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* Q1 FFO/unit $0.55 vs yr-ago FFO/unit $0.75
* Revenue falls 17 percent
May 7 (Reuters) - MI Developments MIMa.TO, the real estate arm of Canadian auto parts maker Magna International MGa.TO, reported a 26 percent drop in funds from operations (FFO) due to reduced interest and other income from Magna Entertainment.
For the first quarter, the trust reported FFO of $25.7 million, or 55 cents per unit, compared with $34.9 million, or 75 cents per unit, a year ago.
Revenue fell 17 percent to $44.6 million.
Interest and other income from Magna Entertainment in the first quarter decreased to $0.8 million from $13.5 million last year.
Magna Entertainment filed for protection from creditors in 2009 and last month a Delaware bankruptcy court confirmed its reorganization plan.
The company said with the closing of Magna Entertainment's Chapter 11 process, it expects a more stable operating environment.
Shares of the company closed at C$12.77 Thursday on the Toronto Stock Exchange. (Reporting by Aftab Ahmed in Bangalore; Editing by Ratul Ray Chaudhuri)