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Boardwalk REIT Announces 2011 Second Quarter Financial Results; FFO up 1.3% and FFO Per Unit up 1.5% YOY; and confirms monthly Per Unit Distribution for August, September, and October 2011. In addition, Boardwalk REIT confirms 2011 Financial Guidance
CALGARY, Aug. 11, 2011 /CNW/ - Boardwalk Real Estate Investment Trust ("BEI.UN" - TSX) ...
About this update from Boardwalk Real Estate Investment Trust
[{"type":"text","content":"\n\n\n\n\n\nCALGARY, Aug. 11, 2011 /CNW/ - Boardwalk Real Estate Investment Trust (\"BEI.UN\" - TSX)\n\n\nBoardwalk Real Estate Investment Trust (\"Boardwalk\", \"Boardwalk REIT\",\n or the \"Trust\") today announced solid results for the second quarter of\n 2011 for The Trust.  Funds from Operations (FFO) for the quarter\n totaled $34.7 million, or $0.66 per unit, an increase of approximately\n 1.3% and 1.5%, respectively, over the same quarter last year. AFFO per\n unit increased 3.5% to $0.59 versus $0.57 for the same three month\n period in 2010.  FFO and AFFO are widely accepted supplemental measures\n of the performance of a Canadian Real Estate entity; however, are not\n measures defined by International Financial Reporting Standards\n (\"IFRS\").  The reconciliation of FFO and other financial performance\n measures can be found in the Management's Discussion and Analysis\n (MDA) for the second quarter ended June 30, 2011, under the section\n titled, \"Performance Measures\".\n\n\nThe increase in reported FFO can be attributed to slightly higher rental\n revenue and lower financing costs which were tempered by increased\n operating expenses and the loss of FFO from the sale of properties in\n 2010. The reported net increase in profit is mainly the result of an\n increase in the reported Fair Value amounts of the Trust's investment\n properties.  This increase is largely attributed to an overall decrease\n in estimated market Capitalization Rates.\n\n\nAdditional Information\n\n\nA more detailed analysis is included in the Management's Discussion and\n Analysis and Consolidated Financial Statements, which have been filed\n on SEDAR and can be viewed at www.sedar.com or on the Trust's website: www.boardwalkreit.com.  Additionally, more detail on The Trust's operations can be found in\n our conference call pressentation and other supplemental materials,\n which are posted on our website: www.boardwalkreit.com/FinancialReports.  A conference call to discuss these results will be held tomorrow\n morning (August 12, 2011) at 11:00 am EST.  Please refer to the end of\n this press release for further details.\n\n\n\n\n\n \n\n\n$ millions, except per unit amounts\n\n\nHighlights of the Trust's Second Quarter and First Six Months 2011 Financial Results\n\n\n \n\n\nThree Months Jun 2011\n...