Boardwalk REIT Reports Second Quarter Funds From Operations Per Unit Growth of 4.4% (10.3% Excluding Retirement Costs)

CALGARY, AB, Aug. 13, 2020

• CONTINUED STRONG PERFORMANCE
  FOR THE 3 MONTH PERIOD ENDED JUNE 30, 2020
• Funds From Operations (FFO) of $0.71 per Trust Unit; an increase of 4.4%
• Excluding retirement costs, FFO of $0.75 per Trust Unit, an increase of 10.3%
• 3.1% same-property revenue growth
• 6.4% same-property net operating income growth
• FOR THE 6 MONTH PERIOD ENDED JUNE 30, 2020
• Funds From Operations (FFO) of $1.33 per Trust Unit; an increase of 7.3%
• Excluding retirement costs, FFO of $1.40 per Trust Unit, an increase of 12.9%
• 3.5% same-property revenue growth
• 7.3% same-property net operating income growth
• SOLID OPERATIONAL PERFORMANCE
• Stabilized portfolio occupancy of 96.9% as of the first of July 2020
• Achieved occupancy of 96.8% for Q2 2020
• Reduced operating expenses by 1.8%
• Rental collections in the second quarter mainly inline with pre-COVID levels
• STRONG AND FLEXIBLE FINANCIAL POSITION
• Approximately $342 million of liquidity
• Recently completed CMHC-insured mortgage financings at record low interest rates
• 99% of Boardwalk's mortgages carry CMHC-insurance
• Net Asset Value of $61.77 per Trust Unit, equating to approximately $180,000 per door
• CONTINUE TO PROVIDE 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 AUGUST, SEPTEMBER AND OCTOBER 2020

CALGARY, AB, Aug. 13, 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 second quarter of 2020.

Sam Kolias; Chairman and Chief Executive Officer of Boardwalk REIT commented: "We are reporting our second quarter results today as our markets across Canada continue to move through various stages of economic relaunch.  Unchanged since the beginning of the pandemic, 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 second quarter results are a reflection of our commitment to providing the best product quality, service and experience which has made Boardwalk a choice housing provider, both before and through this pandemic.  Our Resident Members have rewarded us with higher occupancy, retention, and net promoter scores, creating new long-lasting relationships with our Residents within our Communities.  Our focus on new and innovative ways to deliver our homes in a more efficient manner is resulting in lower operating costs while improving service and experience. 

Boardwalk's peak performance-based culture, which was introduced in 2017 after experiencing increased competition in our core markets, provided necessary learnings on how-to gain market share, and today, Boardwalk's diverse brand and affordable product offering has allowed the Trust to exceed expectations.  As we look forward to the second half of 2020, Boardwalk remains in a strong financial position to capitalize on opportunities that may arise, and is well positioned to continue delivering results for all of our stakeholders on the foundation of strong affordability within our portfolio of communities across Canada where love always lives."

SECOND QUARTER & FIRST SIX-MONTHS FINANCIAL HIGHLIGHTS