February 25, 2010 / 2:08 AM / 8 years ago

UPDATE 1-Calloway REIT reports lower funds from operations

* FFO C$0.40 per unit vs year-ago C$0.47 per unit

* Analysts expected FFO C$0.40 per unit

TORONTO, Feb 24 (Reuters) - Calloway REIT CWT_u.TO CWT_u.TO reported a drop in fourth-quarter funds from operations (FFO) that was in line with market estimates as higher interest costs offset improved operating results.

Calloway reported FFO, a key measure used by real estate investment trusts, of C$40.1 million ($38.2 million), a decrease of C$4.5 million from a year earlier. This worked out to 40 Canadian cents a unit, compared with 47 Canadian cents a unit a year earlier.

Analysts on average had expected the trust to post FFO of 40 Canadian cents a unit, according to Thomson Reuters I/B/E/S.

Calloway’s property portfolio generated revenue of C$116.2 million in the fourth quarter, a C$6.6 million increase over the same period a year earlier.

The occupancy rate of the shopping center-focused REIT increased to about 99 percent for the three months ended Dec. 31.

$1=$1.05 Canadian Reporting by Jeffrey Hodgson, editing by Leslie Gevirtz

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