Aug 4 (Reuters) - Canada’s Primaris Retail Real Estate Investment Trust PMZ_u.TO posted lower quarterly funds from operations (FFO), hurt by a one-time loss on its convertible debentures.
Primaris reported FFO -- a key performance measure for REITs which strips out the profit-reducing effect of depreciation -- of C$21.8 million, or 30.4 Canadian cents per unit, down from C$22.9 million, or 34.6 Canadian cents per unit, a year ago.
The company recorded a C$3 million ($3.1 million) loss on fair value of its debentures.
Primaris, which owns mid-market retail centers in major cities and shopping malls in secondary cities, said net operating income was C$41.2 million, down from C$58.9 million, in the year-ago quarter.
The Toronto-based trust’s units closed at C$20.13 on Thursday on the Toronto Stock Exchange.
$1 = 0.975 Canadian Dollars Reporting by Maneesha Tiwari in Bangalore; Editing by Maju Samuel