February 14, 2008 / 5:01 PM / in 10 years

UPDATE 1-Boardwalk REIT reports higher fourth-quarter FFO

TORONTO, Feb 14 (Reuters) - Boardwalk Real Estate Investment Trust (BEI_u.TO) said on Thursday its funds from operations, a key measure used by real estate companies, rose 22.7 percent in the fourth quarter due to higher rents.

The REIT reported FFO of C$29.9 million ($29.9 million), or 54 Canadian cents per unit, for the three months ended Dec. 31, compared with C$25 million, or 44 Canadian cents per unit, in the year-earlier period.

The trust said its net operating income for the quarter was C$61.6 million, up 22 percent from C$50.5 million in the same period last year. It gave no quarterly per-share figures.

The average monthly rent in the trust’s portfolio was C$903 per suite, up from C$820 per suite in the year-before period.

Boardwalk reiterated its 2008 FFO forecast of between C$2.35 to C$2.50 per unit.

The REIT declared a February distribution of 15 Canadian cents, payable on March 17, to unitholders of record on Feb. 29.

Units of Boardwalk were down 75 Canadian cents, or 2 percent, at C$36.45 on the Toronto Stock Exchange shortly before noon on Thursday. ($1=$1.00 Canadian) (Reporting by John McCrank; Editing by Peter Galloway)

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