November 11, 2010 / 5:10 PM / 8 years ago

UPDATE 1-H&R REIT Q3 FFO up on rise in rental income

* Q3 FFO C$0.45/stapled unit vs C$0.28/stapled unit yr ago

* Q3 rental income up 3 pct at C$152.7 mln

* Shares down 2 pct

Nov 11 (Reuters) - H&R Real Estate Investment Trust (HR_u.TO) posted a 61 percent increase in third-quarter funds from operations as rental income rose.

Quarterly FFO — a property measure that strips out the effects of depreciation and other factors from earnings — was C$67.2 million, or 45 Canadian cents per stapled basic unit, up from last year’s C$41.7 million, or 28 Canadian cents per stapled basic unit.

Adjusted FFO was 37 Canadian cents per stapled basic unit.

H&R, which invests in office, industrial and retail properties in Canada and the United States, said rentals from income properties rose 3 percent to C$152.7 million.

Units of the trust have gained about 11 percent in value since it posted a rise in quarterly FFO in August.

They were down about 2 percent at C$19.59 in afternoon trade on Thursday on the Toronto Stock Exchange. (Reporting by Gowri Jayakumar in Bangalore; Editing by Vinu Pilakkott)

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