August 5, 2011 / 10:35 AM / in 6 years

UPDATE 1-RioCan REIT Q2 FFO rises on higher oper income

* Q2 FFO/shr C$0.36 vs C$0.34 year-ago

* Q2 net operating income rises C$14 million (Follows alerts)

Aug 5 (Reuters) - RioCan Real Estate Investment Trust (REI_u.TO) posted a 12 percent rise in quarterly funds from operation, helped by an increase in net operating income.

For the second quarter, funds from operations, a key measure of profitability for real estate companies, rose to C$93 million, or 36 Canadian cents a unit, from C$83 million, or 34 Canadian cents a unit, a year earlier.

The REIT said net operating income rose by C$14 million from last year.

RioCan said quarterly same store and same property net operating income rose by 0.3 percent.

The REIT added that it maintained a strong occupancy rate of 97.5 percent in the quarter.

Units of the Toronto-based REIT closed at C$24.90 Thursday on the Toronto Stock Exchange. (Reporting by Amruta Sabnis in Bangalore; Editing by Joyjeet Das)

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