TD Boardwalk REIT
(BEI.UN-T) C$76.41
Gregg Tinling to Succeed Lisa Smandych as CFO
Event
Yesterday evening, Boardwalk announced that Lisa Smandych will be resigning as
CFO of the REIT following Q2 reporting to pursue external opportunities. Gregg
Tinling, who currently serves as Senior Director of Financial Reporting, will succeed
Ms. Smandych as CFO.
Impact: NEUTRAL
Our Take: Although we do not know Mr. Tinling personally, we believe he is a strong
fit for the role, given his previous experience at Boardwalk and across the multi-
family industry. Mr. Tinling is a Chartered Professional Accountant and has spent
a combined 11 years with Boardwalk in progressively senior roles, and also holds
experience at Northview Apartment REIT and Enbridge within financial reporting. We
expect a smooth CFO transition, given that Mr. Tinling has worked closely with Ms.
Smandych over the past four years, and we are also encouraged to see that she will
stay on for a transitional period.
Ms. Smandych joined Boardwalk 16 years ago, and has served as the REIT's CFO
since 2020. Prior to this, Ms. Smandych held roles as the REIT's Chief Accounting
Officer and Director of Corporate Reporting. In her role as CFO, she oversees the
REIT's public reporting compliance, financial operations, planning, internal controls,
and risk management functions.
Valuation. Boardwalk is currently trading at 22.9x our 2024E P/AFFO versus 21.6x
for its Canadian apartment peers. On P/NAV, Boardwalk is trading at a 3% discount
to our $78.40 NAV estimate.