August 11, 2011 / 9:18 PM / 7 years ago

UPDATE 1-Higher rents boost Boardwalk funds from operations

* FFO per unit of C$0.66 meets expectations

* Q2 average rent rises to C$998 per suite

* Overall occupancy inches up to 97.49 percent

TORONTO, Aug 11 (Reuters) - Boardwalk Real Estate Investment Trust (BEI_u.TO) reported a 1.3 percent rise in quarterly funds from operations (FFO), thanks to slightly higher rental revenue.

In the second quarter, FFO edged up to C$34.7 million ($35 million), or 66 Canadian cents a unit, exactly equal to mean expectations according to Thomson Reuters I/B/E/S, and up from C$34.2 million, or 65 Canadian cents a unit, a year ago.

FFO is a key measure of performance for real estate companies that strips out the distorting effects of depreciation and other factors from earnings.

    Rental revenue totaled C$103.8 million, up 0.4 percent from a year ago. The REIT, Canada’s biggest apartment landlord, said the average monthly rent in the trust’s portfolio for the quarter rose to C$998 per suite from C$979 a year earlier.

    Overall occupancy in the quarter rose to 97.49 percent from 97.29 percent a year ago.

    Units of Boardwalk Real Estate Investment Trust jumped 5.08 percent to end at C$49.48 on the Toronto Stock Exchange, participating in the broad market rally.

    $1=$0.99 Canadian Reporting by Ka Yan Ng; editing by Rob Wilson

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