05:14 PM EDT, 05/12/2025 (MT Newswires) -- True North Commercial Real Estate Investment Trust (TNT-UN.TO) said Monday afternoon that its adjusted funds from operations (AFFO) and revenue declined slightly year-over-year.

The REIT's AFFO stood at $8.2 million, or $0.57 per share, in the period, compared with $9.1 million, or $0.57, a year ago. The company said that this consistency was due to a lower number of outstanding units resulting from the REIT's normal-course issuer bid. FactSet expected Q1 AFFO per share of $0.46.

Revenue fell to $31.09 million from $32.5 million a year prior. The company said its revenue and net operating income for the quarter decreased by 4% and 12%, respectively, compared to the same period in 2024. This decline was mainly due to the sale of certain properties in 2024 and lower occupancy in properties currently held for sale.

Those decreases were partially offset by scheduled rent increases and higher income from a tenant termination in the Greater Toronto Area within the Ontario portfolio during the quarter, compared to what was received in the first quarter of 2024.

"The REIT also substantially completed the refinancing or renewal of its 2025 debt maturities at relatively favourable interest rates, which continued to strengthen the REIT's financial position," Chief Executive Daniel Drimmer said.

True North units closed up $0.10 to $9.38 on the Toronto Stock Exchange.