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Artis sees Q3 bump in funds, revenue

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Artis Real Estate Investment Trust has reported a big jump in its third-quarter funds from operations (FFO) — the term trusts use to indicate financial performance.

The Winnipeg-based REIT said FFO for the three-month period ended Sept. 30 were $37.6 million, or 33 cents per unit. That was an increase of 39.6 per cent from last year’s third-quarter total of $26.9 million, or 31 cents per share.

Revenue also was up by 25.6 per cent to $98.5 million from $78.4 million.

The strong showing left revenue for the first nine months of the year running 28.8 per cent ahead of last year’s pace — $267.4 million versus $207.6 million — and FFO up by 41.4 per cent to $100.8 million, of 96 cents per unit, from $71.3 million, or 88 cents per unit.

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