BOARDWALK REIT PROVIDES OPERATIONAL UPDATE, ANNOUNCES RECENT ACQUISITIONS AND TIMING OF SECOND QUARTER RESULTS
Boardwalk REIT ("Boardwalk", "the Trust", "We") is providing an update highlighting ongoing strength in occupancy and rents throughout the spring leasing season, as well as the re-deployment of cash into acquisition opportunities that will further enhance growth and value for stakeholders.
Same Property Portfolio Occupancy
|
Jul-23 |
Aug-23 |
Sep-23 |
Oct-23 |
Nov-23 |
Dec-23 |
Same Property |
98.3 % |
98.5 % |
98.6 % |
98.9 % |
98.9 % |
99.0 % |
|
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|
Jan-24 |
Feb-24 |
Mar-24 |
Apr-24 |
May-24 |
Jun-24 |
|
99.0 % |
98.8 % |
98.8 % |
98.8 % |
98.6 % |
98.6 % |
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Jul-24 |
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98.6 % |
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1 Preliminary occupancy as of the first day of each month |
Occupied Rent
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May-23 |
Jun-23 |
Jul-23 |
Aug-23 |
Sep-23 |
Oct-23 |
Occupied Rent 2 |
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Nov-23 |
Dec-23 |
Jan-24 |
Feb-24 |
Mar-24 |
Apr-24 |
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May-24 |
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2 Occupied rent is a component of rental revenue and represents same properties only. It 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. |
Accretive and Strategic Capital Deployment
The Trust is pleased to announce that it has sourced two acquisitions of new communities in the
The Trust has a purchase agreement in place for Elbow 5 Eight, a 255-suite, newly built wood frame community in central
On
On
"As we enter the summer leasing season, we continue to see strong apartment rental fundamentals across our portfolio. Our approach to self-moderation of rental adjustments in our non-price-controlled markets continues to be supportive of Resident Member retention while extending our runway for future growth and lowering our turnover costs.
We are pleased to announce the addition of the three communities above into our Boardwalk Family Forever. Upon closing on Elbow 5 Eight, the Trust will have fully deployed the remaining proceeds from its equity issuance in
Overall, we are encouraged by the results we have seen to-date in 2024 and are confident that our Net Operating Income and FFO 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."
Timing of Boardwalk REIT's Second Quarter Financial Results
Boardwalk REIT's financial results for the three-month period ended
We invite you to participate in the teleconference to be held to discuss these results the following day (
Teleconference:
To join the conference call without operator assistance, you may register and enter your phone number at https://emportal.ink/3XFEsNQ to receive an instant automated call back.
You can also dial direct to be entered to the call by an operator using the traditional conference call instructions below.
The telephone numbers for the conference are 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: 12521459
Topic:
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 Second Quarter Results Webcast Link
Corporate Profile:
Boardwalk REIT strives to be
Boardwalk REIT's Trust Units are listed on the
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
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