August 13, 2009 / 10:40 PM / in 8 years

UPDATE 1-Boardwalk REIT says fund flows up in 2nd qtr

* Funds from operations rise 12 pct

* Adjusted FFO C$0.62 vs C$0.64 expected

* Average monthly rent up 2.4 pct

CALGARY. Alberta, Aug 13 (Reuters) - Boardwalk Real Estate Investment Trust (BEI_u.TO) said on Thursday its funds from operations, a key measure of performance for real estate companies, rose 12 percent in the second quarter as it grew revenue in Western Canada.

The REIT reported adjusted FFO of C$36.8 million ($33.8 million), or 70 Canadian cents a diluted unit, for the three months ended June 30, compared with C$32.9 million, or 60 Canadian cents in the year-prior quarter.

The REIT said adjusted FFO per unit rose 17 percent to 62 Canadian cents. Analysts had forecast adjusted FFO of 64 Canadian cents a unit, according to Reuters Estimates.

The Calgary, Alberta-based trust said its net operating income for the quarter was C$72.6 million, up 8.9 percent from C$66.6 million.

The average monthly rent in the trust’s portfolio was C$978 per suite, up 2.4 percent from C$955. Rental revenues rose 2.2 percent to C$107.5 million.

$1=$1.06 Canadian Reporting by Scott Haggett; editing by Rob Wilson

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