QUEBEC - The largest commercial property owner in Quebec, Cominar Real Estate Investment Trust (TSX:CUF.UN), had a $8.4-million profit in the fourth quarter.
The net income for the three months ended Dec. 31 amounted to 15 cents per unit - up from 13 cents or $6.1 million a year earlier.
Cominar's revenue rose 2.1 per cent to $63.69 million from $62.36 million in the 2008 fourth quarter, the Cominar said Thursday.
The real-estate trust owns 241 properties, mostly in Quebec City, Montreal and the Ottawa areas, as well as in the Maritimes.
Cominar's funds from operations (FFO), a widely used financial measurement in the real-estate management industry, totalled $21.23 million, while distributions to unitholders totalled 19.7 million or 36 cents per unit.
In the fourth quarter of 2008, FFO was $22.7 million and distributions to unitholders totalled $16.8 million or 36.5 cents per unit.
For the fiscal year ended Dec. 31, operating revenue was $262.1 million, up 11.4 per cent from $235.3 million. This increase was attributed to the contribution of the acquisitions completed and integrated during fiscal 2008 and 2009.
Annual net income was $29 million, up 16.1 per cent from $25 million. Earnings per unit increased to 57 cents from 55 cents.
Cominar traded Thursday at $104, up 50 cents, on the Toronto Stock Exchange.