The following is a summary of the Boardwalk Real Estate Investment Trust (BOWFF) Q4 2023 Earnings Call Transcript:

Financial Performance:

• Boardwalk Real Estate Investment Trust reported an increase in FFO per unit, net asset value, & unitholder equity compared to the same quarter of last year.

• Company's profit grew quarter-over-quarter, attributed to stronger apartment rental fundamentals leading to higher fair value adjustments.

• Enjoyed steady compound annual growth rate of 9.5% in FFO per unit over the last three years.

• Q4 2023 same property net operating income increased 16.8% YOY, driven by a revenue growth of 9.2%.

• Net margin expanded to 61% in 2023, due to disciplined expense management and robust revenue growth.

• Administration costs showed a quarterly decrease but an annual increase due to inflationary wage adjustments.

• The Trust is well-positioned with estimated liquidity of $527 million.

• Increased estimated fair value of investment properties to $7.6 billion from previous year's $6.8 billion.

• The Trust's largest market, Edmonton, registered a 10.2% revenue growth in Q4 2023.

Business Progress:

• Key trophy locations such as Victoria developments and the 45 Rail contributed significantly to the company's success.

• Partnership with RioCan led to creation of Brio community near University of Calgary Foothills Hospital.

• Actively converting administrative and storage spaces into additional housing units.

• Focus on expanding into countercyclical trophy locations.

• Actively exploring office conversions, although dependent on government support.

• Maintained commitment to affordable housing in Alberta and Saskatchewan markets.

• Secured $46.5 million CMHC financing for the acquisition of The Vue in Victoria.

• The forecasted payout ratio for 2024 remains the same as in previous year.

• Announced a substantial 23% increase in monthly cash distribution and double-digit Net Operating Income (NOI) growth.

• Anticipation of 2024 same property NOI growth to be between 10% and 14% and FFO to range from $3.93 to $4.18 per trust unit.

• Conversion of storage spaces added 23 more units in 2023.

• Invested $70 million to acquire The Circle, a 295-unit community in Calgary.

• Development of a 234-unit construction, Aspire, in Victoria is in progress.

• Strategy includes strategic acquisitions and new developments in undersupplied housing markets with a continued focus on maintaining a low payout ratio and optimizing capital deployment for growth.

More details: BOARDWALK REAL ESTATE INVESTMENT TR IR

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