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.”