SUMMARY HIGHLIGHTS FOR THE THREE AND TWELVE-MONTH PERIODS
ENDED DECEMBER 31, 2019
- CONTINUED STRONG PERFORMANCE
-
- FOR THE 3 MONTH PERIOD ENDED DECEMBER 31, 2019
- FFO of $0.63 per trust unit; an
increase of 16.7% and seventh consecutive quarter of FFO
growth
- 4.3% same-property revenue growth
- 11.6% same-property net operating income growth
- FOR THE 12 MONTH PERIOD ENDED DECEMBER 31, 2019
- FFO of $2.57 per trust unit, an
increase of 16.3%
- 4.1% same-property revenue growth
- 8.2% same-property net operating income growth
- DELIVERING SOLID OPERATIONAL PERFORMANCE
-
- Eight consecutive quarterly sequential revenue growth
- Achieved occupancy of 96.2% for Q4 2019
- Primary focus remains on the execution of sustainable
multi-year organic growth opportunity
- HIGH-GRADING AND GEOGRAPHIC EXPANSION OF PORTFOLIO IN
2019
-
- In 2019, the Trust sold two non-core assets comprising
278-units in Saskatchewan for
proceeds of $41.4 million
- In April of 2019, the Trust acquired a newly constructed,
124-unit asset in Edmonton, AB for
$35.8 million
- In August of 2019, the Trust acquired a 50% interest in a
future development in Mississauga,
ON with plans to develop 470 residential units for a land
cost of $11.6 million
- STRONG FINANCIAL POSITION
-
- Approximately $258 million of
liquidity
- Successfully renewed $520 million
or 100% of 2019 mortgage maturities
- Net Asset Value of $63.72 per
trust unit, equating to approximately $182,000 per door
- INTRODUCTION OF 2020 FINANCIAL GUIDANCE
-
- FFO Range of $2.65 to
$2.80 per Trust Unit
- Same-property NOI Growth of 4% to 7%
- EXECUTING ON MULTI-YEAR LEADERSHIP TRANSITION AND SUCCESSION
PLAN
-
- Leadership transition with current experienced and performance
driven management team
- Culmination of multi-year succession plan ahead of the
retirement of Rob Geremia and
William Wong
- DISTRIBUTION OF $1.00 PER
TRUST UNIT ON AN ANNUALIZED BASIS CONFIRMED FOR THE MONTHS OF
FEBRUARY, MARCH AND APRIL
2020
CALGARY, Feb. 27, 2020 /PRNewswire/ - Boardwalk Real
Estate Investment Trust (TSX: BEI.UN)
Boardwalk Real Estate Investment Trust ("Boardwalk", the "REIT"
or the "Trust") today announced its financial results for the
fourth quarter and fiscal 2019.
Sam Kolias; Chairman and Chief
Executive Officer of Boardwalk REIT commented: "We are pleased to
report and deliver on another solid quarter and fiscal 2019 with
growth in Funds from Operation ("FFO") per trust unit of 16.7% and
16.3%, respectively. Boardwalk's Resident-friendly approach to
sustainable incentive reductions and rental rate adjustments
continues to produce a positive trend and, for eight consecutive
quarters, have delivered a sequential and compounding improvement
in revenue. We believe this approach will best allow the Trust to
deliver multi-year organic revenue growth across our
portfolio."
"Boardwalk's commitment to providing the best product quality,
service and experience has allowed the Trust to gain market share,
and deliver solid revenue growth. Our team's commitment to
delivering Boardwalk's brand in an innovative and efficient manner
has allowed for a continued improvement in our controllable
operating costs, allowing for strong Net Operating Income ("NOI")
growth in all of Boardwalk's markets."
Mr. Kolias concluded: "Boardwalk is well positioned to continue
to deliver on the positive momentum and growth the Trust has had
over the last several quarters. Our operational focus of combines
exceptional product quality through Boardwalk's branding and
renovation program, while also providing the best service and
experience with our Resident friendly approach. To further
enhance the experience we deliver, Boardwalk continues to
re-engineer and improve our approach to our renovation program and
asset management. Our most recent initiatives are the launch
of a new best-in-class partnership with Yuhu, a new property
operations platform, which integrates with our enterprise system to
revolutionize the way we interact with our Resident Members. This
new Resident Member portal in its first phase will allow more
features such as online rental payment, a live chat feature, the
ability to log maintenance requests, manage amenity bookings,
participate in surveys, and receive exclusive Resident Member
promotions. An additional initiative Boardwalk's team has
re-engineered is our lead generation process allowing our team to
improve our lead to lease process for Boardwalk Prospective
Resident Members. With these and other new initiatives, our
team is more excited than ever to make Boardwalk home for our
Resident Members!"
DELIVERING SOLID OPERATIONAL PERFORMANCE
Boardwalk's core Alberta
portfolio continues to deliver solid growth with our two largest
markets, Edmonton and Calgary, delivering 19.7% and 7.0% same
property NOI growth in the fourth quarter. In Saskatchewan, the Trust is gaining market
share, resulting in 10.6% same property NOI growth in the fourth
quarter. The Trust's Ontario and
Quebec markets, which represent
over 25% of the Trust's portfolio, are continuing to deliver strong
and stable results with record high occupancy and increasing market
rents, contributing NOI growth of 7.2% and 3.4% respectively in the
fourth quarter.
Overall in the fourth quarter, the Trust delivered revenue
growth of 4.3%, and reduced operating expenses by 4.0% resulting in
portfolio stabilized NOI growth of 11.6%.
|
|
|
|
|
|
Dec 31 2019 - 3
M
|
# of
Units
|
% Revenue
Growth
|
% Operating
Expense
Growth
|
% Net
Operating
Income
Growth
|
% of
NOI
|
Edmonton
|
12,906
|
3.5%
|
-10.1%
|
19.7%
|
36.9%
|
Calgary
|
5,657
|
5.3%
|
2.7%
|
7.0%
|
21.5%
|
Red Deer
|
939
|
7.4%
|
3.6%
|
11.1%
|
2.4%
|
Grande
Prairie
|
645
|
9.1%
|
-10.5%
|
31.9%
|
1.8%
|
Fort
McMurray
|
352
|
0.6%
|
-13.8%
|
15.2%
|
1.1%
|
Alberta
|
20,499
|
4.3%
|
-7.2%
|
15.5%
|
63.7%
|
Quebec
|
6,000
|
3.6%
|
4.0%
|
3.4%
|
18.7%
|
Saskatchewan
|
3,685
|
4.2%
|
-2.8%
|
10.6%
|
10.5%
|
Ontario
|
2,585
|
6.4%
|
5.1%
|
7.2%
|
7.1%
|
|
32,769
|
4.3%
|
-4.0%
|
11.6%
|
100.0%
|
|
|
|
|
|
|
Dec 31 2019 - 12
M
|
# of
Units
|
% Revenue
Growth
|
% Operating
Expense
Growth
|
% Net
Operating
Income
Growth
|
% of
NOI
|
Edmonton
|
12,906
|
3.5%
|
-3.4%
|
10.3%
|
37.2%
|
Calgary
|
5,657
|
5.6%
|
0.9%
|
8.6%
|
21.5%
|
Red Deer
|
939
|
10.1%
|
-1.4%
|
22.2%
|
2.5%
|
Grande
Prairie
|
645
|
11.5%
|
-5.6%
|
30.5%
|
1.7%
|
Fort
McMurray
|
352
|
-2.8%
|
-7.6%
|
1.7%
|
1.1%
|
Alberta
|
20,499
|
4.4%
|
-2.4%
|
10.4%
|
63.9%
|
Quebec
|
6,000
|
3.5%
|
1.9%
|
4.5%
|
19.0%
|
Saskatchewan
|
3,685
|
2.5%
|
1.8%
|
3.1%
|
10.2%
|
Ontario
|
2,585
|
5.0%
|
3.2%
|
6.4%
|
6.9%
|
|
32,769
|
4.1%
|
-0.9%
|
8.2%
|
100.0%
|
|
|
|
|
|
|
Stabilized as a % of
Total Portfolio
|
98.5%
|
|
|
|
|
HIGH-GRADING AND GEOGRAPHIC EXPANSION OF PORTFOLIO IN
2019
Making strides towards Boardwalk's long-term strategic
initiatives, the Trust opportunistically high-graded its portfolio
in 2019 and moved towards geographic expansion. In total, the Trust
sold two non-core assets (278 units) in Saskatchewan for a total sale price of
$41.4 million.
The Trust redeployed these proceeds towards the acquisition of a
newly constructed concrete high-rise in Edmonton, Alberta (124 units) and acquired a
50% interest in a landmark development in Mississauga, Ontario (planned 470 units) for
$35.8 million and $11.6 million respectively, excluding transaction
costs.
Additionally, the Trust invested $34.4
million towards the development of a premium lifestyle
community in Calgary, Alberta as
well as towards its landmark two-tower development in Brampton, Ontario.
2019 PERFORMANCE REVIEW
The Trust's performance in 2019 has exceeded its original
expectations, with revenues near the top end of its original
forecast and certain expense lines falling below the original
forecast range. Many of the controllable expense savings can
be attributed to our Team's ability to find savings and be more
innovative and creative in the ways to deliver the Trust's product,
service and experience to our Residents.
As a result, the Trust's actual 2019 results relative to its
forecast are as follows:
|
|
|
|
|
Description
|
2019 Actual
Results
|
2019 Q3 Revised
Guidance
|
2019 Q2 Revised
Guidance
|
2019 Original
Guidance
|
|
|
|
|
|
Stabilized
Building NOI Growth
|
8.2%
|
6% to
8%
|
4% to
9%
|
4% to
9%
|
FFO Per
Unit
|
$2.57
|
$2.50 to
$2.55
|
$2.45 to
$2.52
|
$2.35 to
$2.50
|
AFFO Per Unit
($721/door maintenance capital)
|
$2.10
|
$2.03 to
$2.08
|
$1.98 to
$2.05
|
$1.88 to
$2.03
|
2020 FINANCIAL GUIDANCE
As customary with the Trust's fourth quarter disclosure,
Boardwalk is introducing its 2020 outlook and financial
guidance.
The Trust's current outlook is for a continuation of the
positive growth trend across its portfolio. This growth is
anticipated to be tempered by anticipated increases in certain
un-controllable operating expenses such as property taxes,
insurance costs, and utilities.
Overall, the Trust is providing its 2020 financial guidance as
follows:
|
|
Description
|
2020 Revised
Guidance
|
|
|
Stabilized
Building NOI Growth
|
4% to
7%
|
FFO Per
Unit*
|
$2.65 to
$2.80
|
AFFO Per Unit
($613/door maintenance capital)*
|
$2.25 to
$2.40
|
*Excludes non-recurring retirement
costs
|
The reader is cautioned that this information is forward-looking
and actual results may vary from those forecasted. The Trust
reviews the assumptions used to derive its forecast quarterly, and
based on this review, may adjust its outlook accordingly.
EXECUTING ON MULTI-YEAR SUCCESSION PLAN
After 26 and 18 years, Rob
Geremia and William Wong have
announced their planned retirement effective April 30, 2020 and June
30, 2020 respectively.
The Trust has been developing a multi-year succession plan to
ensure a seamless leadership transition with the current strong,
experienced, and performance driven team.
"Rob has been part of the Boardwalk family since our early
beginnings, and has demonstrated great leadership both as CFO and
as President of the Trust. Rob began with Boardwalk in 1994,
and played a key role in the success of Boardwalk from our early
days as a much smaller company to the success we have today as one
of Canada's largest owners and
operators of multi-family apartments in Canada. As Boardwalk's
President since 2007, Rob has been an amazing mentor that has
created a great foundation in his primary areas of responsibilities
of Operations, Finance, Investor Relations. On behalf of our
Board of Trustees, and our entire team, we would like to thank Rob
for his contributions over the past 26 years and wish Rob all the
best going forward," said Sam
Kolias, CEO of Boardwalk REIT.
"William has been the CFO of Boardwalk since 2007, and has been
a valued member of the Boardwalk family for the past 18
years. William's mentorship and leadership has streamlined
many of our processes, and his financial acumen has ensured the
Trust remains leaders in reporting and disclosure. On behalf
of our Board of Trustees and our entire team, we would like to
thank William for his service over the past 18 years and wish him
only the best in the next stage of his life."
Under the continued guidance and leadership of Sam Kolias as Chairman and Chief Executive
Officer, the Trust has invested in a multi-year leadership
transition plan that increased the responsibility and contributions
from Boardwalk's current senior executive team.
Over the last few years, Boardwalk has been leaders in
innovation, delivering the best product quality, service and
experience to its Resident Members, while also delivering solid
returns to our Unitholders.
Lisa Smandych will be appointed
the Trust's Chief Financial Officer leading the Trust's financial
reporting, regulatory disclosure, tax compliance, and the strategic
planning and execution of the Trust's financial goals and targets.
Lisa has been mentored by both Rob and William in her time with
Boardwalk over the past 12 years assuring a smooth transition
towards Boardwalk's commitment to continued financial strength.
Leonora Davids has been with
Boardwalk for 20 years, and is the Trust's current Vice President
of Operations and will continue to lead the execution of our
operational goals and targets. Leonora's experience has led to the
development of Boardwalk's current operational platform, where the
Trust is delivering the best product quality, service and
experience. Leonora, previously was responsible for
Western Canada, and will now
expand her operational leadership across our portfolio.
Lisa Russell is the Trust's
Senior Vice President of Corporate Development, responsible for the
development and implementation of the Trust's corporate strategy,
including investments in the form of: acquisitions, dispositions,
and new development. Lisa has been a part of the Boardwalk
family for over 20 years, and has been a strong leader in the
development and execution of the Trust's strategic initiatives.
James Ha is our current Vice
President of Finance and Investor Relations, and will continue to
lead the development and execution of the Trust's Finance strategy
and Investor Relations. James has been with the Trust for
over 12 years, and has been a leader in the Trust's strategy
development and execution. James' leadership in Finance and
Investor Relations will continue, and further will add leadership
to the Trust's Investments team.
Jeff Klaus is our current Vice
President of Development and Acquisition, and will formally
transition to Vice President of Asset Management and Development,
leading the implementation and execution of the Trust's Asset
Management strategy. Jeff has played an integral role in the
Trust's growth, and delivering on the Trust's recent developments
in his over 20 year tenure with Boardwalk, and will carry this
leadership into both Asset Management and Development.
Melissa Kolias is our current
Chief Design Officer, and together with our Design Team, have led
the diversification of our brand and re-engineering of our product,
service and experience to all of our Resident's. Melissa has
been with Boardwalk since day one, and will continue to provide
leadership in creativity and innovation.
Boardwalk's senior leadership provides a diverse and
complimentary skillset that the Trust is confident will provide
great leadership towards accomplishing its overall goals of
providing the best product quality, service and experience to our
Resident Members, while also delivering solid returns to our
Unitholders.
Mr. Kolias concluded: "The multi-year development of this
leadership transition plan has allowed the Trust to identify and
create a collaborative team that has enhanced the execution of
Boardwalk's current and future business strategies. This is
evidenced by the results the Trust has delivered since the
implementation of this transition plan over the last two years, and
is only possible because of the leadership, dedication and
performance driven culture of our entire team.
Boardwalk's future is bright, and we look forward to continuing
to provide the best communities to our Resident Members, delivering
on our strategy for growth, and providing solid returns to our
Unitholders."
FOURTH QUARTER & TWELVE-MONTH HIGHLIGHTS
|
|
$ millions, except
per unit amounts
|
|
Highlights of the
Trust's Fourth Quarter 2019 Financial Results
|
|
|
|
3 Months
Dec 31,
2019
|
|
|
3 Months
Dec 31,
2018
|
|
%
Change
|
|
|
12 Months
Dec 31,
2019
|
|
|
12 Months
Dec 31,
2018
|
|
%
Change
|
|
Operational
Highlights
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Rental
Revenue
|
|
$
|
115.4
|
|
|
$
|
110.4
|
|
|
4.5
|
%
|
|
$
|
455.3
|
|
|
$
|
434.6
|
|
|
4.8
|
%
|
Same Property Total
Rental Revenue
|
|
$
|
113.4
|
|
|
$
|
108.7
|
|
|
4.3
|
%
|
|
$
|
447.0
|
|
|
$
|
429.4
|
|
|
4.1
|
%
|
Net Operating Income
(NOI), as reported
|
|
$
|
64.8
|
|
|
$
|
56.5
|
|
|
14.7
|
%
|
|
$
|
258.8
|
|
|
$
|
227.4
|
|
|
13.8
|
%
|
Comparative NOI
*
|
|
$
|
63.9
|
|
|
$
|
57.8
|
|
|
10.7
|
%
|
|
$
|
254.5
|
|
|
$
|
232.7
|
|
|
9.4
|
%
|
Same Property NOI
**
|
|
$
|
64.5
|
|
|
$
|
57.8
|
|
|
11.6
|
%
|
|
$
|
256.0
|
|
|
$
|
236.6
|
|
|
8.2
|
%
|
Operating Margin (as
reported)
|
|
|
56.1
|
%
|
|
|
51.1
|
%
|
|
|
|
|
|
56.8
|
%
|
|
|
52.3
|
%
|
|
|
|
Comparative Operating
Margin *
|
|
|
55.4
|
%
|
|
|
52.3
|
%
|
|
|
|
|
|
55.9
|
%
|
|
|
53.5
|
%
|
|
|
|
Same Property
Operating Margin **
|
|
|
56.9
|
%
|
|
|
53.2
|
%
|
|
|
|
|
|
57.3
|
%
|
|
|
55.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial
Highlights
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Funds From Operations
(FFO)
|
|
$
|
32.2
|
|
|
$
|
27.4
|
|
|
17.5
|
%
|
|
$
|
131.0
|
|
|
$
|
112.1
|
|
|
16.8
|
%
|
Adjusted Funds From
Operations (AFFO)
|
|
$
|
26.1
|
|
|
$
|
21.6
|
|
|
20.9
|
%
|
|
$
|
106.9
|
|
|
$
|
89.0
|
|
|
20.1
|
%
|
(Loss) Profit for the
Period***
|
|
$
|
(108.6)
|
|
|
$
|
34.1
|
|
|
-418.6
|
%
|
|
$
|
34.8
|
|
|
$
|
193.2
|
|
|
-82.0
|
%
|
FFO per
Unit
|
|
$
|
0.63
|
|
|
$
|
0.54
|
|
|
16.7
|
%
|
|
$
|
2.57
|
|
|
$
|
2.21
|
|
|
16.3
|
%
|
AFFO per
Unit
|
|
$
|
0.51
|
|
|
$
|
0.42
|
|
|
21.4
|
%
|
|
$
|
2.10
|
|
|
$
|
1.75
|
|
|
20.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Asset
Value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IFRS Asset Value per
Diluted Unit (Trust & LP B), period end
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
121.22
|
|
|
$
|
117.24
|
|
|
|
|
Debt Outstanding per
Diluted Unit, period end
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
(58.19)
|
|
|
$
|
(55.43)
|
|
|
|
|
Net Asset Value (NAV)
per Diluted Trust Unit (Trust & LP B), period end
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
63.03
|
|
|
$
|
61.81
|
|
|
|
|
Cash per Diluted Unit
(Trust & LP B), period end
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
0.69
|
|
|
$
|
0.75
|
|
|
|
|
Total per Diluted
Unit (Trust & LP B), period end
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
63.72
|
|
|
$
|
62.56
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquidity, Debt
and Distributions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Position, period
end
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
35,000
|
|
|
|
|
|
|
|
|
Subsequent Committed
Financing
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
23,000
|
|
|
|
|
|
|
|
|
Line of
Credit
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
200,000
|
|
|
|
|
|
|
|
|
Total Available
Liquidity
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
258,000
|
|
|
|
|
|
|
|
|
Liquidity as a % of
Period Total Debt
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9
|
%
|
|
|
|
|
|
|
|
Debt (net of cash) as
a % of Reported Asset Value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
47
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Outstanding, period end
|
|
$
|
2,840,776
|
|
|
$
|
2,819,444
|
|
|
|
|
|
$
|
2,840,776
|
|
|
$
|
2,819,444
|
|
|
|
|
Interest Coverage
Ratio (Rolling 4 quarters)
|
|
|
2.76
|
|
|
|
2.68
|
|
|
|
|
|
|
2.76
|
|
|
|
2.68
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Regular Distributions
Declared (Trust Units & LP B Units)
|
|
$
|
12.7
|
|
|
$
|
12.7
|
|
|
0.2
|
%
|
|
$
|
50.9
|
|
|
$
|
50.9
|
|
|
0.1
|
%
|
Regular Distributions
Declared Per Unit (Trust Units & LP B Units)
|
|
$
|
0.250
|
|
|
$
|
0.250
|
|
|
0.0
|
%
|
|
$
|
0.751
|
|
|
$
|
0.751
|
|
|
0.0
|
%
|
Regular Payout as a %
FFO
|
|
|
39.6
|
%
|
|
|
46.5
|
%
|
|
|
|
|
|
38.9
|
%
|
|
|
45.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stabilized Apartment
Units
|
|
|
|
|
|
|
|
|
|
|
|
|
|
32,769
|
|
|
|
33,108
|
|
|
|
|
Un-Stabilized
Units
|
|
|
|
|
|
|
|
|
|
|
|
|
|
494
|
|
|
|
309
|
|
|
|
|
Total Apartment
Units
|
|
|
|
|
|
|
|
|
|
|
|
|
|
33,263
|
|
|
|
33,417
|
|
|
|
|
|
*Comparative
figures adjust for lease payments relating to IFRS 16 and is apples
to apples for the Trust's new Asset Management Model
|
** Same Property
figures exclude un-stabilized properties, sold assets, adjust for
lease payments relating to IFRS 16 and is apples to apples for the
Trust's new Asset Management Model
|
***(Loss) or
Profit for the period as defined by IFRS includes the changes in
assets and/or liabilities carried at fair value
|
NOI, FFO and AFFO are widely accepted supplemental measures
of the performance of a Canadian Real Estate entity; however, they
are not measures defined by International Financial Reporting
Standards ("IFRS"). The reconciliation of FFO and other
financial performance measures can be found in the Management
Discussion and Analysis ("MD&A") for the three and twelve
months ended December 31, 2019, under
the section titled, "Performance Measures". Same property
results exclude 124-units in Edmonton acquired April
2019, 299-units in Calgary
acquired November 2018 AND 71-units
from Pines Edge 3 completed July
2018.
PORTFOLIO HIGHLIGHTS
|
Portfolio
Highlights for the Fourth Quarter of 2019
|
|
Dec-19
|
Dec-18
|
Average Occupancy
(Quarter Average)*
|
96.19%
|
95.77%
|
Average Occupancy
(Year Average)*
|
96.50%
|
96.05%
|
|
|
|
Average Monthly Rent
(Period Ended)
|
$
|
1,132
|
$
|
1,094
|
Average Market Rent
(Period Ended)
|
$
|
1,341
|
$
|
1,281
|
Average Market Rent
(Period Ended), net of incentives
|
$
|
1,248
|
$
|
1,171
|
Average Occupied Rent
(Period Ended)
|
$
|
1,182
|
$
|
1,138
|
|
|
|
Loss -to-Lease
(Period Ended) ($ millions )
|
$
|
60.8
|
$
|
54.0
|
Loss -to-Lease
(Period Ended) ($ millions ), net of incentives
|
$
|
24.9
|
$
|
12.3
|
Loss -to-Lease Per
Trust Unit (Period Ended)
|
$
|
1.19
|
$
|
1.06
|
Loss -to-Lease Per
Trust Unit (Period Ended), net of incentives
|
$
|
0.49
|
$
|
0.24
|
|
|
|
|
*Average occupancy
is adjusted to be on a same-property basis
|
Q4 REGULAR MONTHLY DISTRIBUTION ANNOUNCEMENT
|
|
|
|
|
Month
|
Per Unit
|
Annualized
|
Record
Date
|
Distribution
Date
|
Feb 20*
|
$
|
0.0834
|
$
|
1.00
|
28-Feb-20
|
16-Mar-20
|
Mar 20
|
$
|
0.0834
|
$
|
1.00
|
31-Mar-20
|
15-Apr-20
|
Apr 20
|
$
|
0.0834
|
$
|
1.00
|
30-Apr-20
|
15-May-20
|
* February
distribution previously announced on February 19, 2020
|
FINANCIAL AND SUPPLEMENTARY INFORMATION
Boardwalk produces quarterly financial statements, management
discussion and analysis, and a supplemental information package
that provides detailed information regarding the Trust's activities
during the quarter. Financial and supplementary information is
available on Boardwalk's investor website at
www.bwalk.com/investors
TELECONFERENCE ON FOURTH QUARTER 2019 FINANCIAL
RESULTS
Boardwalk invites you to participate in the teleconference that
will be held to discuss these results tomorrow morning
(February 28, 2020) at 11:00 am Eastern Time. Senior management will
speak to the period's results and provide an update. Presentation
materials will be made available on Boardwalk's investor website at
www.bwalk.com/investors prior to the call.
Teleconference: The telephone numbers for the
conference are 416-764-8688 (local/international callers) or
toll-free 1-888-390-0546 (within North
America).
Note: Please provide the operator with the below Conference Call
ID or Topic when dialing in to the call.
Conference ID: 75546797
Topic: Boardwalk REIT Fourth Quarter Results
Webcast: Investors will be able to listen to the
call and view Boardwalk's slide presentation by visiting
www.bwalk.com/investors prior to the start of the call.
An information page will be provided for any software needed and
system requirements. The webcast and slide presentation will
also be available at:
Boardwalk REIT Fourth Quarter Conference Call Link
Replay: An audio recording of the teleconference will be
available on the Trust's website:
www.bwalk.com/investors
CORPORATE PROFILE
Boardwalk REIT strives to be Canada's friendliest communities and currently
owns and operates more than 200 communities with over 33,000
residential units totaling over 28 million net rentable square
feet. Boardwalk's principal objectives are to provide its
Residents with the best quality communities and superior customer
service, while providing Unitholders with sustainable monthly cash
distributions, and increase the value of its trust units through
selective acquisitions, dispositions, development, and effective
management of its residential multi-family communities.
Boardwalk REIT is vertically integrated and is Canada's leading owner/operator of
multi-family communities bringing Residents home to properties
located in Alberta, Saskatchewan, Ontario, and Quebec.
Boardwalk REIT's Trust units are listed on the Toronto Stock
Exchange, trading under the symbol BEI.UN. Additional
information about Boardwalk REIT can be found on the Trust's
website at www.bwalk.com/investors
CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING
STATEMENTS
Information in this news release that is not current or
historical factual information may constitute forward-looking
information within the meaning of securities laws. Implicit
in this information, particularly in respect of Boardwalk's
objectives for 2020 and future periods, Boardwalk's strategies to
achieve those objectives, as well as statements with respect to
management's beliefs, plans, estimates and intentions, and similar
statements concerning anticipated future events, results,
circumstances, performance or expectations are estimates and
assumptions subject to risks and uncertainties, including those
described in the year-end Management's Discussion & Analysis of
Boardwalk REIT under the heading "Risks and Risk Management", which
could cause Boardwalk's actual results to differ materially from
the forward-looking information contained in this news
release. Specifically, Boardwalk has assumed that the general
economy remains stable, interest rates are relatively stable,
acquisition capitalization rates are stable, competition for
acquisition of residential apartments remains intense, and equity
and debt markets continue to provide access to capital. These
assumptions, although considered reasonable by the Trust at the
time of preparation, may prove to be incorrect. For more
exhaustive information on these risks and uncertainties you should
refer to Boardwalk's most recently filed annual information form,
which is available at www.sedar.com. Forward-looking
information contained in this news release is based on Boardwalk's
current estimates, expectations and projections, which Boardwalk
believes are reasonable as of the current date. You should
not place undue importance on forward-looking information and
should not rely upon this information as of any other date.
While the Trust may elect to, Boardwalk is under no obligation and
does not undertake to update this information at any particular
time.
View original
content:http://www.prnewswire.com/news-releases/boardwalk-reit-reports-solid-2019-operating-performance-and-strong-financial-results-with-fourth-quarter-funds-from-operation-per-unit-growth-of-16-7-301013056.html
SOURCE Boardwalk Real Estate Investment Trust