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Boardwalk REIT Announces First Quarter Financial Results
May 20, 2010
Boardwalk Real Estate Investment Trust announced its results this week for the first quarter of 2010. Funds From Operations (FFO) per unit were down 3.5 per cent and Distributable Income (DI) per unit down 3.4 per cent compared to the same period last year; and confirmed its May, June and July 2010 Monthly Distribution of $0.15 per Trust Unit. FFO and DI are non-GAAP measures.
For the first quarter ended March 31, 2010, the Trust reported FFO of $29 million and FFO per unit of $0.55 on a diluted basis, compared to FFO of $30.5 million and FFO per unit of $0.57 for the same period last year. DI for the quarter was $29.3 million and DI per unit was $0.56 on a diluted basis, compared to $30.8 million and $0.58 per unit for the same period last year.
Impact of HST on Ontario and BC Markets:
Effective July 1, 2010, the Provinces of British Columbia and Ontario will merge their provincial sales tax with the federal goods and services tax (GST) into a single harmonized sales tax (HST) that will be applied to many of the input costs currently incurred by the Trust. The affected costs include utilities and other operating costs in those provinces. The ability of the Trust to pass on these costs to Customers may be limited by existing rental legislation or rental market conditions. The Trust's operations in British Columbia and Ontario represented approximately 2.8 per cent and 6.9 per cent, respectively of total 2009 net operating income reported by the Trust. The estimated impact of the HST is higher operating costs of $0.1 million for British Columbia and $0.7 million for Ontario on an annualized basis.
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