Newspaper article The Canadian Press

Choices Properties Swings to $87M Profit in Q4; Rental Revenue Tops $175M

Newspaper article The Canadian Press

Choices Properties Swings to $87M Profit in Q4; Rental Revenue Tops $175M

Article excerpt

Choices Properties swings to $87M profit in Q4

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TORONTO - Choice Properties Real Estate Investment Trust (TSX:CHP.UN) swung to a net profit of $87 million in the fourth quarter as the real estate spinoff of grocer Loblaw (TSX:L) reported fair value adjustment gains of $46.4-million.

Choice said net income in the three months ended Dec. 31 amounted to 22 cents per diluted unit and compared with a net loss of $6.5 million or 18 cents in the same 2013 period, when it posted fair value adjustment losses of $43.2 million.

Excluding such adjustments on exchangeable units and investment properties, net income in the most recent quarter was $40.6 million, an increase of $3.8 million or 10.6 per cent over adjusted net income of $36.7 million in the fourth quarter of 2013.

The adjusted income gain was primarily due to an increase in net operating income or NOI from acquisitions, partially offset by higher financing charges of $4.3 million.

NOI, defined as cash rental revenue less operating costs,, was $123. …

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