August 4, 2009 / 8:10 PM / in 8 years

UPDATE 1-Dundee REIT posts higher Q2 FFO

* Q2 FFO C$0.82/unit vs $0.76/unit last year

* Q2 rental property revenue up 7 pct

* Units rise 3 pct

Aug 4 (Reuters) - Canada’s Dundee REIT D_u.TO reported a 6 percent rise in quarterly funds from operations (FFO) as strong growth in income from comparative portfolio and properties acquired last year drove rental property revenue.

For the second quarter, the trust reported FFO of C$17.1 million ($15.9 million), or 82 Canadian cents per unit, compared with C$16.1 million, or 76 Canadian cents per unit, a year ago.

Rental property revenue grew 7 percent to C$47.4 million.

The trust said the average in-place net rent increased by 7 percent to C$15.47 per square foot.

“We continued to capture rent increases for new leases and renewals, leading to significant growth in our operating results in the second quarter,” the company said.

Units of the trust closed up 51 Canadian cents at C$17.01 Tuesday on the Toronto Stock Exchange.

$1=1.075 Canadian Dollar Reporting by Ashutosh Joshi in Bangalore; Editing by Anne Pallivathuckal

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