there was some discussion of this on the board when the REIT issue was first proposed. Review messages beginning about June 1998; messages 79 and 80 are good places to begin. There are others around there that talk about issues such as cash flow and non-cash charges.
decided against investing in PCL for two reasons. The first is that I don't understand enough about how PCL will function as a REIT in comparison to real estate REITS. That is my problem. The second is that I have never seen a REIT where the underlying book value was so low compared to the market value. I would not feel comfortable with it, so I'm staying out. PCL is probably a very good investment and I wish all longs the best.