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Boardwalk REIT Announces Solid Fourth Quarter and Full Year 2011 Financial Results; FFO per unit up 4.8% for the three month period ended December 31, 2011. For the twelve month period ended December 31, 2011, FFO per unit up 2.0% year over year. In addition, Boardwalk REIT's Board of Trustees approves a 3.3% increase to monthly per unit distributions to an annualized $1.86 per Trust Unit, from $1.80 per Trust Unit and confirms the increased monthly per unit distribution for February, March and April 201...
CALGARY, Feb. 16, 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, Feb. 16, 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 fourth\n quarter and fiscal year of 2011.\n\n\nFunds From Operations (\"FFO\") for the fourth quarter totalled $34.2\n million, or $0.65 per unit on a diluted basis, compared to FFO of $32.4\n million or $0.62 per unit for the same period last year, an increase of\n 5.5% and 4.8%, respectively.\n\n\nFFO for the twelve-month period ended December 31, 2011 totalled $131.8\n million or $2.52 per unit on a diluted basis, compared to FFO of $129.7\n million or $2.47 per unit for the same period last year, an increase of\n 1.6% and 2.0%, respectively.\n\n\nAdjusted Funds From Operation (\"AFFO\") for the fourth quarter increased\n 7.4% to $0.58 per unit, compared to $0.54 per unit in the same period\n last year.  AFFO for the twelve months of 2011 totalled $2.22 per unit,\n an increase of 2.8% compared to $2.16 per unit year over 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 year\n ended December 31, 2011, under the section titled, \"Performance\n Measures\".\n\n\nThe increase in reported FFO can be attributed to positive growth in Net\n Operating Income (\"NOI\") in addition to a decrease in interest\n expense.  However, these were tempered by the loss of FFO from sold\n properties in 2010.  At December 31, 2011, the Trust's liquidity\n balance was in excess of $452 million, comprised of $256 million of\n cash and $196 million from the Trust's undrawn revolving credit\n facility.\n\n\nFor further detail, please refer to pages 9-14 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 ...