March 9, 2011 / 9:51 PM / 7 years ago

UPDATE 1-Primaris REIT posts higher Q4 FFO

* Q4 FFO C$0.41/unit vs C$0.31/unit last year

* Net operating income on same property basis up 1.8 pct (Follows alerts)

March 9 (Reuters) - Canada’s Primaris Retail Real Estate Investment Trust PMZ_u.TO posted a rise in its quarterly funds from operations (FFO), helped by lower expenses and contributions from recent property acquisitions.

Primaris reported FFO of C$30.1 million, or 41.9 Canadian cents per unit, up from with C$19.6 million, or 31.0 Canadian cents per unit, a year ago. FFO is a key performance measure for REITs which strips out the profit-reducing effect of depreciation.

Primaris, which owns mid-market retail centers in major cities and shopping malls in secondary cities, said net operating income was C$50.2 million, up 23 percent from the year-ago quarter.

Net operating income on a same property basis was up 1.8 percent to C$40.5 million, the company said in a statement.

The Toronto-based trust’s units, which have gained about 5 percent in value since it reported its third-quarter results in November, closed at C$20.18 on Wednesday on the Toronto Stock Exchange. (Reporting by Amruta Sabnis in Bangalore; Editing by Jarshad Kakkrakandy)

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