Elevate your local knowledge
Sign up for the iNFOnews newsletter today!
Choice Properties profit jumps on higher property valuations, rental revenue
Original Publication Date: November 9, 2014 9:33PM
Publication Updated: January 8, 2025 9:36PM
BRAMPTON, Ont. – The Loblaw real estate spinoff, Choice Properties (TSX:CHP.UN), had $122.3 million of net income and $170.3 million inrental 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.
News from © The Canadian Press, . All rights reserved.
This material may not be published, broadcast, rewritten or redistributed.
Join the Conversation!
Want to share your thoughts, add context, or connect with others in your community?
You must be logged in to post a comment.
