- Q1, 2018 FFO per unit of $0.48
including $0.01 of personnel expense
items
- Stabilizing rental market with revenue leading the way
-
- Portfolio occupancy of 96.7% in April of 2018
- Stabilized quarterly sequential revenue growth of 1.8%
- Same-property year-over-year revenue growth of 1.7%
- Higher utilities expense in Q1 mainly a result of prolonged
winter weather, and increased carbon tax
- Suite and common area investment accelerating revenue
recovery
-
- Strategic targeting of suite renovations completed more
efficiently
- Substantial common area improvements made as unit availability
decreases
- Solid development pipeline
-
- Under construction: Pines Edge 3; Regina, SK
- Under construction: Brio (Boardwalk/RioCan JV); Calgary, AB
- 4,400 apartment unit development pipeline in Alberta and Saskatchewan
- Long-term growth target of 10,000 to 15,000 apartment units
over the next 10 to 15 years
- Strong Financial Position
-
- Over $300 million of
liquidity
- Net Asset Value of $61.25 per
trust unit
- Reiterates 2018 financial guidance
- Distribution of $1.00 per Trust
Unit on an annualized basis confirmed for the months of May, June
and July of 2018.
CALGARY, May 15, 2018 /PRNewswire/ - Boardwalk
Real Estate Investment Trust ("BEI.UN" - TSX)
Boardwalk Real Estate Investment Trust ("Boardwalk", the "REIT"
or the "Trust") today announced its financial results for the first
quarter of 2018.
"We are pleased to report a continuation of our revenue recovery
that began a quarter ago. This positive revenue trend has
significant revenue potential over the next few years by increasing
occupancy, reducing incentives, and increasing overall rents as a
result of our significant investment in suite renovations.
Revenue in the first quarter increased both sequentially and when
compared to last year, mainly the result of increased occupancy to
97%, which is resulting in a significant reduction in our vacancy
loss (which totaled approximately $33
million in 2017.) The improvement in occupancy through
the seasonally slower winter months is a result of our better
product quality and service along with an improved and more
diversified Alberta economy," said
Sam Kolias; Chairman and Chief
Executive Officer of Boardwalk REIT.
"By entering the spring and summer turnover season with lower
availability, we are now well positioned to further our recovery by
beginning to reduce incentives, which totaled approximately
$40 million in 2017, and represents a
significant revenue opportunity. Boardwalk's approach to
incentive reduction will remain customer friendly as we focus on
providing the best quality and service to our residents to continue
to minimize turnover, maximize occupancy, and optimize our net
operating income."
Mr. Kolias concluded: "With significant economic improvement in
our core markets, the Trust is focused on maximizing the value of
its investments and re-capturing significant operating revenues
over the short-term. Over the long-term, the Trust remains
committed to its strategic goal to opportunistically grow its
portfolio by ten to fifteen thousand apartment units to high-grade
our existing portfolio and provide diversification in other
under-supplied, high-growth markets which will provide Net Asset
Value creation over the next ten to fifteen years."
Stabilizing rental market with revenue leading the
way
Rob Geremia; President of
Boardwalk REIT added: "Our team has done a remarkable job of
gaining occupancy during the seasonally slower winter rental months
and as a result we are well positioned to deliver a strong level of
growth with the more balanced rental market. The reduction of
vacancy loss has led to a positive gain on our stabilized
sequential revenue of 1.8% from the previous quarter, and 1.7% from
the same period a year ago."
"We have recently seen some early success in reducing incentives
for both new and renewing Residents. Boardwalk's lease terms
with its Resident Members are for 12-months, and will allow the
Trust to begin recapturing incentives in 2018, and into 2019 which
will provide growth in Boardwalk's financial results going
forward. Boardwalk will continue to remain flexible with its
Resident Members who may experience financial hardship as a result
of a rental rate increase and is committed to ensuring that we
provide the best communities for our Resident Members to call
home."
"In the first quarter, the Trust's positive revenue results were
tempered by an increase in operating expenses, mainly attributed to
higher utilities expense as a result of the prolonged winter
weather in Western Canada, an
increased carbon tax, and higher G&A as a result of personnel
charges. The Trust remains committed to maximizing the
potential of our team to reflect our culture of a team of peak
performers. The Trust will continue to evaluate its
controllable operating expenses in 2018, and anticipate additional
personnel charges through the year."
Mr. Geremia concluded: "As anticipated for 2018, the reduction
in vacancy and turnover has reduced the number of suite renovations
completed from a year ago. As a result, we are continuing to
strategically target our renovations by brand to maximize our
returns. In the first quarter, the Trust has increased the
amount of capital investment on common area and lobby upgrades in
our Living and Community brands to enhance their curb appeal
leading to higher demand and lower turnover. By balancing our
suite renovation program with natural vacancy, the Trust can more
efficiently target its capital investments which will balance both
near and long term operating results."
Brand diversification:
To better understand the renovation program and provide
Boardwalk with the ability to efficiently target capital investment
to maximize returns, the Trust launched three distinct brands under
the Boardwalk umbrella:
Boardwalk Living
– Affordable Value
Boardwalk Living features classic suites for our
Residents who appreciate flexibility, reliability, and value that
comes with a quality home.
Boardwalk
Communities – Enhanced Value
Boardwalk Communities feature modernized suites and
choice amenities for those who value flexibility with all the
comforts that come with the perfect place to call home.
Boardwalk Lifestyle
– Affordable Luxury
Boardwalk Lifestyle features luxury living with modern
amenities, designer suites, and a contemporary style for those who
value life experiences and prefer the freedom to enjoy
them.
In May of 2018, Boardwalk was pleased to announce the grand
opening of Broadway Centre; a newly repositioned Lifestyle asset in
Calgary. The community, which was formally known as Beltline
Towers is located near the Mission and 17th Avenue
Entertainment District in Calgary
and offers Residents a sleek modern design, a lively and energetic
atmosphere, superior customer service, and a generous selection of
first-class amenities including a state-of-the-art fitness
facility, resident lounges, wi-fi bars, party room, and a private
outdoor terrace.
With three distinct brands offering various price points, value,
and service, Boardwalk offers a product across the rental
spectrum. As demographic, affordability, and demand for
rental housing continues to increase, the Trust is well positioned
to provide a home that suits all Residents.
Operational Highlights
Stabilized Sequential Revenue
Positive stabilized sequential revenue growth of 1.8% in Q1:
|
|
|
|
|
|
|
|
|
|
|
Stabilized
Revenue
Growth
|
|
# of
Units
|
|
Q1 2018
vs Q4
2017
|
|
Q4 2017
vs Q3
2017
|
|
Q3 2017
vs Q2
2017
|
|
Q2 2017
vs Q1
2017
|
Edmonton
|
|
12,397
|
|
1.5%
|
|
0.5%
|
|
-0.9%
|
|
-1.1%
|
Calgary
|
|
5,419
|
|
4.7%
|
|
1.2%
|
|
-1.4%
|
|
-0.3%
|
Red Deer
|
|
939
|
|
9.7%
|
|
4.0%
|
|
-2.7%
|
|
-1.4%
|
Grande
Prairie
|
|
645
|
|
2.0%
|
|
7.4%
|
|
2.6%
|
|
2.9%
|
Fort
McMurray
|
|
352
|
|
0.5%
|
|
0.0%
|
|
2.3%
|
|
-4.5%
|
Quebec
|
|
6,000
|
|
-0.2%
|
|
1.3%
|
|
0.9%
|
|
0.5%
|
Saskatchewan
|
|
4,024
|
|
0.5%
|
|
0.5%
|
|
-1.1%
|
|
-0.5%
|
Ontario
|
|
2,585
|
|
1.7%
|
|
0.4%
|
|
1.9%
|
|
-0.2%
|
|
|
32,361
|
|
1.8%
|
|
0.9%
|
|
-0.5%
|
|
-0.5%
|
Occupancy History
Occupancy of 96.7% on April 1,
2018, an improvement of approximately 400 basis points since
mid-2017:
|
%
Occupancy
|
|
2018
|
2017
|
2016
|
2015
|
2014
|
January
|
95.66%
|
93.78%
|
97.49%
|
97.55%
|
98.16%
|
February
|
96.14%
|
94.30%
|
97.36%
|
97.88%
|
98.59%
|
March
|
96.47%
|
94.71%
|
96.98%
|
97.79%
|
98.62%
|
April
|
96.69%
|
95.11%
|
96.82%
|
97.66%
|
98.72%
|
May
|
|
95.43%
|
96.31%
|
97.33%
|
98.50%
|
June
|
|
95.58%
|
96.80%
|
97.19%
|
98.43%
|
July
|
|
92.84%
|
94.66%
|
96.48%
|
98.04%
|
August
|
|
92.77%
|
94.21%
|
96.57%
|
98.08%
|
September
|
|
93.06%
|
94.86%
|
96.80%
|
97.83%
|
October
|
|
93.48%
|
94.63%
|
97.15%
|
98.19%
|
November
|
|
94.25%
|
94.26%
|
97.37%
|
97.98%
|
December
|
|
95.24%
|
93.84%
|
97.50%
|
97.72%
|
Total
|
96.24%
|
94.28%
|
95.69%
|
97.27%
|
98.24%
|
Solid development pipeline
In addition to Boardwalk's renovation and re-positioning
program, the addition of newly constructed rental communities is
consistent with the Trust's strategy of high-grading its
portfolio. Construction of Pines Edge 3 in Regina, SK, a 71-unit four storey building,
similar to the previous 2 phases, has commenced. The
estimated cost of construction is $13.2
million, or $186,000 per door,
with an estimated stabilized unlevered yield of 6.00% to
6.50%. Completion and initial occupancy is anticipated for Q3
of 2018.
Construction of the RioCan and Boardwalk mixed-use development
joint venture named Brio in Calgary,
AB commenced in 2018. The project will include a
twelve-storey tower with approximately 130,000 square feet of
premium residential rental housing, totaling 162 units, and 10,000
square feet of retail space. The tower will be located at a
desirable location adjacent to the Calgary Light Rail Transit Line,
in close proximity to The University of
Calgary, Foothills Hospital, and McMahon Stadium. The
estimated total cost of construction is $75 to $80 million,
and is anticipated to be completed in 2020.
Boardwalk's internal development opportunities include
additional projects on existing excess land density that the Trust
holds in its portfolio. These developments are in various
stages of planning and approval, and provide a significant pipeline
of approximately 4,400 apartment units totaling 4.4 million
buildable square feet of potential new assets that could be added
to the Trust's portfolio.
The Trust's core markets in Alberta and Saskatchewan have historically outperformed
the broader rental market and, despite the cyclical decline we have
experienced in these markets over the past 24 months, the Trust
believes that these markets will provide cyclically high returns as
the rental market continues to re-balance. The Trust will
continue to undertake a counter-cyclical approach to its portfolio
by utilizing the recent cyclical downturn to high-grade its
portfolio through its suite renovation program and potential new
developments.
The Trust, however, acknowledges that no individual market is
immune to cyclicality and, as part of its long-term goal, intends
to couple its Alberta and
Saskatchewan portfolio with the
opportunistic acquisition and development of assets in high-growth
markets outside of Alberta and
Saskatchewan to diversify and
allow the Trust to provide its brand of housing into new markets,
which will result in Net Operating Income growth and capital
appreciation for its stakeholders.
Boardwalk's long-term strategic goal is to have a portfolio that
is approximately 50% in the high growth markets of Alberta and Saskatchewan and 50% in other high growth and
undersupplied markets including, but not limited to, the
Greater Toronto Area, Vancouver, Ottawa, Montreal, Quebec
City, Winnipeg, and
Halifax.
To accomplish this, the Trust intends to strategically partner,
acquire and/or develop 10,000 to 15,000 apartment units
in high growth, undersupplied markets, while also divesting
some of its current non-core assets. The Trust's portfolio
growth will primarily focus on opportunistic value creation
opportunities in major markets over the next 10 to 15 years.
Strong Financial Position
The Trust, over the past decade, has strengthened its balance
sheet to maintain financial strength and flexibility and has
positioned Boardwalk with the flexibility to deploy capital towards
value enhancing opportunities such as the Trust's suite renovation
program, acquisitions, development of new assets, joint ventures,
and a continued investment in the Trust's own portfolio through
value-added capital improvements.
At the end of March 31, 2018, the Trust had approximately
$313 million in liquidity that it
could deploy towards new investment opportunities.
|
|
|
Q1 2018
|
|
|
In
$000's
|
|
|
Cash Position - Mar
2018
|
$
|
90,000
|
|
|
|
Subsequent Committed
Financing
|
$
|
23,000
|
|
|
|
Line of
Credit
|
$
|
200,000
|
|
|
|
Total Available
Liquidity
|
$
|
313,000
|
|
|
|
Liquidity as a % of
Current Total Debt
|
|
12%
|
|
|
|
Current Debt (net of
cash) as a % of reported asset value
|
|
46%
|
Interest rates remain low and have benefitted the Trust's
mortgage program as the Trust has continued to renew existing
Canada Mortgage and Housing Corporation ("CMHC") insured mortgages
at interest rates generally at or below the maturing rates.
As of March 31, 2018, the Trust's total mortgage principal
outstanding totaled $2.75 billion at
a weighted average interest rate of 2.60%, compared to $2.57 billion at a weighted average interest rate
of 2.61% reported for December 31, 2017.
Over 99% of the Trust's mortgages are CMHC insured, providing
the benefit of lower interest rates and limiting the renewal risk
of these mortgage loans for the entire amortization period, which
can be up to 40 years. The Trust's total debt had an average
term to maturity of approximately 4.0 years, with a remaining
amortization of 31 years. The Trust's debt (net of cash) to
reported asset value ratio was approximately 46% as of
March 31, 2018.
The Trust has renewed or forward locked the interest rate on
approximately $87.4 million, or 43%
of its 2018 mortgage maturities. The new rate on these
renewed mortgages is 2.88% and represents an annualized interest
expense reduction of approximately $0.2
million.
The Trust continues to undertake a balanced strategy to its
mortgage program. Current 5 and 10-year CMHC Mortgage Rates
are estimated to be 3.00% and 3.30%, respectively. The
Trust's interest coverage ratio, excluding gain or loss on sale of
assets, for the most recent completed four quarters ended
March 31, 2018, was 2.59 times, from 2.95 times for the same
period a year ago.
Same property fair value for the Trust's portfolio increased
slightly relative to the previous quarter, primarily a result of
increased market rents relating to the Trust's suite renovation
program, and the continued stabilization of recently acquired and
developed investment properties. Overall, fair value
increased approximately $80.7 million
versus the previous quarter.
Below is a summary of the Trust's total per unit Net Asset Value
with further discussion located in the 2018 First Quarter
MD&A.
|
Highlights of the
Trust's Fair Value of Investment Properties
|
|
Mar 31,
2018
|
|
Dec 31,
2017
|
IFRS Asset Value Per
Diluted Unit (Trust & LP B)
|
$
|
113.62
|
|
$
|
111.94
|
Debt Outstanding per
Diluted Unit
|
$
|
(54.13)
|
|
$
|
(52.96)
|
Net Asset Value (NAV)
Per Diluted Unit (Trust & LP B)
|
$
|
59.49
|
|
$
|
58.98
|
Cash Per Diluted Unit
(Trust & LP B)
|
$
|
1.76
|
|
$
|
1.39
|
Total Per Diluted
Unit (Trust & LP B)
|
$
|
61.25
|
|
$
|
60.37
|
Weighted Average Capitalization Rate: 5.29% at March 31,
2018 and 5.29% at December 31, 2017
An additional metric utilized in real estate valuation is
comparative value per apartment suite/door. Boardwalk's
current trading price of approximately $46 per Trust Unit equates to a per door value of
$153,000, a significant discount to
Boardwalk's estimated Fair Value of approximately $174,000 per door, and a large discount to recent
transactions seen in the real estate investment market for
well-located assets and additionally wider discount to replacement
value.
2018 Financial guidance
The Trust provided a financial outlook for the year to enhance
transparency in our financial reporting by sharing our own
perspectives on the Trust's current position and objectives.
The Trust is reiterating its previously provided guidance with
first quarter results mainly inline with expectations.
Operating performance and macro-environment visibility has improved
for 2018 in the Trust's core markets and will continue to update
this guidance on a quarterly basis.
Description
|
2018
Objectives
|
Stabilized Building
NOI Growth
|
2% -
7%
|
FFO Per
Unit
|
$2.15 -
$2.35
|
AFFO Per
Unit
|
$1.70 - $1.90
utilizing a
Maintenance CAPEX of
$695/suite/year
|
The Trust is estimating stabilized building NOI growth of 2% to
7% in 2018, as the Trust focuses on maintaining high occupancy
levels and begin to reduce incentives. As a result, the Trust
is anticipating FFO growth in 2018 from the prior year with an
estimated range of $2.15 to
$2.35 per Trust Unit. The investments
made throughout 2017 and into 2018 in our communities, and in
improving our service levels, have positioned Boardwalk to excel in
2018 and beyond.
The reader is cautioned that this information is forward-looking
and actual results may vary materially from those reported.
The Trust reviews these key assumptions quarterly and based on this
review may change its outlook.
In addition to the above financial guidance for 2018, the Trust
also providing its 2018 capital budget as follows:
|
|
|
|
|
|
|
|
Capital Budget
($000's)
|
2018
Budget
|
|
Per Suite
|
|
Three Months
Ended,
March 31,
2018 Actual
|
|
Per Suite
|
Maintenance
Capital
|
$
|
23,065
|
|
$
|
695
|
|
$
|
5,766
|
|
$
|
174
|
Value-added Capital
(including suite upgrades)
|
|
113,229
|
|
|
3,412
|
|
|
24,138
|
|
|
727
|
Total Property
Capital
|
$
|
136,294
|
|
$
|
4,107
|
|
$
|
29,904
|
|
$
|
901
|
Total Property
Capital
|
$
|
136,294
|
|
|
|
|
$
|
29,904
|
|
|
|
Development
|
|
30,000
|
|
|
|
|
|
5,686
|
|
|
|
Total Capital
Investment
|
$
|
166,294
|
|
|
|
|
$
|
35,590
|
|
|
|
In total, we expect to invest $136.3
million (or $4,107 per
apartment unit) on property capital in 2018. For the, the
three months ended March 31, 2018, the Trust invested
$29.9 million (or $901 per apartment unit) on property
capital. The majority of the 2018 property capital budget is
earmarked for strategic suite capital expenditures, with a targeted
return on investment. The Trust has also increased its
Maintenance Capital estimate for 2018 to $695 per apartment unit per year. For the
three months ended March 31, 2018, the Trust incurred
$5.7 million of development
capital.
Value Added Capital is subject to continuous review and will
only be invested if the Trust can earn a significant return on this
investment.
Additional information relating to the Trust's computation of
Maintenance Capital can be found in its First Quarter Management
Discussion and Analysis.
Q1 regular monthly distribution
Boardwalk's Board of Trustees has confirmed the next three
months distributions as follows:
|
|
|
|
|
|
|
|
Month
|
|
Per Unit
|
|
Annualized
|
|
Record
Date
|
Distribution
Date
|
31-May-18
|
|
$
|
0.0834
|
|
$
|
1.00
|
|
31-May-18
|
15-Jun-18
|
30-Jun-18
|
|
$
|
0.0834
|
|
$
|
1.00
|
|
29-Jun-18
|
16-Jul-18
|
31-Jul-18
|
|
$
|
0.0834
|
|
$
|
1.00
|
|
31-Jul-18
|
15-Aug-18
|
The Trust's distribution policy to align with the Trust's
long-term focus of NAV growth will comprise of an annual
distribution, paid monthly, at least equal to the taxable portion
of the Trust's income.
This formal policy will allow the Trust to retain a significant
portion of cashflow to re-invest in capital growth
opportunities.
The Board of Trustees will review the taxable portion of the
Trust's income on a quarterly basis, and may announce an increase
or a special distribution from time to time to ensure that all
taxable income is distributed to Unitholders.
Financial and Supplementary information
Boardwalk produces quarterly financial statements, management
discussion and analysis, and a supplemental information package
that provides detailed information regarding the Trust's activities
during the quarter. Financial and supplementary information
is available on Boardwalk's investor website at
www.boardwalkreit.com.
Teleconference on First Quarter 2018 Financial
Results
Boardwalk invites you to participate in the teleconference that
will be held to discuss these results tomorrow morning
(May 16, 2018) at 11:00 am Eastern Time. Senior management will
speak to the period's results and provide an update. Presentation
materials will be made available on Boardwalk's investor website at
www.boardwalkreit.com prior to the call.
Teleconference: The telephone numbers for the conference
are 647-427-7450 (local/international callers) or toll-free
1-888-231-8191 (within North
America).
Note: Please provide the operator with the below Conference Call
ID or Topic when dialing in to the call.
Conference ID: 1389986
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:
https://event.on24.com/wcc/r/1640178/F41885B50DCD842A4011F0E2105C5D0B
Replay: An audio recording of the teleconference will be
available on the Trust's website:
www.boardwalkreit.com
First Quarter 2018 Financial Highlights
|
$ millions, except
per unit amounts
|
Highlights of the
Trust's First Quarter 2018 Financial Results
|
|
3 Months Mar
31,
2018
|
|
3 Months Mar
31,
2017
|
|
%
Change
|
Same Store Total
Rental Revenue
|
$
|
104.0
|
|
$
|
102.2
|
|
1.7%
|
Total Rental
Revenue
|
$
|
107.1
|
|
$
|
105.5
|
|
1.5%
|
Same Store Net
Operating Income (NOI)
|
$
|
52.7
|
|
$
|
53.0
|
|
-0.5%
|
Net Operating Income
(NOI)
|
$
|
52.4
|
|
$
|
52.7
|
|
-0.5%
|
Profit for the
period
|
$
|
69.3
|
|
$
|
17.2
|
|
302.8%
|
Funds From Operations
(FFO)
|
$
|
24.3
|
|
$
|
25.7
|
|
-5.3%
|
Adjusted Funds From
Operations (AFFO)
|
$
|
18.5
|
|
$
|
21.2
|
|
-12.7%
|
FFO Per
Unit
|
$
|
0.48
|
|
$
|
0.51
|
|
-5.9%
|
AFFO Per
Unit
|
$
|
0.36
|
|
$
|
0.42
|
|
-14.3%
|
Regular Distributions
Declared (Trust Units & LP B Units)
|
$
|
12.7
|
|
$
|
28.5
|
|
-55.5%
|
Regular Distributions
Declared Per Unit (Trust Units & LP B Units)
|
$
|
0.250
|
|
$
|
0.563
|
|
-55.5%
|
|
|
|
|
|
|
|
|
Regular Payout as a %
FFO (1)
|
|
52.3%
|
|
|
111.2%
|
|
|
|
|
|
|
|
|
|
|
Interest Coverage
Ratio (Rolling 4 quarters)
|
|
2.59
|
|
|
2.95
|
|
|
Operating
Margin
|
|
48.9%
|
|
|
49.9%
|
|
|
|
Portfolio
Highlights for the First Quarter of 2018
|
|
Mar-18
|
Dec-17
|
Mar-17
|
Average Occupancy
(Period Average)(Same Store)
|
|
96.06%
|
|
94.37%
|
|
94.10%
|
|
|
|
|
|
|
|
Average Monthly Rent
(Period Ended)
|
$
|
1,062
|
$
|
1,048
|
$
|
1,033
|
|
|
|
|
|
|
|
Average Market Rent
(Period Ended)
|
$
|
1,129
|
$
|
1,117
|
$
|
1,107
|
|
|
|
|
|
|
|
Average Occupied Rent
(Period Ended)
|
$
|
1,094
|
$
|
1,094
|
$
|
1,090
|
|
|
|
|
|
|
|
Loss -to-Lease
(Period Ended) ($ millions )
|
$
|
13.1
|
$
|
8.4
|
$
|
6.1
|
|
|
|
|
|
|
|
Loss -to-Lease Per
Trust Unit (Period Ended)
|
$
|
0.26
|
$
|
0.17
|
$
|
0.12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% Change
Year-
Over-Year -
3
|
% Change
Year-
Over-Year -
3
|
Same Property
Results
|
|
|
Months
Mar-18
|
Months
Mar-18
|
Rental
Revenue
|
|
|
|
1.7%
|
|
1.7%
|
Operating
Costs
|
|
|
|
4.2%
|
|
4.2%
|
Net Operating Income
(NOI)
|
|
|
|
-0.5%
|
|
-0.5%
|
Same property
results exclude 79-unit Pines Edge 2 completed June 2017, 162-unit
Vita Estates acquired June 2016, 238-unit Auburn Landing acquired
June 2016, 165-unit Axxess acquired August 2016 and 182-unit The
Edge acquired in August 2016. All rental rates noted are
net of incentives.
|
NOI, FFO and AFFO are widely accepted supplemental measures
of the performance of a Canadian Real Estate entity; however, they
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
Discussion and Analysis ("MD&A") for the first quarter ended
March 31, 2018, under the section titled, "Performance
Measures".
Corporate Profile
Boardwalk REIT strives to be 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 sustainable monthly cash
distributions, and increase 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 with 1,700 Associates 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.BoardwalkREIT.com.
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 2018 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 2017 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.
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SOURCE Boardwalk Real Estate Investment Trust