09:25 AM EDT, 07/23/2024 (MT Newswires) -- Mainstreet Equity ( MEQYF ) reported Tuesday a year-on-year swing to net loss in its fiscal third quarter. The company booked a net loss of $15.8 million for the period, reversing last year's net profit of $34.2 million.

Mainstreet said the result included changes in fair value of $19.5 million this year compared to $23.8 million last year, as well as an increase in deferred income tax expense to $58.1 million from $7.5 million.

Net operating income from operations jumped 19% to $40.5 million (from same asset properties

was up 15%) and rental revenue from operations climbed 17% to $63.3 million (from same asset properties up 12%).

FFO after current income tax and FFO per basic share-after current income tax was up 24%.

"Mainstreet's third-quarter results underscore the success of our value-add business model, which has allowed us to generate compounding returns for shareholders over an extended period of time," founder and CEO Bob Dhillon said. "Through our flexible and effective operating strategy, our management has repeatedly demonstrated the ability to create value no matter where Mainstreet is in the economic cycle."

Mainstreet's share price rose 2.7% yesterday to $187.65.