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Canadian REIT profit tumbles Add to ...

Canadian Real Estate Investment Trust says its profit slipped 30 per cent during the third quarter as it booked less income from operations.

The Toronto-based property owner said Tuesday that earnings were $21.5-million during the three months ended Sept. 30, compared to $30.5-million a year earlier.

The majority of the decline came from its continuing operations, which reported a 24-per-cent drop in profit to $21-million.

Funds from operations, a measure of operating performance for public real estate companies, crept up to $37.9-million from $37.5-million.

Stephen Johnson, president and CEO, said the real estate company is “very satisfied” with its operating performance in the quarter.

“We have a strong balance sheet with significant liquidity and we continue to generate and retain meaningful cash flow from operations,” he said in a release.

“We are actively looking to acquire, at appropriate pricing, high-quality real estate assets to add to our portfolio.”

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