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Riocan CEO Edward Sonshine.

Kevin Van Paassen/Kevin Van Paassen/The Globe and Mail

RioCan Real Estate Investment Trust posted a 20-per-cent rise in quarterly funds from operation, helped by an increase in net operating income.

Fourth-quarter funds from operations (FFO) – a key measure of profitability for real estate companies – rose to $100-million, or 36 cents a unit, from $83-million, or 33 cents, a year ago.

RioCan maintained an occupancy rate of 97.6 per cent in the quarter, the company said.

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Net operating income rose $19-million over a year ago.

Same-store and same-property net operating income went up by about 2 per cent.

Units of the Toronto-based REIT, which have gained about 10 per cent in value in the last three months, closed at $26.95 on Monday on the Toronto Stock Exchange.

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