BOARDWALK REIT REPORTS STRONG RESULTS FOR 2023 AND INTRODUCES GUIDANCE FOR 2024
SUMMARY HIGHLIGHTS FOR THE THREE AND TWELVE-MONTH PERIODS ENDED
STRONG FINANCIAL PERFORMANCE
FOR THE 3 MONTH PERIOD ENDED
- Funds From Operations ("FFO") of
$0.96 per Unit(1)(2); an increase of 20.0% from Q4 2022 - Profit of
$173.1 million - Net Operating Income ("NOI") of
$87.9 million ; an increase of 17.6% from Q4 2022 - Same Property(3) Net Operating Income ("Same Property NOI") of
$86.6 million ; an increase of 16.8% from Q4 2022 - Operating Margin of 62.0%; 410 basis point (bps) improvement from Q4 2022
FOR THE 12 MONTH PERIOD ENDED
- FFO per Unit(1)(2) of
$3.60 ; an increase of 15.0% from the same period a year ago - Profit of
$666.1 million - NOI of
$333.0 million ; an increase of 15.4% from the same period a year ago - Operating Margin of 61.0%; 280 bps improvement from the same period a year ago
- Same Property NOI of
$329.5 million ; an increase of 13.7% from the same period a year ago
SAME PROPERTY RENTAL REVENUE GROWTH IN Q4 2023
- Q4 2023 same property sequential quarterly rental revenue growth of 2.5% from the prior quarter
- Occupied rent of
$1,388 in December of 2023, a$31 improvement fromSeptember 2023 - Q4 2023 same property rental revenue growth of 9.2% from a year ago
- Occupancy of 98.9% in Q4 2023; an increase of 92 basis points from Q4 2022
LEASING STRENGTH CONTINUES INTO 2024
-
February 2024 preliminary occupancy of 98.8%, an increase of 60 bps fromFebruary 2023 - New leasing spreads of 12.6% in
Alberta inJanuary 2024 - Renewal leasing spreads of 9.5% in
Alberta inJanuary 2024 - Rents in
Alberta remain some of the most affordable inCanada , at well below 30% of median renter household income
STRONG AND FLEXIBLE FINANCIAL POSITION
- Approximately
$527.0 million of total available liquidity at the end of the quarter - 96% of Boardwalk's mortgages carry
CMHC -insurance - Unitholders' Equity of
$4.3 billion - Fair value capitalization rate of 5.05%, an increase of 13 bps from Q4 2022
- Net Asset Value increase to
$84.41 per Unit(1)(2), primarily a result of higher market rental rates
SUPPLEMENTING ORGANIC GROWTH
- Completed bought-deal equity offering in
December 2023 for net proceeds of$240.0 million - Completed previously announced acquisition of The Circle during Q1 2024, a new 295-suite apartment community in
Calgary, Alberta at a stabilized cap rate of 5.75% for a purchase price of$77.8 million - Repaid the Trust's portion of its revolving construction facility loan at 45 Railroad in the amount of
$57.2 million subsequent to year-end - The Trust remains well positioned to capitalize on future growth opportunities within its pipeline while remaining proceeds are earning in excess of 5.0%
INTRODUCTION OF 2024 FINANCIAL GUIDANCE
- FFO range of
$3.93 to$4.18 per Unit(1)(2) - Same Property NOI growth range of +10.0% to +14.0%
23.1% INCREASE TO REGULAR MONTHLY DISTRIBUTION TO
(1) Please refer to the section titled "Presentation of Non-GAAP Measures" in this news release for more information. |
(2) Boardwalk REIT's units (the "Trust Units") trade on the |
(3) Same property figures exclude un-stabilized properties (properties which have been owned for less than 24 months) and sold assets. |
"We are pleased to report on a very strong quarter and year with significant growth in Profit, Net Operating Income and Funds from Operations per Unit. Our FFO per Unit of
As of the beginning of February, same property portfolio occupancy has reached 98.8%, including 98.4% in
Our outlook remains bright for the year ahead. We are confident that the strong housing fundamentals that we are seeing, combined with the quality of our communities and Resident-focus will translate to strong organic growth and performance in 2024. With increased liquidity following our recent equity offering, the Trust is also well-positioned to capitalize on additional external growth opportunities during the year."
FOURTH QUARTER FINANCIAL HIGHLIGHTS
$ millions, except per Unit amounts |
||||||
Highlights of the Trust's Fourth Quarter 2023 Financial Results |
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|
3 Months |
3 Months |
% Change |
12 Months |
12 Months |
% Change |
Operational Highlights |
|
|
|
|
|
|
Rental Revenue |
|
|
9.9 % |
|
|
9.9 % |
Same Property Rental Revenue |
|
|
9.2 % |
|
|
8.8 % |
Net Operating Income ("NOI") |
|
|
17.6 % |
|
|
15.4 % |
Same Property NOI |
|
|
16.8 % |
|
|
13.7 % |
Operating Margin (1) |
62.0 % |
57.9 % |
|
61.0 % |
58.2 % |
|
Same Property Operating Margin |
62.8 % |
58.7 % |
|
61.9 % |
59.3 % |
|
|
|
|
|
|
|
|
Financial Highlights |
|
|
|
|
|
|
Funds From Operations ("FFO") (2)(3) |
|
|
22.3 % |
|
|
15.2 % |
Adjusted Funds From Operations ("AFFO") (2)(3) |
|
|
22.0 % |
|
|
18.2 % |
Profit |
|
|
1124.7 % |
|
|
135.3 % |
FFO per Unit (3) |
|
|
20.0 % |
|
|
15.0 % |
AFFO per Unit (3) |
|
|
19.7 % |
|
|
17.9 % |
|
|
|
|
|
|
|
Regular Distributions Declared (Trust Units & LP Class |
|
|
11.0 % |
|
|
8.7 % |
Regular Distributions Declared Per Unit (Trust Units & LP Class |
|
|
8.3 % |
|
|
8.3 % |
FFO Payout Ratio (3) |
30.8 % |
33.9 % |
|
32.2 % |
34.1 % |
|
Same Property Apartment Suites |
|
|
|
33,264 |
33,069 |
|
Non-Same Property Apartment Suites (4) |
|
|
|
765 |
741 |
|
Total Apartment Suites |
|
|
|
34,029 |
33,810 |
|
(1) |
Operating margin is calculated by dividing NOI by rental revenue allowing management to assess the percentage of rental revenue which generated profit. |
(2) |
This is a non-GAAP financial measure. |
(3) |
Please refer to the section titled "Presentation of Non-GAAP Measures" in this news release for more information. |
(4) |
Includes 183 suites related to the Trust's joint venture in |
In Q4 2023, same property operating margin increased compared to the same period in the prior year, as the Trust's same property rental revenue growth remained strong and operating expenses were lower primarily as a result of milder weather. The Trust anticipates continued improvement in its operating margin as same property rental revenue growth remains strong throughout 2024 and the Trust continues to execute on its platform optimization initiatives.
Continued Highlights of the Trust's Fourth Quarter 2023 Financial Results |
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Equity |
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Unitholders' Equity |
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|
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|
|
|
|
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Net Asset Value |
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Net asset value (1)(2) |
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|
|
Net asset value (NAV) per Unit (2) |
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Liquidity, Debt and Distributions |
|
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Cash and cash equivalents |
|
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|
|
|
|
Subsequent committed/funded financing |
|
|
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$- |
|
Unused committed revolving credit facility |
|
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|
|
|
|
Total Available Liquidity |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total mortgage principal outstanding |
|
|
|
|
|
|
Interest Coverage Ratio (Rolling 4 quarters) |
|
|
|
|
2.83 |
2.90 |
(1) |
This is a non-GAAP financial measure. |
(2) |
Please refer to the section titled "Presentation of Non-GAAP Measures" in this news release for more information. |
The Trust's fair value of its investment properties as at
SOLID OPERATIONAL RESULTS
Portfolio Highlights for the Fourth Quarter of 2023 |
|
|||||
|
Dec-23 |
|
Dec-22 |
|
||
Average Occupancy (Quarter Average) (1) |
|
98.91 |
% |
|
97.99 |
% |
|
|
|
|
|
||
Average Monthly Rent (Period Ended) |
$ |
1,375 |
|
$ |
1,246 |
|
Average Market Rent (Period Ended) (2) |
$ |
1,561 |
|
$ |
1,409 |
|
Average Occupied Rent (Period Ended) (3) |
$ |
1,388 |
|
$ |
1,271 |
|
|
|
|
|
|
||
Mark-to-Market Revenue Gain (Period Ended) ($ millions) |
$ |
68.6 |
|
$ |
54.0 |
|
Mark-to-Market Revenue Gain Per Unit (Period Ended) |
$ |
1.36 |
|
$ |
1.07 |
|
(1)Average occupancy is adjusted to be on a same property basis. |
(2)Market rent is a component of rental revenue and is calculated as of the first day of each month as the average rental revenue amount a willing landlord might reasonably expect to receive, and a willing tenant might reasonably expect to pay, for a tenancy, before adjustments for other rental revenue items such as incentives, vacancy loss, fees, specific recoveries, and revenue from commercial tenants. |
(3)Occupied rent is a component of rental revenue and is calculated for occupied suites 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. |
|
Jan-23 |
Feb-23 |
Mar-23 |
Apr-23 |
May-23 |
Jun-23 |
Jul-23 |
Aug-23 |
Sep-23 |
Oct-23 |
Nov-23 |
Dec-23 |
Jan-24 |
Feb-24 |
Same Property |
98.0 % |
98.2 % |
98.1 % |
98.4 % |
98.3 % |
98.3 % |
98.3 % |
98.5 % |
98.6 % |
98.9 % |
98.8 % |
99.0 % |
99.0 % |
98.8 % |
The Trust improved occupancy compared to the same period a year ago by focusing on retention. Market rents were adjusted in many communities where rental market fundamentals are strong. Turnover rates continued to decline as compared to the previous year across the Trust's portfolio. Average occupied rent increased sequentially, and when compared to the same period a year ago, as the Trust focuses on reducing or eliminating incentives on lease renewals, leasing at market rents for new leases and adjusting market rents in many of our communities.
For the fourth quarter of 2023, same property rental revenue increased 9.2% while same property total rental expense decreased by 1.6%, resulting in same property NOI growth of 16.8% in comparison to the same quarter prior year. Same property rental expenses decreased primarily due to the milder weather conditions during the quarter and lower insurance premiums upon renewal in
During the fourth quarter of 2023, lower vacancy loss and incentives, along with positive market rent adjustments supported Boardwalk's
In
In
In
In
As shown in our guidance further in this release, Boardwalk remains well positioned for continued revenue growth and to deliver strong NOI growth in 2024.
Same Property |
# of Suites |
|
% Rental |
|
% Total Rental |
|
% Net Operating |
|
% of NOI |
|
|||||
|
|
12,882 |
|
|
10.2 |
% |
|
(3.9) |
% |
|
22.8 |
% |
|
35.1 |
% |
|
|
5,960 |
|
|
12.0 |
% |
|
(3.2) |
% |
|
20.8 |
% |
|
23.3 |
% |
Other |
|
1,936 |
|
|
10.3 |
% |
|
(7.6) |
% |
|
26.2 |
% |
|
5.0 |
% |
|
|
20,778 |
|
|
10.8 |
% |
|
(4.2) |
% |
|
22.3 |
% |
|
63.4 |
% |
|
|
6,000 |
|
|
5.7 |
% |
|
4.7 |
% |
|
6.3 |
% |
|
17.0 |
% |
|
|
3,505 |
|
|
8.6 |
% |
|
(1.8) |
% |
|
15.0 |
% |
|
11.3 |
% |
|
|
2,867 |
|
|
5.5 |
% |
|
7.6 |
% |
|
4.2 |
% |
|
7.6 |
% |
|
|
114 |
|
|
4.7 |
% |
|
13.4 |
% |
|
3.0 |
% |
|
0.7 |
% |
|
|
33,264 |
|
|
9.2 |
% |
|
(1.6) |
% |
|
16.8 |
% |
|
100.0 |
% |
Same Property |
# of Suites |
|
% Rental |
|
% Total Rental |
|
% Net Operating |
|
% of NOI |
|
|||||
|
|
12,882 |
|
|
9.4 |
% |
|
(1.0) |
% |
|
18.5 |
% |
|
34.8 |
% |
|
|
5,960 |
|
|
11.8 |
% |
|
3.6 |
% |
|
16.4 |
% |
|
23.0 |
% |
Other |
|
1,936 |
|
|
9.1 |
% |
|
(3.4) |
% |
|
20.1 |
% |
|
4.9 |
% |
|
|
20,778 |
|
|
10.2 |
% |
|
0.1 |
% |
|
17.8 |
% |
|
62.7 |
% |
|
|
6,000 |
|
|
5.5 |
% |
|
3.1 |
% |
|
6.8 |
% |
|
17.7 |
% |
|
|
3,505 |
|
|
8.6 |
% |
|
4.9 |
% |
|
10.9 |
% |
|
11.0 |
% |
|
|
2,867 |
|
|
5.4 |
% |
|
6.8 |
% |
|
4.6 |
% |
|
7.9 |
% |
|
|
114 |
|
|
4.6 |
% |
|
12.8 |
% |
|
2.7 |
% |
|
0.7 |
% |
|
|
33,264 |
|
|
8.8 |
% |
|
1.6 |
% |
|
13.7 |
% |
|
100.0 |
% |
STRONG LIQUIDITY POSITION
In the fourth quarter of 2023, Boardwalk renewed
In 2024, the Trust anticipates
SUPPLEMENTING ORGANIC GROWTH
On
2024 FINANCIAL GUIDANCE
As is customary with its fourth quarter disclosure, The Trust is introducing its 2024 outlook and financial guidance.
The Trust's current outlook is for a strong growth trend across its portfolio as multi-family fundamentals remain strong with outsized revenue and NOI growth in its non-price controlled markets.
Overall, the Trust is providing its 2024 financial guidance as follows:
|
2024 Guidance |
2023 Actual |
|
|
|
|
|
|
|
Same Property NOI Growth |
10.0% to 14.0% |
13.7 % |
|
|
Profit |
N/A |
666,099 |
|
|
FFO (1)(2) |
N/A |
181,353 |
|
|
AFFO (1)(2)(3) |
N/A |
149,098 |
|
|
FFO Per Unit (2) |
|
|
|
|
AFFO Per Unit (2)(3) |
|
|
|
(1) |
This is a Non-GAAP financial measure. |
(2) |
Please refer to the section titled "Presentation of Non-GAAP Measures" in this news release for more information. |
(3) |
Utilizing a Maintenance CAPEX expenditure of |
The reader is cautioned that this information is forward-looking and actual results may vary from those forecasted. The Trust reviews the assumptions used to derive its forecast quarterly, and based on this review, may adjust its outlook accordingly.
FOURTH QUARTER REGULAR MONTHLY DISTRIBUTION ANNOUNCEMENT
Consistent with our FFO growth in 2023 and, as forecasted in 2024, The Trust has confirmed an increase to its monthly cash distribution for the months of March, April, and
Month |
Per Unit |
Annualized |
Record Date |
Distribution Date |
|||
|
$ |
0.1200 |
$ |
1.44 |
|
|
|
|
$ |
0.1200 |
$ |
1.44 |
|
|
|
|
$ |
0.1200 |
$ |
1.44 |
|
|
In line with Boardwalk's distribution policy of maximum re-investment, the Trust's payout ratio remains conservative at 30.8% of Q4 2023 FFO; and 32.2% of the last 12 months FFO.
Boardwalk's regular monthly distribution provides a stable and attractive yield for the Trust's Unitholders.
ESG REPORT
The Trust is committed to environmental, social and governance ("ESG") objectives and initiatives, including working towards reducing greenhouse gas emissions and electricity and natural gas consumption, water conservation, waste minimization, and a continued focus on governance and oversight. The Trust looks forward to publishing its fifth annual ESG report in April. The Trust's latest ESG report, along with the Annual report, is available digitally on Boardwalk's website.
FINANCIAL INFORMATION
Boardwalk produces quarterly financial statements and management's discussion and analysis that provides detailed information regarding the Trust's activities during the quarter. Financial information is available on Boardwalk's investor website at www.bwalk.com/investors.
TELECONFERENCE ON FOURTH QUARTER 2023 FINANCIAL RESULTS
Boardwalk invites you to participate in the teleconference that will be held to discuss these results tomorrow (
Teleconference: To join the conference call without operator assistance, you may register and enter your phone number at https://emportal.ink/3S3K8h4 to receive an instant automated call back.
Alternatively, you can also dial direct to be entered into the call by an operator using the traditional conference call instructions below.
The telephone numbers for the conference are 416-764-8650 (local/international callers) or toll-free 1-888-664-6383 (within
Note: Please provide the operator with the below Conference Call ID or Topic when dialing in to the call.
Conference ID: 48767747
Topic:
Webcast: Investors will be able to listen to the call and view Boardwalk's slide presentation by visiting www.bwalk.com/investors prior to the start of the call.
An information page will be provided for any software needed and system requirements. The webcast and slide presentation will also be available at:
Boardwalk REIT Fourth Quarter Results Webcast Link
Replay: An audio recording of the teleconference will be available on the Trust's website:
www.bwalk.com/investors
CORPORATE PROFILE
Boardwalk REIT strives to be
Boardwalk REIT's Trust Units are listed on the
PRESENTATION OF NON-GAAP MEASURES
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. Below are the non-GAAP financial measures referred to in this news release.
Funds From Operations
The IFRS measurement most comparable to FFO is profit. Boardwalk REIT considers FFO to be an appropriate measurement of the performance of a publicly listed multi-family residential entity as it is the most widely used and reported measure of real estate investment trust performance. Profit includes items such as fair value changes of investment property that are subject to market conditions and capitalization rate fluctuations which are not representative of recurring operating performance. Consistent with REALPAC, we define FFO as adjustments to profit for fair value gains or losses, distributions on the LP Class
FFO Reconciliation |
3 Months |
3 Months |
% Change |
12 Months |
12 Months |
% Change |
|
|
|
|
|
|
|
(In |
|
|
|
|
|
|
Profit |
|
|
|
|
|
|
Adjustments |
|
|
|
|
|
|
Other income (1) |
(68) |
(189) |
|
(886) |
(2,788) |
|
Loss on sale of asset |
928 |
- |
|
928 |
- |
|
Fair value (gains) losses |
(127,849) |
23,497 |
|
(494,877) |
(132,256) |
|
LP Class |
1,309 |
1,208 |
|
5,169 |
4,774 |
|
Deferred tax expense |
6 |
10 |
|
75 |
76 |
|
Depreciation |
2,244 |
2,069 |
|
7,921 |
7,782 |
|
Principal repayments on lease liabilities |
(803) |
(945) |
|
(3,397) |
(3,965) |
|
Principal repayments on lease receivable |
- |
186 |
|
321 |
725 |
|
FFO |
|
|
22.3 % |
|
|
15.2 % |
FFO per Unit |
|
|
20.0 % |
|
|
15.0 % |
(1) Other income is comprised of capital gains from investment income. |
Adjusted Funds From Operations
Similar to FFO, the IFRS measurement most comparable to AFFO is profit. Boardwalk REIT considers AFFO to be an appropriate measurement of a publicly listed multi-family residential entity as it measures the economic performance after deducting for maintenance capital expenditures to the existing portfolio of investment properties. AFFO is determined by taking the amounts reported as FFO and deducting what is commonly referred to as "Maintenance Capital Expenditures". Maintenance Capital Expenditures are referred to as expenditures that, by standard accounting definition, are accounted for as capital in that the expenditure itself has a useful life in excess of the current financial year and maintains the value of the related assets. The reconciliation of AFFO can be found below. The Trust uses AFFO to assess operating performance and its distribution paying capacity, and decisions related to investment in capital assets.
(000's) |
3 Months |
|
3 Months |
|
12 Months |
|
12 Months |
|
||||
|
|
|
|
|
|
|
|
|
||||
FFO |
$ |
48,897 |
|
$ |
39,973 |
|
$ |
181,353 |
|
$ |
157,444 |
|
Maintenance Capital Expenditures |
|
8,651 |
|
|
6,994 |
|
|
32,255 |
|
|
31,263 |
|
AFFO |
$ |
40,246 |
|
$ |
32,979 |
|
$ |
149,098 |
|
$ |
126,181 |
|
Adjusted Real Estate Assets
The IFRS measurement most comparable to Adjusted Real Estate Assets is investment properties. Adjusted Real Estate Assets is comprised of investment properties, equity accounted investment, and cash and cash equivalents. Adjusted Real Estate Assets is useful in summarizing the real estate assets owned by the Trust and it is used in the calculation of NAV, which management of the Trust believes is a useful measure in estimating the entity's value. The reconciliation from Investment Properties under IFRS to Adjusted Real Estate Assets can be found on the following page, under NAV.
Adjusted Real Estate Debt
The IFRS measurement most comparable to Adjusted Real Estate Debt is total mortgage principal outstanding. Adjusted Real Estate Debt is comprised of total mortgage principal outstanding, total lease liabilities attributable to land leases, and construction loan payable. It is useful in summarizing the Trust's debt which is attributable to its real estate assets and is used in the calculation of NAV, which management of the Trust believes is a useful measure in estimating the entity's value. The reconciliation from total mortgage principal outstanding under IFRS to Adjusted Real Estate Debt can be found below under NAV.
Net Asset Value
The IFRS measurement most comparable to NAV is Unitholders' Equity. With real estate entities, NAV is the total value of the entity's investment properties and cash minus the total value of the entity's debt. The Trust determines NAV by taking Adjusted Real Estate Assets and subtracting Adjusted Real Estate Debt, which management of the Trust believes is a useful measure in estimating the entity's value. The reconciliation from Unitholders' Equity under IFRS to Net Asset Value is below.
|
|
|
|
|
||
Investment properties |
$ |
7,702,214 |
|
$ |
6,900,745 |
|
Equity accounted investment |
|
39,758 |
|
|
40,871 |
|
Cash and cash equivalents |
|
331,204 |
|
|
52,816 |
|
Adjusted Real Estate Assets |
$ |
8,073,176 |
|
$ |
6,994,432 |
|
|
|
|
|
|
||
Total mortgage principal outstanding |
$ |
(3,446,801) |
|
$ |
(3,336,026) |
|
Total lease liabilities attributable to land leases (1) |
|
(72,860) |
|
|
(74,502) |
|
Adjusted Real Estate Debt |
$ |
(3,519,661) |
|
$ |
(3,410,528) |
|
|
|
|
|
|
||
Net Asset Value |
$ |
4,553,515 |
|
$ |
3,583,904 |
|
Net Asset Value per Unit |
$ |
84.41 |
|
$ |
71.35 |
|
Reconciliation of Unitholders' Equity to Net Asset Value |
|
|
|
|
||
Unitholders' Equity |
$ |
4,320,072 |
|
$ |
3,466,998 |
|
Total Assets |
|
(8,141,876) |
|
|
(7,067,275) |
|
Investment properties |
|
7,702,214 |
|
|
6,900,745 |
|
Equity accounted investment |
|
39,758 |
|
|
40,871 |
|
Cash and cash equivalents |
|
331,204 |
|
|
52,816 |
|
Total Liabilities |
|
3,821,804 |
|
|
3,600,277 |
|
Total mortgage principal outstanding |
|
(3,446,801) |
|
|
(3,336,026) |
|
Total lease liabilities attributable to land leases (1) |
|
(72,860) |
|
|
(74,502) |
|
Net Asset Value (1)(2) |
$ |
4,553,515 |
|
$ |
3,583,904 |
|
(1) |
Total lease liability attributable to land leases is a component of lease liabilities as calculated in accordance with IFRS. |
Non-GAAP Ratios
The discussion below outlines the non-GAAP ratios used by the Trust. Each non-GAAP ratio has a non-GAAP financial measure as one or more of its components, and, as a result, do not have standardized meanings prescribed by IFRS and therefore may not be comparable to similar financial measurements presented by other entities. Non-GAAP financial measures should not be construed as alternatives to IFRS defined measures.
FFO per Unit, AFFO per Unit, and NAV per Unit
FFO per Unit includes the non-GAAP financial measure FFO as a component in the calculation. The Trust uses FFO per Unit to assess operating performance on a per Unit basis, as well as determining the level of Associate incentive-based compensation.
AFFO per Unit includes the non-GAAP financial measure AFFO as a component in the calculation. The Trust uses AFFO per Unit to assess operating performance on a per Unit basis and its distribution paying capacity.
NAV per Unit includes the non-GAAP financial measure NAV as a component in the calculation. Management of the Trust believes it is a useful measure in estimating the entity's value on a per Unit basis, which an investor can compare to the entity's Trust Unit price which is publicly traded to help with investment decisions.
FFO per Unit and AFFO per Unit, are calculated by taking the non-GAAP ratio's corresponding non-GAAP financial measure and dividing by the weighted average Trust Units outstanding for the period on a fully diluted basis, which assumes conversion of the LP Class
NAV per Unit is calculated as NAV divided by the Trust Units outstanding as at the reporting date on a fully diluted basis which assumes conversion of the LP Class
FFO per Unit Future Financial Guidance
FFO per Unit Future Financial Guidance is calculated as FFO Future Financial Guidance divided by the estimated weighted average Trust Units and LP Class
AFFO per Unit Future Financial Guidance
AFFO per Unit Future Financial Guidance is calculated as AFFO Future Financial Guidance divided by the estimated weighted average Trust Units and LP Class
FFO Payout Ratio
FFO Payout Ratio represents the REIT's ability to pay distributions. This non-GAAP ratio is computed by dividing regular distributions paid on the Trust Units and LP Class
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 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. Forward-looking statements contained in this press release include Boardwalk's financial guidance for fiscal 2024, Boardwalk's ability to accelerate organic growth in 2024, expected distributions for
This news release also contains future-oriented financial information and financial outlook information (collectively "FOFI") about Boardwalk's same property NOI growth, FFO per Unit, and AFFO per Unit guidance for fiscal 2024. Boardwalk has included the FOFI for the purpose of providing further information about the Trust's anticipated future business operation.
For more exhaustive information on the risks and uncertainties in respect of forward-looking statements and FOFI you should refer to Boardwalk's Management's Discussion & Analysis and Annual Information Form for the year ended
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