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Boardwalk REIT Reports Solid First Quarter Results With Funds From Operations Per Unit Growth of 4.8 % SUMMARY HIGHLIGHTS FOR THE THREE - MONTH PERIOD ENDED MARCH 31 , 2021 • HEALTH AND SAFETY THROUGH THE COVID - 19 PANDEMIC REMAINS A PRIORITY AS WE CONTINUE TO PROVIDE OUR ESSENTIAL SERVICE OF SAFE AND AFFORDABLE HOUSING • SOLID FFO PERFORMANCE • Funds From Operations ( FFO ) of $ 0.65 per Trust Unit ; an increase of 4.8 % . • RESILIENT OPERATIONAL RESULTS THROUGH THE WINTER MONTHS • Strong same - property revenue and net operating income growth in Ontario , Quebec , and Saskatchewan . • Occupancy gains and revenue optimization during the first quarter providing positive trend in Alberta portfolio . • April 2021 occupancy of 95.7 % , an increase of 100 basis points from February 2021 . • Q1 2021 same - property occupancy of 94.9 % through additional government - imposed lockdowns and seasonally slower period . o Continued sustainable reduction of incentives on lease renewals . • Rental collections remain consistent with pre - COVID levels . • STRONG AND FLEXIBLE FINANCIAL POSITION o Approximately $ 294 million of liquidity . o Further reduction of interest expense on CMHC - insured mortgage renewals . o 99 % of Boardwalk's mortgages carry CMHC - insurance . • Net Asset Value of $ 57.93 per Trust Unit , equating to approximately $ 175,000 per door and approximately a 4.70 % cap rate on the Trust's actual trailing twelve - month NOI . o Current valuation of $ 37.00 per Trust Unit implies a 5.75 % cap rate on the Trust's actual trailing twelve - month NOI . • PAIRING ORGANIC GROWTH WITH ACCRETIVE GEOGRAPHIC EXPANSION • Continued scaling and expansion in Victoria , BC with the acquisition of Aurora , a well - located , stabilized and recently constructed 114 - unit community . Closing was on April 19 , 2021 . Acquisition of Mountainview Estates , an 81 - unit townhome and apartment community located in the undersupplied and economically resilient town of Banff , AB . Closing was on April 16 , 2021 . • DISTRIBUTION OF $ 1.00 PER TRUST UNIT ON AN ANNUALIZED BASIS CONFIRMED FOR THE MONTHS OF MAY , JUNE , AND JULY 2021 CALGARY , AB , May 13 , 2021 / CNW / - Boardwalk Real Estate Investment Trust ( TSX : BEI.UN ) Boardwalk Real Estate Investment Trust ( " Boardwalk " , the " REIT " or the " Trust " ) today announced its financial results for the first quarter 2021 . Sam Kolias ; Chairman and Chief Executive Officer of Boardwalk REIT commented : " We are pleased to report on another solid quarter and performance through the first three months of 2021 , with growth in FFO per Trust Unit of 4.8 % compared to the same period a year ago . Boardwalk's continued track record of resilient and strong financial performance is a result of our Team's commitment to finding innovative and efficient ways to attract and retain Resident Members and deliver our exceptional product quality , service , and experience despite the challenging pandemic environment . Through the winter months and the third - wave of this pandemic , our Boardwalk team has increased occupancy each month since February to optimize revenue and position the Trust for the seasonally strong spring and summer rental season . Rental demand continues to be strong with vaccines well underway and in advance of further demand growth potential from the return of students and immigration . Our progress on sustainable incentive reductions on lease renewals continues , and we remain focused on investing our retained cash flow toward value - enhancing improvements geared toward value and affordability across our Canadian portfolio . Our top priority remains the health and safety of both our Resident Members and our Team in delivering our essential service of housing to our Residents across the country . We remain ever grateful for our front line and essential service providers , including our Boardwalk Team of Heroes who work tirelessly to provide safe and affordable housing in all our markets . " FIRST QUARTER FINANCIAL HIGHLIGHTS Operational Highlights Total Rental Revenue Same Property Total Rental Revenue * Net Operating Income ( NOI ) Same Property NOI * Operating Margin Same Property Operating Margin * $ millions , except per unit amounts Highlights of the Trust's First Quarter 2021 Financial Results Financial Highlights Funds From Operations ( FFO ) ** Adjusted Funds From Operations ( AFFO ) ** Profit for the Period *** FFO per Unit AFFO per Unit Net Asset Value IFRS Asset Value per Diluted Unit ( Trust & LPB ) , period end Debt Outstanding per Diluted Unit , period end Net Asset Value ( NAV ) per Diluted Unit ( Trust & LPB ) , period end Cash per Diluted Unit ( Trust & LPB ) , period end 3 Months Mar 31 , 2021 $ $ $ $ $ $ $ $ $ $ $ $ $ 115.8 113.4 63.9 64.1 55.2 % 56.5 % 33.2 24.8 29.0 0.65 0.49 118.01 ( 60.79 ) 57.22 0.71 57.93 3 Months Mar 31 , 2020 $ $ $ $ $ $ $ $ $ $ $ $ $ $ 116.0 114.6 64.7 65.7 55.7 % 57.4 % 31.5 22.7 57.9 0.62 0.45 120.04 ( 58.41 ) 61.63 0.61 62.24 % Change -0,2 % -1.0 % -1.2 % -2.5 % 5.5 % 9.1 % -49.9 % 4.8 % 8.9 % Total per Diluted Unit ( Trust & LPB ) , period end * Same Property figures exclude un - stabilized properties and sold assets ** Funds from Operations and Adjusted Funds from Operations are both non - GAAP financial measures with detailed reconciliations provided in the Trust's Management Discussion & Analysis ( MD & A ) *** Profit for the period as defined by IFRS includes the changes in assets and / or liabilities carried at fair value three months ended March 31 , 2021 The Trust's IFRS asset value of its investment properties , for the three months ended March 31 , 2021 , decreased from the prior year primarily as a result of adjustments to market rent , increase in non - controllable expenses , and vacancy assumptions due to the COVID - 19 pandemic . The sequential increase from the prior quarter was largely related to a decrease in cap rates in Ontario and Quebec City . The Trust's current net asset value of its investment properties equates to approximately $ 175,000 per apartment door .