Boardwalk REIT Announces Solid Second Quarter Financial Results: FFO per unit up 11.0% for the three month period ended June 30, 2013. Boardwalk revises its 2013 financial guidance and confirms its monthly per unit distribution for the months of August, September and October of 2013.

About this update from Boardwalk Real Estate Investment Trust

[{"type":"text","content":"\n\n\nCALGARY, Aug. 14, 2013 /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 second\n quarter of 2013.\n\n\nFunds From Operations (\"FFO\") for the second quarter totalled $42.6\n million, or $0.81 per unit on a diluted basis, compared to FFO of $38.3\n million or $0.73 per unit for the same period last year, an increase of\n 11.2% and 11.0%, respectively.\n\n\nFunds From Operations for the six month period ended June 30, 2013\n totalled $81.8 million or $1.56 per unit on a diluted basis, compared\n to FFO of $72.5 million or $1.39 per unit for the same six month period\n last year, an increase of 12.7% and 12.2%, respectively.\n\n\nAdjusted Funds From Operation (\"AFFO\") for the second quarter increased\n 10.6% to $0.73 per unit, compared to $0.66 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, 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 quarter ended June 30, 2013, under the section titled,\n \"Performance Measures\".\n\n\nThe increase in reported FFO is mainly attributed to organic rental\n revenue growth driven by higher market rents while maintaining high\n occupancy and offering fewer incentives, though tempered by increased\n wages and salaries and non-controllable expenses such as Utilities and\n Property Tax. With the continued low interest rate environment, the\n Trust continues to benefit from lower overall financing costs in the\n renewal of its existing CMHC Insured Mortgages.\n\n\nFor further detail, please refer to pages 13-15 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 supplem...

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