05:37 PM EDT, 05/07/2024 (MT Newswires) -- Boardwalk Real Estate Investment Trust (BEI-UN.TO) Tuesday said its first-quarter net operating income (NOI) rose 16%.

The REIT said its NOI rose to C$87.5 million from C$76.8 million in the year-prior quarter.

Rental revenue rose 11% to C$145.2 million from C$130.9 million

"We are pleased to report on another very strong quarter with significant growth in Net Operating Income, Funds from Operations per Unit and Profit. Our FFO per Unit of $0.95 during the first quarter represents an improvement of 20.3% from the prior year, and provides the Trust with growing cash flows that can be redeployed and compounded within our value add capital program and accretive external opportunities, where appropriate. We continue to expand our Operating Margin as our Resident Member focused approach to sustainable rent adjustments and ongoing commitment to cost improvement initiatives has delivered outsized NOI and FFO per Unit growth," chief executive Sam Kolias said in a release.

As of the beginning of May, same property portfolio occupancy is at approximately 98.7%.

The REIT's units closed up C$0.76 to C$73.10 on the Toronto Stock Exchange.