Boardwalk REIT Reports Strong Results Through 2020 With Funds From Operation Per Unit Growth of 6.6%

CALGARY, AB, Feb. 25, 2021

• HEALTH AND SAFETY THROUGH THE COVID-19 PANDEMIC REMAINS PRIORITY AS WE CONTINUE TO PROVIDE OUR ESSENTIAL SERVICE OF SAFE AND AFFORDABLE HOUSING
• RESILIENT PERFORMANCE

FOR THE TWELVE MONTH PERIOD ENDED DECEMBER 31, 2020

• Funds From Operations (FFO) of $2.74 per Trust Unit; an increase of 6.6%
• Excluding retirement costs of $3.7 million, FFO of $2.81 per Trust Unit, an increase of 9.3%
• 2.3% same-property revenue growth
• 3.7% same-property net operating income growth

FOR THE THREE MONTH PERIOD ENDED DECEMBER 31, 2020

• Funds From Operations (FFO) of $0.67 per Trust Unit; an increase of 6.3%
• 0.3% same-property revenue growth
• 0.2% same-property net operating income growth
• SOLID OPERATIONAL RESULTS
• Continued sustainable reduction of incentives on lease renewals
• Q4 2020 same-property occupancy of 95.71% through additional government imposed lockdowns and seasonally slower period
• Rental collections consistent with pre-COVID levels
• STRONG AND FLEXIBLE FINANCIAL POSITION
• Approximately $269 million of liquidity
• Further reduction of interest expense on CMHC-insured mortgage renewals
• 99.7% of Boardwalk's mortgages carry CMHC-insurance
• Net Asset Value of $57.49 per Trust Unit, equating to approximately $176,000 per door
• DISTRIBUTION OF $1.00 PER TRUST UNIT ON AN ANNUALIZED BASIS CONFIRMED FOR THE MONTHS OF FEBRUARY, MARCH, AND APRIL 2021

CALGARY, AB, Feb. 25, 2021 /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 fourth quarter and fiscal 2020.

Sam Kolias; Chairman and Chief Executive Officer of Boardwalk REIT commented: "We are pleased to report on another solid quarter and performance through fiscal 2020, with growth in FFO per Trust Unit of 6.3% and 6.6%, respectively.  Our continued strong financial performance is a result of our team's committed focus on finding innovative and efficient ways to attract and retain Resident Members and deliver our exceptional product quality, service, and experience despite the challenging economic conditions faced in 2020. 

Our Boardwalk team had a robust start to the new year as we continue to capture market share and gain further occupancy with the increase in rental traffic from the easing of restrictions in many of our markets.  Rentals have exceeded moveouts in January, and this trend has continued into February.  This has resulted in current availability below 4.0%.  Our progress on sustainable incentive reductions on lease renewals continues, and we remain focused on investing our retained cashflow toward value-enhancing improvements geared toward value and affordability.