CALGARY, May 15, 2012 /CNW/ - Boardwalk Real Estate Investment
Trust Boardwalk Real Estate Investment Trust ("Boardwalk",
"Boardwalk REIT" or the "Trust") today announced solid financial
results for the three month period ended March 31, 2012. Funds From
Operations ("FFO") for the first quarter totalled $34.3 million, or
$0.66 per unit on a diluted basis, compared to FFO of $28.1 million
or $0.54 per unit for the same period last year, an increase of
21.8% and 22.2%, respectively. Adjusted Funds From Operation
("AFFO") for the first quarter increased 26.1% to $0.58 per unit,
compared to $0.46 per unit in the same period last year. FFO and
AFFO are widely accepted supplemental measures of the performance
of a Canadian Real Estate entity; however, 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's Discussion and Analysis (MD&A) for
the three month period ended March 31, 2012, under the section
titled, "Performance Measures". The increase in reported FFO can be
attributed to positive rental revenue growth coupled with lower
operating expenses driven by lower utilities cost and increased
efficiency in the Trust's vertically integrated in-house
maintenance. Continued low interest rates have reduced
financing costs as the Trust renews existing CMHC Insured Mortgages
at exceptionally low interest rates. The reported net
increase in profit is mainly the result of an increase in the
reported Fair Value amounts of the Trust's Investment Assets.
This increase is primarily attributed to both an increase in Market
Rents and an overall decrease in estimated market Capitalization
Rates. For further detail, please refer to page 14 of the MD&A.
Additional Information A more detailed analysis is included in the
Management's Discussion and Analysis and Consolidated Financial
Statements, which have been filed on SEDAR and can be viewed at
www.sedar.com or on the Trust's website at
www.boardwalkreit.com. Additionally, more detail on
Boardwalk's operations will be found in its conference call
presentation and other supplemental materials, to be posted on its
web site today at
http://www.boardwalkreit.com/FinancialReports/. The webcast
for this presentation will also be made available on its web site
at http://www.boardwalkreit.com/. $millions, except perunit amounts
Highlights of theTrust's FirstQuarter2012 FinancialResults
ThreeMonths Mar ThreeMonthsMar % 2012 2011 Change Total Rental $
108.0 $ 104.3 Revenue 3.5% Net Operating $ 66.5 $ 60.9 Income (NOI)
9.2% Profit $ 217.3 $ 722.5 -69.9% Funds From Operations $ 34.3 $
28.1 (FFO) 21.8% Adjusted Funds From $ 30.3 $ 24.2 Operations
(AFFO) 25.4% FFO Per Unit $ 0.66 $ 0.54 22.2% AFFO Per Unit $ 0.58
$ 0.46 26.1% Regular Distributions Declared $ 24.0 $ 23.5 (Trust
Units & LP B Units) 2.3% Regular Distributions Declared Per
Unit (Trust Units & LP B Units) $ 0.46 $ 0.45 2.2% (2011 -
$1.80 Per Unit - 2012 - $1.86 per Unit on an annualized basis)
Regular Payout as a % FFO 70.2% 83.5% Regular Payout as a % AFFO
79.3% 97.2% Debt-to-GBV ("Gross Book Value") (Period Ended) 42.5%
49.2% Interest Coverage Ratio (Rolling 4 quarters) 2.51 2.35
Operating Margin 61.5% 58.4% The Fair Value under IFRS for the
Trust's portfolio increased as a result of higher market rents and
lower Capitalization Rates in most municipalities for multi-family
assets. Below is a summary of the Trust's per unit Net Asset
Value with further discussion located in the 2012 First Quarter
MD&A. Highlights of the Trust'sFairValue of Investment
Properties 3/31/2012(1) 12/31/2011(1) IFRS Net Asset Value (NAV)
Per $ 51.84 $ 45.42 Diluted Unit (Trust & LP B) Cash Per
Diluted Unit (Trust & $ 2.63 $ 4.90 LP B) Total Per Diluted
Unit (Trust $ 54.47 $ 50.32 & LP B) (1) Calculated using
principal amounts of unsecured and secured debt outstanding in each
period totalling $2.31 billion as of Mar 31, 2012 and $2.42 billion
as of Dec 31, 2011. Weighted Average Capitalization Rate: 5.73% as
at March 31, 2012 and includes Development Assets.
For further detail, please refer to page
29 of the MD&A. In the first quarter of 2012,
overall occupancy for Boardwalk's portfolio was 98.04%, an increase
to the occupancy level for the same period last year and
sequentially higher than the end of 2011. Average market
rents have increased to $1,065, up from $1,022 in March of 2011.
Despite the increase in average monthly and occupied rents the
Trust was able to achieve in the first quarter, there remains a
considerable mark-to-market opportunity for the Trust as we enter
the seasonally stronger, spring and summer rental season.
Continued focus on product quality and Customer Service remains key
to Boardwalk's operating strategy and further improvement of
financial performance. Boardwalk's rental optimization strategy of
continuous active management of three key variables: occupancy
levels, market rents, and suite-specific incentives, has allowed
the Trust to report an increase in both average and occupied rents
versus the last quarter and the same period a year ago.
Average monthly rents increased to $1,023 from $991 in March of
2011 and average occupied rents for the period ended also increased
to $1,042 versus $1,023 for the same period last year. The Trust's
Customer friendly self-imposed rent control and rental increase
forgiveness for financially challenged Residents continue to build
goodwill and the continued internalization of more maintenance and
value-added projects further enhances curb appeal and quality, with
which the Trust continues to be rewarded with higher revenues and
lower turnover.
For further detail, please refer to page
16 of the MD&A. Portfolio Highlights for
theFirstQuarter of 2012 Mar-12 Dec-11 Mar-11 Average Occupancy
98.04% 97.47% 96.87% (Period Average) Average Monthly Rent $1,023
$1,012 $991 (Period Ended) Average Market Rent $1,065 $1,053 $1,022
(Period Ended) Average Occupied Rent $1,042 $1,033 $1,023 (Period
Ended) Loss-to-Lease (Period $9.8 $8.4 ($0.4) Ended) ($ millions)
Loss-to-Lease Per Trust $0.19 $0.16 ($0.01) Unit (Period Ended)
Cash(Period Ended) ($ $137.6 $255.9 $193.2 millions) % Change
Year-Over- Year - 3 Same Property Months Mar Results 2012 Rental
3.5% Revenue Operating -5.7% Costs Net Operating 9.9% Income (NOI)
For the stabilized property analysis shown above, operating expense
for Q1 2011 was adjusted for the change in wage allocation
estimate, which was reported in Q3 of 2011. Q1 Q4 Q3 Q2 Stabilized
2012 2011vs 2011 2011 Revenue vs Q3 vs vs Growth # of Q42011 2011
Q2 Q1 Units 2011 2011 Calgary 5,310 2.0% 1.3% 1.1% 2.5% Edmonton
12,497 0.7% 1.1% 0.9% 0.9% Fort 352 1.5% -1.5% -1.6% 1.7% McMurray
Grande 645 1.5% 3.2% 1.6% 3.9% Prairie Red Deer 939 1.5% 1.4% 0.6%
1.7% British 633 0.5% 0.7% 1.1% 1.7% Columbia Ontario 4,265 0.6%
1.3% -0.7% 0.8% Quebec 6,000 0.0% 0.6% 0.6% -0.2% Saskatchewan
4,636 0.7% 0.6% 0.6% 0.7% 35,277 0.8% 1.0% 0.6% 1.0% On a
sequential basis, stabilized revenues for the first quarter of 2011
increased 0.8% when compared to the previous quarter, mainly the
result of higher market rents coupled with increased
occupancy. Alberta, our largest market led the sequential
revenue growth this quarter, with Calgary showing the largest
three-month revenue growth. The increase in occupancy while
also increasing occupied rents reflects positively on the Trust's
vertically integrated operating and revenue optimization
strategies. For further detail, please refer to page 21 of the
MD&A. Economic Market Fundamentals Market Fundamentals
_____________________________________________________________________________________
|Market | BC | Alberta |Saskatchewan | Ontario | Quebec |
|Fundamentals | | | | | |
|_______________|_____________|_____________|_____________|_____________|_____________|
|
|Mar-12|Mar-11|Mar-12|Mar-11|Mar-12|Mar-11|Mar-12|Mar-11|Mar-12|Mar-11|
|_______________|______|______|______|______|______|______|______|______|______|______|
|Unemployment | 7.0%| 8.1%| 5.3%| 5.7%| 4.8%| 5.2%| 7.4%| 8.1%|
7.9%| 7.7%| |Rate | | | | | | | | | | |
|_______________|______|______|______|______|______|______|______|______|______|______|
| | Q4 | Q4 | Q4 | Q4 | Q4 | Q4 | Q4 | Q4 | Q4 | Q4 | | | 2011 |
2010 | 2011 | 2010 | 2011 | 2010 | 2011 | 2010 | 2011 | 2010 |
|_______________|______|______|______|______|______|______|______|______|______|______|
|Net | | | | | | | | | | | |Interprovencial| -353| 442| 6,010|
2510| 1| 209|-1,084|-1,811|-1,246| -368| |Migration | | | | | | | |
| | |
|_______________|______|______|______|______|______|______|______|______|______|______|
|Net | | | | | | | | | | | |International | 4,094|-1,145|
6,297|-2,232| 3,047| 1,062|13,597| 4,813| 5,571| 4,540| |Migration
| | | | | | | | | | |
|_______________|______|______|______|______|______|______|______|______|______|______|
|Total Net | 3,741| -703|12,307| 278| 3,048| 1,271|12,513| 3,002|
4,325| 4,172| |Migration | | | | | | | | | | |
|_______________|______|______|______|______|______|______|______|______|______|______|
| | Feb | Feb | Feb | Feb | Feb | Feb | Feb | Feb | Feb | Feb | | |
2011 | 2010 | 2011 | 2010 | 2011 | 2010 | 2011 | 2010 | 2011 | 2010
| | | to | to | to | to | to | to | to | to | to | to | | | Feb |
Feb | Feb | Feb | Feb | Feb | Feb | Feb | Feb | Feb | | |2012 |2011
|2012 |2011 |2012 |2011 |2012 |2011 |2012 |2011 |
|_______________|______|______|______|______|______|______|______|______|______|______|
|Average Weekly | 2.6%| 3.9%| 2.7%| 6.7%| 5.0%| 4.1%| 0.7%| 3.0%|
1.7%| 4.4%| |Wages Growth | | | | | | | | | | |
|_______________|______|______|______|______|______|______|______|______|______|______|
Source: Statistics Canada Western Canada Alberta's real GDP
is forecasted to grow by 3.5% in 2012 and by 3.3% in 2013,
according to CMHC. CMHC also predicts that despite low
natural gas prices, Alberta's commodity-driven economy will
experience the strongest economic growth amongst all of the
provinces in 2012 and 2013. CMHC expects that Saskatchewan's
economic growth will exceed the national average, making it the
fastest growing province in Canada over the next two years.
In Saskatchewan, real GDP is expected to rise by 3.4% in 2012 and
3.2% in 2013, according to CMHC, and this economic growth will be
supported by rising consumer spending on goods and services and
increased investment and exports. Alberta experienced a large gain
in employment in 2011, with most of this growth occurring in
full-time positions. CMHC predicts that employment growth in
2012 and 2013 will continue to grow at a strong pace driven by a
tightening labour market, which will lower the unemployment rate to
below 5.0% and result in higher wages. Similarly,
Saskatchewan is also expected to see employment grow by 1.3% in
2012 and then further by 1.4% in 2013. Over this same period,
CMHC is forecasting that the unemployment rate will trend lower,
below 5% annually. Like Alberta, the labour market in
Saskatchewan is expected to tighten, which will move part-time
positions to full-time positions and, as a result, will provide
overall employment growth. However, CMHC says that the low
unemployment rates will keep wages rising and thus attract migrants
to Saskatchewan. In fact, CMHC is predicting that net
migration in 2012 and 2013 to increase to over 10,000 migrants each
year. While employment growth in British Columbia was
concentrated in the Vancouver CMA in 2011, CMHC expects this growth
to broaden in 2012 and 2013. British Columbia saw slow and
minimal net migration in 2011, migration flows are expected to
increase in 2012 and 2013, according to CMHC. Eastern Canada
According to CMHC, US economic growth is expected to be very modest
moving forward, and with exports accounting for over 50% of
Ontario's GDP. It is expected that job growth will slow from
1.8% in 2011 to 0.7% in 2012; however, it is expected to rebound in
2013 to 1.6%. As a result of this slowed employment growth,
Ontario consumers and the public sector are expected to contribute
less to economic growth, according to CMHC. However, Ontario
businesses will drive spending. Quebec is also expected to
have slow economic growth, according to CMHC; however, this will be
offset by favourable borrowing conditions and demographic factors,
which will support new home construction in 2012 and 2013.
CMHC expects that the current uncertainty revolving around economic
prospects abroad will lead to private investment in the province
and, as a result, provincial GDP will grow by 1.8% in 2012 and 2.0%
in 2013. MLS Housing Prices MLSHousing Prices British Columbia
Vancouver CMA Victoria CMA Mar-12 Mar-11 Mar-12 Mar-11 Average
Single Family NA NA $625,557 $598,920 Average Condo NA NA $332,835
$325,581 Average Overall $679,000 $615,810 NA NA Alberta Calgary
CMA Edmonton CMA Mar-12 Mar-11 Mar-12 Mar-11 Average Single Family
$472,465 $461,579 $380,083 $378,912 Average Condo $313,581 $309,833
$231,629 $232,706 Saskatchewan Saskatoon CMA Regina CMA Mar-12
Mar-11 Mar-12 Mar-11 Average Overall $341,486 $315,866 $287,772
$275,431 Ontario London CMA Windsor CMA Mar-12 Mar-11 Mar-12 Mar-11
Average Overall $232,757 $205,740 $173,002 $153,140 Quebec Montreal
CMA Mar-12 Mar-11 Average Overall* $308,812 $295,874 Internally
generated, NA = Data not available, * Internally calculated based
on volume of sales and total sales as provided by the Greater
Montreal Real Estate Board. Source: Association of Regina
REALTORS®, Calgary Real Estate Board, Canada Mortgage and Housing
Corporation, Canadian Real Estate Association, Edmonton Real Estate
Board, Greater Montreal Real Estate Board, London and St. Thomas
Association of REALTORS®, Real Estate Board of Greater Vancouver,
Saskatoon Region Association of REALTORS®, Victoria Real Estate
Board, Windsor- Essex County Real Estate Board Western Canada CMHC
is expecting the housing market in British Columbia to continue its
upward trend throughout 2012 and 2013 as a result of homebuilders
gradually increasing residential construction in response to the
positive signals from both the resale market and economic
developments. In 2012, CMHC is expecting 10,000
single-detached home starts in 2012 and 10,900 in 2013, while
multi-family housing starts are forecasted at 18,500 in 2012 and
19,200 in 2013. As a result of economic growth and job
creation, housing starts in Alberta are expected to rebound after a
slow year in 2011. CMHC is predicting single-detached housing
starts at 17,300, a 14% increase, in 2012, and a 4% increase to
18,000 in 2013. Similarly, CMHC is predicting multi-family
housing starts to increase as well, a 12% increase in 2012 to
11,800 and 12,000 in 2013. In Saskatchewan, CMHC predicts
that single-detached housing starts are expected to stay roughly
the same at 4,000 in both 2012 and 2013; however, as a result of
increases in migration, multi-family housing starts are forecasted
to increase to 3,400 in 2012 and slowing down slightly in 2013 to
3,000. In British Columbia, the average resale price is expected to
drop by 2.3% in 2012 to $548,500, while it will rebound in 2013 by
4% to just over $570,000, according to CMHC. As a result of
gains in employment and migration, Alberta's average resale price
is expected to rise to $363,650 in 2012 and then further to
$372,300 in 2013, according to CMHC. Saskatchewan is
predicted to experience employment and wage growth, accompanied
with low mortgage rates that will sustain the move to higher priced
homes. However, CMHC says despite these factors, the supply
of existing homes will remain relatively elevated going into 2012,
which will slow the pace of price growth. CMHC is expecting
average home prices to be $266,350 in 2012 and $271,350 in 2013.
Eastern Canada CMHC expects single-detached housing starts in
Ontario to slow in 2012 to 23,200 and then increase in 2013 to
24,200. Contrary to this, multi-family housing starts have
captured a larger share of new home activity in Ontario, which,
according to CMHC, is expected to continue into 2012 and 2013 and,
as a result of this, CMHC is predicting over 40,000 starts in both
years. Quebec's single-detached housing starts are expected
to increase by 8.7% in 2012 to 18,000, according to CMHC, and then
taper off in 2013 to 18,000. CMHC expects multi-family
housing starts in Quebec to settle back into more sustainable
levels for 2012 and 2013 at about 26,300 units for each year. CMHC
predicts that as a result of steady sales and higher home listings,
Ontario's resale markets will begin to move into balance.
This will cause local housing markets to be better supplied and
prices to grow below long-term rates of growth, which are more in
line with the rate of inflation by 2012. CMHC expects the
average price to be $374,300 in 2012 and $382,000 in 2013.
CMHC expects the relatively stable demand for resale homes and the
rising supply will take some pressure off prices. With this
return to more balanced conditions, price growth will moderate to
2% for both 2012 and 2013 bringing prices to $257,300 and $262,500,
respectively. Acquisitions, Dispositions, and Development There
were no Investment Property acquisitions or dispositions in the
first quarter of 2012. The Trust continues to undertake a
cautious approach to the sale of non-core assets to comply with the
existing rules surrounding the tax treatment of publicly traded
REITs (the "SIFT" Legislation) until such time as technical
amendments contained in proposed legislation is substantially
enacted that clarifies the nature of the income generated from
property sales. In a continuation from 2011, the demand for
Multi-Family Investment Properties in Canada continues to be
strong. As a result, further capitalization rate compression
and increases in values for Multi-Family assets continue to be the
trend. The Trust continues to actively bid on higher quality
assets; however, no new apartment acquisitions have been completed
to date, as the actual transaction prices on these assets would not
prove to be in the best interest of the Trust on a risk-adjusted
basis. The Trust has received development approval for a 109-unit,
wood frame, four storey, elevatored asset on existing excess land
that the Trust owns in Calgary, Alberta. It is estimated that
the cost of this development will be approximately $19
million. The Trust applied for a grant from the Province of
Alberta's 'Housing Capital Initiatives' and will receive $7.5
million to assist in the development of this property. In
return, the Trust has agreed to provide 54 of the 109 units at
rental rates 10% below average market rents for 20 years. The
remainder of the development costs will be funded by existing
liquidity the Trust has on hand. The Trust estimates that the
stabilized capitalization rate of this project will be 6.09%, while
also allowing the Trust to surface approximately $39,000 per
apartment unit of land value. The Trust continues to explore the
viability of other potential development of multi-family apartment
buildings on excess land the Trust currently owns in Alberta and
Saskatchewan. The increased demand for multi-family
investment properties, which have resulted in continued
capitalization rate compression, continues to present a unique
opportunity for the Trust to explore the viability of multi-family
rental property development to improve the Trust's portfolio and
enhance value for Unitholders. For further detail, please refer to
page 31 of the MD&A. Investing in our Properties The Trust
believes that the quality of Boardwalk's Communities continues to
drive revenue growth and stability. The Trust continues to
invest in its properties and expects to invest approximately $85
million during the 2012 fiscal year- to enhance the curb appeal and
quality of the Trust's assets. For the first three months of
2012, Boardwalk invested approximately $14.4 million in the form of
project enhancements and equipment purchases, including upgrades to
existing suites, common areas, mechanical systems, and building
exteriors, compared to $13.9 million for the same period in 2011.
Boardwalk's vertically integrated structure allows many repair and
maintenance functions, including landscaping, to be
internalized. A continued focus on completing more of these
functions in-house has resulted in improved quality, productivity,
effectiveness of resources, and overall execution of the Trust's
capital improvement program, leading to sustainable value for our
Customers and long-term growth for Unitholders. For further detail,
please refer to page 28 of the MD&A.
Liquidity and Continued Financial Strength In
January of 2012, the Trust's $112.4 million Unsecured Debentures
were retired with existing liquidity; however, the Trust continues
to maintain a solid financial position with $138 million of cash
and an undrawn $196 million credit facility. The Trust's interest
coverage ratio, excluding gain or loss on sale of assets, for the
three months ended March 31, 2012, was 2.55 times compared to 2.22
times for the same period last year. Cumulatively, since 2007, the
Trust has purchased and cancelled 4,542,747 Trust Units,
representing a total purchase cost of $170.5 million, or an average
cost of $37.53 per Trust Unit through the facilities of the Toronto
Stock Exchange. The current Normal Course Issuer Bid, which
was renewed in August of 2011 and terminates on August 23, 2012 or
until such time as the Bid is complete, allows the Trust to
purchase and cancel up to 3,884,118 Trust Units, representing 10%
of its public float of Trust Units. Given the appreciation in the
value of the Trust's Units, management continues to review all
available options that will provide the greatest return to our
Unitholders. In $000's Cash Position - March 31, $ 138,000 2012
Line of Credit $ 196,000 Total Available Liquidity $ 334,000
Liquidity as a % of Total 14% Debt Debt (net of cash) as a % of 43%
reported asset value For further detail, please refer to page 31 of
the MD&A. Mortgage Financing Interest rates continue to
hover near historic lows and have benefitted the Trust's mortgage
program as the Trust has continued to renew existing CMHC Insured
mortgages at interest rates well below the maturing rates. As
of March 31, 2012, the Trust's total mortgage principal outstanding
and weighted average interest rate decreased to $2.23 billion at a
weighted average interest rate of 3.99%, compared to $2.33 billion
(inclusive of the unsecured debentures) at a weighted average
interest rate of 4.14% reported for December 31, 2011.
Approximately 99% of the Trust's mortgages are CMHC Insured and
provide the benefit of lower interest rates, and limits the renewal
risk of these mortgage loans for the entire amortization
period. The Trust's total debt had an average term to
maturity of over 3 years, and debt (net of cash) to reported asset
value ratio was approximately 43% as of March 31, 2012. For the
remainder of 2012, the Trust has approximately $373 million
remaining in maturing mortgage principal at a weighted average
interest rate of 4.72%. To date, the Trust has forward locked
the interest rate on $172 million of these maturities at an average
of 3.41% while extending the term of these loans for an average of
8 years. The Trust continues to take a balanced approach to its
mortgage program, with current 5 and 10-year CMHC Mortgages
estimated to be 2.50% and 3.10%, and anticipate continued accretive
mortgage renewals in 2012. For further detail, please refer to page
32 of the MD&A. 2012 Financial Guidance As is
customary, the Trust reviews its financial guidance on a quarterly
basis, and has revised 2012 Financial Guidance as follows:
_________________________________________________________________ |
Description | 2012 | 2012 - Q1 | | |Original Guidance|Revised
Guidance |
|_____________________________|_________________|_________________|
| | No new apartment| No new apartment| | | acquisitions |
acquisitions | | Acquisitions | or dispositions | or dispositions |
|_____________________________|_________________|_________________|
| Stabilized Building NOI | | | | Growth | 1% to 4% | 2% to 4% |
|_____________________________|_________________|_________________|
| FFO Per Trust Unit | $2.65 to $2.85 | $2.70 to $2.85 |
|_____________________________|_________________|_________________|
| AFFO per Trust Unit - based | | | | on $450/yr/apt | $2.35 to
$2.55 | $2.40 to $2.55 |
|_____________________________|_________________|_________________|
Based on the Trust's review, the reported stabilized portfolio
results were ahead of internal expectations and, as such, Boardwalk
has increased the lower limit of FFO and AFFO estimates to $2.70
and $2.40, respectively. We have not adjusted the upper end
of our range due to the fact that the reported results did not
exceed the assumptions used to generate the high end of the
reported range. Management will update the market on Financial
Guidance on a quarterly basis. The reader is cautioned that
this information is forward-looking information and actual results
may vary materially from those reported. For further detail, please
refer to page 35 of the MD&A. 2012 Distribution In the first
quarter of 2012, the Trust distributed $0.46 per Trust Unit, an
increase of 2.2% over the same period last year, and equates to a
conservative 70.2% of FFO when compared to the REIT's peers. The
Trust's Board of Trustees has approved the next three months
distributions in the amount of $0.155 per Trust Unit ($1.86 on an
annualized basis) according to the following schedule:
________________________________________________ |Month |Record
Date |Distribution Date |
|___________|_______________|____________________| |May 2012 |May
31, 2012 |Jun 15, 2012 |
|___________|_______________|____________________| |Jun 2012 |Jun
29, 2012 |Jul 16, 2012 |
|___________|_______________|____________________| |Jul 2012 |Jul
31, 2012 |Aug 15, 2012 |
|___________|_______________|____________________| The Board of
Trustees will continue to review the distributions made on the
Trust Units on a quarterly basis. Supplementary Information
Boardwalk produces the Quarterly Supplemental Information that
provides detailed information regarding the Trust's activities
during the quarter. The First Quarter 2012 Supplemental
Information is available on our investor website at
http://www.boardwalkreit.com/FinancialReports/ Teleconference on
First Quarter 2012 Financial Results Boardwalk invites you to
participate in the teleconference that will be held to discuss
these results tomorrow morning (May 16, 2012) at 11:00 am EST.
Senior management will speak to the first quarter's financial
results and provide an update. Presentation materials will be made
available on Boardwalk's investor website at www.boardwalkreit.com
prior to the call. Participation & Registration: Please RSVP to
Investor Relations at 403-206-6739 or by email to
investor@bwalk.com. Teleconference: The telephone numbers for the
conference are toll-free 1-888-231-8191 (within North America) or
647-427-7450 (International.) Note: Please provide the operator
with the below Conference Call ID or Topic when dialling in to the
call. Conference ID: 33039741 Topic: Boardwalk REIT First Quarter
Results Webcast: Investors will be able to listen to the call and
view Boardwalk's slide presentation over the Internet by visiting
http://www.boardwalkreit.com 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
http://www.newswire.ca/en/webcast/detail/940883/1006905 Replay: An
audio recording of the teleconference will be available on the
Trust's website: www.boardwalkreit.com Corporate Profile Boardwalk
REIT is Canada's friendliest landlord and currently owns and
operates more than 225 properties with 35,277 residential units (as
at March 31, 2012) totalling approximately 30 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 acquisition, disposition, and effective
management of its residential multi-family properties.
Boardwalk REIT is vertically integrated and is Canada's leading
owner/operator of Multi-Family Communities with 1600 associates
bringing Customers home to properties located in Alberta,
Saskatchewan, Ontario, Quebec, and British Columbia. 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 2012 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 Management's Discussion &
Analysis of Boardwalk REIT's 2011 Annual Report 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. Boardwalk Real
Estate Investment Trust CONTACT: Investor Relations (403) 531-9255
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