Boardwalk REIT Announces Solid Second Quarter Financial Results: FFO per unit up 9.3% for the three month period ended June 30, 2015. Boardwalk revises its 2015 financial guidance and confirms its regular monthly per unit distribution for the months of August, September, and October of 2015 of $2.04 on an annualized basis.

About this update from Boardwalk Real Estate Investment Trust

[{"type":"text","content":"\n\nCALGARY, Aug. 13, 2015 /CNW/ - Boardwalk Real Estate Investment Trust (\"BEI.UN\" - TSX) \n\nBoardwalk Real Estate Investment Trust (\"Boardwalk\", \"Boardwalk REIT\" or the \"Trust\") today announced solid financial results for the second quarter of 2015. \n\nFunds From Operations (FFO) for the second quarter totaled $48.9 million, or $0.94 per Trust Unit on a diluted basis, compared to FFO of $45.3 million or $0.86 per Trust Unit for the same period last year, an increase of 7.8% and 9.3% respectively. \n\nFor the six month period ended June 30, 2015, Funds from Operation totaled $93.0 million, or $1.79 per Trust Unit on a diluted basis, an increase of approximately 9.0% and 9.8%, respectively, versus the same period in 2014. \n\nAdjusted Funds from Operations (AFFO) per Trust Unit increased 8.9% to $0.86 for the current quarter versus $0.79 for the same three-month period in 2014, and $1.62 per Trust Unit for the six month period ended June 30, 2015, an increase of 10.2% from the period a year ago. \n\nThe increase in reported FFO was attributed to organic revenue growth driven primarily by higher market and in-place rents coupled with stable occupancy levels in Alberta and Ontario, resulting in a 2.4% increase in total rental revenue for the second quarter and a 2.7% increase for the first six months of 2015 versus the same periods in 2014. The increase was tempered by higher vacancy in the Trust's Fort McMurray and Saskatchewan markets in the first six months of 2015.  Net Operating Income increased 3.1% and 4.5% for the three and six month periods ended June 30, 2015 driven by higher rental revenue and in part, lower utilities expense relative to the same period a year ago.  The low interest rate environment continues to benefit the Trust as lower overall financing costs in the renewal of its existing CMHC Insured Mortgages continues to reduce the Trust's interest expense. \n\nFFO and AFFO are widely accepted supplemental measures of the performance of a Canadian Real Estate entity; however, they are not measures defined by International Financial Reporting Standards (IFRS).  The reconciliation of FFO and other financial performance measures can be found in the Management Discussion and Analysis (MD&A) for the second quarter ended June 30, 2015, under the section titled, \"Performance Measures\"...

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