May 7, 2010 / 12:15 PM / in 8 years

UPDATE 1-MI Developments Q1 FFO falls

* 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)

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