August 14, 2008 / 11:36 AM / 10 years ago

UPDATE 1-Boardwalk REIT funds from operations rise 13 pct

(Adds details)

TORONTO, Aug 14 (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 13 percent in the second quarter as economic strength in Western Canada helped lift rental revenues.

The REIT reported FFO of C$32.9 million ($31 million), or 60 Canadian cents a diluted unit, for the three months ended June 30, compared with C$29.8 million, or 53 Canadian cents a diluted unit, in the year-earlier period.

Analysts had forecast FFO of 61 Canadian cents a unit, according to Reuters Estimates.

The Calgary, Alberta-based trust said its net operating income for the quarter was C$66.7 million, up 13.6 percent from C$58.7 million in the same period last year.

The average monthly rent in the trust’s portfolio was C$1,068 per suite, up from C$1,008 per suite in the year-before period. Rental revenues rose 9.6 percent to C$105.5 million.

Boardwalk lowered the top end of its outlook range for FFO to C$2.35 to C$2.45 a unit from C$2.35 to C$2.50 a unit. It said it made the adjustment to account for higher than expected utility costs and lower than anticipated acquisitions.

The REIT declared an August distribution of 15 Canadian cents per unit, payable on Sept. 15, to unitholders of record on Aug. 29. ($1=$1.06 Canadian) (Reporting by John McCrank; Editing by Ka Yan Ng)

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