RioCan RealEstate Investment Trust reported first-quarter operating FFO ofC$147.8 million, or 46 Canadian cents per unit, compared to C$138 million, or44 cents per unit, in the first quarter of 2015.
The S&P Capital IQ consensus FFO-per-share estimate forthe quarter was 45 cents.
Canadian same-store NOI fell 1.1% year over year, andCanadian same-property NOI dropped 2.2%.
Overall occupancy at March 31 was 94.8%, compared to 96.7%at March 31, 2015.
RioCan renewed 1.0 million square feet in the Canadianportfolio during the quarter at an average rent increase of C$1.05 per squarefoot, representing an increase of 6.2% and a renewal retention rate of 84.4%.
The company has commenced development at in Toronto inpartnership with AlliedProperties REIT. In Calgary, Alberta, RioCan and Embassy BOSA havekicked off constructionat Fifth and Third.
During the quarter, the company completed the C$12.5 millionacquisition of the remaining 50% interest in Huron Heights from former partnerKimco Realty Corp. Thetransaction is part of the unwindingof the companies' joint venture. RioCan also completed the acquisition of the14,000-square-foot 85 Bloor Street West, in Toronto, Ontario, for C$38 million.
During the quarter ended March 31, the company sold stakesin three properties aggregating C$57 million, totaling about 190,000 squarefeet.