Boardwalk Real Estate Investment Trust (BEI_UN.TO) Tuesday reported first-quarter Funds From Operations, or FFO of $34 million or $0.66 per unit, compared to $28 million or $0.54 per unit last year.
Excluding items, adjusted FFO for the quarter was $30 million or $0.58 per unit, compared to $24 million or $0.46 per unit last year.
Rental revenue for the quarter rose to $108 million from $104 million in the prior year.
Looking ahead to fiscal year 2012, the company raised the lower end of its outlook. It now expects FFO of $2.70 to $2.85 per unit, and adjusted FFO of $2.40 to $2.55 per unit. Earlier, it estimated full year FFO of $2.65 to $2.85 per unit, and adjusted FFO of $2.35 to $2.55 per unit.
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