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Boardwalk REIT Announces Solid Fourth Quarter and Full Year 2009 Financial Results; FFO Per Unit For 2009 up 5.0% and DI Per Unit For 2009 up 5.8% YOY; and Confirms Monthly Per Unit Distribution for February, March and April 2010
Boardwalk REIT Announces Solid Fourth Quarter and Full Year 2009 Financial Results; FFO Per Unit ...
About this update from Boardwalk Real Estate Investment Trust
[{"type":"text","content":"\n\n\n\nFeb. 17, 2010 (Canada NewsWire Group) -- CALGARY, Feb. 17 /CNW/ -- Boardwalk Real Estate Investment Trust (\"BEI.UN\" - TSX) - Boardwalk Real Estate Investment Trust (\"Boardwalk\", \"Boardwalk REIT\" or the \"Trust\") today announced solid financial results for the fourth quarter of 2009 and fiscal 2009; Funds From Operations (\"FFO\") per unit down 4.9% and Distributable Income (\"DI\") per unit down 3.3% for the fourth quarter of 2009 compared to the same period last year and full-year FFO per unit up 5.0% and DI per unit up 5.8% YOY; and confirmed its February, March, and April 2010 Distribution of $0.15 per Trust Unit per month. 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 year ended December 31, 2009, under the section titled, \"Performance Measures\". During fiscal 2009, the Trust sold a total of 367 units in Surrey, British Columbia, Levis, Quebec, Quebec City, Quebec, and Calgary, Alberta, plus the last unit in a condominium converted property located in Calgary, Alberta.For the fourth quarter ended December 31, 2009, the Trust reported FFO of $30.8 million and FFO per unit of $0.58 on a diluted basis, compared to FFO of $32.5 million and FFO per unit of $0.61 for the same period last year. DI for the quarter was $31.1 million and DI per unit was $0.59 on a diluted basis, compared to $32.8 million and $0.61 per unit for the same period last year.The majority of the decreases reported in FFO and DI for the fourth quarter relate to the increased interest costs incurred by the Trust as a result of its decision to significantly increase its cash liquidity position by increasing the financing levels on selective NHA-insured mortgage loans. At December 31, 2009 the Trust's cash liquidity amount was in excess of $190 million.For further detail, please refer to pages 10-12 of the MD&A.Additional InformationA 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 www.boardwalkreit.com. Additionally, more detail on our operations will be found in our conference call presentation and other supplemental materials, to be posted on...