Property Sales in 2012 & 2013

Courtesy of Rachelle Barber over at landlordrescue.ca I have copied this in here, without verifying it yet.

Any other input by investors, say on the condo projects in Alberta or Ontario, or other LPs is appreciated.

2013 Dispositions

On January 31, 2013, the REIT completed the sale of the Arbutus Industrial Park, Parksville, British Columbia for a sale price of $2,050,000, realizing a net loss of $55,205 after selling costs of $226,467.

On March 15, 2013, the REIT completed the sale of Seaway Village, Cornwall, Ontario for a sale price of $4,345,000, realizing a net gain of $16,678 after selling costs of $164,378.

On April 15, 2013, the REIT completed the sale of Londondale Shopping Centre, Edmonton, Alberta for a sale price of $7,202,218, realizing a net loss of $606 after selling costs of $247,745.

On May 15, 2013, the REIT completed the sale of Sobey’s Centre, Camrose, Alberta for a sale price of $7,679,155, realizing a net gain of $36,808 after selling costs of $638,546.

On May 15, 2013, the REIT completed the sale of Carlton Court, Prince Albert, Saskatchewan for a sale price of $4,889,800, realizing a net gain of $25,900 after selling costs of $227,556.

On May 15, 2013, the REIT completed the sale of Westwinds Shopping Centre, Taber, Alberta for a sale price of $6,306,902, realizing a net gain of $54,547 after selling costs of $297,382.

On June 25, 2013, the REIT completed the sale of 1948-1950 Merivale Road, Nepean, Ontario, for a sale price of $3,550,000, realizing a net loss of $263,090 after selling costs of $275,427

From April through July 2013, the REIT completed the sale of six residential properties in Grande Prairie, Alberta, for total sales proceeds of $927,900, realizing a net loss of $11,332 after selling costs of $44,032

In an amazing departure from their usual modus operandi of continually losing investor money, League managed to make gains on 4 of the 8 properties they sold for a 100% improvement in performance. Of course overall they lost $196,300 but who’s counting?

2012 Dispositions

On January 11, 2012, the General Partner of Cygnet Apartments Limited Partnership sold the income producing property. The REIT had a 17.5% equity ownership interest in this partnership. The remaining assets were distributed to the partners first as a return of capital and secondarily as a distribution, in proportion to their contributed capital.

On April 30, 2012, the REIT completed the sale of a multi-tenant retail development in Brandon, Manitoba for a sale price of $3,850,000. The REIT realized a net loss of $123,779, including selling costs of $130,615.

On July 31, 2012, the REIT completed the sale of the Empire Building, Hamilton, Ontario for a sale price of $1,325,000, realizing a net loss of $74,894 on the sale after selling costs of $65,730.

On December 4, 2012, the REIT completed the sale of the Tiffany Apartments, Victoria, British Columbia for a sale price of $2,650,000, realizing a net loss of $262,640 on the sale after selling costs of $14,932.

During 2012, the REIT disposed of its 100% interest in seven residential properties in Grande Prairie, Alberta for total sale proceeds of $1,905,650. The REIT realized a net loss of $152,346 after selling costs of $92,997.

Losses for 2012 are $613,659Who needs to retire when you can apply for a McJob in your elder years. Or for those hard up, I’ve heard Walmart is looking for greeters.

Previous losing transactions can be found here

Rumours From The Darkside

There is a completely unsubstantiated rumour that payments on the League Income Priority Units (IPU’s) will not be happening on the 30th of September, I hope its not true.

 

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1 Response to Property Sales in 2012 & 2013

  1. I just copy pasted this from their prospectus on SEDAR

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