Grounded on Some of the Most Affordable Rents in Canada, Boardwalk REIT Reports Resilient Results With Third Quarter Funds From Operations per Unit Growth of 5.7%

CALGARY, AB, Nov. 12, 2020

• RESILIENT PERFORMANCE
  FOR THE THREE MONTH PERIOD ENDED SEPTEMBER 30, 2020
• Funds From Operations (FFO) of $0.74 per Trust Unit; an increase of 5.7%
• 1.7% same-property revenue growth
• 0.5% same-property net operating income growth
• FOR THE NINE MONTH PERIOD ENDED SEPTEMBER 30, 2020
• Funds From Operations (FFO) of $2.07 per Trust Unit; an increase of 6.7%
• Excluding retirement costs, FFO of $2.14 per Trust Unit, an increase of 10.3%
• 2.9% same-property revenue growth
• 4.9% same-property net operating income growth
• SOLID OPERATIONAL RESULTS
• Resumption of sustainable rental rate adjustments beginning to benefit October renewals
• Achieved occupancy of 96.6% for Q3 2020
• Rental collections remain inline with pre-COVID levels
• STRONG AND FLEXIBLE FINANCIAL POSITION
• Approximately $286.0 million of liquidity
• Recently completed CMHC-insured mortgage financings at record low interest rates between 0.97% and 1.30%
• 99% of Boardwalk's mortgages carry CMHC-insurance
• Net Asset Value of $60.85 per trust unit, equating to approximately $180,000 per door
• STEADY EXECUTION OF LONG-TERM STRATEGY TO GEOGRAPHICALLY EXPAND AND HIGH-GRADE PORTFOLIO
• Acquisition of two future development sites in prime locations in Victoria, BC for $26.9 million
• These future developments will add an estimated 432 new rental units in the high growth market of Victoria
• Sale of non-core 72-unit walk-up community in Regina at a price inline with the Trust's fair value of the asset
• 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 NOVEMBER, DECEMBER 2020 AND JANUARY 2021

CALGARY, AB, Nov. 12, 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 third quarter of 2020.

Sam Kolias, Chairman and Chief Executive Officer of Boardwalk REIT commented: "Grounded on some of the most affordable rents in Canada and through competitive market conditions, Boardwalk has continued to outperform. Boardwalk's third quarter results are a reflection of both the resilience of the multifamily sector and Boardwalk's competitive advantage in providing the best product quality, service, and experience to our resident members. Our performance-focused team, and investment in our communities through previous competitive conditions experienced over the last five years in our Western Canadian markets has allowed the Trust to continue to excel through these unprecedented times.

Boardwalk's focus has been on increasing retention and with many of our lease renewals negotiated 30-90 days in advance of lease expiration, our third quarter results saw limited benefit from the lifting of rental rate restrictions in August of this year. With restrictions lifted, Boardwalk's team is seeing success in negotiating small sustainable rental rate adjustments on renewal, while aiming to maintain high occupancy through the winter months. The Trust anticipates this approach to provide steady growth and recovery of increased non-controllable expenses through the remainder of the year.

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 innovating, performing and delivering our essential service of safe and affordable housing. Boardwalk's diverse brand and affordable product offering has allowed the Trust to exceed expectations.

Current record low CMHC insured mortgage rates, with recently completed mortgage renewals of between 0.97% and 1.30% for four and five year terms, respectively, are significantly reducing our interest expense on mortgage maturities which averages 2.66% as of the end of September. Boardwalk remains in a strong and flexible financial position to capitalize on opportunities that may arise, and with our operational focus is well positioned to continue delivering resilient and sustainable results for all of our stakeholders on the foundation of strong affordability within our portfolio of communities across Canada where love always lives™."