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Dundee REIT's $3.9-million first quarter profit tops year ago result Add to ...

Dundee Real Estate Investment Trust said Monday that it earned a first-quarter profit of $3.9-million, up from $2.7-million a year ago.

The REIT said the profit amounted to 18 cents per unit for the three months ended March 31 compared with a profit of 13 cents per unit a year ago.

Revenue for the quarter totalled $50.5-million, up from $45.2-million.

Funds from operations amounted to $16.9-million or 81 cents per unit, up from $15.7-million or 74 cents per unit.

"We continue to maintain significant liquidity and our financial results this quarter are among our best ever," Dundee REIT vice-chairman and chief executive Michael Cooper said in a statement.

Dundee REIT's portfolio of seven million square feed of gross leasable area includes mid-sized urban and suburban office and industrial properties, located mostly in Western Canada.

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