August 10, 2012 / 12:32 PM / 5 years ago

RioCan operating FFO up on acquisitions, same-property growth

Aug 10 (Reuters) - RioCan Real Estate Investment Trust , Canada’s largest landlord of retail space, reported a 14 percent rise in quarterly operating funds from operations (FFO) due to higher net operating income.

The operating FFO rose to C$106 million ($106.9 million), or 37 Canadian cents per unit, for the April-June quarter, from C$93 million, or 36 Canadian cents per unit, a year earlier.

The net operating income rose C$22 million due to acquisitions and same-property growth, the company said.

RioCan reported same-property growth of 1.6 percent in Canada and 1.3 percent in the United States.

The Toronto-based REIT, which focuses on malls and shopping centers, said overall occupancy improved to 97.4 percent at June 30, from 96.9 percent in the quarter ended March 30.

RioCan, whose Canadian tenants include Wal-Mart Stores Inc , Canadian Tire Corp Ltd, Loblaw Cos Ltd and Target Corp, had a retention rate of 89.9 percent in the quarter.

The company last month bought Georgian Mall in Barrie, Ontario for C$318 million to bulk up its presence in the Greater Toronto Area and surrounding markets.

Units of RioCan, which has a market value of C$8.10 billion, closed at C$28.40 on Thursday on the Toronto Stock Exchange.

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