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Q1 - 2008 Highlights
Highlights of the Trust's First Quarter 2008 financial results include:
- Rental revenues of $102.2 million, an increase of 16.7%, compared to $87.6 million for the three-month period ended March 31, 2007.
- Net operating income of $60.5 million, representing an 18.6% increase, from $51.0 million in the same period last year.
- FFO of $27.7 million, an increase of 21.7%, compared to $22.8 million for the three-month period ended March 31, 2007.
- FFO per unit was $0.50 on a diluted basis, up 25.0%, compared to $0.40 for the three-month period ended March 31, 2007.
- DI was $0.51 per unit, up 21.4%, from $0.42 for the three months ended March 31, 2007.
The Company
Boardwalk REIT is an open-ended real estate investment trust formed to acquire all of the assets and undertakings of Boardwalk Equities Inc. Boardwalk REIT's principal objectives are to provide its unitholders with monthly cash distributions, partially on a Canadian income tax-deferred basis, and to increase the value of its units through the effective management of its residential multi-family revenue producing properties and the acquisition of additional properties. Boardwalk REIT currently owns and operates in excess of 260 properties with over 36,480 units totalling approximately 31 million net rentable square feet, and is Canada's largest owner/operator of multi-family rental communities. Boardwalk REIT's portfolio is concentrated in the provinces of Alberta, British Columbia, Saskatchewan, Ontario and Quebec
Boardwalk REIT's Trust units are listed on the Toronto Stock Exchange, trading under the symbol BEI.UN. The Trust's total market capitalization at December 31, 2007 was 4.3 billion.
Our Mission Statement
"to serve and provide our residents with quality rental communities"
Boardwalk R.E.I.T. Contact Information
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Boardwalk Head Office |
Afton Bell
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David McIlveen
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