BOARDWALK REIT PROVIDES AN OPERATIONAL UPDATE AND TIMING OF RELEASE OF ITS 2021 FOURTH QUARTER AND YEAR-END FINANCIAL RESULTS

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

Occupied Rent

Normal Course Issuer Bid Activity

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 lives^TM, 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. 

SOURCE Boardwalk Real Estate Investment Trust