June 3, 2011 / 1:17 PM / 7 years ago

UPDATE 1-InnVest REIT posts narrower Q1 loss

* Q1 FFO loss C$0.033/unit vs C$0.042/unit last year

* RevPAR up 4.4 pct

* Q1 occupancy rate rises 2.3 pct (Follows alerts)

June 3 (Reuters) - InnVest Real Estate Investment Trust INN_u.TO posted a narrower loss in its first-quarter funds from operations (FFO) on slightly higher occupancy levels.

The hotel REIT posted an FFO loss of C$3 million, or 3.3 Canadian cents per unit, compared with a loss of C$3.7 million, or 4.2 Canadian cents per unit, last year.

FFO is a property measure that strips out the distorting effects of depreciation and other factors from earnings.

Hotel revenue rose 2.3 percent to C$128.3 million during the quarter.

Revenue per available room (RevPAR) rose 4.4 percent driven by an increase in occupancy.

The company’s first-quarter occupancy rate rose 2.3 percentage points to 53.2 percent.

Units of the REIT closed at C$6.78 on Thursday on the Toronto Stock Exchange. (Reporting by Amruta Sabnis in Bangalore; Editing by Roshni Menon)

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