BUSINESS

Choice Properties profit jumps on higher property valuations, rental revenue

11/10/2014 08:33 EST | Updated 01/10/2015 05:12 EST
BRAMPTON, Ont. - The Loblaw real estate spinoff, Choice Properties (TSX:CHP.UN), had $122.3 million of net income and $170.3 million in rental revenue in the third quarter, both up from their year-earlier comparables.

The net income for the three months ended Sept. 30 included a $84.8-million net gain from adjustments to the fair value of its holdings.

A year earlier, Choice's net income was $73.6 million including $40.1 million of fair value adjustments.

Excluding the fair-value adjustments in both years, Choice Properties net income was $37.5 million in the quarter ended Sept. 30, up 11.9 per cent from $33.5 million a year earlier.

Its rental income was up 10.9 per cent from $153.6 million in the third quarter of 2013.

Net operating income rose to $118.6 million from $108.1 million. Adjusted funds from operations amounted to 18.9 cents per unit, up from 18.5 cents per unit.