This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Boardwalk Rental Communities – Update On The Impact Of Flooding That Occurred In Calgary, AB

CALGARY, June 22, 2013 /PRNewswire/ - Boardwalk Real Estate Investment Trust ("BEI.UN" - TSX)

Boardwalk Rental Communities ("Boardwalk", "The Trust") would like to update everyone on the impact of the flood on its Operations in Calgary, as a result of the recent flooding in Southern Alberta. Boardwalk's Calgary apartment portfolio represents a total of 5,071 Units or 14% of its total 35,277 Apartment Units across Canada. Over the past few days the City of Calgary has experienced extensive flooding along river banks and in low lying areas, including Calgary's Downtown Core. Throughout this event, the City of Calgary has issued mandatory and voluntary evacuation notices for selective communities. In those affected communities, Boardwalk has two buildings totaling 271 Units in the mandatory evacuation area. In addition, four properties totaling 539 Units, are located in the voluntary evacuation area. Included in the voluntary evacuation area is Boardwalk's Head Office and as a result we have initiated and established contingency plans to ensure the continuous and uninterrupted operations of The Trust. Based on the information available to The Trust at this time, all of Boardwalk's Residents and Associates are safe. One of our properties, Elbow Towers, a high-rise consisting of 158 Units and located along the Elbow River in Calgary, has experienced extensive flooding. Boardwalk will provide a further update once the water recedes and we are able to better assess any and all damage as a result of the flooding. At this time, there appears to be no further material water damage at any of Boardwalk's other buildings. Boardwalk will make every effort to work with its displaced Residents in re-locating them to other Boardwalk Communities or other available accomodation. As The Trust begins to assess any and all impacts to its buildings and its Resident Members, we will continue to work with Officials to ensure the safety of all those involved. Sam Kolias, CEO and Chairman of Boardwalk REIT said: "We would like to take this opportunity to extend our thanks to the hard working emergency response teams in Calgary. They have done an outstanding job in handling the sudden and tragic flooding of Calgary and Southern Alberta. On behalf of our Associates and Resident Members, we would like to say thank you. Our thoughts and prayers go out to all victims of this devastating and historic flood." Rob Geremia, President of Boardwalk REIT added: "In addition to the emergency response teams, we would also like to thank our dedicated team of Boardwalk Associates in Calgary. They have gone above and beyond during the ongoing floods to ensure the safety and well-being of our Resident Members as well as our buildings." It is Boardwalk's understanding that the damage caused will be covered by our existing insurance policy. Similar to the Insurance Coverage used in the 2005 Flooding in Calgary, this includes assessment, restoration and income loss, if any. Boardwalk will continue to provide updates as we receive further information and encourage Resident Members, Associates and Stakeholders to monitor our web page at as we will be posting more detailed information when it becomes available.

About Boardwalk REIT

Boardwalk REIT is Canada's friendliest landlord and currently owns and operates more than 225 properties with 35,277 residential units (as at March 31, 2013) totaling approximately 30 million net rentable square feet. Boardwalk's principal objectives are to provide its Residents with the best quality communities and superior Customer Service, while providing Unitholders with sustainable monthly cash distributions, and increase the value of its Trust Units through selective acquisitions, dispositions, and effective management of its residential multi-family properties. Boardwalk REIT is vertically integrated and is Canada's leading owner/operator of Multi-Family Communities with 1,600 Associates bringing Customers home to properties located in Alberta, Saskatchewan, Ontario, Quebec, and British Columbia. Boardwalk REIT's Trust units are listed on the Toronto Stock Exchange, trading under the symbol BEI.UN. The Trust's total Enterprise Value as of March 31, 2013 was approximately $5.5 billion. Additional information about Boardwalk REIT can be found on the Trust's website at

SOURCE Boardwalk Real Estate Investment Trust

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $94.19 0.00%
FB $118.06 0.00%
GOOG $695.70 0.00%
TSLA $222.56 0.00%
YHOO $37.40 3.90%


Chart of I:DJI
DOW 17,651.26 -99.65 -0.56%
S&P 500 2,051.12 -12.25 -0.59%
NASDAQ 4,725.6390 -37.5850 -0.79%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs