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GO Residential REIT Second Quarter AFFO Falls to $0.23 Per Unit

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GO Residential REIT (GO-U.TO) said Friday its second-quarter adjusted funds from operations (AFFO) declined to $0.23 per unit, from $0.49 per unit in the year-prior quarter.

Adjusted revenue fell to $47.7 million, from $94 million, in the prior year period, the REIT said.

"Our results exceeded the pro forma forecast across every key metric, fueled by disciplined execution and the enduring strength of our Manhattan portfolio," said Chief Executive Joshua Gotli. "Between peak occupancy, robust rent growth through our mark-to-market strategy, and a solid run rate ahead, GO Residential is positioned for sustained organic growth and long-term value creation for our unitholders."

GO Residential will pay a regular monthly cash distribution of $0.05325 per unit for August on Sept. 15, to unitholders of record on Aug. 31.

Units of the REIT closed up C$0.27 to C$8.74 on Thursday on the Toronto Stock Exchange.

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