-- First Capital Real Estate Investment Trust (FCR-UN.TO) after the close Tuesday reported a 9.2% year-over-year jump in first quarter net profit driven by record occupancy and strong lease renewal spreads.
In three months, ended on March 31, the REIT reported a net income attributable to unitholders of $92.2 million, or $0.43 per unit, compared to $84.4 million, or $0.39, in the prior year period
The company reported an operating FFO (funds from operations) per unit of $0.35, representing a yearly growth of 7.6%. Besides, total portfolio occupancy stood at 97.2%, representing an increase of 30 basis points year-over-year.
"We are pleased to report another strong quarter of operating and financial results, highlighted by record occupancy, solid same-property NOI growth and robust lease renewal spreads which contributed to strong FFO per unit growth," said chief executive Adam Paul..
"I am extremely grateful for and proud of the FCR team. Together, we have built a consistent track record of strong results through the disciplined execution of a well-defined strategy". Paul continued, "This foundation positioned FCR for success and culminated in last month's announced agreement to be acquired at a record unit price."
The REIT's units closed up $0.12 to $23.48 on the Toronto Stock Exchange.