Boardwalk REIT Announces Solid Second Quarter Financial Results; FFO up 10.3% and FFO per unit up 10.6% from the same three-month period last year. Boardwalk REIT's Board of Trustees approves a 3.2% increase to monthly per unit Distribution. In addition, Boardwalk REIT revises upward its 2012 Financial Guidance.

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[{"type":"text","content":"\n\n\n\n\n\nBoardwalk Real Estate Investment Trust (\"BEI.UN\" - TSX)\n\n\nCALGARY, Aug. 14, 2012 /CNW/ - Boardwalk Real Estate Investment Trust\n (\"Boardwalk\", \"Boardwalk REIT\" or the \"Trust\") today announced solid\n financial results for the three month period ended June 30, 2012.\n\n\nFunds From Operations (\"FFO\") for the second quarter totalled $38.3\n million, or $0.73 per unit on a diluted basis, compared to FFO of $34.7\n million or $0.66 per unit for the same period last year, an increase of\n 10.3% and 10.6%, respectively.\n\n\nFunds from Operations for the six month period ended June 30, 2012\n increased 15.5% to $72.5 million from $62.8 million in the same period\n in 2011 and increased 15.8% to $1.39 per Unit from $1.20 per Unit for\n the same six month period in 2011.\n\n\nAdjusted Funds From Operation (\"AFFO\") for the second quarter increased\n 11.9% to $0.66 per unit, compared to $0.59 per unit in the same period\n last year.  For the six month period ended June 30, 2012, AFFO per Unit\n increased 18.1% to $1.24 from $1.05 in the same period last year.\n\n\nThe increase in reported FFO is mainly  attributed to rental revenue\n growth coupled with lower overall financing costs, as the Trust\n continues to benefit from the current low interest rate environment in\n the renewal of its existing CMHC Insured Mortgages.\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 three\n month period June 30, 2012, under the section titled, \"Performance\n Measures\".\n\n\nFor further detail, please refer to page 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 supplemental materials, to\n be posted on its web site today at http://www.boardwalkr...

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