CALGARY, AB, Oct. 5, 2020 /CNW/ - Boardwalk Real
Estate Investment Trust - TSX: BEI.UN
Boardwalk REIT ("Boardwalk", "the Trust", "We") as part of the
Trust's commitment to providing regular updates through the COVID
pandemic, provided a brief update highlighting stabilized portfolio
occupancy, rental revenue collection rate and occupied rents
available to date as we continue to focus on our essential service
of providing safe homes to Boardwalk's Resident Members through
this COVID-19 pandemic.
Stabilized Portfolio Occupancy, Rental Revenue Collection,
and Occupied Rent
|
Apr-20
|
May-20
|
Jun-20
|
Jul-20
|
Aug-20
|
Sep-20
|
Oct-20
|
Stabilized
Portfolio Occupancy1
|
96.6%
|
96.7%
|
97.1%
|
96.9%
|
96.7%
|
96.2%
|
96.4%
|
1 Occupancy as of the
first day of each month
|
|
Apr-20
|
May-20
|
Jun-20
|
Jul-20
|
Aug-20
|
Sep-20
|
Rental Revenue
Collection2
|
97.5%
|
97.9%
|
98.0%
|
98.3%
|
98.2%
|
98.3%
|
2 % of rental revenue
collected for the month as the last day of each respective
month
|
|
Apr-20
|
May-20
|
Jun-20
|
Jul-20
|
Aug-20
|
Occupied
Rent3
|
$1,187
|
$1,181
|
$1,177
|
$1,177
|
$1,183
|
3 Ancillary rental revenue
is included in the calculation of occupied rent, September figure
TBA with Q3 Results
|
Sam Kolias, Chairman and Chief
Executive Officer of Boardwalk REIT commented:
"Boardwalk's commitment to providing safe and affordable homes
continues to be rewarded with strong collection and occupancy
rates, while our focus on delivering the best product quality,
service and experience has resulted in higher occupied rents within
the portfolio.
The resilience of our portfolio through this pandemic is a
result of the exceptional value Boardwalk provides its Resident
Members through our high product quality and exceptional customer
service. Our team's peak performance culture and compete DNA that
was developed in response to the economic volatility experienced in
our Western Canadian markets in 2016 has enabled the Trust to
continue delivering stable results through these unprecedented
times. Our eyedropper approach and return-centric capital
investments continue to be focused in on our more affordable brands
and product offering which represent approximately 95% of our
portfolio, while our Lifestyle brand provides affordable
upscale optionality for our Resident Members. Our diverse, value
focused portfolio is well positioned to provide safe and affordable
homes for our Resident Members in all of our markets.
With restrictions on rental rate increases lifted in our primary
markets, Boardwalk remains committed to providing safe and
affordable homes to our Resident Members, with a focus on retention
and occupancy, while achieving sustainable incentive and discount
reductions. We will continue to work with any of our Resident
Members who are experiencing financial hardship.
Thank you to our entire peak performance team of Associates who
continue to provide our essential service of safe and affordable
homes to our Resident Members. We look forward to sharing
full details of our third quarter financial results in
mid-November."
Acquisition of 226-Units in Kitchener/Waterloo/Cambridge, Ontario
Boardwalk is pleased to announce the acquisition of four
properties, comprising 226-units in Kitchener, Waterloo, and Cambridge, Ontario. These assets provide
further scale and operational efficiencies in Boardwalk's existing
portfolio in the region and represent further progress toward the
Trust's long-term goal of further geographic expansion into
high-growth, supply constrained rental markets.
Boardwalk closed on these communities on September 28, 2020 for a total purchase cost of
$63.0 million.
These accretive townhome and recently constructed low-rise
communities offer large suite sizes and provide immediate cashflow,
with a significant opportunity to capture mark to market on
in-place rents as Boardwalk expands its platform into these new
communities.
The Trust has assumed a CMHC-insured mortgage of $7.0 million carrying an interest rate of 2.17%
with a 4-year remaining term. Additionally, the Trust has
secured approximately $29.4 million
of new CMHC-insured financing carrying an interest rate of 1.11%
with an average term of 5 years. The balance of the purchase
cost was funded with Boardwalk's significant liquidity.
For more information on Boardwalk recently acquired communities,
please visit www.bwalk.com
Timing of Boardwalk REIT's Third Quarter Financial
Results
Boardwalk REIT's financial results for the three and nine-month
periods ended September 30, 2020 will
be released after the market closes on Thursday November 12, 2020.
We invite you to participate in the teleconference to be held to
discuss these results the following morning (Friday November 13, 2020) at 9:00 am (Mountain),11:00
am (Eastern). Senior Management will speak to the
results and provide a financial and operational update.
Presentation and supplemental materials will be made available on
our website prior to the call (please visit:
www.bwalk.com/investors).
Teleconference:
The telephone numbers for the conference are toll-free
1-888-664-6383 (within North
America) and 416-764-8650 (International).
Note: Please provide the operator with the below Conference Call
ID or Topic when dialing in to the call.
Conference ID: 37954840
Topic: Boardwalk Real Estate Investment Trust, 2020 Third Quarter
Results.
Webcast:
Investors will also be able to listen to the call and view the
slide presentation by visiting www.bwalk.com/investors on the
morning of the call. An information page will be provided for
any software and system requirements. The live webcast will
also be available by clicking below:
Boardwalk REIT Third Quarter Results Webcast Link
Corporate Profile:
Boardwalk REIT strives to provide Canada's friendliest communities, where
love always livesTM, 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
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SOURCE Boardwalk Real Estate Investment Trust