BOARDWALK REAL EST. UTS

Boardwalk REIT: Look Past The Yield» Mehr auf seekingalpha.com

Boardwalk Real Estate Investment Trust (OTCPK:BOWFF) Q1 2025 Earnings Call May 7, 2025 1:00 PM ET Company Participants Eric Bowers - Investor Relations Sam Kolias - Chief Executive Officer James Ha - President Gregg Tinling - Chief Financial Officer Samantha Kolias-Gunn - Senior Vice President, Corporate Development and Governance Samantha Adams - Senior Vice President, Investments Conference Call Participants Fred Blondeau - Green Street Jonathan Kelcher - TD Cowen Mike Markidis - BMO Brad Sturges - Raymond James Kyle Stanley - Desjardins Jimmy Shan - RBC Capital Markets Operator Good afternoon, ladies and gentlemen, and welcome to the Boardwalk Real Estate Investment Trust First Quarter 2025 Earnings Call. [Operator Instructions] This call is being recorded on May 7, 2025.» Mehr auf seekingalpha.com

CALGARY, AB , May 6, 2025 /PRNewswire/ - Boardwalk Real Estate Investment Trust (TSX: BEI.UN) SUMMARY HIGHLIGHTS FOR THE THREE-MONTH PERIOD ENDED MARCH 31, 2025 STRONG FINANCIAL PERFORMANCE Funds From Operations ("FFO") of $1.06 per Unit(1)(2); an increase of 11.6% from Q1 2024 Profit of $133.8 million Net Operating Income ("NOI") of $96.5 million; an increase of 10.3% from Q1 2024 Same Property(3) Net Operating Income ("Same Property NOI") of $95.9 million; an increase of 10.3% from Q1 2024 Operating Margin of 62.0%; increase of 1.70% from Q1 2024 SAME PROPERTY RENTAL REVENUE GROWTH IN Q1 2025 Q1 2025 same property sequential quarterly rental revenue growth of 1.1% from the prior quarter Q1 2025 same property rental revenue growth of 7.5% from a year ago Occupancy of 97.8% in Q1 2025; a decrease of 0.99% from Q1 2024 Occupancy holding firm to begin spring leasing season HIGH QUALITY AFFORDABLE HOUSING REMAINS IN DEMAND Rents in Edmonton, the Trust's largest market, remain some of the most affordable amongst major cities in Canada The Trust has cumulatively re-invested in common area improvements representing 73% of its portfolio since 2017, improving portfolio quality and resilience across market conditions May 2025 preliminary occupancy of 98.0% STRONG AND FLEXIBLE BALANCE SHEET Approximately $272.8 million of total available liquidity at the end of the quarter 96% of Boardwalk's mortgages carry CMHC-insurance Unitholders' Equity of $4.9 billion Fair value capitalization rate of 5.12%, consistent with Q4 2024 Net Asset Value increase to $96.07 per Unit(1)(2), primarily a result of higher market rental rates in the Trust's more affordable non-price controlled markets Debt to EBITDA(1) of 9.99x, compared to 10.08x for the year ended December 31, 2024 Debt to Total Assets(1) of 39.9%, compared to 40.6% as at December 31, 2024 STRATEGIC CAPITAL ALLOCATION Completed previously announced disposition of three communities in Edmonton, Alberta totaling 390 suites Invested $30.0 million into the repurchase and cancellation of 474,972 Trust Units during Q1 2025 Completed acquisition of previously announced 255-suite Elbow 5 Eight community in Calgary, Alberta During Q1 2025, finalized a purchase agreement for the remaining 50% interest in the Trust's joint operation in Calgary, Alberta known as BRIO for a purchase price of $37.4 million; closing anticipated in Q3 2025 UPDATE TO 2025 FINANCIAL GUIDANCE  Revised FFO range of $4.35 to $4.60 per Unit(1)(2) Same Property NOI growth range of +5.5% to +8.5% EXCEPTIONAL VALUE At current unit price of approximately $65, Boardwalk's implied value is approximately $192,000 per suite, equating to an attractive 6.0% cap rate on trailing NOI, with significant growth reflected in updated guidance above DISTRIBUTION OF $1.62 PER TRUST UNIT ON AN ANNUALIZED BASIS CONFIRMED FOR THE MONTHS OF JUNE, JULY AND AUGUST 2025 (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 Toronto Stock Exchange ("TSX") under the trading symbol 'BEI.UN'.» Mehr auf prnewswire.com