08:23 AM EST, 12/05/2024 (MT Newswires) -- Mainstreet Equity ( MEQYF ) on Thursday reported higher net operating income for its fourth quarter and a 45% dividend hike to $0.04 per share.

The company, which manages a portfolio of low-density housing in Canada, said net operating income increased 24% to $45.7 million, from $36.8 million, last year.

Funds from operations also increased, to $26.8 million, or $2.88 per basic share, from $21.1 million, or $2.26 per basic share.

Rental revenue from operations rose 20% to $66.9 million. Mainstreet said the vacancy rate for the quarter fell to 3.4%, from 4.3% last year.

The company, which began paying an annualized dividend of $0.11 per share in January, announced a 45% dividend increase, to $0.16. It will pay a quarterly dividend of $0.04 per share, from the first quarter of fiscal 2025.