May 6, 2010 / 1:10 PM / 8 years ago

UPDATE 1-Crombie REIT Q1 FFO misses market estimates

* Occupancy rate up at 95 pct

May 6 (Reuters) - Crombie Real Estate Investment Trust (CRR_u.TO) posted lower funds from operations (FFO) that missed market estimates, primarily hurt by higher expenses.

For the first quarter ended March 31, the REIT’s FFO fell to C$17.1 million, or 27 Canadian cents per unit, from C$20.7 million, or 39 Canadian cents per unit, in the year-ago period.

Funds from operations is a property measure that strips out the distorting effects of depreciation and other factors from earnings.

On an adjusted basis, the company posted FFO of C$12.7 million, or 20 Canadian cents per unit, up from C$11.7 million, or 22 Canadian cents per unit lat year.

Analysts on average were expecting the REIT to post FFO of 30 Canadian cents a share, according to Thomson Reuters I/B/E/S.

The company said its occupancy for properties increased to 95 percent from 94.2 percent last year.

Units of the REIT closed at C$11.65 Wednesday on the Toronto Stock Exchange. (Reporting by Isheeta Sanghi in Bangalore; Editing by Unnikrishnan Nair)

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