CALGARY, June 22, 2013 /CNW/ - Boardwalk Real Estate Investment Trust ("BEI.UN" - TSX)
Boardwalk Rental Communities ("Boardwalk", "The Trust") would like to
update everyone on the impact of the flood on its Operations in
Calgary, as a result of the recent flooding in Southern Alberta.
Boardwalk's Calgary apartment portfolio represents a total of 5,071
Units or 14% of its total 35,277 Apartment Units across Canada. Over
the past few days the City of Calgary has experienced extensive
flooding along river banks and in low lying areas, including Calgary's
Downtown Core. Throughout this event, the City of Calgary has issued
mandatory and voluntary evacuation notices for selective communities.
In those affected communities, Boardwalk has two buildings totaling 271
Units in the mandatory evacuation area. In addition, four properties
totaling 539 Units, are located in the voluntary evacuation area.
Included in the voluntary evacuation area is Boardwalk's Head Office
and as a result we have initiated and established contingency plans to
ensure the continuous and uninterrupted operations of The Trust.
Based on the information available to The Trust at this time, all of
Boardwalk's Residents and Associates are safe. One of our properties,
Elbow Towers, a high-rise consisting of 158 Units and located along the
Elbow River in Calgary, has experienced extensive flooding. Boardwalk
will provide a further update once the water recedes and we are able to
better assess any and all damage as a result of the flooding. At this
time, there appears to be no further material water damage at any of
Boardwalk's other buildings.
Boardwalk will make every effort to work with its displaced Residents in
re-locating them to other Boardwalk Communities or other available
accomodation. As The Trust begins to assess any and all impacts to its
buildings and its Resident Members, we will continue to work with
Officials to ensure the safety of all those involved.
Sam Kolias, CEO and Chairman of Boardwalk REIT said: "We would like to
take this opportunity to extend our thanks to the hard working
emergency response teams in Calgary. They have done an outstanding job
in handling the sudden and tragic flooding of Calgary and Southern
Alberta. On behalf of our Associates and Resident Members, we would
like to say thank you. Our thoughts and prayers go out to all victims
of this devastating and historic flood."
Rob Geremia, President of Boardwalk REIT added: "In addition to the
emergency response teams, we would also like to thank our dedicated
team of Boardwalk Associates in Calgary. They have gone above and
beyond during the ongoing floods to ensure the safety and well-being of
our Resident Members as well as our buildings."
It is Boardwalk's understanding that the damage caused 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 Resident Members, Associates and Stakeholders
to monitor our web page at www.bwalk.com as we will be posting more 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. The Trust's total Enterprise Value as
of March 31, 2013 was approximately $5.5 billion. Additional
information about Boardwalk REIT can be found on the Trust's website at
SOURCE: Boardwalk Real Estate Investment Trust
For further information:
Director of Community Development
Director of Mortgage and Finance