CALGARY,
AB, Oct. 4, 2022 /PRNewswire/ - Boardwalk
Real Estate Investment Trust - TSX: BEI.UN
Boardwalk REIT ("Boardwalk, "the Trust", "We") is providing a
brief operational update as we continue to focus on providing
high-quality and affordable homes to Boardwalk's Resident Members
while delivering growth and value for our stakeholders.
Stabilized Portfolio Occupancy
|
Oct-21
|
Nov-21
|
Dec-21
|
Jan-22
|
Feb-22
|
Mar-22
|
Stabilized
Portfolio
Occupancy 1
|
96.1 %
|
95.7 %
|
95.7 %
|
95.6 %
|
95.5 %
|
95.4 %
|
|
|
|
|
|
|
|
|
Apr-22
|
May-22
|
Jun-22
|
Jul-22
|
Aug-22
|
Sep-22
|
|
95.8 %
|
96.6 %
|
96.9 %
|
97.0 %
|
97.1 %
|
97.6 %
|
|
|
|
|
|
|
|
|
Oct-22
|
|
|
|
|
98.1 %
|
|
|
|
|
|
|
|
|
|
|
|
|
1 Preliminary occupancy as of the
first day of each month
|
Occupied Rent
|
Aug-21
|
Sep-21
|
Oct-21
|
Nov-21
|
Dec-21
|
Jan-22
|
Occupied Rent
2
|
$1,196
|
$1,195
|
$1,198
|
$1,201
|
$1,203
|
$1,204
|
|
|
|
|
|
|
|
|
Feb-22
|
Mar-22
|
Apr-22
|
May-22
|
Jun-22
|
Jul-22
|
|
$1,206
|
$1,217
|
$1,221
|
$1,224
|
$1,228
|
$1,237
|
|
|
|
|
|
|
|
|
Aug-22
|
|
|
$1,246
|
|
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.
|
Sam Kolias, Chairman and Chief
Executive Officer of Boardwalk commented:
"Following a very strong summer leasing season, we
continue to see robust demand for rental housing throughout our
portfolio heading into the fall. Our largest market in Edmonton continues to improve with
availability, or suites available to rent, of 1.2% at the end of
September. This metric is a leading indicator of future vacancy. As
of early October, our Edmonton
portfolio's physical vacancy is sitting at approximately 2.6%. This
represents a 4.3% improvement in occupancy since the beginning of
March. Our Calgary portfolio is
near full occupancy with vacancy at 1.0%. Leasing spreads on both
new leases and renewals have continued to strengthen as vacancy has
been absorbed since earlier in the year. On the ground, and as
supported by the most recent Statistics Canada data, we continue to
see increased interprovincial and international migration into
Alberta, on the foundation of some
of the most affordable rents in the country.
Our team is committed to further optimize our rentals, while
finding innovative ways to best manage controllable operating costs
during this high inflation period. We are confident that our strong
leasing momentum, peak-performing team and unparalleled
affordability of our core markets position us well for continued
growth in the months to come."
Accretive Capital Allocation
During the fourth quarter of 2021, the Trust announced
that it received approval from the Toronto Stock Exchange (the
"TSX") to commence a normal course issuer bid ("NCIB"). The Trust
continues to view its own portfolio as offering un-paralleled value
in the multi-family sector and believes its current unit price
represents an attractive opportunity for re-investment. During the
third quarter, the Trust re-purchased 62,500 Trust Units at a
volume-weighted average price of $44.63 for a total price of approximately
$2.8 million.
Timing of Boardwalk REIT's Third Quarter Financial
Results
Boardwalk REIT's financial results for the three-month period
ended September 30, 2022, will be
released the evening of November 8,
2022.
We invite you to participate in the teleconference to be held to
discuss these results the following day (Wednesday, November 9, 2022) at 11:00 am (Mountain),1:00
pm (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: 50233156
Topic: Boardwalk Real Estate Investment Trust, 2022 Third
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 Third 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,
Saskatchewan, Ontario, Quebec, 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.
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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content:https://www.prnewswire.com/news-releases/boardwalk-reit-provides-operational-update-and-announces-timing-of-release-of-its-2022-third-quarter-financial-results-301640954.html
SOURCE Boardwalk Real Estate Investment Trust