Business
Boardwalk REIT Announces Solid Third Quarter Financial Results; FFO Per Unit down 2.9% YOY and DI Per Unit unchanged YOY; and Maintains Monthly Per Unit Distributions for November and December 2009 and January 2010
Boardwalk REIT Announces Solid Third Quarter Financial Results; FFO Per Unit down 2.9% YOY and DI...
About this update from Boardwalk Real Estate Investment Trust
[{"type":"text","content":"\n\n\n\nNov. 12, 2009 (Canada NewsWire Group) -- CALGARY, Nov. 13 /CNW/ -- Boardwalk Real Estate Investment Trust (\"BEI.UN\" - TSX) - Boardwalk Real Estate Investment Trust (\"Boardwalk\", \"Boardwalk REIT\" or the \"Trust\") today announced solid financial results for the third quarter of 2009; Funds From Operations (\"FFO\") per unit down 2.9% and Distributable Income (\"DI\") per unit unchanged YOY; and its November and December 2009 and January 2010 Distribution. These decreases were primarily the result of increased finance related charges driven by the Trust's decision to significantly increase its overall available liquidity position and the write-off of approximately $1.0 million of deferred financing charges related to the payout of certain maturing mortgages associated with the Trust's properties located in Windsor, Ontario. FFO, AFFO (Adjusted Funds From Operation), and DI are non-GAAP measures; the reconciliation to Net Earnings and Total Operating Cash Flows, respectively, can be found in the Management's Discussion and Analysis (MD&A) for the third quarter and for the first nine months of 2009 ended September 30, 2009, under the section titled, \"Performance Measures\".For the third quarter ended September 30, 2009, the Trust reported FFO of $35.0 million and FFO per unit of $0.66 on a diluted basis, compared to FFO of $36.8 million and FFO per unit of $0.68 for the same period last year. DI for the quarter was $36.3 million and DI per unit was $0.69 on a diluted basis, compared to $37.2 million and $0.69 per unit for the same period last year.Additional InformationA more detailed analysis is included in the Consolidated Financial Statements and Management's Discussion and Analysis, which have been filed on SEDAR and can be viewed at www.sedar.com or on the Trust's website at www.boardwalkreit.com.-------------------------------------------------------------------------$ million, except per unit amounts-------------------------------------------------------------------------Highlights of the Trust's Third Quarter 2009 Financial Results-------------------------------------------------------------------------Three ThreeMonths MonthsSep 2009 Sep 2008 % Change-------------------------------------------------------------------------Rental Revenue $107.2 $107.8 -0.5%------------------------------------------------------...