Boardwalk Rental Communities – Update on the Impact of Flooding that Occurred in Calgary, AB
22 Jun, 2013, 18:22 ET
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 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. 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 www.BoardwalkREIT.com.
SOURCE: Boardwalk Real Estate Investment Trust
For further information:
Director of Community Development
Director of Mortgage and Finance
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