CALGARY, Alberta (AP) — 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 $29.3 million, or 58 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 $163.7 million, or $3.58 per share.
The real estate investment trust that owns residential communities, based in Calgary, Alberta, posted revenue of $96.5 million in the period.
The company’s shares have climbed 22% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $44.28, a rise of 16% in the last 12 months.
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