November 10, 2010 / 1:36 PM / in 7 years

UPDATE 1-Allied Properties Q3 FFO rises

* Q3 FFO up 22 pct

* Ends Q3 with leased area of 95 pct

* Buys 50 pct stake in Breithaupt Block for C$4 mln

Nov 10 (Reuters) - Allied Properties REIT (AP_u.TO) posted higher quarterly funds from operations (FFO), helped by acquisitions, and said it remained committed to its 2010 acquisition target.

For the July-September quarter, FFO, a key measure of profitability for real estate companies, was C$16.5 million, or 41 Canadian cents a unit, up from C$13.5 million, or 43 Canadian cents a unit last year.

Analysts on average had forecast FFO of 41 Canadian cents a unit, according to Thomson Reuters I/B/E/S.

On an adjusted FFO basis, the fund earned 29 Canadian cents a unit.

Allied finished the quarter with leased area of 95 percent.

Allied’s acquisition activity accelerated in the third quarter, bringing its total acquisitions for the year to C$60 million.

The REIT said it remained committed to its full-year acquisition target of C$100-C$150 million.

Earlier in the day, the fund signed a deal with Perimeter Development Corp to buy a 50 percent stake in The Breithaupt Block in Kitchener, Ontario for C$4 million.

Units of the fund, which have gained 3 percent in value since announcing a bought-deal financing in August, closed at C$22.22 on Tuesday on the Toronto Stock Exchange. (Reporting by Isheeta Sanghi in Bangalore)

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