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RioCan Real Estate Investment Trust reported its first-quarter profit rose compared with a year ago, boosted by gains in the value of its investment properties.

The trust says it earned $194.5 million or 64 cents per diluted unit in its latest quarter, up from $137.2 million or 43 cents per diluted unit in the same quarter last year.

Revenue in the quarter ended March 31 totalled $324.1 million, up from $290.1 million.

Meanwhile, funds from operations, a key metric for the real estate trust, amounted to $142.2 million or 47 cents per diluted unit, down from $149.2 million or 46 cents per diluted unit a year ago.

RioCan has been working to focus its portfolio on Canada’s six major markets since October 2017.

The trust says that since then it has completed or entered into firm, conditional or letter of intent agreements to sell $1.5 billion or 75 secondary market assets.

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