Canada's First Capital REIT Q3 operating FFO per unit rises on higher net operating income

Overview

• Canada retail REIT's Q3 operating FFO per unit rose 9.2% yr/yr to C$0.36

• Net income attributable to unitholders increased, aided by higher investment property fair value gains

• Portfolio occupancy declined slightly to 96.9% from 97.1% a year earlier

Outlook

• Company did not provide specific financial guidance for the current quarter or full year in the press release

Result Drivers

• HIGHER NOI - Co said increase in operating FFO was primarily due to higher net operating income

• RENTAL RATE GROWTH - Co attributed same property NOI growth to rental rate increases and non-recurring adjustments

• FAIR VALUE GAINS - Co said net income rise was mainly due to higher fair value gains on investment properties

Company press release:

Key Details

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)