12:23 PM EDT, 04/01/2024 (MT Newswires) -- Inovalis Real Estate Investment Trust (INO-UN.TO) over the holiday weekend reported a fourth-quarter 2023 loss of C$35.2 million, narrowing from a loss of C$40.7 million in the year-ago quarter.

Adjusted funds from operations came in at C$412,000, or $0.01 per diluted unit, down from C$3.6 million, or $0.11 per diluted unit, in the year-ago quarter.

Net rental income fell to C$4.08 million from C$6,71 million in the year-ago quarter. It said this aligned with its expectations given the vacancy of the Arcueil property since July 1, 2023.

"2023 was a challenging year in the office real estate market here in Europe and around the world. Maintaining the REIT's positive cash flow, negotiating competitive debt renewals and ensuring sufficient liquidity to cover operational expenses and financial obligations will be key in 2024," chief executive Stephane Amine said in a release.

Inovalis units were last seen down C$0.07 to C$1.22 on the Toronto Stock Exchange.

Price: 1.22, Change: -0.07, Percent Change: -5.43