Boardwalk Real Estate Investment Trust
BEI.UN
ISIN CA0966311064 / Valor 1855764
Boardwalk Real Estate Investment Trust
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About company
Boardwalk Real Estate Investment Trust (REIT) is a prominent Canadian real estate investment trust specializing in the acquisition, refurbishment, management, and ownership of multi-family residential communities. Since its inception in 1984 by brothers Sam and Van Kolias, Boardwalk has grown significantly, expanding its portfolio across four provinces in Canada. The company went public in 1994 and transitioned to a REIT in 2004, a move that allowed it to benefit from tax advantages while distributing most of its net taxable income to unitholders. With over 30,000 suites and serving more than 55,000 resident members, Boardwalk focuses on providing quality apartments for rent, fostering community spirit, and ensuring a high level of service to its residents. In addition to residential properties, Boardwalk also leases commercial and retail office space across Canada, catering to a variety of business needs. Through strategic partnerships, such as with RioCan REIT in 2018 to develop a mixed-use building in Calgary, and a commitment to affordable housing, Boardwalk continues to grow and diversify its portfolio while maintaining a strong focus on community and resident satisfaction.
Summarized from source with an LLMView SourceSector: FinanceLatest Results (23.05.2024):
STRONG FINANCIAL PERFORMANCE
In the first quarter of 2024, Boardwalk Real Estate Investment Trust reported a robust financial performance with Funds From Operations (FFO) per Unit increasing by 20.3% to $0.95 compared to Q1 2023. The Trust also saw a significant rise in profit, reaching $307.7 million, and an increase in Net Operating Income (NOI) to $87.5 million, up 15.5% from the previous year.
SAME PROPERTY RENTAL REVENUE GROWTH IN Q1 2024
Boardwalk Real Estate Investment Trust experienced a 9.4% year-over-year growth in same property rental revenue during Q1 2024, with a notable increase in occupancy to 98.8%. The sequential quarterly rental revenue also grew by 1.8% from the previous quarter, with occupied rent reaching $1,418 in March 2024.
LEASING STRENGTH CONTINUES IN MAY
As of May 2024, Boardwalk Real Estate Investment Trust maintained a strong leasing momentum with a preliminary occupancy rate of 98.7%, marking a 40 basis point increase from May 2023. The Trust reported new leasing spreads of 14.3% and renewal leasing spreads of 9.1% in Alberta during April 2024.
STRONG AND FLEXIBLE FINANCIAL POSITION
Boardwalk Real Estate Investment Trust demonstrated a strong and flexible financial position at the end of Q1 2024, with approximately $378.6 million in total available liquidity. The Trust's Unitholders' Equity stood at $4.6 billion, and the Net Asset Value per Unit increased to $90.37, primarily due to higher market rental rates in non-price controlled markets.
UPDATE TO 2024 FINANCIAL GUIDANCE
Boardwalk Real Estate Investment Trust has revised its financial guidance for 2024, with the FFO per Unit now expected to range from $4.00 to $4.20. The Trust also adjusted its Same Property NOI growth projections to a range of +11.0% to +14.0%, reflecting continued optimism in its operational performance.
Summarized from source with an LLMView SourceKey figures
Performance
Volatility
2791 M
Market cap (USD)
191,660
Daily traded volume (Shares)
80.47 / 77.96
1 day high/low (USD)
52 weeks high/low (USD)
Dividend ex-date
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Est dividend (USD)
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EPS (USD)
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Ratings & reviews
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