TORONTO (Reuters) - Boardwalk Real Estate Investment Trust (BEI_u.TO) said on Wednesday its funds from operations, a key measure of performance for real estate companies, rose 25 percent in the first quarter, helped by strong revenue growth in its Western Canadian operations.
The REIT reported FFO of C$27.7 million ($27.7 million), or 50 Canadian cents per diluted unit, for the three months ended March 31, compared with C$22.8 million, or 40 Canadian cents per diluted unit, in the year-earlier period.
The Calgary, Alberta-based trust said its net operating income for the quarter was C$60.5 million, up 18 percent from C$51 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$931 per suite, up from C$842 per suite in the year-before period. Rental revenues rose 16.7 percent to C$102.2 million.
Boardwalk reiterated its 2008 forecast for FFO of C$2.35 to C$2.50 per unit.
The REIT declared a February distribution of 15 Canadian cents, payable on June 16, to unitholders of record on May 30.
Units of Boardwalk were up 26 Canadian cents, or 0.6 percent, at C$41.66 on the Toronto Stock Exchange on Wednesday morning.
Reporting by John McCrank; Editing by Peter Galloway