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Boardwalk REIT Announces Solid Second Quarter Financial Results; FFO Per Unit up 16.7% and DI Per Unit up 14.8% YOY; and Maintains Monthly Per Unit Distributions for August, September and October 2009
CALGARY, Aug. 14 /CNW/ - Boardwalk Real Estate Investment Trust ("BEI.UN" - TSX) - Boardwalk Real...
About this update from Boardwalk Real Estate Investment Trust
[{"type":"text","content":"\n\n\n\nCALGARY, Aug. 14 /CNW/ - Boardwalk Real Estate Investment Trust ("BEI.UN"\n- TSX) - Boardwalk Real Estate Investment Trust ("Boardwalk", "Boardwalk REIT"\nor the "Trust") today announced solid financial results for the second quarter\nof 2009; Funds From Operations ("FFO") per unit up 16.7% and Distributable\nIncome ("DI") per unit up 14.8% YOY; and its August, September and October\n2009 Distribution. FFO and DI are non-GAAP measures; the reconciliation to Net\nEarnings and Total Operating Cash Flows, respectively, can be found in the\nManagement's Discussion and Analysis (MD&A) for the second quarter and for the\nfirst half of 2009 ended June 30, 2009, under the section titled, "Performance\nMeasures".\n\n\nFor the second quarter ended June 30, 2009, the Trust reported FFO of\n$36.8 million and FFO per unit of $0.70 on a diluted basis, compared to FFO of\n$32.9 million and FFO per unit of $0.60 for the same period last year. DI for\nthe quarter was $37.2 million and DI per unit was $0.70 on a diluted basis,\ncompared to $33.2 million and $0.61 per unit for the same period last year.\n\n\nAdditional Information\n\n\nA more detailed analysis is included in the Management's Discussion and\nAnalysis and Consolidated Financial Statements, which have been filed on SEDAR\nand can be viewed at www.sedar.com or on the Trust's website at\nwww.boardwalkreit.com.\n\n\n$ million, except per unit amounts\n-------------------------------------------------------------------------\n Highlights of the Trust's Second Quarter 2009 Financial Results\n-------------------------------------------------------------------------\n Three Three\n Months Months\n Jun 2009 Jun 2008 % Change\n\nRental Revenue $107.5 $105.2 2.2%\n\nNet Operating Income (NOI) $72.6 $66.6 8.9%\n\nFunds From Operations (FFO) $36.8 $32.9 12.0%\n\nFFO Per Unit $0.70 $0.60 16.7%\n\nAdjusted Funds from Operations\n (AFFO) Per Unit $0.62 $0.53 17.0%\n\nDistributable Income (DI) $37.2 $33.2 11.9%\n\nDI Per Unit $0.70 $0.61 14.8%\n\nDistributions Declared $23.8 $24.7\n\nDistributions Declared Per Unit $0.45 $0.45\n\n(2009 Target $1.80 Per Unit\n on an annualized basis)\n\nPayout as a % DI 64.1% 74.2%\n-------------------------------------------------------------------------\n\nFor further detail, please r...