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Boardwalk REIT Announces Solid First Quarter Financial Results: FFO per unit up 13.6% for the three month period ended March 31, 2013. Boardwalk reiterates 2013 financial guidance and confirms its monthly per unit distribution for the months of May, June and July of 2013
CALGARY, May 15, 2013 /CNW/ - Boardwalk Real Estate Investment Trust ("BEI.UN" - TSX) B...
About this update from Boardwalk Real Estate Investment Trust
[{"type":"text","content":"\n\n\n\n\n\nCALGARY, May 15, 2013 /CNW/ - Boardwalk Real Estate Investment Trust (\"BEI.UN\" - TSX)\n\n\nBoardwalk Real Estate Investment Trust (\"Boardwalk\", \"Boardwalk REIT\" or\n the \"Trust\") today announced positive financial results for the first\n quarter of 2013.\n\n\nFunds From Operations (\"FFO\") for the first quarter totalled $39.2\n million, or $0.75 per unit on a diluted basis, compared to FFO of $34.3\n million or $0.66 per unit for the same period last year, an increase of\n 14.4% and 13.6%, respectively.\n\n\nAdjusted Funds From Operation (\"AFFO\") for the first quarter increased\n 15.5% to $0.67 per unit, compared to $0.58 per unit in the same period\n last year.\n\n\nFFO and AFFO are widely accepted supplemental measures of the\n performance of a Canadian Real Estate entity; however, they 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 (MD&A) for the quarter ended March 31, 2013, under the section titled,\n \"Performance Measures\".\n\n\nThe increase in reported FFO is mainly attributed to rental revenue\n growth driven by higher market rents while maintaining high occupancy\n and offering fewer incentives; though tempered by increased operating\n expenses, including higher wages and salaries and higher utilities\n expense in the first three months of 2013.  With the continued low\n interest rate environment, the Trust continues to benefit from lower\n overall financing costs in the renewal of its existing CMHC Insured\n Mortgages.\n\n\nFor further detail, please refer to pages 13-15 of the MD&A.\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 at www.boardwalkreit.com.  Additionally, more detail on Boardwalk's operations will be found in\n its conference call presentation and other supplemental materials, to\n be posted on its web site today at\n http://www.boardwalkreit.com/FinancialReports/.  The webcast for this\n presentation will also be made available on its web site at http://www.boardwalkreit.com/.\n\n\n\n\n...