August 11, 2010 / 12:41 PM / 8 years ago

UPDATE 1-Canada's InnVest REIT Q2 FFO up

* FFO C$24.3 mln vs C$23.9 mln year-ago

* FFO/unit C$0.264 vs C$0.314 last year

* Q2 occupancy rate 62.8 pct

Aug 11 (Reuters) - InnVest Real Estate Investment Trust INN_u.TO posted slightly higher quarterly funds from operations (FFO), helped by higher occupancy rates. FFO — a property measure that strips out the distorting effects of depreciation and other factors from earnings — for the hotel REIT in the quarter was C$24.3 million, or 26.4 Canadian cents per unit.

That compares with FFO of C$24 million, or 31.4 Canadian cents a unit, last year.

The REIT said the per unit results declined as a result of higher number of units outstanding.

Analysts on average had expected the trust to post FFO of 27 Canadian cents a unit, according to Thomson Reuters I/B/E/S.

Revenue per available room (RevPAR) rose 3 percent, improving for the first time in almost two years, driven by an increase in its occupancy and average daily rates.

The company’s second-quarter occupancy rate rose to 62.8 percent, while average daily rate rose 1 percent to C$118.9.

Units of the REIT closed at C$6.30 Tuesday on the Toronto Stock Exchange. (Reporting by Isheeta Sanghi in Bangalore; Editing by Aradhana Aravindan)

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