Boardwalk REIT Announces Solid Third Quarter Financial Results: FFO up 13.2%, FFO per unit up 11.9% from the same three-month period last year, and confirms monthly per unit Distribution for November and December of 2012 and January of 2013. In addition, Boardwalk REIT refines its 2012 Financial Guidance and introduces 2013 Financial Guidance.

About this update from Boardwalk Real Estate Investment Trust

[{"type":"text","content":"\n\n\n\n\n\nBoardwalk Real Estate Investment Trust (\"BEI.UN\" - TSX)\n\n\nCALGARY, Nov. 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 September 30, 2012.\n\n\nFunds From Operations (\"FFO\") for the third quarter totalled $39.4\n million, or $0.75 per unit on a diluted basis, compared to FFO of $34.8\n million, or $0.67 per unit for the same period last year, an increase\n of 13.2% and 11.9%, respectively.\n\n\nFunds from Operations for the nine month period ended September 30,\n 2012, increased 14.7% to $111.9 million from $97.6 million in the same\n period of 2011, and increased 14.4% to $2.14 per Unit from $1.87 per\n Unit for the same nine month period in 2011.\n\n\nAdjusted Funds From Operation (\"AFFO\") for the third quarter increased\n 15.3% to $0.68 per unit, compared to $0.59 per unit in the same period\n last year.  For the nine month period ended September 30, 2012, AFFO\n per Unit increased 16.5% to $1.91, from $1.64 in the same period last\n year.\n\n\nThe increase in reported FFO is mainly attributed to rental revenue\n growth and higher occupancy coupled with lower overall financing costs,\n as the Trust continues to benefit from the current low interest rate\n environment in 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; they are not, however,\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 Discussion and Analysis (MD&A)\n for the third quarter ended September 30, 2012, under the section\n titled \"Performance 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...

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