05:01 PM EDT, 08/20/2024 (MT Newswires) -- Canadian Net Real Estate Investment Trust (NET-UN.V) Tuesday said it swung to a second-quarter loss.

The REIT reported a loss of $8.9 million in the period compared to a profit of $6.0 million in the year-prior quarter.

Funds from operations edged down to $3.2 million, or $0.154 per unit from $3.3 million, or $0.161.

"Our FFO per unit had a 4% decrease while managing to absorb the full impact of interest rate increases," said chief executive Kevin Henley. "With lower interest rates, we are already benefiting from reduced costs on our credit facilities and mortgage renewals."

Canadian Net also said it will make monthly cash distributions of $0.02875 per unit, representing $0.345 per unit on an annualized basis, on October 31, November 29 and Dec. 31.

The REIT's units closed down $0.02 to $5.68 on the TSX Venture Exchange.