Boardwalk REIT provided an update addressing ongoing pandemic measures and April rental revenue, noting that as of April 13th, it had received 92 per cent of rental payments, which is only a 3 per cent dip from typical months.

In addition to heightened cleaning practices and requiring staff to wear personal  protective equipment, Boardwalk says it recently launched a virtual showings platform to further maintain physical distancing. Meanwhile, over 50 per cent of Boardwalk residents are now using the online self-service Resident Member Portal powered by Yuhu.

“Together, our communities are adapting to this pandemic environment where we are all responsible for each other’s health, safety and well-being,” commented Sam Kolias, Chairman and Chief Executive Officer of Boardwalk REIT. “We continue to work closely with our industry peers to self-regulate and exercise care and compassion with any of our Residents who may require assistance. In addition, Boardwalk continues to collaborate with all levels of government to ensure that housing remains both available and sustainable for all Canadians.”

More highlights from the release:

• Boardwalk received 92% of its rental revenue due in April. Historically, by the 13th of the month, the Trust collects 95% of its rental revenue. Boardwalk is actively following-up with any of its Resident Members in arrears or in need of a payment plan;
• Boardwalk’s payment plan application for those facing financial hardship was made available to all its Resident Members. Less than 2% of Boardwalks Residents submitted an application for payment plan, many of which provided partial payments on the 1st of the month;
• Boardwalk’s occupancy within its stabilized portfolio at the end of March 2020 was 96.5%;
• Turnover (notices for move out) in the month of April have decreased by approximately 33%. Boardwalk continues to serve new residents looking for a safe place to call home;
• For rent payments received to date in April,  51% were made through pre-authorized payment, 27% were made in-person at Boardwalk community offices, and 22% were paid online through Boardwalk’s Resident Member Portal;
• In light of the current environment, Roberto Geremia extends his previously planned retirement from April 30, 2020 on a month to month basis to support our team through these extenuating circumstances.

Liquidity Update (Unless otherwise noted, as of April 13, 2020)

• Current liquidity of $260.4 million, comprised of $36.5 million of cash, $23.9 million of CMHC-insured financing to be funded in mid-April, and an undrawn $200 million line of credit;
• Boardwalk has renewed or forward locked the interest rate on its 2020 mortgage maturities through the end of May (~$105 million or 34% of total 2020 mortgage maturities) at a weighted average interest rate of 2.12% for an average term of 7 years;
• With approximately 99% of Boardwalk’s mortgage portfolio backed by CMHC Insurance, the Trust continues to execute on its 2020 mortgage program for both mortgage up-financing and renewals. Current estimated 5-year CMHC-insured mortgage rates range from 1.80% to 2.30%.