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Boardwalk REIT Announces Solid First Quarter Financial Results: FFO per unit up 1.3% for the three months ended March 31, 2014. Boardwalk confirms its 2014 financial guidance and its monthly per unit distribution for the months of May, June and July of 2014 of $2.04 on an annualized basis.
CALGARY , May 14, 2014 /CNW/ - Boardwalk Real Estate Investment Trust ("BEI.UN" - TSX) ...
About this update from Boardwalk Real Estate Investment Trust
[{"type":"text","content":"\n\n\nCALGARY, May 14, 2014 /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 solid financial results for the first\n quarter of 2014.\n\n\nFunds From Operations (\"FFO\") for the first quarter totalled $40.0\n million, or $0.76 per Trust Unit on a diluted basis, compared to FFO of\n $39.2 million or $0.75 per Trust Unit for the same period last year, an\n increase of 2.1% and 1.3% respectively.\n\n\nAdjusted Funds From Operation (\"AFFO\") for the three month period ended\n March 31, 2014 increased 1.5% to $0.68 per unit on a diluted basis,\n compared to $0.67 per unit in the same period last year.\n\n\nThe increase in reported FFO was attributed to organic revenue growth\n driven by higher market and in-place rents while maintaining high\n occupancy levels and offering fewer incentives, resulting in a 5.0%\n increase in total rental revenue for the first quarter versus the same\n period in 2013.  However, an increase in operating expenses tempered\n these gains as unusually cold weather across Canada during the first\n quarter coupled with increasing natural gas prices resulted in\n significant increases to the Trust's utilities costs.  Utility costs\n for the current quarter were approximately $15.8 million, an increase\n of $3.4 million, or 27%, compared to $12.4 million for the same period\n last year.  This translates into an increase to operating expense per\n Trust Unit on a diluted basis of $0.06 for the quarter.  The continued\n low interest rate environment continues to benefit the Trust as lower\n overall financing costs in the renewal of its existing CMHC Insured\n Mortgages continues to reduce the Trust's interest expense.\n\n\nFFO and AFFO are widely accepted supplemental measures of the\n performance of a Canadian Real Estate entity; however, they are not\n measures defined by International Financial Reporting Standards\n (\"IFRS\").  The reconciliation of FFO and other financial performance\n measures can be found in the Management Discussion and Analysis (MD&A)\n for the first quarter ended March 31, 2014, under the section titled,\n \"Performance Measures\".\n\n\n\n\n\n\n\n \n\n\n\n\n$ millions, except per unit amounts\n\n\n\n\nHighlights of the Tr...