* 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)