Boardwalk Real Estate Investment Trust T.BEI.UN

Alternate Symbol(s): BOWFF

Boardwalk Real Estate Investment Trust (Trust) is a Canada-based open-ended real estate investment trust, which owns/operates multi-family rental communities. The Company provides homes in more than 200 communities, with over 34,000 residential suites totaling over 29 million net rentable square feet. Its brands include Boardwalk Living, Boardwalk Communities, and Boardwalk Lifestyle which, caters to a diverse demographic. Its objectives are to provide Resident Members with quality rental communities and the best tenant/customer service, provide its holders of Trust Units with stable monthly cash distributions, and to increase the value of the Trust Units through the effective management of its residential multi-family revenue producing properties, renovations and upgrades to its current portfolio, and the acquisition and/or development of additional, accretive properties or interests therein.

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Boardwalk Real Estate Investment Trust

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Post by Betteryear2on Nov 12, 2021 5:44am

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Post# 34118297

Continues to Deliver Strong Results

SUMMARY HIGHLIGHTS FOR THE THREE AND NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2021

CONTINUED SOLID FFO PERFORMANCE
FOR THE 3 MONTH PERIOD ENDED SEPTEMBER 30, 2021
- Funds From Operations (FFO) of $0.79 per Trust Unit; an increase of 6.8% from Q3 2020.
- 3.0% same-property net operating income growth.
- Return to positive same-property net operating income growth in Alberta.
- Achieved same-property occupancy of 96.1%, including an 83-basis point increase in Alberta and 97-basis point increase in Edmonton from Q2 2021
  FOR THE 9 MONTH PERIOD ENDED SEPTEMBER 30, 2021
- Funds From Operations of $2.19 per Trust Unit; an increase of 5.8% from the same period a year ago.
- Reported FFO includes $0.02 per Trust Unit of retirement costs incurred in Q2 2021.
SOLID OPERATIONAL PERFORMANCE
- Quarterly sequential revenue growth of 0.8%.
- Continued sustainable reduction of incentives on lease renewals.
- Disciplined approach to cost management.
STRONG AND FLEXIBLE FINANCIAL POSITION
- Approximately $278 million of liquidity.
- Continued interest expense reduction on CMHC-insured mortgage renewals.
- 98% of Boardwalk's mortgage financing benefit from the security of CMHC-insurance.
- Net Asset Value (NAV) increase to $64.29 per Trust Unit, equating to approximately $185,000 per door.
ACCRETIVE CAPITAL RECYCLING
- Boardwalk has entered into an agreement to divest its 50% interest in its Sandalwood development in Mississauga, which is expected to close on November 26, 2021.
- The Trust intends to apply to the Toronto Stock Exchange (the "TSX") for approval of a normal course issuer bid
- Current trading price of approximately $53.00 per Trust Unit implies a per door valuation of $168,000 and an approximate 4.9% cap rate on the Trust's actual trailing twelve-month net operating income (NOI).
INCREASE TO 2021 FINANCIAL GUIDANCE
- Upward revised H2 2021 same-property NOI growth range to: +2.0% to +4.5%.
- Upward revised full-year 2021 same-property NOI growth range of: -0.5% to +1.0%.
- FFO per unit range of: $2.89 to $2.95.
- AFFO per unit range of: $2.24 to $2.30.
DISTRIBUTION OF $1.00 PER TRUST UNIT ON AN ANNUALIZED BASIS CONFIRMED FOR THE MONTHS OF NOVEMBER, DECEMBER 2021 AND JANUARY 2022