August 10, 2010 / 10:23 PM / 7 years ago

UPDATE 1-Capreit Q2 FFO rises on higher rents, occupancy

* Q2 FFO/unit C$0.38 vs C$0.35 yr ago

* Monthly rents rise 3 percent

Aug 10 (Reuters) - Canadian Apartment Properties Real Estate Investment Trust (Capreit) (CAR_u.TO) posted higher second-quarter normalized funds from operations (FFO), helped by an increase in monthly rents and occupancy.

The REIT’s normalized FFO, which excludes the effect of changes in the fair value of derivative financial instruments and certain other non-recurring expenses, rose to C$25.3 million, or 38 Canadian cents per unit.

That compares with C$23.2 million, or 35 Canadian cents a unit, a year ago.

Analysts on average were expecting FFO of 37 Canadian cents per unit, according to Thomson Reuters I/B/E/S.

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

Overall average monthly rents increased 3 percent and occupancy rose slightly to 98 percent.

Units of the trust closed at a 52-week high of C$16.14 Tuesday on the Toronto Stock Exchange. (Reporting by Aftab Ahmed in Bangalore; Editing by Anne Pallivathuckal) (aftab.ahmed@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: aftab.ahmed.reuters.com@reuters.net))

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