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Cominar reports lower Q1 recurring FFO

First-quarter recurring FFO at totaled C$68.8 million, down from nearly C$72.0 million year over year.

Recurring AFFO came to C$59.8 million, compared to C$62.5million reported for the prior-year period. NOI was C$113.7 million, comparedto C$119.1 million in the equivalent period in 2015. The company attributed thedecrease primarily to the sales of income properties completed in 2015 and sofar in 2016 as well as the decline in overall occupancy rate.

On the disposition side, the company carried out sales wortha total of C$71.7 million during the quarter. It closed the sale of a 10-retailproperty portfolio in Québec and Ontario for a total of C$15.2million. The capitalization rate was 6.7%.

On March 31, Cominar sold a portfolio of 14 retail assetsalso located in Québec and Ontario for a total price of C$56.5million, at a capitalization rate of 7.1%. The sale proceeds were used toreimburse a portion of the credit facility and to repurchase units under thenormal course issuer bid.

CEO Michel Dallaire said in a news release that followingthe company's decision to pursue a capital optimization strategy in September2015, it has completed asset sales worth a total of C$210 million. Followingquarter-end, it sold five retail properties in Québec and Montréalfor C$39.5 million.