Boardwalk REIT Announces Solid Third Quarter Financial Results: FFO up 14.1% and FFO per unit up 14.7% for the three month period ended Sept 30, 2013. Boardwalk refines its 2013 financial guidance, introduces its 2014 financial guidance and confirms its monthly per unit distribution for the months of November and December 2013 and January 2014.

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[{"type":"text","content":"\n\n\nCALGARY, Nov. 14, 2013 /CNW/ - Boardwalk Real Estate Investment Trust (\"BEI.UN\" - TSX)\n\n\nBoardwalk Real Estate Investment Trust (\"Boardwalk\", \"Boardwalk REIT\" or\n the \"Trust\") today announced solid financial results for the third\n quarter of 2013.\n\n\nFunds From Operations (\"FFO\") for the third quarter totalled $45.0\n million, or $0.86 per Trust Unit on a diluted basis, compared to FFO of\n $39.4 million or $0.75 per Trust Unit for the same period last year, an\n increase of 14.1% and 14.7%, respectively.\n\n\nFunds From Operations for the nine-month period ended September 30, 2013\n totalled $126.7 million or $2.42 per Trust Unit on a diluted basis,\n compared to FFO of $111.9 million or $2.14 per Trust Unit for the same\n nine-month period last year, an increase of 13.2% and 13.1%,\n respectively.\n\n\nAdjusted Funds From Operation (\"AFFO\") for the third quarter increased\n 14.7% to $0.78 per unit, compared to $0.68 per unit in the same period\n last year.\n\n\nThe increase in reported FFO was mainly attributed to organic revenue\n growth driven by higher market and in-place rents while maintaining\n high occupancy levels and offering fewer incentives, though tempered by\n increased wages and salaries and non-controllable expenses such as\n Utilities and Property Taxes.  With the continued low interest rate\n environment, despite the recent increase in treasury yields, the Trust\n continues to benefit from lower overall financing costs in the renewal\n 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, they are not\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's Discussion and Analysis\n (MD&A) for the quarter ended September 30, 2013, under the section\n titled, \"Performance Measures\".\n\n\nFor further detail, please refer to pages 14-16 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...

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