February 18, 2010 / 2:19 PM / 8 years ago

Boardwalk REIT posts lower quarterly FFO

* FFO per unit of C$0.58 vs year-ago C$0.61

* Street view was C$0.59 per unit

TORONTO, Feb 18 (Reuters) - Boardwalk Real Estate Investment Trust (BEI_u.TO) posted a 5.2 percent fall in funds from operations, partly as a result of the dilutive effect of holding higher levels of cash.

Funds from operations, a key measure of performance for real estate companies, slipped to C$30.8 million ($29.3 million), or 58 Canadian cents a unit, the Calgary, Alberta-based REIT said late on Wednesday.

That compared to C$32.5 million, or 61 Canadian cents a unit, a year ago. It was just shy of the expected FFO per unit of 59 Canadian cents, according to Thomson Reuters I/B/E/S.

As of December 31, the trust said its cash liquidity was in excess of C$190 million. Like other REITs, Boardwalk is sitting on more cash and liquidity that generally has a low return on it, which dilutes results on a per unit basis.

The average monthly rent in the trust’s portfolio for the quarter was C$981 per suite, compared to C$978 a year earlier. Rental revenues in the quarter were flat at C$107.1 million.

$1=$1.05 Canadian Reporting by Ka Yan Ng; Editing by Jeffrey Hodgson

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