TSX: BEI.UN
CALGARY,
AB, April 6, 2022 /CNW/ - Boardwalk REIT
("Boardwalk, "the Trust", "We") is providing a brief operational
and acquisition update as we continue to focus on our essential
service of providing high-quality and affordable homes to
Boardwalk's Resident Members while delivering growth and value for
our stakeholders.
Stabilized Portfolio Occupancy
|
Jan-21
|
Feb-21
|
Mar-21
|
Apr-21
|
May-21
|
Jun-21
|
Stabilized
Portfolio
Occupancy 1
|
94.8%
|
94.7%
|
95.0%
|
95.7%
|
96.0%
|
96.0%
|
|
|
|
|
|
|
|
|
Jul-21
|
Aug-21
|
Sep-21
|
Oct-21
|
Nov-21
|
Dec-21
|
|
95.9%
|
96.1%
|
96.2%
|
96.1%
|
95.7%
|
95.7%
|
|
|
|
|
|
|
|
|
Jan-22
|
Feb-22
|
Mar-22
|
Apr-22
|
|
|
|
95.6%
|
95.5%
|
95.4%
|
95.8%
|
|
|
1 Preliminary occupancy as of the
first day of each month
|
Occupied Rent
|
Jan-21
|
Feb-21
|
Mar-21
|
Apr-21
|
May-21
|
Jun-21
|
Occupied Rent
2
|
$1,190
|
$1,189
|
$1,188
|
$1,188
|
$1,189
|
$1,191
|
|
|
|
|
|
|
|
|
Jul-21
|
Aug-21
|
Sep-21
|
Oct-21
|
Nov-21
|
Dec-21
|
|
$1,191
|
$1,196
|
$1,195
|
$1,198
|
$1,201
|
$1,203
|
|
|
|
|
|
|
|
|
Jan-22
|
Feb-22
|
|
|
$1,204
|
$1,206
|
|
2 Occupied
rent is a component of rental revenue as calculated in accordance
with IFRS and represents stabilized properties only. It is
calculated for occupied units as of the first day of each month as
the average rental revenue, adjusted for other rental revenue items
such as fees, specific recoveries and revenue from commercial
tenants.
|
Sam Kolias, Chairman and Chief
Executive Officer of Boardwalk commented:
"After a slower January and first two weeks of February, we have
seen a strong increase in rental traffic in March with higher
occupancy and lower availability as we head into the strong spring
leasing season.
Our team is committed to further optimize our rentals and
occupancy, while finding innovative ways to best manage
controllable operating costs during a high inflation period. We are
anticipating some higher non-controllable costs in the first
quarter, such as utilities, due to a combination of colder weather
in the Trust's Western markets, an increase in Residents being in
their homes during the onset of the Omicron variant, and utility
cost inflation driven by energy shortages.
We are confident that our strong leasing momentum,
peak-performing team and unparalleled affordability of our core
markets position us well for continued growth in the months to
come."
Canmore and Brampton
Acquisitions
The Trust is pleased to announce the acquisition of two
properties in Canmore, Alberta and
Brampton, Ontario for a combined
purchase price of $117.5 million. The
portfolio strengthens and expands the Trust's presence in two
significantly undersupplied housing markets while providing
immediate accretion to Unitholders. The transaction closed on
March 30, 2022 and was funded with a
combination of existing liquidity and low-cost mortgage
financing.
Peak Estates in Canmore
consists of three A-class, four-storey buildings constructed in
2018, offering Residents unparalleled access to the world-class
outdoor recreational Banff and
Canmore corridor. The property
totals 148 units and features large unit sizes, modern finishes and
6 in-suite appliances. The property compliments the Trust's
existing Elk Valley Estates and Mountainview Estates communities in
the nearby Town of Banff and
increases the Trust's portfolio in the region to over 300
units.
Ardglen Place in Brampton
totals 152 desirable townhouse units and offers significant
value-add potential for the Trust. The property features large unit
sizes and offers Residents desirable low-density housing in the
rapidly growing Peel Region. The community establishes a solid
operational foothold in the area for Boardwalk ahead of the
completion of Tower 1 of the Trust's 45 Railroad development in
Brampton, which is expected to
come online in Q4 2022.
2021 ESG and Annual Report
Boardwalk is proud to publish its 2021 ESG and Annual Report.
Both reports are available as digital reports on the Trust's
website: www.bwalk.com/investors.
Timing of Boardwalk REIT's First Quarter Financial
Results
Boardwalk REIT's financial results for the three-month period
ended March 31, 2022, will be
released the evening of May 9,
2022.
We invite you to participate in the teleconference to be held to
discuss these results the following morning (Tuesday May 10, 2022) 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: 85957330
Topic: Boardwalk Real Estate Investment Trust, 2022 First 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 First 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,
Quebec, Ontario, Saskatchewan, and British Columbia.
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
statements and information (collectively, "forward-looking
statements") within the meaning applicable of securities laws. The
use of any of the words "expect", "anticipate", "may", "will",
"should", "believe", "intend" and similar expressions are intended
to identify forward-looking statements. Implicit in these
forward-looking statements, particularly in respect of Boardwalk's
objectives for its current and future periods, Boardwalk's
strategies to achieve those objectives, as well as statements with
respect to management's beliefs, plans, estimates, assumptions,
intentions, and similar statements concerning anticipated future
events, results, circumstances, performance or expectations are
estimates and assumptions subject to risks and uncertainties which
could cause Boardwalk's actual results to differ materially from
the forward-looking statements contained in this news release.
Specifically, Boardwalk has made assumptions surrounding the impact
of economic conditions in Canada
and globally including as a result of the COVID-19 pandemic,
Boardwalk's future growth potential, prospects and opportunities,
the rental environment compared to several years ago, relatively
stable interest costs, access to equity and debt capital markets to
fund (at acceptable costs) the future growth program to enable the
Trust to refinance debts as they mature, the availability of
purchase opportunities for growth in Canada, general industry conditions and
trends, changes in laws and regulations including, without
limitation, changes in tax laws, mortgage rules and other temporary
legislative changes in light of the COVID-19 pandemic, increased
competition, the availability of qualified personnel, fluctuations
in foreign exchange or interest rates, and stock market volatility.
These assumptions, although considered reasonable by the Trust at
the time of preparation, may prove to be incorrect.
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content:https://www.prnewswire.com/news-releases/boardwalk-reit-provides-operational-update-strengthens-presence-in-canmore-and-brampton-markets-and-announces-timing-of-release-of-its-2022-first-quarter-financial-results-301518586.html
SOURCE Boardwalk Real Estate Investment Trust