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 Alberta.
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 Communities."
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 available.
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