Boardwalk Real Estate: 1Q Earnings Snapshot

CALGARY, Alberta (AP) _ Boardwalk Real Estate Investment Trust (BOWFF) on Tuesday reported a key measure of profitability in its first quarter.

The Calgary, Alberta-based real estate investment trust said it had funds from operations of $19.2 million, or 38 cents per share, in the period.

Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.

The company said it had net income of $54.8 million, or $1.18 per share.

The real estate investment trust that owns residential communities, based in Calgary, Alberta, posted revenue of $84.7 million in the period.

Boardwalk Real Estate expects full-year funds from operations to be $1.70 to $1.86 per share.

The company's shares have increased 14 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $36.78, a climb of 3 percent in the last 12 months.


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