March 1, 2011 / 11:06 PM / in 7 years

UPDATE 1-Killam Properties Q4 results get acquisition boost

* Q4 FFO C$7.2 mln vs C$6.4 mln last year

* Sees $100-$150 mln in acquisitions in 2011 (Adds details)

March 1 (Reuters) - Canada’s Killam Properties Inc said fourth-quarter funds from operations (FFO) rose nearly 13 percent, helped by acquisitions.

Killam, a real estate company specializing in the acquisition and management of multi-residential apartment buildings and manufactured home communities, completed acquisitions worth $115.1 million in 2010.

“With our current deal flow, we expect to continue to grow our real estate portfolio in 2011 with $100-$150 million in acquisitions,” the company said in a statement.

The real estate investment trust (REIT) reported fourth-quarter FFO of C$7.2 million, or 16 Canadian cents per share, compared with C$6.4 million, or 17 Canadian cents per share, in the year-ago quarter.

The weighted average number of shares outstanding rose 16.7 percent from last year.

FFO, a measure of performance of a REIT, removes the profit-reducing effect that depreciation has on earnings.

Shares of the Halifax, Nova Scotia-based company closed at C$10.50 on Tuesday on the Toronto Stock Exchange. (Reporting by Amruta Sabnis in Bangalore; Editing by Anne Pallivathuckal)

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