November 12, 2010 / 3:39 PM / 8 years ago

Chartwell units fall on lower-than-expected Q3 FFO

Nov 12 (Reuters) - Units of Chartwell Seniors Housing Real Estate Investment Trust (CSH_u.TO) fell 9 percent on Friday, a day after the trust posted lower-than-expected funds from operations (FFO) on higher expenses.

FFO — a property measure that strips out the distorting effects of depreciation and other factors from earnings — for the quarter was C$20 million, or 15 Canadian cents per unit, compared with C$14.6 million, or 14 Canadian cents per unit, a year ago. Analysts on average were expecting FFO of 19 Canadian cents per unit, according to Thomson Reuters I/B/E/S. [ID:nCJX889CCa]

Adjusted FFO was 16 Canadian cents per unit.

General, administrative and trust expenses for the quarter rose 16 percent to C$5.1 million, the trust, which owns and manages a portfolio of seniors housing communities, said.

Chartwell units, which have gained 15 percent in value in the last three months, were trading down 8 percent at C$8.16 on Friday on the Toronto Stock Exchange. They touched a low of C$8.O1 earlier in the session. (Reporting by Arnika Thakur in Bangalore; Editing by Don Sebastian)

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