TORONTO (Reuters) - RioCan Real Estate Investment Trust REI_u.TO reported a higher fourth-quarter profit on Monday, helped by growth in rental revenue.
The trust earned $65.1 million, or 32 cents a unit, in the three months ended December 31, up from $43.4 million, or 22 cents a unit, a year earlier.
Funds from operations, a key measure used by real estate firms, were C$87.5 million, or 42 Canadian cents a unit, during the quarter, up from $77.1 million, or 39 cents a unit, a year earlier.
Rental revenue grew to $165.2 million, from $151.2 million. RioCan said its portfolio occupancy at the end of 2007 was 97.6 percent.
RioCan is Canada’s largest real estate investment trust with a total market capitalization of around $7.6 billion.
Units of RioCan were down 2 cents, or 0.1 percent, at $20.63, in morning trading on the Toronto Stock Exchange.
Reporting by John McCrank; Editing by Bernadette Baum