February 18, 2011 / 1:54 PM / in 7 years

Boardwalk REIT Q4 FFO ahead of expectations

* FFO per unit C$0.62 vs C$0.58 a year ago

* 2011 FFO per unit outlook range unchanged C$2.35-C$2.55

TORONTO, Feb 18 (Reuters) - Boardwalk Real Estate Investment Trust (BEI_u.TO) reported a 6.2 percent rise in funds from operation, ahead of expectations, as occupancy and rental revenue edged higher.

Funds from operation (FFO), a key measure for real estate companies, rose to C$32.7 million ($33.4 million), or 62 Canadian cents per unit, from C$30.8 million, or 58 Canadian cents per unit, Canada’s biggest apartment landlord reported late on Thursday.

That beat the average analyst estimate of 59 Canadian cents a unit, according to Thomson Reuters I/B/E/S.

FFO is a measure that excludes the effects of depreciation and other factors from the earnings of property companies.

    Rental revenue rose 0.7 percent to C$105.1 million in the quarter from C$104.3 million, as average monthly rent during the three months was at C$983, up from C$981 a year ago.

    Average occupancy for the quarter edged up to 97.29 percent, improving from 96.65 percent a year ago.

    The apartment landlord left its financial outlook for 2011 unchanged from its previous view. It sees FFO per trust unit between C$2.35-C$2.55, compared to the average expectation of analysts of C$2.51 per unit for the year.

    ($1=$0.98 Canadian)

    Reporting by Ka Yan Ng, editing by Dave Zimmerman

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