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 real estate investment trust, based in Calgary, Alberta, said it had funds from operations of $39.5 million, or 74 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 $93.2 million, or $1.90 per share.
The real estate investment trust that owns residential communities, based in Calgary, Alberta, posted revenue of $108.5 million in the period.
The company’s shares have climbed roughly 7% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $47.52, a decline of 10% in the last 12 months.
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