July 27, 2009 / 8:02 PM / in 9 years

UPDATE 1-RioCan second-quarter FFO falls 22 pct

* Portfolio occupancy 97.1 pct at June 30

July 27 (Reuters) - RioCan Real Estate Investment Trust (REI_u.TO) said second-quarter funds from operations fell 22 percent, due to the absence of gains on properties held for resale and higher interest expense.

Funds from operations, a key measure used by real estate companies, were C$67.9 million ($62.81 million), or 30 Canadian cents a unit, in the quarter, down from C$86.9 million, or 40 Canadian cents a unit, a year earlier.

Analysts had expected FFO of 32 Canadian cents a unit, according to Reuters Estimates.

RioCan said its portfolio occupancy as at June 30 was 97.1 percent compared with 97 percent a year earlier.

The trust, which owns more than 200 retail properties, said net earnings were C$27.2 million, or 12 Canadian cents a unit, in the three months ended June 30, down from C$44.8 million, or 21 Canadian cents a unit, a year ago.

RioCan units were down 13 Canadian cents at C$15.12 Monday afternoon on the Toronto Stock Exchange. ($1=1.081 Canadian Dollar) (Reporting by Ashutosh Joshi in Bangalore; Editing by Deepak Kannan)

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