During the 2009 Financial Recession Boardwalk REIT executives – Sam Kolias Chief Boardwalk REIT Executive Officer (CEO) and Chairman of the Board and his brother Van Kolias, Boardwalk REIT Senior Vice President Quality Control became in the top 100 wealthiest in Canada by increasing their fortune by 42.6 percent to $550 million.

This occurred  despite the 2009 economic downturn in which 400,000 Canadians lost their jobs over the prior year. See Rich get richer while Canada sheds jobs  – Calgary Herald, Financial Post – November 20, 2009.

Also in 2009, I and other tenants of Boardwalk REIT held renters’ rights protests against the Notices of Default that we received from Boardwalk REIT for NOT paying submetering electricity charges at a time that our Boardwalk REIT rental leases clearly indicated that power was included. Boardwalk REIT backed down with media attention, including:  Rental giant backs off on separate billing – Calgary Herald, Kelly Cryderman – March 11, 2009.

The current downturn in Alberta’s and Canada’s economy is already MUCH WORSE than the 2009 recession. In March 2020 1 million jobs were lost across Canada and 117,000 jobs were lost in Alberta.   Alberta Premier Jason Kenney expects unemployment in Alberta to hit 25% - 500,000 people. See:

-  Canada lost more than 1 million jobs last month as COVID-19 struck – CBC – April 9, 2020.

-  ‘Shocking to see’:  Alberta loses 117,000 jobs in March amid COVID-19 – Calgary Herald – April 10, 2020.

-  Imagine an Alberta where one in four Albertans is unemployed – Calgary Herald – April 8, 2020

In 2019 – much like in 2009 - Boardwalk REIT’s profits on operations (per unit) were LARGE: 

1.  2019 (Q4):  $647 (56.1%) = $1.153 average rental revenue and $506 operating cost, per unit per month. (See NOTE A).

2.  2009 (Q3):  $654 (67.0%) = $976 average rental revenue and $332 operating cost, per unit per month. (See NOTE B.)

3.  The number of Boardwalk REIT’s rental units DECREASED:  from 36,785 in 2008 to 36,419 in 2009 to 33,263 in 2019.  (See NOTE C.)

NOT AGAIN!  At the time of the current unprecedented challenging economy across Canada when many are struggling to pay rent and to survive, highly profitable Landlords should LOWER rents to affordable levels and pay their FAIR SHARE.  Rent protection – including across-the-board 0% increase in rent during 2020 in Canada  – is MUCH needed and could also serve to eliminate thousands of lengthy STRESSFUL rent negotiations and, in so doing, further reduce operating costs and rents.

THANK YOU, fellow Canadians, for signing the petition!!  It really does help.  Let’s PROTECT RENTERS:  let’s make it a WIN-WIN-WIN solution for Renters and Community as well as Landlords.  Please pass the petition on to others!

Stay safe, stay healthy!                                                         

Anne

We the Courageous

NOTE A: Boardwalk REIT Live Life Elevated Q4 2019 Conference Call Presentation, February 28, 2020, page 58.

NOTE B:  Boardwalk REIT Investor Presentation December 2009, page 91  – no longer available at https://www.bwalk.com/en-ca/investors/ .

NOTE C: Boardwalk REIT 2019 Annual Report, page 3.