Boardwalk REIT Announces Solid Fourth Quarter and Full Year 2012 Financial Results; FFO per unit up 12.3% for the three month period ended December 31, 2012. For the twelve month period ended December 31, 2012, FFO per unit up 13.9% year over year. In addition, Boardwalk REIT's Board of Trustees approves a 3.1% increase to monthly per unit distributions to an annualized $1.98 per Trust Unit, from $1.92 per Trust Unit, commencing with the February 28, 2013 record date and confirms the increased monthly pe...

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[{"type":"text","content":"\n\n\n\n\n\nBoardwalk Real Estate Investment Trust (\"BEI.UN\" - TSX)\n\n\nCALGARY, Feb. 13, 2013 /CNW/ - Boardwalk Real Estate Investment Trust\n (\"Boardwalk\", \"Boardwalk REIT\" or the \"Trust\") today announced positive\n financial results for the fourth quarter and fiscal year of 2012.\n\n\nFunds From Operations (\"FFO\") for the fourth quarter totalled $38.4\n million, or $0.73 per unit on a diluted basis, compared to FFO of $34.2\n million or $0.65 per unit for the same period last year, an increase of\n 12.4% and 12.3%, respectively.\n\n\nFFO for the twelve-month period ended December 31, 2012 totalled $150.3\n million or $2.87 per unit on a diluted basis, compared to FFO of $131.8\n million or $2.52 per unit for the same period last year, an increase of\n 14.1% and 13.9%, respectively.\n\n\nAdjusted Funds From Operation (\"AFFO\") for the fourth quarter increased\n 13.8% to $0.66 per unit, compared to $0.58 per unit in the same period\n last year.  AFFO for the twelve months of 2012 totalled $2.57 per unit,\n an increase of 15.8% compared to $2.22 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, 2012, 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\") and a decrease in interest expense; however,\n growth was tempered by wage inflation and higher operating expenses. At\n December 31, 2012, the Trust's liquidity balance was in excess of $363\n million, comprised of $139 million of cash, $28 million from subsequent\n financing, and $196 million from the Trust's undrawn revolving credit\n facility.\n\n\nFor further detail, please refer to pages 45-49 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.  Additiona...

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