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Canadian Apartment Properties reports YOY FFO growth in Q1'16

Canadian ApartmentProperties Real Estate Investment Trust on May 6 reported year-over-yearFFO growth in the first quarter.

For the period, FFO totaled C$46.1 million, compared to C$40.5million in the year-ago quarter, the company said in a news release.

Normalized FFO was C$52.3 million, or 40.4 cents per share, up4.1% on a per-share basis from C$43.7 million, or 38.7 cents per share, a year earlier.AFFO for the quarter came to C$49.0 million, or 37.9 cents per share, compared toC$41.0 million, or 36.2 cents per share, a year earlier.

The S&P Capital IQ consensus FFO-per-share estimate for thefirst quarter was 40 cents.

Same-property NOI grew 2.6% in the quarter over the first quarterof 2015. As of March 31, overall portfolio occupancy was 98.3%, compared to 98.6%a year earlier.

On April 12, the company completed the acquisition of a propertyin Charlottetown, Prince Edward Island, comprising 12 residential suites. The purchaseprice, excluding transaction costs, was roughly C$1.2 million.