CALGARY, June 22, 2013 /PRNewswire/ - Boardwalk Real
Estate Investment Trust ("BEI.UN" - TSX)
Boardwalk Rental Communities ("Boardwalk", "The Trust") would
like to update everyone on the impact of the flood on its
Operations in Calgary, as a result
of the recent flooding in Southern
Alberta.
Boardwalk's Calgary apartment
portfolio represents a total of 5,071 Units or 14% of its total
35,277 Apartment Units across Canada. Over the past few days the
City of Calgary has experienced
extensive flooding along river banks and in low lying areas,
including Calgary's Downtown Core.
Throughout this event, the City of
Calgary has issued mandatory and voluntary evacuation
notices for selective communities. In those affected communities,
Boardwalk has two buildings totaling 271 Units in the mandatory
evacuation area. In addition, four properties totaling 539 Units,
are located in the voluntary evacuation area. Included in the
voluntary evacuation area is Boardwalk's Head Office and as a
result we have initiated and established contingency plans to
ensure the continuous and uninterrupted operations of The
Trust.
Based on the information available to The Trust at this time, all
of Boardwalk's Residents and Associates are safe. One of our
properties, Elbow Towers, a high-rise consisting of 158 Units and
located along the Elbow River in Calgary, has experienced extensive flooding.
Boardwalk will provide a further update once the water recedes and
we are able to better assess any and all damage as a result of the
flooding. At this time, there appears to be no further material
water damage at any of Boardwalk's other buildings.
Boardwalk will make every effort to work with its displaced
Residents in re-locating them to other Boardwalk Communities or
other available accomodation. As The Trust begins to assess any and
all impacts to its buildings and its Resident Members, we will
continue to work with Officials to ensure the safety of all those
involved.
Sam Kolias, CEO and Chairman of
Boardwalk REIT said: "We would like to take this opportunity to
extend our thanks to the hard working emergency response teams in
Calgary. They have done an
outstanding job in handling the sudden and tragic flooding of
Calgary and Southern Alberta. On behalf of our Associates
and Resident Members, we would like to say thank you. Our thoughts
and prayers go out to all victims of this devastating and historic
flood."
Rob Geremia, President of Boardwalk
REIT added: "In addition to the emergency response teams, we would
also like to thank our dedicated team of Boardwalk Associates in
Calgary. They have gone above and
beyond during the ongoing floods to ensure the safety and
well-being of our Resident Members as well as our buildings."
It is Boardwalk's understanding that the damage caused will be
covered by our existing insurance policy. Similar to the Insurance
Coverage used in the 2005 Flooding in Calgary, this includes assessment, restoration
and income loss, if any.
Boardwalk will continue to provide updates as we receive further
information and encourage Resident Members, Associates and
Stakeholders to monitor our web page at www.bwalk.com as we will be
posting more detailed information when it becomes available.
About Boardwalk REIT
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, 2013) totaling 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 acquisitions, dispositions, 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 1,600 Associates bringing Customers
home to properties located in Alberta, Saskatchewan, Ontario, Quebec, and British
Columbia.
Boardwalk REIT's Trust units are listed on the Toronto Stock
Exchange, trading under the symbol BEI.UN. The Trust's total
Enterprise Value as of March 31, 2013
was approximately $5.5 billion.
Additional information about Boardwalk REIT can be found on the
Trust's website at www.BoardwalkREIT.com.
SOURCE Boardwalk Real Estate Investment Trust