CALGARY, March 24, 2020 /PRNewswire/ - Boardwalk Real
Estate Investment Trust - TSX: BEI.UN
Boardwalk REIT ("Boardwalk", "the Trust", "We") today provided
an update on its operational response to the COVID-19 pandemic.
Sam Kolias; Chairman and Chief
Executive Officer of Boardwalk REIT commented:
"Our world, our country, our
provinces, and our communities are facing an unprecedented
challenge. As a provider of essential housing, the
responsibility of ensuring safe homes to our Resident Members is
one, we as a team, take seriously.
The safety and well-being of
our Resident Members and our Associates remains our top
priority.
Our teams continue to monitor
and assess this rapidly evolving situation and act accordingly in
the best interest of our Resident Members, Associates and our
Stakeholders while continuing to provide the essential service of
providing a safe place to call home."
Boardwalk owns and operates over 33,000 residential units across
four provinces, and across our portfolio, the Trust has implemented
the following practices:
Our Residents and Communities:
- Increased our already high-standard of cleaning and maintenance
with more frequent cleaning and sanitization of common areas and
frequently touched objects
- The temporary closure of our pools, fitness facilities, saunas,
coffee stations, and community rooms
- Enhanced communication through Boardwalk's online Resident
Portal, powered by Yuhu, allowing for increased self-service,
online payments and social-distancing
- Provide regular updates and sharing of public education on
current health recommendations from Federal and Provincial
Governments
- Sharing of timely information regarding Government financial
support programs
- Continue with our Resident-friendly approach on a case by case
basis, working on mutual resolves
Our Associates:
- Increased procurement and use of Personal Protective
Equipment
- Implemented physical distancing in the workplace
- Expediting our virtual showing capabilities
- On-going regular communication with leadership and operational
teams to assess and support any needs
- Use of work-from-home protocols, leveraging Boardwalk's
technology investments to allow for continued operation as part of
business continuity plan
- Regular updates on best practices as shared by Federal and
Provincial Governments
Mr. Kolias added:
"Thank you to every member of
our Boardwalk Team. The responsibility of providing homes to
our Resident Members is an even larger responsibility in this time
of crisis. Our team are heroes in this unprecedented time of
need and will continue to ensure our communities are a safe place
to call home."
Stakeholder Update:
Sam Kolias; Chairman and Chief
Executive Officer commented:
"Boardwalk entered this rapidly
evolving situation in a strong position with high occupancy and
Boardwalk's brand of best product quality and customer
service. This has positioned Boardwalk to be a choice housing
provider, and so far in March, we are seeing an increase in
occupancy as rentals for the month have now exceeded the number of
move-outs.
The Trust is working with
industry to ensure that timely information is shared with our
Governments, to best ensure all Canadians have a safe place to call
home.
The Trust's strong financial
position provides Boardwalk the liquidity and flexibility to manage
through this time of crisis. In addition to cash resources,
and an unused line of credit, Boardwalk's minimum distribution
policy has allowed for maximum retention of cashflow.
Approximately, 99% of
Boardwalk's debt carries CMHC-Insurance, providing the backing of
the Government of Canada for our
mortgage renewals. In this current rate environment, the
Trust is actively renewing its mortgage debt to take advantage of
current interest rates, and taking steps to further increase
potential liquidity."
The Trust has proactively incorporated lessons learned from
other instances of economic volatility. Boardwalk believes we
are well-positioned to work through this current pandemic, and are
prepared to adapt to the outcomes of current
uncertainties.
The financial impact of COVID-19 remains uncertain, and the
Trust's original forecast and guidance for 2020 did not include a
provision for the potential impacts of a global pandemic.
Given current uncertainties relating to COVID-19, the Trust is
suspending its previously announced financial guidance for
2020.
Mr. Kolias concluded:
"Boardwalk and our team are committed to delivering the best
product quality, service and experience in a safe manner, as we
adapt through this time of uncertainty. Given the rapidly
changing environment and lack of visibility on the macro-economic
impact of COVID-19, the Trust believes it is prudent to suspend our
2020 financial guidance.
We will continue our focus on the essential service of
providing safe homes, in a safe manner, for our Resident Members
and remind our stakeholders at this time of uncertainty, the
intrinsic value of our business remains strong. Our commitment
towards building better communities is unwavering. Together we will
all flatten the curve and like previous times of crisis, come out
better and stronger than we were before."
Boardwalk is committed to providing regular updates to its
Stakeholders through this fluid environment and will provide
updates as visibility improves.
Corporate Profile:
Boardwalk REIT strives to provide 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 enhanced returns by
increasing 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
All statements in this press release that
do not relate to historical facts constitute forward-looking
statements. These statements represent Boardwalk REIT's intentions,
plans, expectations and beliefs and are subject to certain risks
and uncertainties that could result in actual results differing
materially from these forward-looking statements. These risks and
uncertainties are more fully described in regulatory filings that
can be obtained on SEDAR at www.sedar.com.
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SOURCE Boardwalk Real Estate Investment Trust