05:35 PM EDT, 07/30/2024 (MT Newswires) -- Allied Properties Real Estate Investment Trust (AP-UN.TO) on Tuesday said its second-quarter net operating income (NOI) rose 4.2% on higher rental revenue.

The company said in operating income rose to $82.39 million from $78.1 million in the year-prior quarter.

Rental revenue rose 7.8% to $146.75 million from $136.14 million.

Average in-place net rent per occupied square foot improved in the second quarter to $25.08, achieving rent increases on renewal (up 9.7% ending-to-starting base rent and up 16.2% average-to-average base rent).

"Our occupied and leased area remained steady in the second quarter, and our urban office portfolio continued to outperform the market," said chief executive Cecilia Williams in a statement.

The REIT's units closed down $0.17 to $17.60 on the Toronto Stock Exchange.