November 4, 2010 / 9:18 PM / 8 years ago

UPDATE 1-Primaris REIT posts higher Q3 FFO

* Q3 FFO est C$34/unit

* Net operating income on same property basis up 3 pct

Nov 4 (Reuters) - Canada’s Primaris Retail Real Estate Investment Trust PMZ_u.TO posted a 28 percent rise in its quarterly funds from operations (FFO), helped by lower expenses and contributions from recent property acquisitions.

Primaris reported FFO — a key performance measure for REITs which strips out the profit-reducing effect of depreciation — of C$24.2 million or 34.4 Canadian cents per unit, up from with C$18.9 million, or 30.4 Canadian cents per unit, a year ago.

Analysts on average had expected FFO of 34 Canadian cents per unit, according to Thomson Reuters I/B/E/S.

Primaris, which owns mid-market retail centers in major cities and shopping malls in secondary cities, said net operating income was C$45.9 million, up from C$37.1 million, in the year-ago quarter.

Net operating income on a same property basis was up 3 percent to C$38.3 million, the company said in a statement.

Total expenses were down 17 percent to C$72.3 million.

The Toronto-based trust’s units, which have gained about 5 percent in value since it reported its second-quarter results in August, closed at C$19.39 on Thursday on the Toronto Stock Exchange. (Reporting by Arnika Thakur in Bangalore; Editing by Vyas Mohan)

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