Temple Real Estate Investment Trust (TR.UN) Thursday said its funds from operations for the first quarter declined 15.7 percent from last year.
First-quarter funds from operations, or FFO, a performance metric for REITs, declined to $1.8 million or $0.08 per share from $2.1 million or $0.14 per share in the prior-year quarter.
For the first quarter, the company reported a profit of $318 thousand or $0.01 per share, compared to a loss of $2.3 million or $0.15 per share last year, mainly reflecting higher operating income and an increase in income related to the change in fair value of financial instruments.
Revenues for the quarter increased to $21.5 million from $16.7 million last year.
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