August 5, 2010 / 6:57 PM / in 8 years

UPDATE 1-Dundee REIT Q2 FFO rises on higher occupancy

* Q2 FFO C$25.1 mln vs C$17.1 mln year ago

* Occupancy rate at 96.6 pct vs 94.2 pct year ago

Aug 5 (Reuters) - Dundee Real Estate Investment Trust (D_u.TO) reported a 46 percent rise in quarterly funds from operations (FFO), helped by higher portfolio occupancy and acquisitions.

For the second quarter, the trust reported FFO of C$25.1 million, or 69 Canadian cents per basic unit, compared with C$17.1 million, or 82 Canadian cents apiece, a year ago.

Adjusted FFO for the quarter was 55 Canadian cents per basic unit.

Total number of units at the REIT rose to 39.7 million, compared with 20.8 million, the year ago.

The trust said it completed C$528 million of acquisitions year to date.

Occupancy rate was at 96.6 percent, the REIT said.

FFO is a key performance measure for REITs, because it excludes the profit-reducing effect of depreciation.

Units of the trust were down 7 Canadian cents at C$25.90 Thursday afternoon on the Toronto Stock Exchange. (Reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by Aradhana Aravindan)

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