March 11, 2011 / 1:57 PM / 7 years ago

UPDATE 1-InnVest REIT Q4 FFO falls

* Q4 FFO C$0.093 vs C$0.131 last year

* Q4 hotel expenses up 3.7 pct

* Q4 RevPAR up 3 percent

March 11 (Reuters) - InnVest Real Estate Investment Trust INN_u.TO posted a 27 percent fall in its quarterly funds from operations (FFO) hurt in part by higher hotel expenses.

The hotel REIT’s fourth-quarter FFO -- a property measure that strips out the distorting effects of depreciation and other factors from earnings -- was C$8.4 million, or 9.3 Canadian cents per unit.

That compares with FFO of C$11.5 million, or 13.1 Canadian cents per unit, last year.

Analysts on an average had expected the trust to post FFO of 12 Canadian cents a unit, according to Thomson Reuters I/B/E/S.

Hotel expenses rose 3.7 percent to C$121.2 million during the quarter.

Revenue per available room (RevPAR) rose 3 percent driven by an increase in occupancy.

The company’s fourth-quarter occupancy rate rose by 1.8 percentage points to 55.9 percent.

Units of the REIT closed at C$6.73 on Thursday on the Toronto Stock Exchange.

Reporting by Arnika Thakur in Bangalore; Editing by Roshni Menon; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging:

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