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Boardwalk REIT Signals Robust Growth Amid High Occupancy and Rising Rents


Lauren Miller

April 2, 2024 - 21:38 pm


Strong Occupancy and Rising Rents Signal Growth for Boardwalk REIT

CALGARY, AB, April 2, 2024 (PRNewswire) - Boardwalk Real Estate Investment Trust, widely recognized through its ticker symbol TSX: BEI.UN, today shared a concise operational update that delineates the present robustness of occupancy rates and a steady upsurge in occupied rents. This announcement coincides with the onset of the brisk spring letting period. The Trust remains dedicated to providing premium housing and exceptional value to its Resident Members, simultaneously achieving growth and generating value for our investors.

Persistent Occupancy Accentuating Stability

Same Property Portfolio Occupancy

Boardwalk's steadfast commitment to housing quality and value for tenants is evident with the occupancy rates exhibiting remarkable stability from April 2023 through March 2024. Preliminary occupancy details, as recorded on the first day of each month, show percentages consistently above the 98% threshold. The starting months of April and May 2023 began with 98.4% and 98.3% respectively. The following four months carried forward a similar trend with occupancy very slightly fluctuating but still resting impressively high at 98.3% and peaking at 98.6%.

In the subsequent quarter, as we advanced into October 2023, the occupancy remarkably soared, reaching 98.9%, which was maintained in November. December saw a marginal increase, leading to a record 99.0% occupancy, which was mirrored in the January statistics. A marginal decrease to 98.8% took place in February and March, clearly demonstrating Boardwalk's proficiency in sustaining high occupancy rates across its properties.

Increasing Occupied Rent Reflects a Surging Market

Occupied Rent

Occupied rent has shown a promising escalation contributing to Boardwalk's financial health. February 2023's occupied rent stood firm at $1,283, and a progressive climb was evident as months ensued. March documented a rise to $1,292, and a sequence of monthly increments perpetuated this ascension. The growth trajectory continued, marked by April’s figure of $1,304 and then an incremental progress each month after, with May reaching $1,316, and June $1,326. July continued this trend, recording an occupied rent of $1,338.

The momentum did not wane as the year progressed. August 2023's figures reached $1,348. The months that followed up until January 2024 experienced a steady increase, showcasing the Trust's ability to command higher rents in a competitive market. By January 2024, the occupied rent amounted to $1,398.

The concluding monthly update of February 2024 recorded a notable occupied rent of $1,404, underpinning the ever-growing demand for Boardwalk's property portfolio and its adeptness in optimizing rental revenue streams.

Leadership Perspective: A Strategic Outlook by Sam Kolias

Sam Kolias, who steers Boardwalk REIT as its Chairman and CEO, shed light on the company’s position as they navigate the crucial spring leasing period:

“As we enter our higher volume spring leasing season, we are well-positioned for continued strong apartment rental fundamentals in our largest markets. Occupancy at our communities remains high, while our approach to self-moderation of rental adjustments in our non price-controlled markets increases our Resident retention while lowering our turnover costs and extending our runway for future growth. Alberta remains a destination of choice for existing and new Canadians seeking an affordable place to call home, economic opportunities, and the favorable lifestyle the province has to offer. We are encouraged by the results we have seen to-date in 2024 and are confident that our Net Operating Income and Funds from Operations per unit growth trajectory will provide us with additional funds to re-invest in our communities while continuing our track record of strong performance for our Unitholders.”

Scheduled Release of Quarter Financials and Invitation for Conference Call

Timing of Boardwalk REIT's First Quarter Financial Results

Boardwalk REIT anticipates the release of its first-quarter financial results for the period ending March 31, 2024, on the evening of May 7, 2024. Following this, a teleconference discussing these results is scheduled for May 8, 2024, at 11:00 am MT/1:00 pm ET. Senior Management aims to communicate not only the results but also convey a comprehensive financial and operational update. The accompanying slide presentation will be made available on their website prior to the teleconference. All interested parties are welcome to attend the call.

Teleconference Details:

You have the option of joining the conference call without operator assistance by registering your phone number at to receive an immediate automatic callback. Alternatively, you can dial in directly via the traditional conference call method.

The toll-free number for participants within North America is 1-888-664-6383, while international participants can dial in at 416-764-8650. When connecting, you may need to provide the operator with the Conference Call ID: 36545838 or reference the topic: "Boardwalk Real Estate Investment Trust, 2024 First Quarter Results."

Webcast Information:

In addition to the teleconference, investors are invited to listen to the webcast and view the slide presentation by visiting Boardwalk REIT's Investor Relations website on the morning of the call. Further details regarding software and system requirements will be provided on their information page. The live webcast can also be accessed via the provided link: Boardwalk REIT First Quarter Results Webcast Link.

Corporate Profile: A Pledge to Building Vibrant Communities

Boardwalk REIT is on a mission to earn the reputation as Canada's most amicable community provider. As a vanguard owner/operator of multi-family rental communities, the Trust manages over 200 communities equating to more than 34,000 residential suites, combining for over 29 million net rentable square feet. Boardwalk showcases a consistent track record of crafting better communities and manifests its ethos: "where love always lives."

Catering to a diverse set of demographics, Boardwalk has variably structured their brands - Boardwalk Living, Boardwalk Communities, and Boardwalk Lifestyle - to align with the life cycle of their Resident Members. This strategic positioning extends from acquisition, through purposeful repositioning, to attentive management of the apartment communities, thereby maintaining the brand's ubiquitous presence across Canada.

The core ethos of the Trust revolves around a peak performance culture, underpinning the commitment to delivering unsurpassed levels of service, quality, and experiences. These pillars contribute to high retention rates among Resident Members and benchmark-setting operational results that foster free cash flow and enrich investment returns. The resultant stability in monthly distributions and value creation aligns with the expectations and interests of Boardwalk's stakeholders.

Listed on the Toronto Stock Exchange under the ticker BEI.UN, Boardwalk REIT's comprehensive information is readily accessible on its website at

Forward-Looking Statements: A Note of Prudence

Statements and information that go beyond historical facts and reflect future predictions or expectations can be considered 'forward-looking statements'. Words such as "expect", "anticipate", "may", "will", and "intend" are often associated with such forward-looking statements.

These statements inherently involve estimates and assumptions associated with risks and uncertainties that could result in a material difference between Boardwalk's actual results and the projections conveyed in these statements. Nonetheless, these forward-looking statements, especially those regarding future objectives, strategies, beliefs, plans, estimates, and anticipations, are based on current assumptions thought to be accurate at the time of release.

A multitude of factors form these hypotheses, including the generalized economic conditions, both within Canada and globally, along with the Trust's growth potential prospects, the rental market forecast, consistent interest costs, the availability of both equity and debt capital markets, and the prevalence of suitable personnel. Changes in the legal framework, tax laws, mortgage rules, market volatility, and other legislative alterations can significantly impact these forward-looking statements.

It is important to recognize that while the Trust's beliefs and projections are based on reasonable assumptions, the forward-looking statements are not guarantees of future performance and, therefore, should be evaluated critically.

Boardwalk Real Estate Investment Trust, the herald of this news release, reminds readers that all forward-looking statements require an informed and cautious approach.


Boardwalk Real Estate Investment Trust stands at the forefront of providing high-quality housing solutions in Canada. With unwavering occupancy rates and steadily increasing rents, the trust is set on a trajectory that heralds growth and promises a robust financial performance. The forthcoming financial results and conference call will provide stakeholders with deeper insights into Boardwalk's strategic plans and operational success. Aligning its efforts with the aspiration to be Canada's friendliest community provider, Boardwalk REIT continues to etch its mark in the real estate sector through its guiding principle that in every community it fosters, 'love always lives'.