November 8, 2010 / 11:14 PM / 7 years ago

UPDATE 1-Capreit Q3 FFO rises on higher rents, occupancy

* Q3 FFO/basic unit C$0.38 vs C$0.36, last year

* Monthly rents rise 3 percent

Nov 8 (Reuters) - Canadian Apartment Properties Real Estate Investment Trust (Capreit) CAR_u.TO posted higher third-quarter normalized funds from operations (FFO), helped mainly 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$25.1 million, or 38 Canadian cents per basic unit.

That compares with C$23.6 million, or 36 Canadian cents per basic unit, a year ago.

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 98.7 percent, the company said in a statement.

Net operating income rose 7 percent to C$49.7 million.

Units of the trust, which have gained more than a fifth in value year-to-date, closed at C$17.08 Monday on the Toronto Stock Exchange. (Reporting by Aftab Ahmed in Bangalore; Editing by Vyas Mohan) (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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