BUSINESS

Dundee REIT says second-quarter revenue grows to $54.4 million

08/08/2013 07:24 EDT | Updated 10/08/2013 05:12 EDT
TORONTO - Dundee Real Estate Investment Trust (TSX:D.UN) reported a higher second-quarter revenue for its investment properties on Thursday.

The company said the revenues rose to $54.4 million from $35 million in the same quarter of 2012.

Funds from operations increased to $21.4 million from $11.8 million.

The company defines funds from operations as net income adjusted for items including fair value adjustments on investment properties and financial instruments, gains on sale and amortization of equipment.

Dundee REIT has been working to improve its asset portfolio quality and in April reached an agreement to buy 22 industrial properties in the Greater Toronto Area.