BOARDWALK REIT PROVIDES OPERATIONAL UPDATE, STRENGTHENS PRESENCE IN CANMORE AND BRAMPTON MARKETS, AND ANNOUNCES TIMING OF RELEASE OF ITS 2022 FIRST QUARTER FINANCIAL RESULTS

News provided by

Boardwalk Real Estate Investment Trust

Apr 06, 2022, 07:00 ET

TSX: BEI.UN

CALGARY, AB, April 6, 2022 /PRNewswire/ - Boardwalk REIT ("Boardwalk, "the Trust", "We") is providing a brief operational and acquisition update 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

	Jan-21	Feb-21	Mar-21	Apr-21	May-21	Jun-21
Stabilized Portfolio Occupancy ¹	94.8%	94.7%	95.0%	95.7%	96.0%	96.0%

	Jul-21	Aug-21	Sep-21	Oct-21	Nov-21	Dec-21
	95.9%	96.1%	96.2%	96.1%	95.7%	95.7%

	Jan-22	Feb-22	Mar-22	Apr-22
	95.6%	95.5%	95.4%	95.8%

¹ Preliminary occupancy as of the first day of each month

Occupied Rent

	Jan-21	Feb-21	Mar-21	Apr-21	May-21	Jun-21
Occupied Rent ²	$1,190	$1,189	$1,188	$1,188	$1,189	$1,191

	Jul-21	Aug-21	Sep-21	Oct-21	Nov-21	Dec-21
	$1,191	$1,196	$1,195	$1,198	$1,201	$1,203

	Jan-22	Feb-22
	$1,204	$1,206

²Occupied 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:

"After a slower January and first two weeks of February, we have seen a strong increase in rental traffic in March with higher occupancy and lower availability as we head into the strong spring leasing season.

Our team is committed to further optimize our rentals and occupancy, while finding innovative ways to best manage controllable operating costs during a high inflation period. We are anticipating some higher non-controllable costs in the first quarter, such as utilities, due to a combination of colder weather in the Trust's Western markets, an increase in Residents being in their homes during the onset of the Omicron variant, and utility cost inflation driven by energy shortages.

We are confident that our strong leasing momentum, peak-performing team and unparalleled affordability of our core markets position us well for continued growth in the months to come."

Canmore and Brampton Acquisitions

The Trust is pleased to announce the acquisition of two properties in Canmore, Alberta and Brampton, Ontario for a combined purchase price of $117.5 million. The portfolio strengthens and expands the Trust's presence in two significantly undersupplied housing markets while providing immediate accretion to Unitholders. The transaction closed on March 30, 2022 and was funded with a combination of existing liquidity and low-cost mortgage financing.

Peak Estates in Canmore consists of three A-class, four-storey buildings constructed in 2018, offering Residents unparalleled access to the world-class outdoor recreational Banff and Canmore corridor. The property totals 148 units and features large unit sizes, modern finishes and 6 in-suite appliances. The property compliments the Trust's existing Elk Valley Estates and Mountainview Estates communities in the nearby Town of Banff and increases the Trust's portfolio in the region to over 300 units.

Ardglen Place in Brampton totals 152 desirable townhouse units and offers significant value-add potential for the Trust. The property features large unit sizes and offers Residents desirable low-density housing in the rapidly growing Peel Region. The community establishes a solid operational foothold in the area for Boardwalk ahead of the completion of Tower 1 of the Trust's 45 Railroad development in Brampton, which is expected to come online in Q4 2022.

2021 ESG and Annual Report

Boardwalk is proud to publish its 2021 ESG and Annual Report. Both reports are available as digital reports on the Trust's website: www.bwalk.com/investors.

Timing of Boardwalk REIT's First Quarter Financial Results

Boardwalk REIT's financial results for the three-month period ended March 31, 2022, will be released the evening of May 9, 2022.

We invite you to participate in the teleconference to be held to discuss these results the following morning (Tuesday May 10, 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: 85957330
Topic: Boardwalk Real Estate Investment Trust, 2022 First 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 First 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.

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