07:22 AM EDT, 05/03/2024 (MT Newswires) -- Slate Office REIT (SOT-UN.TO) said overnight Thursday that its net loss widened in the first quarter.

The real estate operator reported a net loss of $22.6 million in the quarter, compared to net loss of $4.1 million reported in the first quarter of 2023.

Rental revenue slightly increased to $50.3 million from $49.1 million. Adjusted funds from operations slipped to $0.04 per unit from $0.06 per unit.

"Our team continued to drive steady leasing volumes across all of the REIT's markets in the first quarter, converting interest and demand from high-quality credit tenants into new leases and renewals at positive leasing spreads and longer lease terms," said Brady Welch, Slate's interim CEO. "We also continue to make progress on the REIT's Portfolio Realignment Plan, completing $40.6 million of dispositions to date across Canada and Ireland, the proceeds of which are being used to pay down the REIT's debt and strengthen the REIT's balance sheet."

Slate's share price fell 2.9% yesterday to $0.67.