Business
Boardwalk REIT Announces 2011 Third Quarter Financial Results; FFO up 2.6% and FFO Per Unit up 3.1% Year over Year; and confirms monthly Per Unit Distribution for November and December of 2011, and January of 2012. In addition, Boardwalk REIT updates 2011 Financial Guidance, and introduces 2012 Financial Guidance.
CALGARY, Nov. 10, 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, Nov. 10, 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 third quarter of\n 2011 for The Trust.  Funds from Operations (FFO) for the quarter\n totaled $34.8 million, or $0.67 per unit, an increase of approximately\n 2.6% and 3.1%, respectively, over the same quarter last year. Adjusted\n Funds from Operations (AFFO) per unit increased 3.5% to $0.59 versus\n $0.57 for the same three month period in 2010.  FFO and AFFO are widely\n accepted supplemental measures of the performance of a Canadian Real\n Estate entity; however, are not measures defined by International\n Financial Reporting Standards (\"IFRS\").  The reconciliation of FFO and\n other financial performance measures can be found in the Management's\n Discussion and Analysis (MD&A) for the third quarter ended September\n 30, 2011, under the section titled, \"Performance Measures\".\n\n\nThe increase in reported FFO can be attributed to positive rental\n revenue growth which was partially offset by higher operating\n expenses.  Lower interest rates continue to reduce financing costs as\n the Trust renews existing CMHC Insured Mortgages at exceptionally low\n interest rates; however the loss of FFO from the sale of properties in\n 2010 tempered this increase.  The reported net increase in profit is\n mainly the result of an increase in the reported Fair Value amounts of\n the Trust's investment assets.  This increase is primarily attributed\n to an overall decrease 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 presentation 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 (November 11, 2011) at 9:00 am EST.  Please refer to the end of\n this press release for ...