May 14, 2008 / 2:23 PM / 10 years ago

Boardwalk REIT funds from operations up 25 percent

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.

    ($1=$1.00 Canadian)

    Reporting by John McCrank; Editing by Peter Galloway

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