Boardwalk REIT Reports First Quarter Funds from Operations Per Unit Growth of 10.7%

CALGARY, May 14, 2020

• CONTINUED STRONG PERFORMANCE
• Funds From Operations (FFO) of $0.62 per Trust Unit; an increase of 10.7% and eighth consecutive quarter of FFO growth
• Excluding retirement costs, FFO of $0.65 per Trust Unit, an increase of 16.1%
• Additional $0.04 per Trust Unit of retirement cost anticipated in Q2 of 2020
• 3.8% same-property revenue growth
• 8.1% same-property net operating income growth
• STRONG AND FLEXIBLE FINANCIAL POSITION
• Approximately $300.2 million of liquidity
• To date, completed approximately $127.2 million of mortgage renewals, and secured approximately $98.7 million in additional financing
• Recently completed CMHC-insured mortgage financings at record low interest rates
• 99% of Boardwalk's mortgages carry CMHC-insurance
• Net Asset Value of $62.24 per trust unit, equating to approximately $180,000 per door
• DELIVERING SOLID OPERATIONAL PERFORMANCE
• Stabilized occupancy increased through Q1 with April 2020 occupancy of 96.6%
• Achieved occupancy of 96.03% for Q1 2020
• 97.5% of April rent was collected in the month of April, approximately 80 basis points below typical monthly collection
• May rent collection to date slightly ahead of April rent collection
• PROVIDING OUR ESSENTIAL SERVICE OF SAFE AND AFFORDABLE HOUSING THROUGH THE COVID-19 PANDEMIC
• Health and safety of our Resident Members and our Associates remains Boardwalk's top-priority
• DISTRIBUTION OF $1.00 PER TRUST UNIT ON AN ANNUALIZED BASIS CONFIRMED FOR THE MONTHS OF MAY, JUNE AND JULY 2020

CALGARY, May 14, 2020 /PRNewswire/ - Boardwalk Real Estate Investment Trust (TSX: BEI.UN)

Boardwalk Real Estate Investment Trust ("Boardwalk", the "REIT" or the "Trust") today announced its financial results for the first quarter of 2020.

Sam Kolias; Chairman and Chief Executive Officer of Boardwalk REIT commented: "We are reporting our first quarter results today, in a time where our world is adapting to a new way of living.  Boardwalk's top priority remains the health and safety of both our Resident Members as well as Boardwalk's Team of Heroes who everyday are performing and delivering our essential service of safe and affordable housing. 

Boardwalk's commitment to providing the best product quality, service and experience has made Boardwalk a choice housing provider before and through this pandemic and have allowed us to create new long-lasting relationships with our Residents.  Our Residents have rewarded us with even higher Net Promoter Scores, higher retention and higher occupancy which are positioning us well as our governments begin to ease restrictions."

Mr. Kolias concluded: "The pandemic has allowed us to expedite many of the initiatives already planned for the year, such as our implementation of Resident-friendly technology.  Our new Resident Member online self-service Yuhu portal, has seen strong adoption and allowed our team to communicate and deliver our service 24/7, while remaining physically distant.  Our team has implemented many other measures to provide safe and happy homes for Boardwalk's Resident Members.

Boardwalk's solid first quarter results and the continued strong performance our team has delivered over the past two years is a reflection of the improved culture and quality of our portfolio as we remain committed to our product, brand and service, to provide safe and affordable homes to our Resident Members."