Calgary-based Boardwalk Real Estate Investment Trust saw its total rental revenue increase to $116 million during the first quarter of this year, up by 3.7 per cent from the $111.9 million for the same quarter in 2019.
Boardwalk also announced Funds From Operations (FFO) of $0.62 per Trust Unit in the first quarter which was an increase of 10.7 per cent and eighth consecutive quarter of FFO growth.
“We are reporting our first quarter results today, in a time where our world is adapting to a new way of living. 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,” said Sam Kolias, Chairman and Chief Executive Officer of Boardwalk REIT, in a news release.
“Boardwalk’s commitment to providing the best product quality, service and experience has made Boardwalk a choice housing provider before and through this pandemic and have allowed us to create new long-lasting relationships with our Residents. Our Residents have rewarded us with even higher Net Promoter Scores, higher retention and higher occupancy which are positioning us well as our governments begin to ease restrictions.
“The pandemic has allowed us to expedite many of the initiatives already planned for the year, such as our implementation of Resident-friendly technology. Our new Resident Member online self-service Yuhu portal, has seen strong adoption and allowed our team to communicate and deliver our service 24/7, while remaining physically distant. Our team has implemented many other measures to provide safe and happy homes for Boardwalk’s Resident Members. Boardwalk’s solid first quarter results and the continued strong performance our team has delivered over the past two years is a reflection of the improved culture and quality of our portfolio as we remain committed to our product, brand and service, to provide safe and affordable homes to our Resident Members.”
Boardwalk said it has collected 97.5 per cent of its rental revenue due in April, and is approximately 80 basis points below a typical rental collection.
Boardwalk is actively following-up with any of its tenants in arrears or in need of a payment plan. It added that rent collection to-date for the month of May is slightly ahead of the trend seen in April.
Boardwalk’s occupancy within its stabilized portfolio at the end of April was 96.6 per cent. Turnover (notices for moveout) in the month of May, to-date, have decreased by approximately 25 per cent.
