November 11, 2010 / 8:59 PM / 7 years ago

UPDATE 1-TransGlobe Apartment REIT's Q3 results below its view

* Q3 EPS C$0.28 vs co’s view C$0.29

* Rev C$22.3 mln vs co’s forecast C$22.6 mln

Nov 11 (Reuters) - Canada’s TransGlobe Apartment Real Estate Investment Trust’s TGA_u.TO third-quarter funds from operations (FFO) fell a cent short of its forecast, hurt by a drop in occupancy in the first two months of the quarter.

The company also said it agreed to purchase properties in Ontario for C$10.8 million.

TransGlobe Apartment, which completed its initial public offering in May, reported FFO of $8.5 million, or 28 Canadian cents per unit, in the July-September quarter, compared with its forecast of C$8.6 million, or 29 Canadian per unit.

Total revenue was C$22.3 million, compared with the company’s forecast of C$22.6 million, it said in a statement.

The Ontario-based company’s shares, which have risen about 10 percent since May, were trading down 5 Canadian cents at C$10.52 on Thursday on the Toronto Stock Exchange. (Reporting by Aftab Ahmed in Bangalore; Editing by Maju Samuel) (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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