March 1, 2011 / 11:14 PM / 7 years ago

UPDATE 1-Extendicare REIT's Q4 profit falls

* Q4 AFFO C$0.42 per unit vs C$0.82 per unit last year

* Q4 rev up 1 pct

March 1 (Reuters) - Extendicare Real Estate Investment Trust’s EXE_u.TO quarterly adjusted funds from operations fell (FFO), partly hurt by a stronger Canadian dollar and higher taxes.

The Canadian dollar appreciated 5.7 percent against the U.S. dollar last year and has hovered around parity with the greenback so far this year.

October-December adjusted FFO fell to C$34.7 million ($35.7 million), or 42 Canadian cents per unit, from C$59.9 million, or 82 Canadian cents per unit, last year.

Analysts on average had expected the company to earn 27 Canadian cents per unit, according to Thomson Reuters I/B/E/S.

Revenue rose just over a percent to C$528.4 million

FFO is a key performance measure for REITs, because it excludes the profit-reducing effect of depreciation.

Units of the Markham, Ontario-based REIT closed at C$10.10 on Tuesday on the Toronto Stock Exchange. ($1 = 0.972 Canadian Dollars) (Reporting by Aftab Ahmed in Bangalore; Editing by Sriraj Kalluvila)

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