• Resources
  • Blog
  • Journalists
  • Log In
  • Sign Up
  • Data Privacy
  • Send a Release
Cision PR Newswire: news distribution, targeting and monitoring home
  • News
  • Products
    • Overview
    • Distribution by PR Newswire
    • Cision Communications Cloud®
    • Cision IR
    • Sponsored Placement
    • All Products
  • Contact
    • General Inquiries
    • Request a Demo
    • Editorial Bureaus
    • Partnerships
    • Media Inquiries
    • Worldwide Offices

 

When typing in this field, a list of search results will appear and be automatically updated as you type.

Searching for your content...

No results found. Please change your search terms and try again.
  • News in Focus
      • Browse News Releases

      • All News Releases
      • All Public Company
      • English-only
      • News Releases Overview

      • Multimedia Gallery

      • All Multimedia
      • All Photos
      • All Videos
      • Multimedia Gallery Overview

      • Trending Topics

      • All Trending Topics
  • Business & Money
      • Auto & Transportation

      • All Automotive & Transportation
      • Aerospace, Defense
      • Air Freight
      • Airlines & Aviation
      • Automotive
      • Maritime & Shipbuilding
      • Railroads and Intermodal Transportation
      • Supply Chain/Logistics
      • Transportation, Trucking & Railroad
      • Travel
      • Trucking and Road Transportation
      • Auto & Transportation Overview

      • View All Auto & Transportation

      • Business Technology

      • All Business Technology
      • Blockchain
      • Broadcast Tech
      • Computer & Electronics
      • Computer Hardware
      • Computer Software
      • Data Analytics
      • Electronic Commerce
      • Electronic Components
      • Electronic Design Automation
      • Financial Technology
      • High Tech Security
      • Internet Technology
      • Nanotechnology
      • Networks
      • Peripherals
      • Semiconductors
      • Business Technology Overview

      • View All Business Technology

      • Entertain­ment & Media

      • All Entertain­ment & Media
      • Advertising
      • Art
      • Books
      • Entertainment
      • Film and Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • Entertain­ment & Media Overview

      • View All Entertain­ment & Media

      • Financial Services & Investing

      • All Financial Services & Investing
      • Accounting News & Issues
      • Acquisitions, Mergers and Takeovers
      • Banking & Financial Services
      • Bankruptcy
      • Bond & Stock Ratings
      • Conference Call Announcements
      • Contracts
      • Cryptocurrency
      • Dividends
      • Earnings
      • Earnings Forecasts & Projections
      • Financing Agreements
      • Insurance
      • Investments Opinions
      • Joint Ventures
      • Mutual Funds
      • Private Placement
      • Real Estate
      • Restructuring & Recapitalization
      • Sales Reports
      • Shareholder Activism
      • Shareholder Meetings
      • Stock Offering
      • Stock Split
      • Venture Capital
      • Financial Services & Investing Overview

      • View All Financial Services & Investing

      • General Business

      • All General Business
      • Awards
      • Commercial Real Estate
      • Corporate Expansion
      • Earnings
      • Environmental, Social and Governance (ESG)
      • Human Resource & Workforce Management
      • Licensing
      • New Products & Services
      • Obituaries
      • Outsourcing Businesses
      • Overseas Real Estate (non-US)
      • Personnel Announcements
      • Real Estate Transactions
      • Residential Real Estate
      • Small Business Services
      • Socially Responsible Investing
      • Surveys, Polls and Research
      • Trade Show News
      • General Business Overview

      • View All General Business

  • Science & Tech
      • Consumer Technology

      • All Consumer Technology
      • Artificial Intelligence
      • Blockchain
      • Cloud Computing/Internet of Things
      • Computer Electronics
      • Computer Hardware
      • Computer Software
      • Consumer Electronics
      • Cryptocurrency
      • Data Analytics
      • Electronic Commerce
      • Electronic Gaming
      • Financial Technology
      • Mobile Entertainment
      • Multimedia & Internet
      • Peripherals
      • Social Media
      • STEM (Science, Tech, Engineering, Math)
      • Supply Chain/Logistics
      • Wireless Communications
      • Consumer Technology Overview

      • View All Consumer Technology

      • Energy & Natural Resources

      • All Energy
      • Alternative Energies
      • Chemical
      • Electrical Utilities
      • Gas
      • General Manufacturing
      • Mining
      • Mining & Metals
      • Oil & Energy
      • Oil and Gas Discoveries
      • Utilities
      • Water Utilities
      • Energy & Natural Resources Overview

      • View All Energy & Natural Resources

      • Environ­ment

      • All Environ­ment
      • Conservation & Recycling
      • Environmental Issues
      • Environmental Policy
      • Environmental Products & Services
      • Green Technology
      • Natural Disasters
      • Environ­ment Overview

      • View All Environ­ment

      • Heavy Industry & Manufacturing

      • All Heavy Industry & Manufacturing
      • Aerospace & Defense
      • Agriculture
      • Chemical
      • Construction & Building
      • General Manufacturing
      • HVAC (Heating, Ventilation and Air-Conditioning)
      • Machinery
      • Machine Tools, Metalworking and Metallurgy
      • Mining
      • Mining & Metals
      • Paper, Forest Products & Containers
      • Precious Metals
      • Textiles
      • Tobacco
      • Heavy Industry & Manufacturing Overview

      • View All Heavy Industry & Manufacturing

      • Telecomm­unications

      • All Telecomm­unications
      • Carriers and Services
      • Mobile Entertainment
      • Networks
      • Peripherals
      • Telecommunications Equipment
      • Telecommunications Industry
      • VoIP (Voice over Internet Protocol)
      • Wireless Communications
      • Telecomm­unications Overview

      • View All Telecomm­unications

  • Lifestyle & Health
      • Consumer Products & Retail

      • All Consumer Products & Retail
      • Animals & Pets
      • Beers, Wines and Spirits
      • Beverages
      • Bridal Services
      • Cannabis
      • Cosmetics and Personal Care
      • Fashion
      • Food & Beverages
      • Furniture and Furnishings
      • Home Improvement
      • Household, Consumer & Cosmetics
      • Household Products
      • Jewelry
      • Non-Alcoholic Beverages
      • Office Products
      • Organic Food
      • Product Recalls
      • Restaurants
      • Retail
      • Supermarkets
      • Toys
      • Consumer Products & Retail Overview

      • View All Consumer Products & Retail

      • Entertain­ment & Media

      • All Entertain­ment & Media
      • Advertising
      • Art
      • Books
      • Entertainment
      • Film and Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • Entertain­ment & Media Overview

      • View All Entertain­ment & Media

      • Health

      • All Health
      • Biometrics
      • Biotechnology
      • Clinical Trials & Medical Discoveries
      • Dentistry
      • FDA Approval
      • Fitness/Wellness
      • Health Care & Hospitals
      • Health Insurance
      • Infection Control
      • International Medical Approval
      • Medical Equipment
      • Medical Pharmaceuticals
      • Mental Health
      • Pharmaceuticals
      • Supplementary Medicine
      • Health Overview

      • View All Health

      • Sports

      • All Sports
      • General Sports
      • Outdoors, Camping & Hiking
      • Sporting Events
      • Sports Equipment & Accessories
      • Sports Overview

      • View All Sports

      • Travel

      • All Travel
      • Amusement Parks and Tourist Attractions
      • Gambling & Casinos
      • Hotels and Resorts
      • Leisure & Tourism
      • Outdoors, Camping & Hiking
      • Passenger Aviation
      • Travel Industry
      • Travel Overview

      • View All Travel

  • Policy & Public Interest
      • Policy & Public Interest

      • All Policy & Public Interest
      • Advocacy Group Opinion
      • Animal Welfare
      • Congressional & Presidential Campaigns
      • Corporate Social Responsibility
      • Domestic Policy
      • Economic News, Trends, Analysis
      • Education
      • Environmental
      • European Government
      • FDA Approval
      • Federal and State Legislation
      • Federal Executive Branch & Agency
      • Foreign Policy & International Affairs
      • Homeland Security
      • Labor & Union
      • Legal Issues
      • Natural Disasters
      • Not For Profit
      • Patent Law
      • Public Safety
      • Trade Policy
      • U.S. State Policy
      • Policy & Public Interest Overview

      • View All Policy & Public Interest

  • People & Culture
      • People & Culture

      • All People & Culture
      • Aboriginal, First Nations & Native American
      • African American
      • Asian American
      • Children
      • Diversity, Equity & Inclusion
      • Hispanic
      • Lesbian, Gay & Bisexual
      • Men's Interest
      • People with Disabilities
      • Religion
      • Senior Citizens
      • Veterans
      • Women
      • People & Culture Overview

      • View All People & Culture

      • In-Language News

      • español
      • português
      • Česko
      • Danmark
      • Deutschland
      • España
      • France
      • Italia
      • Nederland
      • Norge
      • Polska
      • Portugal
      • Россия
      • Slovensko
      • Suomi
      • Sverige
  • Overview
  • Distribution by PR Newswire
  • Cision Communications Cloud®
  • Cision IR
  • Sponsored Placement
  • All Products
  • General Inquiries
  • Request a Demo
  • Editorial Bureaus
  • Partnerships
  • Media Inquiries
  • Worldwide Offices
  • PR Newswire: news distribution, targeting and monitoring
  • Send a Release
    • ALL CONTACT INFO
    • Contact Us

      888-776-0942
      from 8 AM - 10 PM ET

  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR
  • News in Focus
    • Browse All News
    • Multimedia Gallery
    • Trending Topics
  • Business & Money
    • Auto & Transportation
    • Business Technology
    • Entertain­ment & Media
    • Financial Services & Investing
    • General Business
  • Science & Tech
    • Consumer Technology
    • Energy & Natural Resources
    • Environ­ment
    • Heavy Industry & Manufacturing
    • Telecomm­unications
  • Lifestyle & Health
    • Consumer Products & Retail
    • Entertain­ment & Media
    • Health
    • Sports
    • Travel
  • Policy & Public Interest
  • People & Culture
    • People & Culture
  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR
  • Overview
  • Distribution by PR Newswire
  • Cision Communications Cloud®
  • Cision IR
  • All Products
  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR
  • General Inquiries
  • Request a Demo
  • Editorial Bureaus
  • Partnerships
  • Media Inquiries
  • Worldwide Offices
  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR

Boardwalk REIT Reports First Quarter Funds from Operations Per Unit Growth of 10.7%


News provided by

Boardwalk Real Estate Investment Trust

May 14, 2020, 17:00 ET

Share this article

Share this article


SUMMARY HIGHLIGHTS FOR THE THREE-MONTH PERIOD ENDED MARCH 31, 2020

  • CONTINUED STRONG PERFORMANCE
    • Funds From Operations (FFO) of $0.62 per Trust Unit; an increase of 10.7% and eighth consecutive quarter of FFO growth
    • Excluding retirement costs, FFO of $0.65 per Trust Unit, an increase of 16.1%
    • Additional $0.04 per Trust Unit of retirement cost anticipated in Q2 of 2020
    • 3.8% same-property revenue growth
    • 8.1% same-property net operating income growth
  • STRONG AND FLEXIBLE FINANCIAL POSITION
    • Approximately $300.2 million of liquidity
    • To date, completed approximately $127.2 million of mortgage renewals, and secured approximately $98.7 million in additional financing
    • Recently completed CMHC-insured mortgage financings at record low interest rates
    • 99% of Boardwalk's mortgages carry CMHC-insurance
    • Net Asset Value of $62.24 per trust unit, equating to approximately $180,000 per door
  • DELIVERING SOLID OPERATIONAL PERFORMANCE
    • Stabilized occupancy increased through Q1 with April 2020 occupancy of 96.6%
    • Achieved occupancy of 96.03% for Q1 2020
    • 97.5% of April rent was collected in the month of April, approximately 80 basis points below typical monthly collection
    • May rent collection to date slightly ahead of April rent collection
  • PROVIDING OUR ESSENTIAL SERVICE OF SAFE AND AFFORDABLE HOUSING THROUGH THE COVID-19 PANDEMIC
    • Health and safety of our Resident Members and our Associates remains Boardwalk's top-priority
  • DISTRIBUTION OF $1.00 PER TRUST UNIT ON AN ANNUALIZED BASIS CONFIRMED FOR THE MONTHS OF MAY, JUNE AND JULY 2020

CALGARY, May 14, 2020 /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 of 2020.

Sam Kolias; Chairman and Chief Executive Officer of Boardwalk REIT commented: "We are reporting our first quarter results today, in a time where our world is adapting to a new way of living.  Boardwalk's top priority remains the health and safety of both our Resident Members as well as Boardwalk's Team of Heroes who everyday are performing and delivering our essential service of safe and affordable housing. 

Boardwalk's commitment to providing the best product quality, service and experience has made Boardwalk a choice housing provider before and through this pandemic and have allowed us to create new long-lasting relationships with our Residents.  Our Residents have rewarded us with even higher Net Promoter Scores, higher retention and higher occupancy which are positioning us well as our governments begin to ease restrictions."

Mr. Kolias concluded: "The pandemic has allowed us to expedite many of the initiatives already planned for the year, such as our implementation of Resident-friendly technology.  Our new Resident Member online self-service Yuhu portal, has seen strong adoption and allowed our team to communicate and deliver our service 24/7, while remaining physically distant.  Our team has implemented many other measures to provide safe and happy homes for Boardwalk's Resident Members.

Boardwalk's solid first quarter results and the continued strong performance our team has delivered over the past two years is a reflection of the improved culture and quality of our portfolio as we remain committed to our product, brand and service, to provide safe and affordable homes to our Resident Members."

FIRST QUARTER FINANCIAL HIGHLIGHTS


$ millions, except per unit amounts

Highlights of the Trust's First Quarter 2020 Financial Results



3 Months Mar 31,
2020


3 Months Mar 31,
2019

% Change

Operational Highlights






Total Rental Revenue


$

116.0


$

111.9

3.7%

Same Property Total Rental Revenue


$

114.0


$

109.8

3.8%

Net Operating Income (NOI), as reported


$

64.7


$

59.9

7.9%

Same Property NOI *


$

65.2


$

60.3

8.1%

Operating Margin (as reported)


55.7%


53.6%


Same Property Operating Margin *


57.2%


54.9%








Financial Highlights






Funds From Operations (FFO)


$

31.5


$

28.2

11.4%

Adjusted Funds From Operations (AFFO)


$

26.4


$

22.3

18.5%

Profit (Loss) for the Period **


$

57.9


$

 

(7.7)

847.3%

FFO per Unit (Includes $0.03 of retirement costs in 2020)


$

0.62


$

0.56

10.7%

AFFO per Unit (Includes $0.03 of retirement costs in 2020)


$

0.52


$

0.44

18.2%







Net Asset Value






IFRS Asset Value per Diluted Unit (Trust & LP B), period end


$

120.04


$

121.22


Debt Outstanding per Diluted Unit, period end


$

(58.41)


$

(58.18)


Net Asset Value (NAV) per Diluted Trust Unit (Trust & LP B), period end


$

61.63


$

63.04


Cash per Diluted Unit (Trust & LP B), period end


$

0.61


$

0.69


Total per Diluted Unit (Trust & LP B), period end


$

62.24


$

63.73








Liquidity, Debt and Distributions






Cash Position, period end


$

31,000




Subsequent Committed Financing


$

69,000




Line of Credit


$

200,000




Total Available Liquidity


$

300,000




Liquidity as a % of Period Total Debt


10%




Debt (net of cash) as a % of Reported Asset Value


48%










Principal Outstanding, period end


$

2,854,239


$

2,830,036


Interest Coverage Ratio (Rolling 4 quarters)


2.78


2.69








Regular Distributions Declared (Trust Units & LP B Units)


$

12.8


$

12.7

0.2%

Regular Distributions Declared Per Unit (Trust Units & LP B Units)


$

0.250


$

0.250

0.0%

Regular Payout as a % FFO


40.5%


45.1%








Stabilized Apartment Units


32,769


32,968


Un-Stabilized Units


575


449


Total Apartment Units


33,344


33,417


*Same Property figures exclude un-stabilized properties and sold assets
** Profit (Loss) for the period as defined by IFRS includes the changes in assets and/or liabilities carried at fair value

NOI, FFO and AFFO are widely accepted supplemental measures of the performance of a Canadian Real Estate entity; however, they are non-GAAP financial measures as they are not measures defined by International Financial Reporting Standards ("IFRS").  The reconciliation of FFO, AFFO and other financial performance measures can be found in the Management Discussion and Analysis ("MD&A") for the three months ended March 31, 2020, under the section titled, "Non-GAAP Measures", which is available under the Trust's profile at www.sedar.com. 

DELIVERING SOLID OPERATIONAL PERFORMANCE

Occupancy within the Trust's stabilized portfolio increased as the number of rentals exceeded the number of moveouts (as a percentage of total portfolio) each month.  Boardwalk's stabilized occupancy in April of 2020 was 96.6%


Portfolio Highlights for the First Quarter of 2020


Mar-20

Dec-19

Mar-19

Average Occupancy (Quarter Average)*

96.03%

96.19%

96.64%





Average Monthly Rent (Period Ended)

$

1,143

$

1,132

$

1,105

Average Market Rent (Period Ended)

$

1,337

$

1,341

$

1,301

Average Market Rent (Period Ended), net of incentives

$

1,241

$

1,248

$

1,189

Average Occupied Rent (Period Ended)

$

1,185

$

1,182

$

1,141





Loss -to-Lease (Period Ended) ($ millions )

$

58.0

$

60.8

$

61.3

Loss -to-Lease (Period Ended) ($ millions ), net of incentives

$

21.4

$

24.9

$

18.4

Loss -to-Lease Per Trust Unit (Period Ended)

$

1.14

$

1.19

$

1.21

Loss -to-Lease Per Trust Unit (Period Ended), net of incentives

$

0.42

$

0.49

$

0.36





 *Average occupancy is adjusted to be on a same-property basis

2020 Monthly Occupancy

Month

Occupancy

Moveouts

Rentals

January

95.5%

2.3%

3.5%

February

96.1%

2.6%

3.3%

March

96.5%

2.7%

2.9%

April

96.6%

2.5%

2.9%

Boardwalk's core Alberta portfolio continues to deliver solid growth with our two largest markets, Edmonton and Calgary, delivering 8.8% and 8.1% same property NOI growth in the first quarter, respectively, as compared to the same period in 2019.  The Trust's Ontario and Quebec markets, which represent over 25% of the Trust's portfolio, are continuing to deliver strong and stable results with record high occupancy and increasing market rents, contributing significant NOI growth of 10.5% and 11.4%, respectively, in the first quarter compared to the first quarter of 2019.  Saskatchewan has seen improvement of housing balance with 2.4% same property NOI growth in the first quarter versus the same period last year. 

Overall in the first quarter, the Trust delivered revenue growth of 3.8%, and reduced operating expenses by 1.5% resulting in portfolio stabilized NOI growth of 8.1%, each as compared to the same period in 2019.

Mar 31 2020 - 3 M



# of Units

% Revenue
Growth

% Operating
Expense
Growth

% Net
Operating
Income
Growth

% of NOI

Edmonton



12,906

4.0%

(1.1)%

8.8%

37.1%

Calgary



5,657

3.9%

(2.8)%

8.1%

21.8%

Red Deer



939

1.5%

10.3%

(6.7)%

2.1%

Grande Prairie



645

8.0%

8.3%

7.8%

1.6%

Fort McMurray



352

0.2%

(4.5)%

5.0%

1.0%

Alberta



20,499

3.9%

(0.9)%

7.9%

63.6%

Quebec



6,000

2.6%

(9.0)%

11.4%

19.0%

Saskatchewan



3,685

3.4%

4.6%

2.4%

10.3%

Ontario



2,585

6.9%

2.2%

10.5%

7.1%




32,769

3.8%

(1.5)%

8.1%

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:

  • Boardwalk has collected 97.5% of its rental revenue due in April, and is approximately 80 basis points below a typical rental collection
    • Boardwalk is actively following-up with any of its Resident Members in arrears or in need of a payment plan
  • Boardwalk's rent collection to-date for the month of May is slightly ahead of the trend seen in April
  • Approximately 0.5% of Boardwalk's revenue is currently on a rent deferral program
    • Boardwalk's payment plan application, for Resident Members facing financial hardship, was made available to all of its Resident Members. 
  • Boardwalk's occupancy within its stabilized portfolio at the end of April 2020 was 96.6%.
  • Turnover (notices for moveout) in the month of May, to-date, have decreased by approximately 25%.
  • Boardwalk has seen an increase in online / self-service payments in April and May.  Approximately 40% of payments were made via pre-authorized payment, 30% in-person, and 30% online.

Q1 REGULAR MONTHLY DISTRIBUTION ANNOUNCEMENT

The Trust has confirmed its regular monthly distribution for the months of May, June and July 2020 as follows:

Month

Per Unit

Annualized

Record Date

Distribution Date

May-20

$

0.0834

$

1.00

29-May-20

15-Jun-20

Jun-20

$

0.0834

$

1.00

30-Jun-20

15-Jul-20

Jul-20

$

0.0834

$

1.00

31-Jul-20

17-Aug-20

In line with Boardwalk's distribution policy of maximum re-investment, the Trust's payout ratio remains conservative at 40.5% of Q1-2020 FFO; and 38.0% of the last 12 months FFO. 

Boardwalk's regular monthly distribution provides a stable and attractive yield for the Trust's stakeholders. 

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 2020 FINANCIAL RESULTS
Boardwalk invites you to participate in the teleconference that will be held to discuss these results tomorrow morning (May 15, 2020) 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: 43760491
Topic: Boardwalk REIT 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 Conference Call 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 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 sustainable monthly cash distributions, and increase 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 and under the Trust's profile at www.sedar.com 

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 of securities laws.  Implicit in these forward-looking statements, particularly in respect of Boardwalk's objectives for 2020 and future periods, Boardwalk's strategies to achieve those objectives, as well as statements with respect to management's beliefs, plans, estimates and 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 the first quarter Management's Discussion & Analysis of Boardwalk and the year-end Management's Discussion & Analysis of Boardwalk under the heading "Risks 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.

SOURCE Boardwalk Real Estate Investment Trust

Related Links

www.bwalk.com

Modal title

Also from this source

BOARDWALK WINS RENTAL DEVELOPMENT/RENOVATION PROJECT OF THE YEAR...


BOARDWALK REIT ANNOUNCES VOTING RESULTS FROM 2022 ANNUAL GENERAL...

Explore

More news releases in similar topics

  • Real Estate
  • Earnings

Contact Cision

  • Cision Distribution 888-776-0942
    from 8 AM - 9 PM ET

  • Chat with an Expert
  • General Inquiries
  • Request a Demo
  • Editorial Bureaus
  • Partnerships
  • Media Inquiries
  • Worldwide Offices

Products

  • Cision Communication Cloud®
  • For Marketers
  • For Public Relations
  • For IR & Compliance
  • For Agency
  • For Small Business
  • All Products

About

  • About PR Newswire
  • About Cision
  • Become a Publishing Partner
  • Become a Channel Partner
  • Careers
  • COVID-19 Resources
  • Accessibility Statement
  • Asia
  • Brazil
  • Canada
  • Czech
  • Denmark
  • Finland
  • France
  • Germany
  • India
  • Israel
  • Italy
  • Mexico
  • Middle East
  • Netherlands
  • Norway
  • Poland
  • Portugal
  • Russia
  • Slovakia
  • Spain
  • Sweden
  • United Kingdom

My Services

  • All New Releases
  • Online Member Center
  • ProfNet

Contact Cision

Products

About

My Services
  • All News Releases
  • Online Member Center
  • ProfNet
Cision Distribution Helpline
888-776-0942
  • Terms of Use
  • Privacy Policy
  • Information Security Policy
  • Site Map
  • RSS
  • Cookie Settings
Copyright © 2022 Cision US Inc.