First Capital Realty's Q2 net falls to $122 million from $168.7 million
TORONTO - Shopping centre owner and operator First Capital Realty Inc. says its net income dropped in the second quarter of 2012 because of smaller increase in property values.
The Toronto-based company reported Wednesday that second-quarter net income attributable to common shareholders was $122 million, or 63 cents per share.
That compares with $168.7 million, or 92 cents per share, for the three months ended on June 30, 2011.
First Capital Realty (TSX:FCR) says its net operating income in the second quarter rose to $91.1 million in 2012 from $83.7 million in the same period last year.
Net income attributable to common shareholders for the six months that ended on June 30, 2012, was $221.1 million, or $1.15 per share.
The company had a net income of $217.2 million, or $1.21 per share, during the same period last year.
First Capital Realty also announced that it will pay a third-quarter dividend of 21 cents per share on Oct. 11, 2012, to shareholders of record on Sept. 28, 2012.
The company is a leading owner, developer and operator of supermarket and drugstore anchored neighbourhood and community shopping centres.