/NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S
NEWS WIRE SERVICES/
WINNIPEG, Feb. 24 /CNW/ - Lakeview Hotel Real Estate Investment Trust
("Lakeview REIT") announced today that due to ongoing concerns over an economy
in decline, the Trustees of Lakeview REIT have deemed it prudent and necessary
to immediately suspend further monthly distributions to the Unitholders of
In November of 2008 the Trustees of Lakeview REIT announced a reduction
in Lakeview REIT's monthly distributions as an appropriate action in
addressing the economic challenges facing Lakeview REIT at that time. The
continuing deterioration of the economy has made it necessary for Management
of Lakeview REIT to review its projections and make downward revisions to
occupancy estimates for the portfolio of Lakeview REIT hotels. This has
resulted in a downward revision in our estimated 2009 Funds From Operations
("FFO") and Adjusted Funds From Operations ("AFFO") to $0.24 per Unit and
$0.20 per Unit respectively. While both the Management and the Board of
Trustees of Lakeview REIT appreciate the importance of regular distributions
to our Unitholders, given the current economic climate it has been determined
that capital preservation should be the overriding factor in setting the
REIT's distribution policy at this time.
The Trustees of Lakeview REIT will continue to monitor the situation with
the intention of reinstating the monthly distribution as soon as it is prudent
to do so.
The announced suspension of distributions will not impact the previously
declared distribution which is payable on February 27th, 2009 to Unitholders
of record on January 30th, 2009.
Lakeview REIT is a real estate investment trust, which is listed on the
TSX Venture Exchange under the symbol "LHR.UN". Lakeview REIT receives income
from ownership, management and licensing of hotel properties. For further
information on Lakeview REIT please visit our website www.lakeviewreit.com.
Neither TSX Venture Exchange nor its Regulation Service Provider (as that
term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
For further information:
For further information: Keith Levit, President, or Avrum Senensky, Vice
President, Finance, Tel: (204) 947-1161, Fax: (204) 957-1697, Email