03:43 PM EST, 11/12/2024 (MT Newswires) -- H&R Real Estate Investment Trust (HR-UN.TO) on Tuesday afternoon said its third-quarter net operating income and adjusted funds from operations (AFFO) fell year-over-year.

The company said it earned $140.1 million in the quarter, compared with $149.4 million a year ago. Net loss was $9.7 million, compared with a profit of $37.6 million in the year-ago quarter.

For the quarter ended Sept. 30. AFFO stood at $67.8 million, or $0.242 per share, down from $101.2 million, or $0.361, a year prior.

Chief executive Tom Hofstedter said that since the company announced its strategic repositioning plan, it has spun off 27 enclosed shopping centers and sold stakes in 57 properties worth about $5.2 billion. As a result, its residential and industrial segments have grown from 35% to 66% of the portfolio, and its US real estate assets have increased from 44% to 68%. "The value and timing of these sales have exceeded our expectations given the challenging economic environment and volatility in the capital and real estate markets."

The REIT's unit were last seen down $0.225 to $10.345 on the Toronto Stock Exchange.

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