TORONTO-RioCan Real Estate Investment Trust posted increased FFO, earnings and same-store sales in its recent second-quarter results, according to the REIT. Reasons given by the trust for the successful quarter include the increased efficiency in operations, key acquisitions and fewer-than-expected vacancies.

Funds from operations increased by 37% to $92.8 million in Q2 2010, compared to $67.9 million a year prior. Also, the trust reported net earnings of $46.9 million in the quarter, compared with $27.2 million in Q2 2009, as well as a same store sale increase of almost 2% from last year, and 0.6% from the first quarter.

Edward Sonshine, president and CEO, said the trust continues to make progress toward 2010 targets. “Our acquisition platform in the US is gaining traction, and we are seeing a number of high-quality assets presented to us both in the US, and to a lesser extent in Canada,” he said in a statement.

For example, the company expects to complete the acquisition of $57 million worth of three retail centers in Canada by the fourth quarter. This purchase includes increasing an interest to 30% in the 382,000-square-foot Niagara Square center in Niagara Falls, the company said in a statement.

The company completed a few acquisitions in the second quarter in both countries, including increasing its interest to 100% in the proposed 473,000-square-foot Corbett Center in Fredricton, New Brunswick, Canada. The trust also agreed to purchase an 80% interest in eight properties in three core markets in Texas for $123 million. The trust “has a number of additional acquisitions under consideration in both Canada and the US,” according to the KBS statement.

RioCan is Canada’s largest REIT, with a total capitalization of about $8.6 billion as of June 30. The trust has ownership interests in 265 properties in Canada, the eight centers in Texas and a 14% equity inerest in Cedar Shopping Centers Inc., a trust focused on supermarket-anchored centers in the Northeast United States.