Petition updateSTOP rent gouging and Notices of Default/Evictions at a time of high profits by landlordsCRITICAL and URGENT: Protect Renters, House the Vulnerable, Acquire & Protect Affordable Housing
Anne LandryCalgary, Canada
Sep 29, 2020

Momentum is growing across Canada for URGENT action to IMMEDIATELY protect renters and provide affordable housing as well to address systemic problems  – including stock market speculation – that erodes housing affordability as well as community prosperity and well-being.

Appropriate housing has long been a basic HUMAN RIGHT as per the United Nations Universal Declaration of Human Rights [1948], Article 25 including “in the event of unemployment, sickness, disability, widowhood, old age or other lack of livelihood in circumstances beyond his control”.   See the Canadian National Housing Strategy Act, in force effective July 9, 2019, that states:  “(4) It is declared to be the housing policy of the Government of Canada to (a) recognize that the right to adequate housing is a fundamental human right affirmed in international law; … (d) further the progressive realization of the right to adequate housing as recognized in the [United Nations] International Covenant on Economic, Social and Cultural Rights [1966, 1976].”

A NEW model of renting is needed in Alberta and across Canada. Now more than ever, we need to keep rent increases in the hands of renters - for their good and to prosper local communities– NOT to provide to increasingly wealthy landlords and their investors trading on the Toronto Stock Exchange at a time that many renters cannot afford rent increases or decreases in “rental incentives”.  The life trajectories of individuals and the prosperity and well-being of communities should NOT be at the whim of profit-seeking landlords. Rental/affordable housing should be transferred to non-profit and co-operative organizations.

In Canada there are 2,126,060 primary rental market row/apartment units, with 152,440 in Alberta (44,530 in Calgary and 78,604 in Edmonton). (See NOTE 1). 

1.  HIDDEN IN PLAIN VIEW:  Boardwalk REIT is apparently increasing rents and, or decreasing rental incentives despite the continuing challenging economy and COVID-19. Boardwalk REIT is apparently relying on their tenants’ ability to “still prioritize paying for their rent” while receiving government supports as Boardwalk REIT increases rent/decreases rental incentives (see NOTE 2).   

a)  Boardwalk REIT is one of Canada’s largest providers of multi-family residential rental units across Canada with a total of with 32,611 “same property” rental units:   in Alberta (20,341), Saskatchewan (3,685), Ontario (2,585) and Quebec (6,000).  Boardwalk REIT has the following “same property” rental units in Alberta:   Edmonton (12,906);  Calgary (5,499);  Red Deer (939);  Grande Prairie (645); and Fort McMurray (352).  (See NOTE 3.)  

b)  Sam Kolias, Boardwalk REIT CEO and Chairman of the Board acknowledged the difficult and uncertain times in the Boardwalk REIT Q2 2020 Investor Webcast on August 14, 2020  (Transcript and Presentation) that the “…the last 4 or 5 years…what is being called Great Disruption…a very, very difficult, uncertain time…..”  [Emphasis added] (See NOTE 4.)

c)  Sam Kolias, Boardwalk REIT CEO and Chairman of the Board has acknowledged the HIGH DEMAND for SAFE and AFFORDABLE housing as well as the importance of government financial supports to tenants. (See NOTE 5.)   Sam Kolias is a member of the Alberta Affordable Housing Expert Panel that will be releasing its FINAL REPORT to the Alberta Minister of Seniors and Housing on September 30, 2020 – as per the Alberta Affordable Housing Review Panel Terms of Reference.

d)  Yet despite the above, Boardwalk REIT is apparently now increasing rents and, or decreasing rental incentives. Boardwalk REIT trades its REIT Units on the Toronto Stock Exchange.  Also, Boardwalk REIT has determined that a $25 increase in rent to its tenants equates to an additional $0.20 of Funds From Operation (FFO) to its investors, with the following rent “Mark to Market per month” (see NOTE 6):

  • Alberta – Edmonton, Calgary: $137 = +11% increase (on $1,215 June 2020 occupied rent).
  • Saskatchewan – Regina, Saskatoon:  $150 = +13% increase (on $1,158 June 2020 occupied rent).
  • Ontario – London, Kitchener:  $392 = +38% increase (on $1,039 June 2020 occupied rent).
  • Quebec – Montreal, Quebec City:  $116 = +10% increase (on $1,114 June 2020 occupied rent).

See reference to Boardwalk REIT’s increasing rents due to “renovations” in the Boardwalk REIT 2019 Investor Tour July 8 & 9, 2019 presentation. See regarding Boardwalk REIT Skygate Tower at pages 21 -22:  “targeting renewal increases of 4% to 8% per month and leasing new rentals at market rents with limited incentives”; and $30 adjustment per suite on $197,400 “renovation costs” provided 25.9% projected yield. See Boardwalk REIT’s maintenance schedules at Boardwalk REIT Q2 2020 Report, pages 31 to 36. [Emphasis added.]

e)  Rent increases/decreases in rental incentives are occurring despite that Boardwalk REIT has prospered during COVID-19. (See NOTE 7.)  Also see Boardwalk REIT’s financials at https://www.bwalk.com/en-ca/investors/ and www.sedar.com as filed with the Alberta Securities Commission.

  • Increasing profit on operations:   Net Operating Income (NOI) to 60.4%, as of 3 months ended June 2020 VS 56.1% Q4 2019, +7.7% (increase).
  • Decreasing operating costs per unit per month =  $464  Q2 2020 VS $506 Q4 2019, -8.3% (decrease).
  • Increasing average rental revenue per unit per month  = $1,170 Q2 2020 VS $1,153 Q4 2019, +1.5% (increase).
  • -2% decreasing operating costs 3 months ended June 2020 VS 3 months ended June 2019.
  • LOW interest rates for Boardwalk REIT’s mortgage renewals (Q2 2020):  1.10%-1.25% (5 Yr., CMHC);  1.50%-1.65% (10 Yr., CMHC).

So, if Boardwalk REIT’s average monthly operating costs are $464 per rental unit and Boardwalk REIT is already earning a monthly average in rent of $1,170 per rental unit – why does Boardwalk REIT need MORE – including MORE from its unemployed tenants?  WHY NOT LOWER RENTS?

See also my CHANGE.ORG petition to protect renters UPDATE entitled LOWER THE RENTS to tenants of highly profitable landlords.

f)   Boardwalk REIT has HIGH tenant turnover – “CHURN”.  In Calgary, Boardwalk REIT’s tenant turnover was 37.68% in 2019 and 3% to 4% per month in 2020 (to date).  (See NOTE 8.)  This occurs at the time that Boardwalk REIT has a goal to “Improve customer service…Reduce expenses through less turnover and longer tenancies." (See NOTE 9.)  Boardwalk REIT reported average tenancy of 3.7 years in 2018 and 3.8 years in 2019. (See NOTE 10.)  See also my petition UPDATE entitled STOP the disturbingly HIGH apartment turnover in cities with little rent protection.  Boardwalk REIT is apparently offering rental incentives to NEW tenants but apparently NOT to existing tenants. (See NOTE 11.)  Boardwalk REIT’s Rental incentives can be HIGH  - $5,000 or MORE with a 12 month lease - and can result in unaffordable jolts of expenses to tenants at the end of the lease, with tenant CHURN as tenants MOVE to avoid rent increases/decreases in rental incentives and to “CHASE” rental incentives at other buildings.  Rental incentives are NOT specifically mentioned in the Alberta Residential Tenancies Act.

g)  Boardwalk REIT apparently does NOT pay income tax but distributes its profits to Unit Holders.  (See NOTE 12.) Sam Kolias, Boardwalk REIT CEO and Chairman of the Board apparently owns 6,575,000 Boardwalk REIT Units and in 2020 will apparently earn $6,575,000 @ $1 annualized distribution per Trust Unit (See NOTE 13.)

h)  Following from its Annual General Meeting on May 14, 2020, Boardwalk REIT apparently provided a 48% ($1,049,559) combined increase in Total Compensation (2019 VS 2018) to four Boardwalk REIT Principal Executives. (See NOTE 14.)  

i)  Boardwalk REIT employed 5% (85) fewer “Associates” in July 2020 (1,586) than it did in January 2020 (1,671). Boardwalk REIT apparently has HIGH turnover of “Associates”:  31% in 2019 and 32.1% in 2018. (See NOTE 15.)   

j)  Despite the above, Boardwalk REIT maintains “We’re in this together!” (See https://www.bwalk.info/ .) Sam Kolias, Boardwalk REIT CEO and Chairman of the Board states at https://www.bwalk.com/en-ca/our-why/ :  “Bringing you home. Building better communities together. Where love always lives  - because love is life.”

k)  Boardwalk REIT lowered rents by 20%-25% in November 2016, WHY NOT NOW?  See Calgary’s rental vacancy rate reaches highest level  in over two decades – CTV – November 28, 2016.

2.  RENTERS PROVIDE MORE VALUE THAN THE STOCK MARKET – PROTECT RENTERS!

a)   Over the past 22+ years, I have paid Boardwalk over $260,000 in rent for the same 1 Bedroom & Den apartment at Boardwalk REIT’s Skygate Tower in the Beltline in Calgary, Alberta.  This is MORE than Boardwalk REIT’s Q2 2020 per door stock market value of $134,000 ($30/Trust Unit) and MORE than Boardwalk REIT’s Q2 2020 per door IFRS NAV (asset value) of $180,000 ($61.77/Trust Unit). (See NOTE  16.) 

b)   Boardwalk REIT’s Trust Unit (BEI-UN-T) value plummeted on the stock market during COVID-19:

  • $51.38 on February 17, 2020 = 1-Year HIGH.
  • $19.59 on March 16, 2020 = 1-Year LOW;  62% decrease from 1-Year HIGH.
  • $26.77 on September 23, 2020:  48% decrease from 1-Year HIGH. 

3.  AFFORDABLE HOUSING IS UP FOR SALE.  Non-Profit and Co-operative Housing organizations should have an opportunity to obtain these. Boardwalk REIT sold Elbow Tower with 158 rental suites for $3,000,000 (NOT A TYPO!) (See NOTE 17.) See Boardwalk REIT’s list of rental properties, with mortgages, year purchased, year built – including those with CLEAR TITLE at  Boardwalk REIT Second Quarter 2020 Supplemental Information Package August 13, 2020, including at pages 10 – 12, 23 – 28.

4.  SUPPORT IS GROWING ACROSS CANADA TO PROTECT AND PROVIDE affordable housing, with greater involvement of non-profit and co-operative housing organizations to protect from the speculative market and to “RESET NORMAL”.

a)   Federation of Canadian Municipalities (FCM): COVID-19 and housing:  Critical need, urgent opportunity – September 2020 with Backgrounder to rapidly house the most vulnerable and to acquire and protect modest-rent market housing including by working with non-profit and supportive housing providers to “protect housing assets from the speculative market and permanently preserve affordability” (at page 2).  “Housing is the bedrock of livable and prosperous communities.”   See also Throne Speech a positive and hopeful signal for municipalities – Federation of Canadian Municipalities (FCM) – September 23, 2020.

b)    Recovery for All  by the Canadian Alliance to End Homelessness (CAEH) is endorsed by dozens of organizations – including faith-based organizations, YWCA Canada, Canadian Women’s Foundation, Canadian Mental Health Association, Co-operative Housing Federation of Canada, Oxfam Canada, Daily Bread Food Bank, Unicef Canada, Citizens for Public Justice and others.  6 Point Plan to End Homelessness in Canada includes measures to curtail the impacts of financialization of rental housing markets by limiting the ability of large capital funds (including Real Estate Investment Trusts – REITs) to purchase “distressed”  rental housing assets.  See also Canada makes historic commitment to ending homelessness in Throne Speech – Canadian Alliance to End Homelessness (CAEH) - September 23, 2020.

c)   Canada Mortgage and Housing Corporation (CMHC) – announced on September 21, 2020 a $1 billion dollar Rapid Housing Initiative (RHI) – that will cover the construction of modular housing, acquisition of land and the conversion of existing buildings to affordable housing as well as provide funds through Reaching Home: Canada’s Homelessness Strategy to help extend and expand the emergency response to the COVID-19 outbreak.  See Canada to Rapidly Create Affordable Housing and Support the Homeless – CMHC – September 21, 2020:  “Every Canadian deserves a safe and affordable place to call home…” The Honourable Ahmed Hussen, Minister of Families, Children and Social Development and Minister responsible for CMHC.  See Rental housing and evictions – Globe and Mail – September 24, 2020, regarding the joint Globe and Mail-CMHC Webcast on September 16, 2020 regarding the path forward for Canada’s rental housing market.

d)   Canadian Women’s Foundation (CWF) – see Together, we must Reset Normal.  Also see:  The Difficult Economic Side-Effect of COVID-19 for Women; The Facts: Women and Pandemics;  Statement on the Speech from the Throne – Canadian Women’s Foundation – September 24, 2020. See:

e)  Canadian Centre for Policy Alternatives – has revealed the need to address inequalities and to RESET NORMAL, including: “housing is a basic necessity and recognized human right in Canada, but the low supply of affordable rental units, coupled with new financialization mechanisms, has enabled investment trusts, asset management companies and other financiers to profit from working people’s desperate need for a roof over their heads.” See also:

f) The Ontario government introduced Bill 204 to FREEZE RENT in 2021 affecting 1.7 million households and to extend the temporary ban on eviction for commercial tenants. See:

g)  The British Columbia government has extended its rent freeze to December 1, 2020 and rent increase in 2021 to be limited to 1.4% - CLICK HERE.

Let’s SAVE LIVES!  It is CRITICAL & URGENT:  HOUSE THE VULNERABLE; ACQUIRE & PROTECT MARKET-RENT HOUSING;  FREEZE RENTS, LOWER RENTS OF PROFITABLE LANDLORDS; STOP EVICTIONS DUE TO UNEMPLOYMENT/COVID-19;  AND RESET NORMAL for a RECOVERY FOR ALL.

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

Stay safe, stay healthy!

Anne

We the Courageous

NOTE 1:  CMHC Housing Market Information Portal – Primary (Purpose-Built) Rental Market – Canada and Alberta – Full View, Summary Statistics. Secondary rental units also exist.

NOTE 2:  See Boardwalk REIT Q2 2020 Investor Conference Call August 14, 2020 – TRANSCRIPT on YAHOO FINANCE, Lisa Smandych, Boardwalk REIT Chief Financial Officer (CFO) [12] in response to Howard Leung, Veritas Investment Research Corporation – Investment Analyst [11] regarding impact of the end of government programs at the time of Boardwalk REIT’s rent increases in the fourth quarter: 

“Howard, It’s Lisa.  Basically, what we’ve found thus far is that our resident members certainly are committed to paying for their home.  They’ve all appreciated the value that their home provides.  So, so far, as you know, the government was quick to inject cash.  And it seems with ongoing announces (sic) from the government, they really are now working on transitioning people from Serve (sic) to EI.  So we are confident that people will still prioritize paying for their rent.  Our product is – focuses on affordability of our apartments, which is more people would be willing to pay.  In addition to that, the wage subsidy that’s being offered by the government, that continues through until the end of December.  So that allows employers to pay wages.  So we’re being cautiously optimistic that our resident members will still prioritize paying their rents given the affordability of our apartments…” [Emphasis added]

NOTE 3:  Boardwalk REIT Q2 2020 Conference Call August 14, 2020 Presentation, Slide 9.

NOTE 4:  Boardwalk REIT Q2 2020 Investor Conference Call August 14, 2020 – Edited TRANSCRIPT on YAHOO FINANCE – Sam Kolias, Boardwalk REIT CEO and Chairman of the Board [47] in response to Mario Saric, Scotiabank Global Banking and Markets, Research Division – Analyst [46].

NOTE 5:  Boardwalk REIT Q1 2020 Investor Conference Call May 15, 2020 – Edited TRANSCRIPT on YAHOO FINANCE, including:

  • Sam Kolias, Boardwalk REIT CEO and Chairman of the Board at Slide 6:  “…Our government’s support has been invaluable. The federal government has provided financial supports, helping decrease the financial burden for our resident members and continues to provide our resident members with an essential, safe and affordable place to call home…..The demand for safe and affordable housing in all our markets remains high….”
  • Sam Kolias [12], in response to Howard Leung, Veritas Investment Research Corporation – Investment Analyst [11]: “…What we are seeing, Howard, is an increased demand in more affordable units…” 
  • Sam Kolias [29], in response to Yashwant Sankpal, Laurentian Bank Securitas, Inc., Research Division – VP & Equity [28]:  “…Going into 2015, we had no incentives…”

See also  Boardwalk REIT Q1 2020 Results Conference Call Presentation – May 15, 2020, including Slide 6.

NOTE 6:

1. Boardwalk REIT Q2 Conference Call August 14, 2020 Presentation, Slides 8, 22, 23.   See also:

2.     Boardwalk REIT Q2 2020 Investor Conference Call August 14, 2020 – Edited TRANSCRIPT on YAHOO FINANCE, including:

a)  James Ha, Boardwalk REIT VP of Finance & Investor Relations

  • Slide 22:  “…Just a $25 increase in our monthly average in-place rent equates to approximately $0.20 in FFO [Funds from Operation] per unit and represents a significant growth opportunity over the near and long term as we focus on delivering quality, safe and affordable housing across Canada.”  
  • At Slide 22: “…Boardwalk’s core operator markets of Edmonton and Calgary remain resilient with high occupancy, positioning us well to reduce incentives on both lease renewals and new rentals.”  
  • At Slide 23: “…Looking forward on Slide 23.  Boardwalk’s formula for growth remains.  Our organic growth opportunity, as previously mentioned, remains a key priority, driving sustainable rental rate adjustments in the second half of 2020 while maintaining high occupancy levels.”   
  • James Ha [23], in response to Brendon Adams, Cannacord Genuity Corp. Research Division – Analyst of Real Estate [22]:  “…The good news, heading into the second half of this year with rental rate restrictions lifted, we are sitting with extremely high occupancy. And that’s going to position us really well and our team to negotiate sustainable increases on both renewal and new lease spreads.”
  • James Ha [42] in response to Mario Saric, Scotiabank Global Banking and Markets, Research Division – Analyst [41]:   “…And so we’ve had a catch-up of notices delivered recently. We anticipate our annual increases in our eastern provinces to begin in October.”

b)      Sam Kolias, Boardwalk REIT CEO and Chairman of the Board

  • Slide 7:  “…With the reopening of our economies, we are now continuing to reduce incentives and rental discounts to offset increasing costs…”
  • Slide 8:  “Slide 8 provides further details on new and renewal lease spreads to date. We have selectively increased the use of incentives for new rentals during the pandemic to increase our occupancy, which has resulted in an increase in rental revenues. With our current high occupancy and the lifting of rental rate restrictions, Boardwalk is reintroducing sustainable rental rate adjustments.” Please note in Slide 8 that Boardwalk REIT apparently provides rental incentives to NEW tenants while increasing the rents of existing tenants.
  • Sam Kolias [9] in response to Jonathan Kelcher, TD Securities Equity Research – Analyst [8]:  “…And now that the self and regulatory freezes are lifted, we are seeing the incentives drop again. And our target going forward will be 4% to 8%. It will be a little bit less for the third quarter because we continued on our freeze until August 1 and that – and the renewal that we are negotiating for September, October and the fourth quarter.  We usually start to negotiate our renewals between 3 and 4 months ahead, and so we will be seeing these reductions more in the fourth quarter.”  [Emphasis added.]  This quote reveals that Boardwalk REIT’s planned increase during the latter part of 2020 – of 4% to 8% - is similar to the 4% to 8% increase planned PRIOR to COVID-19 – see BELOW.

3.   Boardwalk REIT Q4 2019 Investor Conference Call February 28, 2020 – Edited TRANSCRIPT on YAHOO FINANCE
Roberto A. Geremia, Boardwalk REIT President (now retired), Slide 9:

“…Boardwalk continues to target 4% to 8% increase on new and renewing leases in our nonrent control markets of Alberta and Saskatchewan.  As is shown on Slide 9, our reported results are in line with our seasonal expectations. For 2019, the Trust achieved an average of 4% increases on new leases and 6% increases on lease renewals.  For our rent control markets where we are subject to legislative increases, we target above guideline increases where applicable and to date have been very successful in achieving these.”  [Emphasis added]

Please note:  Boardwalk REIT Q4 2019 Investor Conference Call February 28, 2020 presentation is apparently no longer available at https://www.bwalk.com/en-ca/investors/

4.    Boardwalk REIT Q2 2020 Report, page 18:  “…The Trust was able to reduce incentives by 12.6% year-over-year. [June 30, 2019 to June 30, 2020] However, these gains, as well as the addition of new rental suites from BRIO coming online at the end of February 2020, have contributed to an increase in vacancy losses of 11.3% for the six months ended June 30, 2020.  When excluding BRIO, vacancy loss increased 2.3% for the six months ended June 30, 2020 from the same period in the prior year…. ”

NOTE 7: 

1.   Boardwalk REIT Q2 2020 Conference Call August 14, 2020 Presentation, Slides 15 (interest rates), Slide 35 (overall performance). 

2.   Boardwalk REIT Q4 2019 Conference Call February 28, 2020 Presentation, Slide 19 (interest rates), Slide 58 overall performance [no longer available at https://www.bwalk.com/en-ca/investors/ ]. Slide 19 – mortgage interest rates of 2.30% (5 Yr., CMHC) to 2.40% (10 Yr., CMHC).  Slide 58 – average rental revenue per unit per month = $1,153;  operating costs per unit per month = $506;  operating margins = 56.1%.

3.   Boardwalk REIT Q2 2020 Investor Conference Call August 14, 2020 – Edited TRANSCRIPT on YAHOO FINANCE, including: Lisa Smandych Boardwalk REIT CFO at Slide 15:  “…Boardwalk has been actively taking advantage of this current low-interest rate environment to renew, forward lock as well as secure additional up-financing from our mortgage portfolio...” 

4.  See Boardwalk REIT Q1 2020 Results Conference Call Presentation – May 15, 2020, Slide 22 for interest rates of 1.25% (5 year term) to 1.76% (10 year term). 

NOTE 8:  

1.   See Boardwalk REIT Second Quarter 2020 Supplemental Information Package August 13, 2020, page 17.

2.      See tenant “CHURN”/turnover at www.bwalk.com:  make a selection in  “Search by City” and see the number of vacant rental units – can be higher at the start of the month.

NOTE 9:  As per Boardwalk REIT Notice of Annual Meeting of Unitholders to be held on May 14, 2020 and Management Information Circular, dated March 31, 2020,  page 58.

NOTE 10:  As per Boardwalk REIT Notice of Annual Meeting of Unitholders to be held on May 14, 2020 and Management Information Circular, dated March 31, 2020,  page 61.

NOTE 11:   See Boardwalk REIT Q2 2020 Conference Call August 14, 2020 Presentation, Slide 8.  "Save up to $5,088 on select 12 month leases!" “Offer Ends Soon” for a 1 Bedroom & Den at Boardwalk REIT’s Skygate Tower as of September 28, 2020 – and can be even higher at other Boardwalk Buildings.  Boardwalk REIT advertises “save up to $3,000 on rent!” – see, for example, https://www.bwalk.com/en-ca/calgary-communities/calgary-move-in-bonus/ and at https://www.bwalk.com/en-ca/rent/details/alberta/calgary/skygate-tower/  

NOTE 12:   See Boardwalk REIT’s Our Story website https://www.bwalk.com/en-ca/our-story/ at 2004: “Transitioning to REIT.  With 31,780 suites, Boardwalk converted to a Real Estate Investment Trust (REIT).  A REIT is a corporation that is not taxed because it distributes most of its net taxable income to unitholders."

NOTE 13:   See Boardwalk REIT Notice of Annual Meeting of Unitholders to be held on May 14, 2020 and Management Information Circular, dated March 31, 2020  page 38. $1 annualized distribution per Boardwalk REIT Trust Unit – see at:  Boardwalk REIT Q2 2020 Conference Call August 14, 2020 Presentation, Slide 36 and at https://www.bwalk.com/en-ca/investors/distribution-information/ Also, Boardwalk REIT has apparently paid out $1.39 billion in cumulative Distributions to Unitholders (Balance, December 31, 2018) as per  Boardwalk REIT Q2 2020 Report, page 47.  As of June 30, 2020  there were 46,546,090 Boardwalk REIT Trust Units outstanding, as per Boardwalk REIT Q2 2020 Report, page 58.  Boardwalk Management apparently has > 25% ownership, as per Boardwalk REIT Investor Presentation Q2 2019, Slide 23 and Boardwalk REIT Investor Presentation 2018 Results, Slide 31.

NOTE 14: As per Boardwalk REIT Notice of Annual Meeting of Unitholders to be held on May 14, 2020 and Management Information Circular, dated March 31, 2020  page 74, the sum Total Compensation for 4 Boardwalk REIT Principal Executives in 2019 was $3.22 million, an increase of approximately $1.0 million (48%)  from the $2.17 million in 2018.  Increases in total compensation were provided to the following Boardwalk REIT Executives:

  • Roberto A. Geremia – President (now retired) $1,135,178 in 2019 VS $752,553 in 2018: +51%.
  • William Wong – CFO (now retired) $714,655 in 2019 VS $488,588 in 2018: +46%. 
  • Lisa Russell -  Senior VP Corporate Development - $717,371 in 2019 VS $469,112 in 2018:  +53%.
  • P. Dean Burns - General Council & Corporate Secretary - $655,028 in 2019 VS $462,420 in 2018:  +42%.

NOTE 15:  Boardwalk REIT Q2 2020 Conference Call August 14, 2020 Presentation, Slide 7.  See also Boardwalk REIT Notice of Annual Meeting of Unitholders to be held on May 14, 2020 and Management Information Circular, dated March 31, 2020, page 59.

NOTE 16:  Boardwalk REIT Q2 2020 Conference Call August 14, 2020 Presentation, Slide 21.  Also, Boardwalk REIT Q2 2020 Investor Conference Call August 14, 2020 – Edited TRANSCRIPT on YAHOO FINANCE – James Ha, Boardwalk REIT VP of Finance & Investor Relations at Slide 21: “As noted, Boardwalk’s net asset value of approximately $62 per Trust unit or $180,000 per apartment door is in line with recent transactions.  Boardwalk’s current Trust unit price presents an exceptional investment opportunity on both a cap rate and a per apartment door basis.”

NOTE 17:  Boardwalk REIT Q2 2020 Investor Conference Call August 14, 2020 – Edited TRANSCRIPT on YAHOO FINANCE, Elizabeth A. Russell Boardwalk REIT Senior Vice President Acquisitions & Corporate Development at Slide 19:  “Slide 19 summarizes our recent disposition of Elbow Tower and the acquisition of Cambridge Court, which aligns with our strategy of high-grading and geographically diversifying our portfolio.  Elbow Tower is a 158-unit, 12-story concrete high-rise located in Calgary.  The property was situated on a land lease that was reset in 2016.  The reset, which significantly increased the land lease expense, combined with the short- to medium-term capital expenditures, provided a strategic opportunity for the Trust to divest the asset to the leaseholder.  The transaction closed on June 25, 2020.” See also Boardwalk REIT Q2 2020 Conference Call August 14, 2020 Presentation, Slide 19.

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