* FFO of C$0.64/unit vs street view of C$0.69/unit
* Rental revenues flat
* Sees 2011 FFO between C$2.35-C$2.55 per unit
TORONTO, Nov 11 (Reuters) - Units of Boardwalk Real Estate Investment Trust (BEI_u.TO) fell in early trade on Thursday after Canada’s biggest apartment landlord reported lower-than-expected results.
Boardwalk fell 2.2 percent to C$42.50 on the Toronto Stock Exchange on Thursday morning, the day after the REIT reported third-quarter funds from operations fell 3.9 percent and rental revenue was unchanged.
Funds from operations, a key measure of performance for real estate companies, slipped to C$33.6 million ($33.6 million), or 64 Canadian cents a unit, from C$35 million, or 66 Canadian cents a unit, a year ago.
Analysts on average were expecting earnings of 69 Canadian cents a unit, according to Thomson Reuters I/B/E/S.
The Calgary, Alberta-based REIT said the average monthly rent in the trust’s portfolio for the quarter edged up to C$977 per suite, compared to C$976 a year earlier. Rental revenues in the quarter were flat at C$104.7 million.
Overall occupancy in the third quarter rose to 97.01 percent from 95.54 percent a year ago.
The REIT said because it sold some properties at the end of 2009 and this year, it now expects annual FFO to come in between C$2.40-C$2.50 per unit, compared with a previous view of C$2.40-C$2.55.
For 2011, Boardwalk estimated FFO between C$2.35-C$2.55 per unit and said it plans to invest about C$79 million into its properties through capital improvements.
The units have risen about 17 percent over the past 12 months, outperforming the main Toronto stock index slightly.
Reporting by Ka Yan Ng, editing by Dave Zimmerman