May 13, 2010 / 10:25 PM / 8 years ago

UPDATE 1-Chartwell Q1 FFO up on higher same-property oper income

* Q1 FFO C$0.15/unit vs C$0.19/unit

* Same-property oper income up 5 pct

May 13 (Reuters) - Chartwell Seniors Housing Real Estate Investment Trust (CSH_u.TO) posted higher quarterly funds from operations (FFO), helped by a rise in same-property net operating income.

For the first quarter ended March 31, the REIT’s FFO rose to C$19.5 million from C$19.3 million a year ago.

On a per-unit basis, FFO fell to 15 Canadian cents a unit from 19 Canadian cents a unit, due to an increase in the weighted average number of units outstanding, the company said.

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

The REIT said same-property net operating income increased 5 percent to C$2 million.

On an adjusted basis, the company posted FFO of C$20.2 million, or 16 Canadian cents per unit, down from C$21.9 million, or 21 Canadian cents per unit last year.

Analysts on average were expecting the REIT to post FFO of 16 Canadian cents per unit, according to Thomson Reuters I/B/E/S.

The REIT’s units closed at C$7.08 Thursday on the Toronto Stock Exchange. (Reporting by Isheeta Sanghi in Bangalore; Editing by Don Sebastian)

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