transaction costs was $6.1
million, compared to $5.4
million during the first nine months of 2016. The increase
in the cash shortfall is mainly due to an increase in cash used in
operations after working capital adjustments. The cash shortfalls
were funded by additional advances under the revolving loan
facility from 2668921 Manitoba Ltd. and by unsecured advances from
Shelter Canadian Properties Limited ("Shelter").
As of September 30, 2017, LREIT
was in default with respect to one mortgage loan with an expired
forbearance agreement in the aggregate principal amount of
$25.5 million. The mortgage loan
matured in December 2015 and
subsequently was the subject of a forbearance agreement, which
expired on February 28, 2017, after
which the loan was being over-held. Subsequent to September 30, 2017, a new forbearance agreement,
expiring December 2018, was
executed.
In addition, five mortgage loans on eight properties with an
aggregate principal balance of $61.8
million, which were previously in default of debt service
payments, continue to be presented as being in default in the
Financial Statements at September 30,
2017, as the lender has indicated that there are service
fees outstanding with respect to the loans and that until the fees
are paid the loans will remain in default. Subsequent to
September 20, 2017, a two‑year
forbearance agreement was executed for one of the above noted
mortgage loans, in respect of one property, with an aggregate
principal balance of $14.6 million.
LREIT continues to meet the debt service obligations of these
mortgages and the lender has taken no action to enforce the loans.
In the event that full repayment is demanded LREIT would not be
able to satisfy the full repayment of the loan with its current
resources.
Pursuant to the terms of the Declaration of Trust, LREIT is
prohibited from incurring additional mortgage loan indebtedness if
such indebtedness would result in the total mortgage loan
indebtedness of LREIT exceeding 75% of the appraised value of
LREIT's total property portfolio. As a result of updated property
appraisals, LREIT's ratio of total mortgage loan indebtedness to
appraised property value was 77% as of September 30, 2017. In view of this, LREIT is
unable to incur additional mortgage indebtedness; however, LREIT is
permitted to continue to renew or refinance its mortgage debt at
amounts, which are equal to or less than the existing balances of
outstanding mortgage loan debt. In addition, LREIT may continue to
obtain financing from unsecured creditors, such as the $4.5 million in unsecured advances it received
from Shelter during and subsequent to Q3-2017.
Outlook
The extent of LREIT's operating cash deficiencies continue to
decline from the combined result of debt restructuring and
divestiture activities and improved operating results stemming from
the post‑fire rental market in Fort
McMurray. However, LREIT continues to face significant
financing challenges and the ability of LREIT to continue
operations in the near term remains contingent upon the continued
financial support of Shelter and its parent company, 2668921
Manitoba Ltd., as well as LREIT's ability to renew and/or refinance
its mortgage loan debts as they become due.
Looking beyond the post fire rebuilding process in Fort McMurray, which may take several years,
the long term prospects of the Fort
McMurray rental market will remain closely correlated with
the price of oil and oil sands development activity.
STATEMENT OF FINANCIAL POSITION
|
September
30
|
December
31
|
|
2017
|
2016
|
2015
|
|
|
|
|
Total
assets
|
$
230,762,212
|
$
245,402,329
|
$
278,524,804
|
Total long‑term
financial liabilities (1)
|
$
246,979,523
|
$
243,501,308
|
$
279,529,237
|
Weighted average
interest rate
|
|
|
|
|
- Mortgage loan
debt
|
6.0%
|
5.8%
|
6.0%
|
|
- Total
debt
|
5.8%
|
5.6%
|
6.4%
|
|
|
|
|
|
(1)
|
Long‑term financial
liabilities consist of mortgage loans, debentures, defeased
liability
(December 2015) and the revolving loan from 2668921 Manitoba
Ltd.
|
KEY FINANCIAL PERFORMANCE INDICATORS
|
Three Months
Ended
September
30
|
Nine Months
Ended
September
30
|
|
2017
|
2016
|
2017
|
2016
|
Operating
Results
|
|
|
|
|
|
Rentals from
investment properties
|
$
|
4,832,286
|
$
|
5,096,608
|
$
|
14,357,394
|
$
|
13,527,722
|
|
Net operating
income
|
$
|
2,329,361
|
$
|
2,606,793
|
$
|
7,035,618
|
$
|
6,090,298
|
|
Income (loss) before
discontinued operations
|
$
|
(6,858,839)
|
$
|
(10,614,965)
|
$
|
(20,450,043)
|
$
|
2,259,269
|
|
Income (loss) and
comprehensive income (loss)
|
$
|
(6,842,465)
|
$
|
(11,136,578)
|
$
|
(20,398,122)
|
$
|
1,752,846
|
|
Funds from Operations
(FFO)
|
$
|
(1,086,920)
|
$
|
(1,579,111)
|
$
|
(4,427,868)
|
$
|
(10,202,991)
|
|
|
|
|
|
Cash
Flows
|
|
|
|
|
|
Cash provided by
(used in) operating activities
|
$
|
(272,734)
|
$
|
724,682
|
$
|
(2,342,678)
|
$
|
(421,852)
|
|
Adjusted Funds from
Operations (AFFO)
|
$
|
(1,422,348)
|
$
|
(1,980,475)
|
$
|
(5,021,092)
|
$
|
(11,048,335)
|
ANALYSIS OF OPERATING RESULTS
Analysis of Income
(Loss)
|
|
Three Months Ended
Sept. 30
|
Increase
(Decrease)
in Income
|
|
2017
|
2016
|
Amount
|
%
|
Rentals from
investment properties
|
$
|
4,832,286
|
$
|
5,096,608
|
$
|
(264,322)
|
(5)%
|
Property operating
costs
|
(2,502,925)
|
(2,489,815)
|
(13,110)
|
(1)%
|
Net operating
income
|
2,329,361
|
2,606,793
|
(277,432)
|
(11)%
|
Interest
income
|
47,409
|
46,638
|
771
|
2%
|
Interest
expense
|
(3,121,665)
|
(3,992,561)
|
870,896
|
22%
|
Trust
expense
|
(358,399)
|
(414,325)
|
55,926
|
13%
|
Loss before the
following
|
(1,103,294)
|
(1,753,455)
|
650,161
|
37%
|
Fair value
adjustments ‑ Investment properties
|
(5,755,545)
|
(8,861,510)
|
3,105,965
|
35%
|
Loss before
discontinued operations
|
(6,858,839)
|
(10,614,965)
|
3,756,126
|
35%
|
Income (loss) from
discontinued operations
|
16,374
|
(521,613)
|
537,987
|
103%
|
Loss and
comprehensive loss
|
$
|
(6,842,465)
|
$
|
(11,136,578)
|
$
|
4,294,113
|
39%
|
Analysis of Income
(Loss)
|
|
Nine Months Ended
Sept. 30
|
Increase
(Decrease)
in Income
|
|
2017
|
2016
|
Amount
|
%
|
Rentals from
investment properties
|
$
|
14,357,394
|
$
|
13,527,722
|
$
|
829,672
|
6%
|
Property operating
costs
|
(7,321,776)
|
(7,437,424)
|
115,648
|
2%
|
Net operating
income
|
7,035,618
|
6,090,298
|
945,320
|
16%
|
Interest
income
|
137,633
|
103,626
|
34,007
|
33%
|
Interest
expense
|
(10,521,673)
|
(15,413,126)
|
4,891,453
|
32%
|
Trust
expense
|
(1,131,367)
|
(1,529,265)
|
397,898
|
26%
|
Loss before the
following
|
(4,479,789)
|
(10,748,467)
|
6,268,678
|
58%
|
Gain on sale of
investment property
|
58,377
|
20,986
|
37,391
|
178%
|
Fair value
adjustments ‑ Investment properties
|
(16,028,631)
|
12,986,750
|
(29,015,381)
|
(223)%
|
Income (loss)
before discontinued operations
|
(20,450,043)
|
2,259,269
|
(22,709,312)
|
(1,005)%
|
Income (loss) from
discontinued operations
|
51,921
|
(506,423)
|
558,344
|
110%
|
Income (loss) and
comprehensive income (loss)
|
$
|
(20,398,122)
|
$
|
1,752,846
|
$
|
(22,150,968)
|
(1,264)%
|
LREIT completed the three and nine month periods ended
September 30, 2017 with a loss and
comprehensive loss of $6.9 million
and $20.4 million, respectively,
compared to a loss and comprehensive loss of $11.1 million and income and comprehensive income
of $1.8 million, respectively, during
the three and nine month periods ended September 30, 2016. The decrease in the loss
during Q3-2017 mainly reflects a favourable variance in the fair
value adjustments of investment properties, a decrease in interest
expense, and a favourable variance in the fair value adjustment of
the discontinued operations, partially offset by a decrease in net
operating income.
The increase in the loss during the nine month period ended
September 30, 2017 mainly reflects an
unfavourable variance in the fair value adjustments of the
investment properties, partially offset by a decrease in interest
expense, an increase in net operating income and a favourable
variance in the fair value adjustments of the discontinued
operations.
The decreases in interest expense during both periods mainly
reflect decreases in the amortization of transaction costs and
reduced levels of mortgage loan debt. The nine month comparative
was also impacted by a decrease in the interest rates on the
revolving loan facility from 2668921 Manitoba Ltd. and the Series G
debentures.
The decrease in net operating income during Q3-2017, compared to
Q3-2016, mainly reflects a decrease in rental revenue as a result
of a reduction in the occupancy of the Fort McMurray portfolio from an average of 76%
during Q3-2016 to an average of 73% during Q3-2017. In addition to
the increased demand for rental accommodations as a result of the
rebuilding efforts in Fort
McMurray that also benefited the third quarter of 2017, the
third quarter of 2016 benefited from the rental of units to
companies involved in the post‑fire restoration of LREIT's
properties.
The increase in net operating income during the first nine
months of 2017, compared to the first nine months of 2016, mainly
reflects an increase in rental revenue as a result of an increase
in the average occupancy level of the Fort McMurray properties from 62% during the
first nine months of 2016 to 71% during the first nine months of
2017, partially offset by a decrease in net operating income as a
result of the sales of Beck Court and Willowdale Gardens.
The increase in the occupancy level of the Fort McMurray portfolio during the nine month
period ended September 30, 2017 as
compared to the same period of the prior year is primarily the
result of the entry of homeowners displaced by the May 2016 wildfire into the rental market and the
commencement of the post‑fire rebuild. The extent and duration of
the impact of the rebuilding effort on future operating results is
uncertain and the long term prospects of the Fort McMurray rental market remain dependent
on the level of future oil sands development activity.
Analysis of Rental
Revenue
|
|
Three Months Ended
September 30
|
Nine Months Ended
September 30
|
|
2017
|
2016
|
Increase
(Decrease)
|
2017
|
2016
|
Increase
(Decrease)
|
Fort McMurray
properties
|
$
|
3,846,043
|
$
|
3,970,850
|
$
|
(124,807)
|
$
|
11,217,079
|
$
|
9,553,722
|
$
|
1,663,357
|
Other investment
properties
|
391,653
|
395,530
|
(3,877)
|
1,165,871
|
1,246,648
|
(80,777)
|
Sub‑total
|
4,237,696
|
4,366,380
|
(128,684)
|
12,382,950
|
10,800,370
|
1,582,580
|
Held for sale and/or
sold properties
|
594,590
|
730,228
|
(135,638)
|
1,974,444
|
2,727,352
|
(752,908)
|
Total
|
$
|
4,832,286
|
$
|
5,096,608
|
$
|
(264,322)
|
$
|
14,357,394
|
$
|
13,527,722
|
$
|
829,672
|
Occupancy Level,
by Quarter
|
|
2017
|
|
|
Q1
|
Q2
|
Q3
|
9 Month
Average
|
Fort McMurray
properties
|
68%
|
71%
|
73%
|
71%
|
Other investment
properties
|
71%
|
73%
|
73%
|
72%
|
Total
|
68%
|
72%
|
73%
|
71%
|
|
|
|
|
|
Held for sale and/or
sold properties
|
79%
|
79%
|
69%
|
75%
|
|
|
|
|
|
|
2016
|
|
Q1
|
Q2
|
Q3
|
9 Month
Average
|
Q4
|
12 Month
Average
|
Fort McMurray
properties
|
52%
|
58%
|
76%
|
62%
|
72%
|
65%
|
Other investment
properties
|
72%
|
74%
|
69%
|
72%
|
69%
|
71%
|
Total
|
54%
|
60%
|
75%
|
63%
|
72%
|
65%
|
|
|
|
|
|
|
|
Held for sale and/or
sold properties
|
75%
|
64%
|
86%
|
74%
|
82%
|
75%
|
Average Monthly
Rents, by Quarter
|
|
2017
|
|
|
Q1
|
Q2
|
Q3
|
9 Month
Average
|
Fort McMurray
properties
|
$1,684
|
$1,707
|
$1,711
|
$1,701
|
Other investment
properties
|
$909
|
$909
|
$903
|
$907
|
Total
|
$1,554
|
$1,573
|
$1,575
|
$1,567
|
|
|
|
|
|
Held for sale and/or
sold properties
|
$2,593
|
$2,611
|
$2,597
|
$2,600
|
|
2016
|
|
Q1
|
Q2
|
Q3
|
9 Month
Average
|
Q4
|
12 Month
Average
|
Fort McMurray
properties
|
$1,699
|
$1,599
|
$1,700
|
$1,666
|
$1,669
|
$1,667
|
Other investment
properties
|
$969
|
$960
|
$945
|
$958
|
$919
|
$948
|
Total
|
$1,576
|
$1,491
|
$1,573
|
$1,547
|
$1,543
|
$1,546
|
|
|
|
|
|
|
|
Held for sale and/or
sold properties
|
$1,783
|
$2,036
|
$2,546
|
$1,997
|
$2,581
|
$2,088
|
During Q3-2017, total revenue from LREIT's investment
properties, excluding held for sale and/or sold properties,
decreased by $0.1 million or 3%. The
decrease is mainly due to reduced average occupancy levels of the
Fort McMurray properties from 76%
during Q3-2016 to 73% during Q3-2017. In addition to the increased
demand for rental accommodations as a result of the rebuilding
efforts in Fort McMurray, that
also benefited Q3-2017, Q3-2016 benefited from the rental of units
to companies involved in the post‑fire restoration of LREIT's
properties.
During the nine months ended September
30, 2017, total investment property revenue, excluding held
for sale and/or sold properties, increased by $1.6 million or 15%, compared to the same period
in the prior year. The increase mainly reflects an increase in the
average occupancy level of the Fort
McMurray properties, as well as an increase in the average
monthly rental rate. The average occupancy level for the
Fort McMurray portfolio increased
from 62% during the first nine months of 2016 to 71% during the
first nine months of 2017, driving the increase in revenue. The
average monthly rental rate increased by $35 per suite or 2% during the nine months ended
September 30, 2017, compared to the
same period in the prior year.
Notwithstanding the positive revenue results during the first
nine months of 2017, the revenue results of the Fort McMurray property portfolio continue to
reflect challenging rental market conditions as a result of the low
level of oil sands development activity in the region, with rental
rates that continue to be depressed relative to historical levels.
The impact of the low level of oil sands development activity has
been tempered by the entry of homeowners displaced by the wildfire
into the rental market and continues to be mitigated by the
migration of workers involved in the rebuilding effort.
The depressed level of rental rates, together with the
uncertainty regarding the extent and/or duration of the post‑fire
rental market recovery, are key factors that continue to cast
significant doubt as to the ability of LREIT to sustain operations
into the foreseeable future. Measures being taken by management in
order to address the liquidity challenges facing LREIT and improve
operating performance are discussed in the "Liquidity and Capital
Resources" section of the 2017 third quarter MD&A.
During the three and nine month periods ended September 30, 2017, revenue from the held for
sale and/or sold properties decreased by $0.1 million or 19% and $0.8 million or 28%, respectively, compared to
the same periods in the prior year. The decrease in revenue from
held for sale and/or sold properties for the three month period
ended September 30, 2017 was due to a
reduction in the revenue of Woodland Park, the property classified
as held for sale. The decrease in revenue from held for sale and/or
sold properties for the nine month period was primarily due to the
sales of Beck Court and Willowdale Gardens on May 1, 2016, partially offset by an increase in
the revenue of Woodland Park.
Analysis of
Property Operating Costs
|
|
Three Months Ended
September 30
|
Nine Months Ended
September 30
|
|
2017
|
2016
|
Increase (Decrease)
|
2017
|
2016
|
Increase
(Decrease)
|
Fort McMurray
properties
|
$
|
2,022,164
|
$
|
2,008,924
|
$
|
13,240
|
$
|
5,765,782
|
$
|
5,514,627
|
$
|
251,155
|
Other investment
properties
|
292,522
|
259,489
|
33,033
|
897,477
|
789,087
|
108,390
|
Sub‑total
|
2,314,686
|
2,268,413
|
46,273
|
6,663,259
|
6,303,714
|
359,545
|
Held for sale and/or
sold properties
|
188,239
|
221,402
|
(33,163)
|
658,517
|
1,133,710
|
(475,193)
|
Total
|
$
|
2,502,925
|
$
|
2,489,815
|
$
|
13,110
|
$
|
7,321,776
|
$
|
7,437,424
|
$
|
(115,648)
|
During the three and nine month periods ended September 30, 2017, property operating costs,
excluding the held for sale and/or sold properties, increased by
$0.05 million and $0.4 million, respectively, compared to the same
periods in the prior year. The increase in operating costs,
excluding held for sale and/or sold properties during the nine
month period, was the result of the operating costs for the
Fort McMurray properties being
abnormally low in the comparative period due to the wildfire
evacuation that occurred in the second quarter of 2016. The
increase is reflective of property operating costs returning to
normal levels in 2017, partially offset by a decrease in property
taxes due to reductions in the 2017 assessment values for the
Fort McMurray properties and a
decrease in maintenance costs as a result of renovation
expenditures made during Q3-2016 to prepare suites to more aptly
meet tenants' needs in the post‑fire environment.
During the three and nine month periods ended September 30, 2017, property operating costs from
the held for sale and/or sold properties decreased by $0.03 million and $0.5
million, respectively, compared to the same periods in the
prior year. The decrease during the nine month period was primarily
due to the sales of Beck Court and Willowdale Gardens on
May 1, 2016, partially offset by an
increase in the property operating costs of Woodland Park, the
property classified as held for sale.
Analysis of Net
Operating Income and Operating Margins
|
|
Net Operating
Income
|
|
Three Months
Ended
September 30
|
Increase
(Decrease)
|
Percent of
Total
|
Operating
Margin
|
|
2017
|
2016
|
Amount
|
%
|
2017
|
2016
|
2017
|
2016
|
Fort McMurray
properties
|
$
|
1,823,879
|
$
|
1,961,926
|
$
|
(138,047)
|
(7)%
|
78%
|
75%
|
47%
|
49%
|
Other investment
properties
|
99,131
|
136,041
|
(36,910)
|
(27)%
|
4%
|
5%
|
25%
|
34%
|
Sub‑total
|
1,923,010
|
2,097,967
|
(174,957)
|
(8)%
|
82%
|
80%
|
45%
|
48%
|
Held for sale and/or
sold properties
|
406,351
|
508,826
|
(102,475)
|
(20)%
|
17%
|
20%
|
68%
|
70%
|
Total
|
$
|
2,329,361
|
$
|
2,606,793
|
$
|
(277,432)
|
(11)%
|
100%
|
100%
|
48%
|
51%
|
|
Analysis of Net
Operating Income and Operating Margins
|
|
Net Operating
Income
|
|
Nine Months Ended
September 30
|
Increase
(Decrease)
|
Percent of
Total
|
Operating
Margin
|
|
2017
|
2016
|
Amount
|
%
|
2017
|
2016
|
2017
|
2016
|
Fort McMurray
properties
|
$
|
5,451,297
|
$
|
4,039,095
|
$
|
1,412,202
|
35%
|
77%
|
66%
|
49%
|
42%
|
Other investment
properties
|
268,394
|
457,561
|
(189,167)
|
(41)%
|
4%
|
8%
|
23%
|
37%
|
Sub‑total
|
5,719,691
|
4,496,656
|
1,223,035
|
27%
|
81%
|
74%
|
46%
|
42%
|
Held for sale and/or
sold properties
|
1,315,927
|
1,593,642
|
(277,715)
|
(17)%
|
19%
|
26%
|
67%
|
58%
|
Total
|
$
|
7,035,618
|
$
|
6,090,298
|
$
|
945,320
|
16%
|
100%
|
100%
|
49%
|
45%
|
During Q3-2017, the net operating income from the investment
properties portfolio, excluding held for sale and/or sold
properties, decreased by $0.2 million
or 8%, compared to the same period in the prior year. The operating
margin, excluding held for sale and/or sold properties, decreased
from 48% during Q3-2016 to 45% during Q3-2017. After accounting for
held for sale and/or sold properties, the total net operating
income of LREIT during Q3-2017, decreased by $0.3 million or 11%, compared to the same period
in the prior year.
The decreases in the net operating income and operating margin
during the three month period were primarily the result of a
decrease in the average occupancy of the Fort McMurray portfolio.
During the nine month period ended September 30, 2017, the net operating income from
the investment properties portfolio, excluding held for sale and/or
sold properties, increased by $1.2
million or 27%, compared to the same period in the prior
year. The operating margin, excluding held for sale and/or sold
properties, increased from 42% during the first nine months of 2016
to 46% during the first nine months of 2017. The increases in net
operating income and operating margin, excluding held for sale
and/or sold properties, are primarily due to the increase in the
revenue results of the Fort
McMurray property portfolio offset by an increase in
property operating costs.
After accounting for the decrease in net operating income of
held for sale and/or sold properties, the total net operating
income of LREIT during the nine month ended September 30, 2017, increased by $0.9 million or 16%, compared to the same period
in the prior year. The decrease in net operating income from held
for sale and/or sold properties is primarily due to the sales of
Beck Court and Willowdale Gardens on May 1,
2016, partially offset by an increase in the net operating
income of Woodland Park, the property classified as
held‑for‑sale
ABOUT LREIT
LREIT is a real estate investment trust,
which is listed on the Toronto Stock Exchange under the symbols
LRT.UN (Trust Units) and LRT.DB.G (Series G Debentures). For
further information on LREIT, please visit our website at
www.lreit.com.
This press release contains certain statements that could be
considered as forward-looking information. The
forward-looking information is subject to certain risks and
uncertainties, which could result in actual results differing
materially from the forward-looking statements.
The Toronto Stock Exchange has not reviewed or approved the
contents of this press release and does not accept responsibility
for the adequacy or accuracy of this press release.
SOURCE Lanesborough Real Estate Investment Trust