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Boardwalk REIT Announces First Quarter Financial Results; FFO Per Unit down 3.5% and DI Per Unit down 3.4% YOY; and Confirms Monthly Per Unit Distribution for May, June, and July 2010
Boardwalk REIT Announces First Quarter Financial Results; FFO Per Unit down 3.5% and DI Per Unit ...
About this update from Boardwalk Real Estate Investment Trust
[{"type":"text","content":"\n\n\n\n May 17, 2010 (Canada NewsWire Group) -- Boardwalk Real Estate Investment Trust ("BEI.UN" - TSX) ("Boardwalk", "Boardwalk REIT" or the "Trust") today announced financial results for the first quarter of 2010: Funds From Operations ("FFO") per unit down 3.5% and Distributable Income ("DI") per unit down 3.4% compared to the same period last year; and confirmed its May, June, and July 2010 Monthly Distribution of $0.15 per Trust Unit. FFO and DI are non-GAAP measures; the reconciliation to Net Earnings and Total Operating Cash Flows, respectively, can be found in the Management's Discussion and Analysis (MD&A) for the first quarter ended March 31, 2010, under the section titled, "Performance Measures". 1 During the first quarter of 2010, the Trust sold a 321-unit property in Gatineau, Quebec.\nFor the first quarter ended March 31, 2010, the Trust reported FFO of $29.0 million and FFO per unit of $0.55 on a diluted basis, compared to FFO of $30.5 million and FFO per unit of $0.57 for the same period last year. DI for the quarter was $29.3 million and DI per unit was $0.56 on a diluted basis, compared to $30.8 million and $0.58 per unit for the same period last year.\n\nImpact of HST on our Ontario and BC Markets:\n\nEffective July 1, 2010, the Provinces of British Columbia and Ontario will merge their provincial sales tax with the federal goods and services tax (GST) into a single harmonized sales tax (HST) that will be applied to many of our input costs currently incurred by the Trust. The affected costs include utilities and other operating costs in those provinces. The ability of the Trust to pass on these costs to our Customers may be limited by existing rental legislation or rental market conditions. The Trust's operations in British Columbia and Ontario represented approximately 2.8% and 6.9%, respectively of total 2009 net operating income reported by the Trust. The estimated impact of the HST is higher operating costs of $0.1 million for British Columbia and $0.7 million for Ontario on an annualized basis.\n\nAdditional Information\n\nA more detailed analysis is included in the Management's Discussion and Analysis and Consolidated Financial Statements, which have been filed on SEDAR and can be viewed at www.sedar.com or on the Trust's website at w...