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Boardwalk REIT Announces Solid Fourth Quarter and Fiscal 2013 Financial Results: FFO per unit up 8.2% and 11.8% for the three and twelve months ended December 31, 2013. Boardwalk confirms its 2014 financial guidance and increases its monthly per unit distribution for the months of February, March and April of 2014 to $2.04 on an annualized basis.
CALGARY , Feb. 13, 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, Feb. 13, 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 fourth\n quarter and fiscal year of 2013.\n\n\nFunds From Operations (\"FFO\") for the fourth quarter totalled $41.4\n million, or $0.79 per Trust Unit on a diluted basis, compared to FFO of\n $38.3 million or $0.73 per Trust Unit for the same period last year, an\n increase of 8.2% in both cases.\n\n\nFunds From Operations for the twelve-month period ended December 31,\n 2013 totalled $168.2 million or $3.21 per Trust Unit on a diluted\n basis, compared to FFO of $150.3 million or $2.87 per Trust Unit for\n the same twelve-month period last year, an increase of 11.9% and 11.8%,\n respectively.\n\n\nAdjusted Funds From Operation (\"AFFO\") for the twelve-month period ended\n December 31, 2013 increased 12.5% to $2.89 per Unit on a diluted basis,\n compared to $2.57 per Unit in the same period last year.\n\n\nThe increase in reported FFO was mainly attributed to continued organic\n revenue growth driven by higher market and in-place rents while\n maintaining high occupancy levels and offering fewer incentives, though\n tempered by increased wages and salaries and non-controllable expenses\n such as Utilities and Property Taxes.  With the continued low interest\n rate environment, the Trust continues to benefit from lower overall\n financing costs in the renewal of its existing CMHC Insured Mortgages.\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 year ended December 31, 2013, under the section titled,\n \"Performance Measures\".\n\n\nFor further detail, please refer to pages 44-46 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.
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