Cominar expects more growth as earnings rise
QUEBEC 鈥?Cominar Real Estate Investment Trust (TSX: CUF.UN) reported higher first-quarter profits, raised its cash distribution and said it expects more growth this year as it closes the acquisition of major office and industrial properties.
Cominar said Tuesday its first-quarter net earnings rose to $7.3 million from a year-ago $6.2 million, while revenues jumped 8.7 per cent.
The Quebec-based property owner also said its operating revenues increased to $35.4 million from $32.6 million in the three months ended March 31.
Meanwhile, Cominar paid distributions of $11.4 million to unitholders in the quarter, up 13.6 per cent over last year.
The company recently struck a deal with Halifax-based real estate company Homburg Invest Inc. (TSX: HII.A) to acquire 6.5 million square feet of office and industrial properties owned by Montreal company Alexis Nihon for $592 million
That transaction is expected to close by the end of May.
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