Boardwalk Real Estate: 2Q Earnings Snapshot

Associated Press |

CALGARY, Alberta (AP) _ Boardwalk Real Estate Investment Trust (BOWFF) on Wednesday reported a key measure of profitability in its second quarter.

The Calgary, Alberta-based real estate investment trust said it had funds from operations of $26 million, or 51 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 $53.5 million, or $1.05 per share.

The real estate investment trust that owns residential communities, based in Calgary, Alberta, posted revenue of $84.8 million in the period.

The company's shares have increased 12% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $31.13, a fall of 19% in the last 12 months.

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on BOWFF at https://www.zacks.com/ap/BOWFF

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