CALGARY, June 28, 2013 /CNW/ - Boardwalk Real Estate Investment Trust ("BEI.UN" - TSX)
Boardwalk Rental Communities ("Boardwalk", "The Trust") would like to
provide an additional update on the impact of the flood on its
Operations in Calgary, as a result of the recent flooding in Southern
Boardwalk Rental Communities is pleased to announce that Residents are
able to move back into Beltline Towers, which was in the mandatory
evacuation zone in downtown Calgary. All Boardwalk Resident Members
have safely returned home to their buildings, with the exception of
Elbow Tower, a 158 unit high-rise situated along the Elbow River.
Elbow Tower remains in the mandatory evacuation zone, and sustained
water damage on its ground and parkade levels during the flood over the
past week. We are currently assessing the building and have begun
clean-up and restoration to ensure that Residents are able to move back
into their homes safely. At this time, we do not expect Residents of
Elbow Tower to be able to move back home for a minimum of one month,
however, we will provide our Residents with further updates as we
progress. Boardwalk will be prorating rent for Residents who were in
mandatory evacuation zones in both Beltline Towers and Elbow Tower.
As a result of the evacuation and the restriction of power to buildings,
Boardwalk Associates were required to empty fridges in both Beltline
Towers and Elbow Tower. Boardwalk is providing its Residents Members
in these buildings with grocery gift cards to ensure they are able to
move home comfortably.
Sam Kolias, CEO and Chairman of Boardwalk REIT says, "Despite the
exceptional circumstances Calgarians have faced over the past week, it
has been touching to see the community pull together to help one
another. We would like to thank all of the volunteers, municipal staff,
and city officials who continue to respond to the needs of our
Rob Geremia, President of Boardwalk REIT added, "We would also like to
extend our sympathies to each individual who was affected by the flood
in Southern Alberta. You will continue to be in our thoughts and
prayers during the rebuilding process. A special thank you to our team
who has worked around the clock to ensure that our Residents are able
to return home safely."
At this time, Boardwalk's Calgary portfolio has no availability, and we
are making every effort to help our displaced Residents at Elbow Tower
find temporary accommodation.
The Trust understands that the damage caused to our buildings will be
covered by our existing insurance policy. Similar to the Insurance
Coverage used in the 2005 flooding in Calgary, this includes
assessment, restoration and income loss, if any.
Boardwalk will continue to provide updates as we receive further
information and encourage Residents, Associates and Stakeholders to
monitor our webpage: www.bwalk.com as we will continue to post detailed information when it becomes
About Boardwalk REIT
Boardwalk REIT is Canada's friendliest landlord and currently owns and
operates more than 225 properties with 35,277 residential units (as at
March 31, 2013) totaling approximately 30 million net rentable square
feet. Boardwalk's principal objectives are to provide its Residents
with the best quality communities and superior Customer Service, while
providing Unitholders with sustainable monthly cash distributions, and
increase the value of its Trust Units through selective acquisitions,
dispositions, and effective management of its residential multi-family
properties. Boardwalk REIT is vertically integrated and is Canada's
leading owner/operator of Multi-Family Communities with 1,600
Associates bringing Customers home to properties located in Alberta,
Saskatchewan, Ontario, Quebec, and British Columbia.
Boardwalk REIT's Trust units are listed on the Toronto Stock Exchange,
trading under the symbol BEI.UN. Additional information about Boardwalk
REIT can be found on the Trust's website at www.BoardwalkREIT.com.
SOURCE: Boardwalk Real Estate Investment Trust
For further information:
Director of Community Development
Director of Mortgage and Finance