CALGARY, AB, Jan. 10, 2022 /PRNewswire/ - Boardwalk Real
Estate Investment Trust - TSX: BEI.UN
Boardwalk REIT ("Boardwalk, "the Trust", "We") is providing a
brief update highlighting its strong portfolio occupancy,
increasing occupied rents, and normal course issuer bid activity
that is available to date as we continue to focus on our essential
service of providing high-quality and affordable homes to
Boardwalk's Resident Members while delivering growth and value for
our stakeholders.
Stabilized Portfolio Occupancy
|
Jan-21
|
Feb-21
|
Mar-21
|
Apr-21
|
May-21
|
Jun-21
|
Stabilized
Portfolio
Occupancy 1
|
94.8%
|
94.7%
|
95.0%
|
95.7%
|
96.0%
|
96.0%
|
|
|
|
|
|
|
|
|
Jul-21
|
Aug-21
|
Sep-21
|
Oct-21
|
Nov-21
|
Dec-21
|
|
96.0%
|
96.1%
|
96.2%
|
96.1%
|
95.7%
|
95.8%
|
|
|
|
|
|
|
|
|
Jan-22
|
|
|
|
|
|
|
95.7%
|
|
|
|
|
|
1 Preliminary occupancy as
of the first day of each month
|
Occupied Rent
|
Jan-21
|
Feb-21
|
Mar-21
|
Apr-21
|
May-21
|
Jun-21
|
Occupied Rent
2
|
$1,190
|
$1,189
|
$1,188
|
$1,188
|
$1,189
|
$1,191
|
|
|
|
|
|
|
|
|
Jul-21
|
Aug-21
|
Sep-21
|
Oct-21
|
Nov-21
|
|
|
$1,191
|
$1,196
|
$1,195
|
$1,198
|
$1,201
|
|
2 Occupied
rent is a component of rental revenue as calculated in accordance
with IFRS and represents stabilized properties only. It is
calculated for occupied units as of the first day of each month as
the average rental revenue, adjusted for other rental revenue items
such as fees, specific recoveries and revenue from commercial
tenants. December 2021 figure TBA with Q4 Results.
|
Normal Course Issuer Bid Activity
|
Trust Units
Repurchased
and Cancelled
|
Average
Price
|
Invested
Capital
|
Total 2021
3
|
438,400
|
$
|
54.84
|
$
|
24,050,000
|
3 TSX
approval of Normal Course Issuer Bid on November 22,
2021
|
Sam Kolias, Chairman and Chief
Executive Officer of Boardwalk REIT commented:
"As we near the reporting of our year-end results, we are
pleased to start 2022 with strong Resident Member retention rates,
high occupancy and increasing average occupied rents on a
foundation of some of the most affordable rents in
Canada. We are well positioned to continue on our track
record of funds from operations (FFO) growth into 2022 and
beyond. We look forward to sharing our fiscal 2021 financial
results along with our financial guidance for 2022 on February 25, 2022."
Timing of Boardwalk REIT's Fourth Quarter Financial
Results
Boardwalk REIT's financial results for the three- and
twelve-month periods ended December 31,
2021, will be released the evening of February 24, 2022.
We invite you to participate in the teleconference to be held to
discuss these results the following morning (Friday February 25, 2022) at 9:00 am (Mountain),11:00
am (Eastern). Senior Management will speak to the
results and provide a financial and operational update.
Presentation and supplemental materials will be made available on
our website prior to the call (please visit:
www.bwalk.com/investors).
Teleconference:
The telephone numbers for the conference are toll-free
1-888-664-6383 (within North
America) and 416-764-8650 (International).
Note: Please provide the operator with the below Conference Call
ID or Topic when dialing in to the call.
Conference ID: 59564101
Topic: Boardwalk Real Estate Investment Trust, 2021 Fourth Quarter
Results.
Webcast:
Investors will also be able to listen to the call and view the
slide presentation by visiting www.bwalk.com/investors on the
morning of the call. An information page will be provided for
any software and system requirements. The live webcast will
also be available by clicking below:
Boardwalk REIT Fourth Quarter Results Webcast Link
Corporate Profile:
Boardwalk REIT strives to provide Canada's friendliest communities, where
love always livesTM, 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,
Quebec, Ontario, Saskatchewan, and British Columbia.
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. 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 REIT's management's discussion and analysis for the three and
nine months ended September 30, 2021
(the "MD&A") under the section titled "Performance Review – FFO
and AFFO Reconciliations". Boardwalk 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, management feels FFO should be considered in conjunction
with profit (loss) as presented in the condensed consolidated
interim financial statements for the three and nine months ended
September 30, 2021.
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. The use of any of the words "expect",
"anticipate", "may", "will", "should", "believe", "intend" and
similar expressions are intended to identify forward-looking
statements. 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 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.
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SOURCE Boardwalk Real Estate Investment Trust