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 arnika.thakur@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: arnika.thakur.thomsonreuters.com@reuters.net

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below