February 25, 2010 / 9:11 PM / 8 years ago

UPDATE 1-H&R REIT Q4 FFO up 16 pct

* Q4 FFO C$0.35/unit vs est Q4 FFO C$0.34/unit

* Rentals from income properties of C$151.7 mln

Feb 25 (Reuters) - Canada’s H&R real estate investment trust HR_u.TO posted fourth-quarter funds from operations (FFO) that beat market estimates.

The trust reported FFO -- a key measure used by real estate companies -- of C$54.5 million, or 37 Canadian cents per basic stapled unit, up from C$46.9 million, or 32 Canadian cents per basic stapled unit in the year-ago period.

According to Thomson Reuters I/B/E/S, on a diluted basis, the REIT reported FFO of 35 Canadian cents a share, beating analysts’ average expectations of 34 Canadian cents per unit.

Rentals from income properties were marginally up at C$151.7 million.

H&R REIT said it is currently building The Bow, a 2 million square foot office building in Calgary’s downtown financial district. Canada’s largest natural gas producer, EnCana Corp (ECA.TO), has head-leased the entire office tower and all underground parking spaces on a triple-net basis for an initial term of 25 years.

The company added that annualized net rent from The Bow is expected to be C$94 million.

Shares of the company closed at C$16.01 Thursday on the Toronto Stock Exchange. (Reporting by Isheeta Sanghi in Bangalore; Editing by Maju Samuel)

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