07:25 AM EDT, 03/20/2024 (MT Newswires) -- Canadian Net Real Estate Investment Trust (NET-UN.V) reported overnight Tuesday a net reported funds from operations (FFO) of $0.162 per unit in the fourth quarter of 2023, consistent year over year.

Rental income rose to $7.2 million from 7.1 million while adjusted FFO increased to $0.152 per unit from $0.144 per unit.

For full-year 2023, FFO slipped to $0.635 per unit from $0.636 in 2022 while rental income grew to $26.6 million from $24.7 million. Adjusted FFO was down to $0.570 per unit from $0.592 per unit.

"Despite the challenges faced in the real estate market throughout 2023, Canadian Net maintained its strong performance," President and CEO Kevin Henley said. "Looking ahead to 2024, we anticipate a gradual recovery in the acquisition market, while our focus remains on capital recycling and enhancing liquidity."