* Q1 FFO C$0.72 vs est C$0.69
* Occupancy level 97 pct
* Units fall 9 pct
May 6 (Reuters) - Dundee Real Estate Investment Trust (D_u.TO) posted quarterly funds from operations (FFO) that beat market estimates, boosted by its acquisitions in 2009 and early 2010.
For the first quarter ended Mar. 31, the trust reported FFO of C$22.1 million ($21.48 million), or 72 Canadian cents per unit, which compares with C$16.9 million, or 81 Canadian cents apiece a year ago.
Analysts on average were expecting the company to earn 69 Canadian cents per unit, according to Thomson Reuters I/B/E/S.
The trust said FFO per unit was down mainly due to the increased number of units.
The trust said it completed C$263 million worth of acquisitions in the first quarter.
Dundee REIT's occupancy level was 97 percent for the quarter.
FFO is a key performance measure for the REITs, because it excludes the profit-reducing effect of depreciation.
Units of the trust were down 9 percent at C$23 in afternoon trade Thursday on the Toronto Stock Exchange. ($1=1.029 Canadian Dollar) (Reporting by Abhiram Nandakumar in Bangalore; Editing by Don Sebastian)