November 11, 2010 / 2:01 PM / 8 years ago

UPDATE 1-Canada's Cominar REIT Q3 FFO rises

* Q3 adj FFO C$0.37 vs C$0.38 a year ago

* Q3 FFO C$26.9 mln vs C$25 mln a year ago

* Q3 rev up 10 pct to C$69.4 mln

Nov 11 (Reuters) - Canada’s Cominar Real Estate Investment Trust (CUF_u.TO) reported an 8 percent rise in its quarterly funds from operations (FFO) helped by its recent acquisitions.

FFO — a property measure that strips out the distorting effects of depreciation and other factors from earnings — for the REIT in the quarter was C$26.9 million, compared with C$25 million, a year ago.

Adjusted FFO fell 3 percent to 37 Canadian cents per unit, reflecting the dilutive effect of unit offerings, the trust said.

Cominar, which owns commercial properties in the province of Quebec, said operating revenue for the quarter rose 10 percent to C$69.4 million.

The Trust reported net earnings of C$10 million, or 16 Canadian cents a share, compared with earnings of C$8.9 million, or 16 Canadian cents a share, a year ago.

As on Sept. 30 the overall occupancy rate stood at 93.7 percent, an increase from 92.7 percent as on March 31, the trust said.

In October Cominar bought eleven properties located in Laval, Quebec and New Brunswickfor for C$29.8 million.

Units of the trust, which have gained 7.8 percent in value in the last three months, closed at C$20.82 on Wednesday on the Toronto Stock Exchange. (Reporting by Arnika Thakur in Bangalore; Editing by Don Sebastian)

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