August 4, 2011 / 9:03 PM / in 7 years

UPDATE 1-Primaris REIT posts lower Q2 FFO

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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

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