Allied Properties Real Estate Investment Trust (AP-UN.TO) reported adjusted funds from operations of C$33.3 million, or C$0.17 per unit, down from C$63.7 million, or C$0.46 per unit, in the year-ago quarter.
Analysts polled by FactSet expected C$0.20.
Rental revenue was C$140.5 million, down from C$145.0 million.
Analysts expected C$132.4 million, with three analysts reporting.