Cominar CEO Michel Dallaire
Quebec-based property owner Cominar Real Estate Investment Trust reports its fourth-quarter profits rose to $10.3-million from $8.4-million as the company benefited from higher revenues and past acquisitions.
Three-month revenues jumped to $71.8-million from $62.7-million, the company said Thursday.
For the full year, profits rose 26.4 per cent to $36.7-million, while operating revenues were $283.9-million, up 8.3 per cent.
Funds from operations, a measure of financial health for real estate companies, increased 11.1 per cent to $104.4 million.
The company, which owns commercial, retail and industrial properties in Montreal, Quebec City and elsewhere, said the increase reflected the contribution of the acquisitions and developments completed in 2009 and 2010.
"We achieved good growth in 2010 in the context of an economic recovery that enabled us to accelerate our lease renewals and to improve leasing rates in the industrial and mixed-use segment in the Montreal region, which was further affected by the uncertain climate in 2009, said Michel Dallaire, president and chief executive officer of Cominar.
"We continued to benefit from the sustained economic robustness of the Greater Quebec City Area, where Cominar retains a dominant position. We remained on the lookout for high-potential acquisition opportunities and acquired 33 quality properties in a market where opportunities were rather scarce in 2010."
Cominar is the largest commercial property owner in Quebec, with 51 office, 51 retail and 159 industrial and mixed-use buildings in the Greater Quebec City, Montreal and Ottawa areas as well as in the Atlantic provinces.