Crombie REIT improves Q1 profit to $9.3M; property revenue also up at $56.3M

<p>STELLARTON, N.S. – Retail property owner Crombie Real Estate Investment Trust (TSX:CRR.UN) reported an increase in first-quarter earnings and revenue Wednesday.</p> <p>The Nova Scotia-based concern with properties across Canada said earnings attributable to unitholders in the quarter rose to $9.3 million or 14 cents per unit from $7.2 million or 12 cents per unit in the prior-year period.</p> <p>Revenue was $56.3 million, up some $5 million from $51.4 million in the year-earlier period, partly as a result of an 18 per cent increase in average rent per square foot from leasing activity to $16.69 from $14.15.</p> <p>Funds from operations in the quarter were 26 cents per unit compared with 25 cents in the 2010 quarter, while adjusted funds from operations were 23 cents per unit, up from 22 cents.</p> <p>”We are encouraged by the improved year-over-year FFO and AFFO per unit results and the payout ratios achieved in the first quarter of 2011,” said president and CEO Donald E. Clow.</p> <p>”The contribution from our acquisition and redevelopment programs continues to pay dividends. The strong 2.9 per cent growth in same asset cash NOI (net operating income) continues to show the resiliency in Crombie’s portfolio.”</p> <p>Property occupancy was 95.3 per cent at March 31, compared with 95.8 per at Dec. 31 and 95 per cent at March 31, 2010.</p> <p>Crombie invests in income-producing retail, office and mixed-use properties and currently owns a portfolio of 131 commercial properties in eight provinces, comprising approximately 12.1 million square feet of rentable space.</p> <p>Units in Crombie, which reported after markets closed, were down six cents at $13 Wednesday on the Toronto Stock Exchange.</p>