CALGARY, April 14, 2020 /PRNewswire/ - Boardwalk Real
Estate Investment Trust - TSX: BEI.UN
Boardwalk REIT ("Boardwalk", "the Trust", "We") today provided a
brief operational update as we continue to focus on our essential
service of providing safe homes to Boardwalk's Resident Members
during this COVID-19 pandemic.
Sam Kolias; Chairman and Chief
Executive Officer of Boardwalk REIT commented:
"Together, our communities are
adapting to this pandemic environment where we are all responsible
for each other's health, safety and well-being. Within our
Boardwalk Communities, our team's unrelenting hard work, courage,
and dedication allows everyone to remain safe, while continuing to
provide our Resident Members with an essential, safe, and healthy
place to call home.
Boardwalk continues to provide
our essential service with a focus on additional cleaning of our
common areas and frequent touch points. We continue to take
direction from our health authorities to implement a heightened
personal hygiene practice with the use of appropriate personal
protective equipment. In addition, we have found new
innovative ways to deliver our essential service with the launch of
a new virtual showings platform, and to further maintain physical
distancing – over 50% of our Resident Members are now using our
online, self-service Resident Member Portal powered by Yuhu.
Our team of heroes are working tirelessly to ensure that our
essential service of affordable housing is delivered in a safe
manner for both our existing Resident Members and to welcome our
newest Resident Members now calling our Boardwalk Community
Home.
We continue to work closely
with our industry peers to self-regulate and exercise care and
compassion with any of our Residents who may require
assistance. In addition, Boardwalk continues to collaborate
with all levels of Government to ensure that housing remains both
available and sustainable for all Canadians."
Boardwalk owns and operates over 33,000 residential units in
four provinces, and across our portfolio, the Trust has implemented
its pandemic operational response plan. Details of this plan
were highlighted in Boardwalk's March 24,
2020 press release, and on Boardwalk's COVID-19
informational site: www.bwalk.info
The health, safety, and well-being of our Resident Members and
Associates remain our top priority; and as we continue to deliver
homes to our Resident Members through this pandemic, Boardwalk is
committed to ensuring transparency and information to its
stakeholders.
Operational Update (Unless otherwise noted, as of April 13, 2020)
- Boardwalk has received 92% of its rental revenue due in April.
Historically, by the 13th of the month, the Trust
collects 95% of its rental revenue. Boardwalk is actively
following-up with any of its Resident Members in arrears or in need
of a payment plan.
- Boardwalk's payment plan application, for Resident Members
facing financial hardship, was made available to all its Resident
Members. Less than 2% of Boardwalk's Resident's submitted an
application for payment plan, many of which provided partial
payments on the 1st of the month.
- Boardwalk's occupancy within its stabilized portfolio at the
end of March 2020 was 96.5%.
- Turnover (notices for moveout) in the month of April have
decreased by approximately 33%. Boardwalk continues to serve new
residents looking for a safe place to call home.
- For payments received to-date in April of 2020; 51% of payments
were made through pre-authorized payment, 27% were made in-person
at our community offices, and 22% were paid online through
Boardwalk's Resident Member Portal.
- In light of the current environment, Roberto Geremia extends his previously planned
retirement from April 30, 2020 on a
month to month basis to support our team through these extenuating
circumstances.
Liquidity Update (Unless otherwise noted, as of April 13, 2020)
- Current liquidity of $260.4
million, comprised of $36.5
million of cash, $23.9 million
of CMHC-insured financing to be funded in mid-April, and an undrawn
$200 million line of credit.
- Boardwalk has renewed or forward locked the interest rate on
its 2020 mortgage maturities through the end of May (~$105 million or 34% of total 2020 mortgage
maturities) at a weighted average interest rate of 2.12% for an
average term of 7 years.
- With approximately 99% of Boardwalk's mortgage portfolio backed
by CMHC Insurance, the Trust continues to execute on its 2020
mortgage program for both mortgage up-financing and renewals.
Current estimated 5-year CMHC-insured mortgage rates range from
1.80% to 2.30%.
Sam Kolias; concluded:
"Thank you to our entire
Boardwalk Team for their commitment to our purpose, mission,
vision, values and virtues, and for providing the best product
quality, service and experience to all our Resident Members,
bringing you home to a happy place where love always
lives.
We are only able to continue to
provide our essential service of housing through the support and
collaboration of our Resident Members, our Associates, our
Industry, our Stakeholders, our partner Financial Institutions,
CMHC and our Governments. Together we truly are all
one."
2019 Annual and ESG Report
Boardwalk has published its 2019 Annual Report which features
its inaugural ESG report. A copy of this report can be found
on Boardwalk's website: www.bwalk.com/investors
The Trust has scheduled the release of its Q1, 2020 financial
results for May 14, 2020. A
webcast to discuss these results is scheduled for May 15, 2020 at 9:00
am Mountain / 11:00 am
Eastern:
Boardwalk REIT Q1 2020 Conference Call - Webcast Link
Corporate Profile:
Boardwalk REIT strives to provide 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 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
CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING
STATEMENTS
All statements in this press release that
do not relate to historical facts constitute forward-looking
statements. These statements represent Boardwalk REIT's intentions,
plans, expectations and beliefs and are subject to certain risks
and uncertainties that could result in actual results differing
materially from these forward-looking statements. These risks and
uncertainties are more fully described in regulatory filings that
can be obtained on SEDAR at www.sedar.com.
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SOURCE Boardwalk Real Estate Investment Trust