November 2, 2010 / 6:35 PM / in 7 years

UPDATE 1-Dundee REIT posts higher Q3 FFO

* Q3 FFO C$27.5 mln vs C$16.2 mln last year

* Net operating income up 50 pct

* Results boosted by acquisitions

Nov 2 (Reuters) - Dundee Real Estate Investment Trust (D_u.TO) posted higher quarterly funds from operations (FFO), boosted by strong occupancy rates and acquisitions.

The trust reported FFO -- a key performance measure for REITs which strips out the profit-reducing effect of depreciation -- of C$27.5 million, or 66 Canadian cents a unit for the third quarter, compared with C$16.2 million, or 74 Canadian cents a unit, a year earlier.

Adjusted FFO came in at 52 Canadian cents a unit.

The trust said net operating income rose 50 percent to C$44.8 million.

For the quarter, the company had an occupancy rate of 97.1 percent. Properties acquired at the end of 2009 and in 2010 were the primary drivers of this growth, the company said in a statement.

Units of the trust, which have gained 13 percent in value since the company reported higher second-quarter results in August, were trading up 21 Canadian cents at C$29.62 in afternoon trade on Tuesday on the Toronto Stock Exchange. (Reporting by Isheeta Sanghi in Bangalore; Editing by Maju Samuel)

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