07:53 AM EDT, 10/29/2024 (MT Newswires) -- First Capital Real Estate Investment Trust (FCR-UN.TO) on Tuesday reported a swing to third quarter profit, which it linked to strong leasing activity.

The REIT recorded a profit of $81.1 million, or $0.38 per diluted unit, for the three months ended Sept. 30, compared with a loss of $327.5 million or $1.53 per diluted unit last year. The profit was due to a gain in fair value of investment property.

Among other highlights, it reported Operating FFO per diluted unit of $0.36 and FFO per diluted unit of $0.34.

First Capital reported lease renewal spreads of 12.4% on a volume of 437,000 square feet, while portfolio occupancy increased 0.6% to 96.5% for the quarter. It had same property NOI growth, excluding bad debt expense (recovery) and lease termination fees, of 3.7%, excluding bad debt expense (recovery) and lease termination fees.

Its shares rose $0.40 or 2.25% to $18.12 yesterday.