07:15 AM EST, 03/08/2024 (MT Newswires) -- Automotive Properties Real Estate Investment Trust (APR-UN.TO) overnight Thursday reported reported its Q4 2023 results.

The REIT generated a 11.4% increase in rental revenue -- from $21 million, to $23.3 million, for Q4 2023.

Funds from operations were $12 million, or $0.24 per diluted unit, compared with $11 million, and $0.22, the year before.

Adjusted funds from operations were $11.5 million, and $0.23 per diluted unit. The comparable figures for last year were $10.6 million and $0.21, respectively.

The increases in revenue, FFO and AFFO were due to property acquisitions, the REIT said.

The REIT recorded a net loss of $15.2 million in Q4 2023, compared to net income of $13.6 million in Q4 2022.