February 23, 2010 / 7:21 PM / 8 years ago

UPDATE 1-Dundee REIT Q4 FFO beats market

* Q4 FFO C$0.70/unit vs est. C$0.67/unit

* Rental property rev up about 4 pct

* Occupancy rate at 95.4 pct

* Units up 2 pct

Feb 23 (Reuters) - Canada’s Dundee real estate investment trust (D_u.TO) posted fourth-quarter funds from operations (FFO) that beat market estimates, aided by an increase in rental property revenue.

For the fourth quarter, the trust reported FFO — a key measure used by real estate companies — of C$17.4 million, or 70 Canadian cents a unit, compared with C$17 million, or 82 Canadian cents a unit a year earlier.

Analysts on average were expecting the trust to post FFO of 67 Canadian cents a unit, according to Thomson Reuters I/B/E/S.

Rental property revenue grew to C$50.2 million, up from C$48.4 million last year.

Dundee REIT’s occupancy level was 95.4 percent for the three months ended Dec. 31. The trust said average in-place net rent was C$15.30 per square foot.

“We completed significant acquisitions in Toronto and Ottawa and we have significant financial flexibility,” Chief Executive Michael Cooper said in a statement.

Units of the trust were up 63 Canadian cents at C$26.07 in afternoon trade Tuesday on the Toronto Stock Exchange. (Reporting by Isheeta Sanghi in Bangalore; Editing by Unnikrishnan Nair) ((isheeta.sanghi@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: isheeta.sanghi.thomsonreuters.com@reuters.net))

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