July 29, 2010 / 12:34 PM / 8 years ago

UPDATE 1-RioCan REIT Q2 tops market estimates

* Portfolio occupancy at 97 pct

* Considering acquisitions in US, Canada

July 29 (Reuters) - RioCan Real Estate Investment Trust’s (REI_u.TO) quarterly result topped market expectations, helped by an increase in net operating income, and said it was considering a number of additional acquisitions in the United States and Canada.

The acquisitions are in various stages of due diligence, Canada’s biggest real estate investment trust said.

For the second quarter, funds from operations, a key measure of profitability for real estate companies, rose to C$92.8 million, or 38 Canadian cents a unit, from C$67.9 million, or 30 Canadian cents a unit, a year earlier.

Analysts polled by Thomson Reuters I/B/E/S had on average expected FFO of 35 Canadian cents a unit.

The REIT said net operating income rose 17 percent from last year.

RioCan said quarterly same-property net operating income rose 2.7 percent, while same-store net operating income rose 1.9 percent.

The REIT added that it maintained a strong occupancy rate of 97 percent in the quarter.

Units of the REIT closed at C$19.87 Wednesday on the Toronto Stock Exchange. (Reporting by Isheeta Sanghi in Bangalore; Editing by Don Sebastian)

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