CALGARY, Alberta (AP) — CALGARY, Alberta (AP) — Boardwalk Real Estate Investment Trust (BOWFF) on Tuesday reported a key measure of profitability in its third quarter.
The Calgary, Alberta-based real estate investment trust said it had funds from operations of $44.1 million, or 81 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 $40.6 million, or 82 cents per share.
The real estate investment trust that owns residential communities, based in Calgary, Alberta, posted revenue of $112.5 million in the period.
Boardwalk Real Estate expects full-year funds from operations in the range of $2.88 to $3.06 per share.
The company’s shares have dropped 4% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $51.55, an increase of 1.5% in the last 12 months.
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