BOARDWALK REIT PROVIDES OPERATIONAL UPDATE AND ANNOUNCES TIMING OF RELEASE OF ITS 2023 THIRD QUARTER FINANCIAL RESULTS
CALGARY, AB, Oct. 4, 2023 /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 provide high-quality and affordable homes to Boardwalk's Resident Members and deliver exceptional growth and value for our stakeholders.
Stabilized Portfolio Occupancy
Oct-22 | Nov-22 | Dec-22 | Jan-23 | Feb-23 | Mar-23 | |||
Stabilized | 98.1 % | 97.9 % | 98.0 % | 98.0 % | 98.2 % | 98.1 % | ||
Apr-23 | May-23 | Jun-23 | Jul-23 | Aug-23 | Sep-23 | |||
98.4 % | 98.3 % | 98.3 % | 98.3 % | 98.5 % | 98.6 % | |||
Oct-23 | ||||||||
98.9 % | ||||||||
1 Preliminary occupancy as of the first day of each month |
Occupied Rent
Aug-22 | Sep-22 | Oct-22 | Nov-22 | Dec-22 | Jan-23 | |
Occupied Rent 2 | $1,246 | $1,252 | $1,256 | $1,265 | $1,271 | $1,278 |
Feb-23 | Mar-23 | Apr-23 | May-23 | Jun-23 | Jul-23 | |
$1,283 | $1,292 | $1,304 | $1,316 | $1,326 | $1,338 | |
Aug-23 | ||||||
$1,348 | ||||||
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:
"We continue to see exceptional demand for high-quality and affordable rental homes. Our communities remain near-full across the country with same property occupancy reaching 98.9% within our portfolio as of October 1. We are seeing historical levels of demand in Edmonton, our largest market, where occupancy has reached 98.3%. Alberta continues to attract large inflows of new Residents from both international and interprovincial sources.
Our team remains committed to retaining the relative affordability of our communities through our strategic moderation of both renewals and new leases in our non-price controlled markets, where occupied rents remain below inflation-adjusted levels since 2014. Our targeted leasing spreads in these markets over the medium term remain at 7-9% on lease renewals and 10-15% on new leases. Our team's continued commitment to identifying innovative ways to achieve below-inflationary increases in controllable expenses will further support the sustainability of our portfolio for all stakeholders."
Timing of Boardwalk REIT's Third Quarter Financial Results
Boardwalk REIT's financial results for the three-month period ended September 30, 2023, will be released the evening of November 7, 2023.
We invite you to participate in the teleconference to be held to discuss these results the following day (Wednesday, November 8, 2023) at 11:00 am (Mountain),1:00 pm (Eastern). Senior Management will speak to the results and provide a financial and operational update. The presentation 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: 79907223
Topic: Boardwalk Real Estate Investment Trust, 2023 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 be Canada's friendliest community provider and is a leading owner/operator of multi-family rental communities. Providing homes in more than 200 communities, with over 33,000 residential suites totaling over 29 million net rentable square feet, Boardwalk has a proven long-term track record of building better communities, where love always livestm. Our three-tiered and distinct brands: Boardwalk Living, Boardwalk Communities, and Boardwalk Lifestyle, cater to a large 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.
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, 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, 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.
SOURCE Boardwalk Real Estate Investment Trust
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