SUMMARY HIGHLIGHTS FOR THE THREE-MONTH PERIOD ENDED MARCH
31, 2021
- HEALTH AND SAFETY THROUGH THE COVID-19 PANDEMIC REMAINS A
PRIORITY AS WE CONTINUE TO PROVIDE OUR ESSENTIAL SERVICE OF SAFE
AND AFFORDABLE HOUSING
- SOLID FFO PERFORMANCE
-
- Funds From Operations (FFO) of $0.65 per Trust Unit; an increase of 4.8%.
- RESILIENT OPERATIONAL RESULTS THROUGH THE WINTER
MONTHS
-
- Strong same-property revenue and net operating income growth in
Ontario, Quebec, and Saskatchewan.
- Occupancy gains and revenue optimization during the first
quarter providing positive trend in Alberta portfolio.
- April 2021 occupancy of 95.7%, an
increase of 100 basis points from February
2021.
- Q1 2021 same-property occupancy of 94.9% through additional
government-imposed lockdowns and seasonally slower period.
- Continued sustainable reduction of incentives on lease
renewals.
- Rental collections remain consistent with pre-COVID levels.
- STRONG AND FLEXIBLE FINANCIAL POSITION
-
- Approximately $294 million of
liquidity.
- Further reduction of interest expense on CMHC-insured mortgage
renewals.
- 99% of Boardwalk's mortgages carry CMHC-insurance.
- Net Asset Value of $57.93 per
Trust Unit, equating to approximately $175,000 per door and approximately a 4.70% cap
rate on the Trust's actual trailing twelve-month NOI.
- Current valuation of $37.00 per
Trust Unit implies a 5.75% cap rate on the Trust's actual trailing
twelve-month NOI.
- PAIRING ORGANIC GROWTH WITH ACCRETIVE GEOGRAPHIC
EXPANSION
-
- Continued scaling and expansion in Victoria, BC with the acquisition of
Aurora, a well-located, stabilized and recently constructed
114-unit community. Closing was on April 19,
2021.
- Acquisition of Mountainview Estates, an 81-unit townhome
and apartment community located in the undersupplied and
economically resilient town of Banff,
AB. Closing was on April 16,
2021.
- DISTRIBUTION OF $1.00 PER
TRUST UNIT ON AN ANNUALIZED BASIS CONFIRMED FOR THE MONTHS OF MAY,
JUNE, AND JULY 2021
CALGARY, AB, May 13, 2021 /PRNewswire/ - Boardwalk Real
Estate Investment Trust (TSX: BEI.UN)
Boardwalk Real Estate Investment Trust ("Boardwalk", the "REIT"
or the "Trust") today announced its financial results for the first
quarter 2021.
Sam Kolias; Chairman and Chief
Executive Officer of Boardwalk REIT commented: "We are pleased to
report on another solid quarter and performance through the first
three months of 2021, with growth in FFO per Trust Unit of 4.8%
compared to the same period a year ago. Boardwalk's continued
track record of resilient and strong financial performance is a
result of our Team's commitment to finding innovative and efficient
ways to attract and retain Resident Members and deliver our
exceptional product quality, service, and experience despite
the challenging pandemic environment.
Through the winter months and the third-wave of this pandemic,
our Boardwalk team has increased occupancy each month since
February to optimize revenue and position the Trust for the
seasonally strong spring and summer rental season. Rental
demand continues to be strong with vaccines well underway and in
advance of further demand growth potential from the return of
students and immigration. Our progress on sustainable
incentive reductions on lease renewals continues, and we remain
focused on investing our retained cash flow toward value-enhancing
improvements geared toward value and affordability across our
Canadian portfolio.
Our top priority remains the health and safety of both our
Resident Members and our Team in delivering our essential service
of housing to our Residents across the country. We remain
ever grateful for our front line and essential service providers,
including our Boardwalk Team of Heroes who work tirelessly to
provide safe and affordable housing in all our markets."
FIRST QUARTER FINANCIAL HIGHLIGHTS
|
$ millions, except
per unit amounts
|
Highlights of the
Trust's First Quarter 2021 Financial Results
|
|
|
|
|
|
|
|
|
3 Months Mar 31,
2021
|
|
3 Months Mar 31,
2020
|
%
Change
|
Operational
Highlights
|
|
|
|
|
|
Total Rental
Revenue
|
|
$
|
115.8
|
|
$
|
116.0
|
-0.2%
|
Same Property Total
Rental Revenue *
|
|
$
|
113.4
|
|
$
|
114.6
|
-1.0%
|
Net Operating Income
(NOI)
|
|
$
|
63.9
|
|
$
|
64.7
|
-1.2%
|
Same Property NOI
*
|
|
$
|
64.1
|
|
$
|
65.7
|
-2.5%
|
Operating
Margin
|
|
|
55.2%
|
|
|
55.7%
|
|
Same Property
Operating Margin *
|
|
|
56.5%
|
|
|
57.4%
|
|
|
|
|
|
|
|
|
Financial
Highlights
|
|
|
|
|
|
|
Funds From Operations
(FFO) **
|
|
$
|
33.2
|
|
$
|
31.5
|
5.5%
|
Adjusted Funds From
Operations (AFFO) **
|
|
$
|
24.8
|
|
$
|
22.7
|
9.1%
|
Profit for the Period
***
|
|
$
|
29.0
|
|
$
|
57.9
|
-49.9%
|
FFO per
Unit
|
|
$
|
0.65
|
|
$
|
0.62
|
4.8%
|
AFFO per
Unit
|
|
$
|
0.49
|
|
$
|
0.45
|
8.9%
|
|
|
|
|
|
|
|
Net Asset
Value
|
|
|
|
|
|
|
IFRS Asset Value per
Diluted Unit (Trust & LP B), period end
|
|
$
|
118.01
|
|
$
|
120.04
|
|
Debt Outstanding per
Diluted Unit, period end
|
|
$
|
(60.79)
|
|
$
|
(58.41)
|
|
Net Asset Value (NAV)
per Diluted Unit (Trust & LP B), period end
|
|
$
|
57.22
|
|
$
|
61.63
|
|
Cash per Diluted Unit
(Trust & LP B), period end
|
|
$
|
0.71
|
|
$
|
0.61
|
|
Total per Diluted
Unit (Trust & LP B), period end
|
|
$
|
57.93
|
|
$
|
62.24
|
|
*Same Property
figures exclude un-stabilized properties and sold
assets
|
** Funds from
Operations and Adjusted Funds from Operations are both non-GAAP
financial measures with detailed reconciliations provided in the
Trust's Management Discussion & Analysis
(MD&A)
|
*** Profit for the
period as defined by IFRS includes the changes in assets and/or
liabilities carried at fair value three months ended March 31,
2021
|
The Trust's IFRS asset value of its investment properties, for
the three months ended March 31,
2021, decreased from the prior year primarily as a result of
adjustments to market rent, increase in non-controllable expenses,
and vacancy assumptions due to the COVID-19 pandemic. The
sequential increase from the prior quarter was largely related to a
decrease in cap rates in Ontario
and Quebec City. The Trust's current net asset value of its
investment properties equates to approximately $175,000 per apartment door.
|
Continued
Highlights of the Trust's First Quarter 2021 Financial
Results
|
|
|
3 Months Mar 31,
2021
|
|
3 Months Mar 31,
2020
|
%
Change
|
Liquidity, Debt
and Distributions
|
|
|
|
|
|
Cash Position, period
end
|
|
$
|
36,300
|
|
|
|
|
Subsequent
Committed/Funded Financing
|
|
$
|
58,000
|
|
|
|
Line of
Credit
|
|
$
|
199,800
|
|
|
|
Total Available
Liquidity
|
|
$
|
294,100
|
|
|
|
Liquidity as a % of
Period Total Debt
|
|
|
9%
|
|
|
|
Debt (net of cash) as
a % of Reported Asset Value
|
|
|
51%
|
|
|
|
|
|
|
|
|
|
|
Principal
Outstanding, period end
|
|
$
|
3,003,586
|
|
$
|
2,854,239
|
|
Interest Coverage
Ratio (Rolling 4 quarters)
|
|
|
2.82
|
|
|
2.78
|
|
|
|
|
|
|
|
|
Regular Distributions
Declared (Trust Units & LP B Units)
|
|
$
|
12.8
|
|
$
|
12.8
|
0.1%
|
Regular Distributions
Declared Per Unit (Trust Units & LP B Units)
|
|
$
|
0.250
|
|
$
|
0.250
|
0.0%
|
Regular Payout as a %
FFO
|
|
|
38.4%
|
|
|
40.5%
|
|
|
|
|
|
|
|
|
Stabilized Apartment
Units
|
|
|
32,909
|
|
|
32,769
|
|
Un-Stabilized
Units
|
|
|
487
|
|
|
575
|
|
Total Apartment
Units
|
|
|
33,396
|
|
|
33,344
|
|
RESILIENT OPERATIONAL RESULTS
|
Portfolio
Highlights for the First Quarter of 2021
|
|
Mar-21
|
Mar-20
|
Average Occupancy
(Quarter Average)*
|
|
94.86%
|
|
96.03%
|
|
|
|
Average Monthly Rent
(Period Ended)
|
$
|
1,128
|
$
|
1,143
|
Average Market Rent
(Period Ended)
|
$
|
1,330
|
$
|
1,337
|
Average Occupied Rent
(Period Ended)
|
$
|
1,186
|
$
|
1,185
|
|
|
|
Loss-to-Lease (Period
Ended) ($ millions)
|
$
|
54.2
|
$
|
58.0
|
Loss-to-Lease Per
Trust Unit (Period Ended)
|
$
|
1.06
|
$
|
1.14
|
|
|
|
*Average occupancy
is adjusted to be on a same-property basis
|
|
Nov-20
|
Dec-20
|
Jan-21
|
Feb-21
|
Mar-21
|
Apr-21
|
Stabilized
Portfolio Occupancy
|
95.8%
|
95.2%
|
94.8%
|
94.7%
|
95.0%
|
95.7%
|
Occupancy for the quarter decreased compared to the same period
a year ago due to the pandemic. Monthly sequential occupancy
has increased within Boardwalk's stabilized portfolio increasing by
100 basis points since February. Market rents were lowered in
select markets to increase occupancy and optimize revenue.
Average occupied rent increased when compared to the same period a
year ago as the Trust focuses on reducing incentives on lease
renewals.
For the quarter, same-property revenue growth in Ontario, Quebec, and Saskatchewan resulted in same-property NOI
growth of 9.6%, 7.8%, and 3.4%, respectively. These positive
contributions were achieved through high occupancy, revenue
optimization and controllable operating expense savings, offsetting
increases in non-controllable costs. Together, these regions
represent approximately 40% of NOI.
For the first quarter, higher vacancy, and higher
non-controllable expenses such as property tax, utilities, and
insurance, partially offset by a reduction in controllable expenses
resulted in Boardwalk's Edmonton
and Calgary portfolios decrease in
same-property NOI of 9.4% and 6.0%, respectively, as compared to
the same period in 2020. The Trust anticipates a return to
quarterly sequential revenue growth with increasing occupancy and
sustainable incentive reductions on lease renewals.
Overall, in the first quarter, controllable expense savings
limited operating expense increase to 1.0% and when paired with
negative revenue growth of 1.0%, resulted in portfolio stabilized
negative NOI growth of 2.5%, each as compared to the same period in
2020.
|
|
|
|
|
|
Mar 31 2021 - 3
M
|
# of
Units
|
% Revenue
Growth
|
% Operating
Expense Growth
|
% Net
Operating
Income Growth
|
% of
NOI
|
Edmonton
|
12,906
|
-4.3%
|
1.7%
|
-9.4%
|
34.2%
|
Calgary
|
5,798
|
-2.4%
|
3.9%
|
-6.0%
|
21.5%
|
Red Deer
|
939
|
-2.6%
|
-2.2%
|
-2.9%
|
2.1%
|
Grande
Prairie
|
645
|
-3.1%
|
-1.8%
|
-4.3%
|
1.6%
|
Fort
McMurray
|
352
|
-2.6%
|
1.8%
|
-6.7%
|
0.9%
|
Alberta
|
20,640
|
-3.6%
|
2.0%
|
-7.8%
|
60.3%
|
Quebec
|
6,000
|
2.9%
|
-4.9%
|
7.8%
|
20.8%
|
Saskatchewan
|
3,684
|
3.1%
|
2.8%
|
3.4%
|
11.0%
|
Ontario
|
2,585
|
6.5%
|
2.0%
|
9.6%
|
7.9%
|
|
32,909
|
-1.0%
|
1.0%
|
-2.5%
|
100.0%
|
PROVIDING OUR ESSENTIAL SERVICE OF SAFE AND AFFORDABLE
HOUSING THROUGH COVID-19
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
remains committed to providing transparency and information to its
stakeholders:
- At the end of April 2021;
Boardwalk has collected 98.7% of its rental revenue due in
April.
-
- Boardwalk continues to offer flexible payment options to its
Resident Members who may require payment plans.
- Boardwalk's rent collection through COVID to-date has remained
consistent with collection levels pre-COVID.
STRONG LIQUIDITY POSITION WITH ACCESS TO RECORD LOW INTEREST
RATES
The Trust utilized the low interest rate environment in 2021 to
renew and refinance its mortgage maturities at interest rates well
below the maturing rates.
In 2021, the Trust has over $380
million of mortgage maturities with an average in-place
interest rate of 2.58%. Current market 5 and 10 year CMHC
financing rates are estimated to be 1.70% and 2.50%, respectively,
providing a positive interest cost savings opportunity. To
date, the Trust has forward-locked or renewed the interest rate on
$133.3 million or 35% of its maturing
mortgages in 2021 at an average interest rate of 1.30%.
ACCRETIVE GEOGRAPHIC EXPANSION
Subsequent to the end of the first quarter, the Trust acquired
two assets that align with its long-term objectives of accretive
geographic expansion in well-located, undersupplied
markets.
Mountainview Estates is an 81-unit townhome and walk-up
apartment community located in the town of Banff, Alberta and within 500 meters of
Boardwalk's existing community in the town. Banff is a world-renowned destination with a
housing market that has no rental incentives due to its limited
housing supply and strong demand. This new Boardwalk
community has current availability of less than 3% and features a
combination of two-bedroom apartments, three-bedroom townhomes, and
is located on 8.4 acres of land providing the potential of
additional densification. The Trust closed on this
acquisition with existing liquidity on April
16, 2021, for a total purchase cost of $24 million with an estimated year two
capitalization rate of 5.00%.
Aurora is a recently constructed, fully leased, 114-unit
five and six storey apartment community located in Victoria, BC. The community is
well-located within walking distance to the Victoria General
Hospital, retail services, and steps from Boardwalk's Eagles Nest
development site. Aurora features a mix of suite types
with two-thirds comprising two-bedroom units. This
acquisition provides Boardwalk with a high-quality entry into the
Victoria market while providing
operating scale as the Trust's two development sites
progress. The Trust closed on this acquisition with a
combination of existing liquidity and low-cost mortgage financing
on April 19, 2021 for a total
purchase cost of $48
million with an estimated year two capitalization rate of
4.25%.
Q1 REGULAR MONTHLY DISTRIBUTION ANNOUNCEMENT
The Trust has confirmed its regular monthly distribution for the
months of May 2021, June 2021, and July
2021 as follows:
|
|
|
|
|
Month
|
Per Unit
|
Annualized
|
Record
Date
|
Distribution
Date
|
May-21
|
$
|
0.0834
|
$
|
1.00
|
31-May-21
|
15-Jun-21
|
Jun-21
|
$
|
0.0834
|
$
|
1.00
|
30-Jun-21
|
15-Jul-21
|
Jul-21
|
$
|
0.0834
|
$
|
1.00
|
30-Jul-21
|
16-Aug-21
|
In line with Boardwalk's distribution policy of maximum
re-investment, the Trust's payout ratio remains conservative at
38.4% of Q1 2021 FFO; and 36.1% of the last 12 months
FFO.
Boardwalk's regular monthly distribution provides a stable and
attractive yield for the Trust's stakeholders.
SECOND ANNUAL ESG REPORT
The Trust is, and continues
to be, committed to environmental, social and governance ("ESG")
objectives and initiatives, including working towards reducing
greenhouse gas emissions and electricity and natural gas
consumption, water conservation, waste minimization, and a
continued focus on governance and oversight. As part of its
2020 Annual Report, the Trust has completed its ESG Report, which
is now available digitally on Boardwalk's website and under the
Trust's profile at www.sedar.com.
FINANCIAL AND SUPPLEMENTARY INFORMATION
Boardwalk
produces quarterly financial statements, management's 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.bwalk.com/investors.
TELECONFERENCE ON FIRST QUARTER 2021 FINANCIAL
RESULTS
Boardwalk invites you to participate in the
teleconference that will be held to discuss these results tomorrow
morning (May 14, 2021) 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.bwalk.com/investors prior to
the call.
Teleconference: The telephone numbers for the conference
are 416-764-8650 (local/international callers) or toll-free
1-888-664-6383 (within North
America).
Note: Please provide the operator with the below Conference Call
ID or Topic when dialing in to the call.
Conference ID: 83723046
Topic: Boardwalk REIT, 2021 First Quarter Results
Webcast: Investors will be able to listen to the call and
view Boardwalk's slide presentation by visiting
www.bwalk.com/investors 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: Boardwalk REIT First Quarter Results Webcast
Link
Replay: An audio recording of the teleconference will be
available on the Trust's website: www.bwalk.com/investors
CORPORATE PROFILE
Boardwalk REIT strives to be Canada's friendliest landlord and is a leading
owner/operator of multi-family rental communities. Providing homes
in more than 200 communities, with over 33,000 residential units
totaling over 28 million net rentable square feet, Boardwalk has a
proven long-term track record of building better communities, where
love always lives™. Our three-tiered and distinct brands: Boardwalk
Living, Boardwalk Communities and Boardwalk Lifestyle, cater to a
large and diverse demographic and has evolved to capture the life
cycle of all Resident Members. Boardwalk's disciplined approach to
capital allocation, acquisition, development, purposeful
re-positioning and management of apartment communities allows the
Trust to provide its brand of community across Canada creating exceptional Resident Member
experiences. Differentiated by its peak performance culture,
Boardwalk is committed to delivering exceptional service, product
quality and experience to our Resident Members who reward us with
high retention and market leading operating results, which in turn,
lead to higher free cash flow and investment returns, stable
monthly distributions and value creation for all our
stakeholders.
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.
NON-GAAP FINANCIAL MEASURES
Boardwalk believes non-GAAP financial measures are meaningful
and useful measures of real estate organizations operating
performance, however, are not measures defined by IFRS. As
they do not have standardized meanings prescribed by IFRS, they
therefore may not be comparable to similar measurements presented
by other entities and should not be construed as an alternative to
IFRS defined measures. Below are the non-GAAP financial
measures referred to in this press release.
Funds From Operations
The IFRS measurement most
comparable to FFO is profit (loss). We define FFO as income
before fair value adjustments, distributions on the LP Class B
Units, gains or losses on the sale of the Trust's investment
properties, depreciation, deferred income tax, and certain other
non-cash adjustments, if any, but after deducting the principal
portion of lease liabilities and adding the principal portion of
lease receivables. The reconciliation from profit (loss)
under IFRS to FFO can be found in the MD&A, under the section
titled "Performance Review – FFO and AFFO Reconciliations".
Boardwalk REIT considers FFO to be an appropriate measurement of
the performance of a publicly listed multi-family residential
entity. In order to facilitate a clear understanding of the
combined historical operating results of Boardwalk REIT, management
feels FFO should be considered in conjunction with profit (loss) as
presented in the condensed consolidated interim financial
statements.
Adjusted Funds From Operations
Similar to FFO, the
IFRS measurement most comparable to AFFO is profit (loss).
AFFO is determined by taking the amounts reported as FFO and
deducting what is commonly referred to as "Maintenance Capital
Expenditures". Maintenance Capital Expenditures are referred
to as expenditures that, by standard accounting definition, are
accounted for as capital in that the expenditure itself has a
useful life in excess of the current financial year and also adds
or maintains the value of the related assets. A more detailed
discussion of this topic will be provided in the "Review of Cash
Flows – Investing Activities – Maintenance of Productive Capacity"
section in the Trust's MD&A. The reconciliation of AFFO
can also be found in the Trust's MD&A, under the section titled
"Performance Review – FFO and AFFO Reconciliations".
Distributions as a Percentage of FFO, AFFO and ACFO
Distributions as a percentage of FFO, AFFO and ACFO are
supplementary non-GAAP measures of a REIT's ability to pay
distributions. These ratios are computed by dividing
Unitholder distributions paid (including distributions on the LP
Class B Units) by FFO, AFFO and ACFO, respectively. The
Trust's method of calculating these ratios may differ from other
real estate entities, and accordingly, may not be comparable to
other issuers.
Stabilized Revenue Growth, Stabilized Operating Expense
Growth and Stabilized NOI Growth
Stabilized revenue growth,
stabilized operating expense growth and stabilized NOI growth are
supplementary non-GAAP financial measures used by the Trust to
assess period over period performance of those properties which
Boardwalk has owned and operated for over 24 months. These
ratios are calculated by determining the percentage change in
stabilized revenue, stabilized operating expenses and stabilized
NOI from one period to the next. Stabilized property
performance is a meaningful measure of operating performance as it
allows management to assess rent growth and expense changes of its
portfolio on a stabilized property basis.
Net Asset Value per Unit
With real estate entities,
net asset value (NAV) is the total value of the entity's investment
properties and cash minus the total value of the entity's
debt. To obtain the per trust unit value it is divided by the
diluted weighted average number of trust units outstanding.
The calculated NAV is an estimation of the entity's value on a per
unit basis.
Estimated Loss-to-Lease
Estimated loss-to-lease is a
non-GAAP measure used to represent the difference between estimated
market rents and actual occupied rents, adjusting for current
occupancy levels at a certain point in time. Reported market
rents can be very seasonal, and, as such, will vary from quarter to
quarter, however, this calculation allows management to assess the
difference between expected versus actual rents and the impact of
that variance. The significance of this change could
materially affect Boardwalk REIT's "estimated loss-to-lease"
amount. Additional relevance of this estimate, however, is
that it can be an indicator of future rental performance, assuming
continuing economic conditions and trends. The reader should
also note that it would take significant time for these market
rents to be recognized by the Trust due to internal and external
limitations on its ability to charge these new market-based rents
in the short term.
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. 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, including those
described in its Management's Discussion & Analysis of
Boardwalk under the heading "Risk and Risk Management", 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. 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 statements 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 statements and should not rely upon forward-looking
statements as of any other date. Except as required by
applicable law, Boardwalk undertakes no obligation to publicly
update or revise any forward-looking statement, whether a result of
new information, future events, or otherwise.
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SOURCE Boardwalk Real Estate Investment Trust