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Boardwalk REIT Announces Solid First Quarter Financial Results; FFO up 21.8% and FFO per unit up 22.2% year-over-year and confirms per unit Distribution for May, June and July of 2012. In addition, Boardwalk REIT updates 2012 Financial Guidance.
CALGARY, May 15, 2012 /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, May 15, 2012 /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 three\n month period ended March 31, 2012.\n\n\nFunds From Operations (\"FFO\") for the first quarter totalled $34.3\n million, or $0.66 per unit on a diluted basis, compared to FFO of $28.1\n million or $0.54 per unit for the same period last year, an increase of\n 21.8% and 22.2%, respectively.\n\n\nAdjusted Funds From Operation (\"AFFO\") for the first quarter increased\n 26.1% to $0.58 per unit, compared to $0.46 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, are not measures\n defined by International Financial Reporting Standards (\"IFRS\").  The\n reconciliation of FFO and other financial performance measures can be\n found in the Management's Discussion and Analysis (MD&A) for the three\n month period ended March 31, 2012, under the section titled,\n \"Performance Measures\".\n\n\nThe increase in reported FFO can be attributed to positive rental\n revenue growth coupled with lower operating expenses driven by lower\n utilities cost and increased efficiency in the Trust's vertically\n integrated in-house maintenance.  Continued low interest rates have\n reduced financing costs as the Trust renews existing CMHC Insured\n Mortgages at exceptionally low interest rates.  The reported net\n increase in profit is mainly the result of an increase in the reported\n Fair Value amounts of the Trust's Investment Assets.  This increase is\n primarily attributed to both an increase in Market Rents and an overall\n decrease in estimated market Capitalization Rates.\n\n\nFor further detail, please refer to page 14 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 poste...