CALGARY, May 4, 2016 /CNW/ - Boardwalk Real Estate Investment Trust ("BEI.UN" – TSX)
Boardwalk Rental Communities ("Boardwalk", "The Trust") would like to provide an update to our Resident Members , Associates and Stakeholders regarding the ongoing wildfire in Fort McMurray.
- Over the past 24 hours, the City of Fort McMurray has dealt with an evolving wildfire which has forced the mandatory evacuation of the City and all of Boardwalk's Resident Members and Associates.
- At this time, it is not known how the fire has affected any of Boardwalk's Communities in Fort McMurray
- Once it is safe to do, Boardwalk has a team prepared to immediately assess damages and ensure the safe return of its Resident Members to their Communities.
Boardwalk Resident Members of Fort McMurray:
Based on the information available to Boardwalk at this time, all of Boardwalk's Resident Members have been evacuated and are safe. Boardwalk is committed to being available to provide any assistance to its Resident Members.
Boardwalk will be providing immediate assistance for its Resident Members of Fort McMurray by providing $1,500 in cash support as a reimbursement of May's rent while the evacuation remains in effect. Our Resident Members are encouraged to contact Boardwalk Customer Service to confirm your location and to arrange the transfer and receipt of this cash support.
Boardwalk Customer Service Contact information:
For updates, please stay tuned to your local media and regional authorities. We will be providing updates on our website: www.bwalk.com
Our priority is to ensure your safety, and once the situation has settled and our Community safety has been assessed, we will work with all of our Resident Members to return home or re-locate to other Boardwalk Communities should it be required.
Boardwalk will be working with Municipal and Provincial agencies and will provide any displaced residents of Fort McMurray a special rental package in any of its Communities in Fort McMurray, once it is safe to do so, or in Edmonton to provide housing in this time of need.
We thank all of our Associates for assisting and ensuring the safety of our Resident Members.
We have made contact with each of our Associates in Fort McMurray and can confirm that all are safe and have evacuated the City. Boardwalk will continue to provide regular wages and salaries for all of its Associates affected, as well as additional financial support as we await more information on the situation.
Additional team members will be available and on stand-by to provide support once the situation has subsided.
Boardwalk's Fort McMurray Portfolio:
Boardwalk's Fort McMurray apartment portfolio represents a total 352 units or approximately 1% of its over 33,000 apartment units across Canada. It is Boardwalk's understanding that any damage caused in excess of the Trust's deductible will be covered by our existing insurance policy. Similar to the Insurance Coverage used in other circumstances such as the 2013 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 available.
About Boardwalk REIT
Boardwalk REIT strives to be Canada's friendliest landlord and currently owns and operates more than 200 communities with over 32,000 residential units totaling approximately 28 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, development, and effective management of its residential multi-family communities. Boardwalk REIT is vertically integrated and is Canada's leading owner/operator of multi-family communities with 1,400 Associates bringing Residents home to properties located in Alberta, Saskatchewan, Ontario, and Quebec.
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: Media Relations: David McIlveen, Director of Community Development, 403-531-9255, [email protected]; Investor Relations: James Ha, Director of Finance and Investor Relations, 403-531-9255, [email protected]