People shop at the Loblaws at Maple Leaf Gardens in Toronto.Matthew Sherwood/The Globe and Mail
The Loblaw real estate spinoff, Choice Properties, had $122.3-million of net income and $170.3-million in rental revenue in the third quarter, both up from their year-earlier comparables.
The net income for the three months ended Sept. 30 included a $84.8-million net gain from adjustments to the fair value of its holdings.
A year earlier, Choice's net income was $73.6-million including $40.1-million of fair value adjustments.
Excluding the fair-value adjustments in both years, Choice Properties net income was $37.5-million in the quarter ended Sept. 30, up 11.9 per cent from $33.5-million a year earlier.
Its rental income was up 10.9 per cent from $153.6-million in the third quarter of 2013.
Net operating income rose to $118.6-million from $108.1-million. Adjusted funds from operations amounted to 18.9 cents per unit, up from 18.5 cents per unit.