/NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR
DISSEMINATION IN THE UNITED
STATES/
CALGARY,
AB, Dec. 22, 2023 /CNW/ - Boardwalk
Real Estate Investment Trust (TSX: BEI.UN)
Boardwalk Real Estate Investment Trust ("Boardwalk" or the
"Trust") announced today the closing of its previously announced
upsized equity offering of units of the Trust ("Units") from
treasury at a price of $68.50 per
Unit. The syndicate of underwriters bookrun by TD Securities Inc.
and RBC Capital Markets, elected to exercise its over-allotment
option in full, resulting in a total of 3,662,750 Units being
issued for total gross proceeds of $250,898,375 (the "Offering").
Boardwalk intends to use the net proceeds of the Offering to
finance the purchase price for The Circle, repay its portion
of a floating rate construction facility on the 45 Railroad
community in Brampton, Ontario and
to fund future acquisition and development opportunities in its
existing pipeline. For more information, please refer to the
Trust's press releases dated December 14,
2023 and December 15,
2023.
The Units were issued pursuant to a prospectus supplement to the
Trust's short form base shelf prospectus dated December 14, 2023.
The Units have not been, nor will they be, registered under the
United States Securities Act of 1933, as amended (the "1933 Act"),
and may not be offered or sold in the
United States (as defined in Regulation S under the 1933
Act), except pursuant to an exemption from the registration
requirements of the 1933 Act. This press release does not
constitute an offer to sell or a solicitation of an offer to buy
any Units in the United
States.
CORPORATE PROFILE
Boardwalk REIT strives to be Canada's friendliest community provider and is
a leading owner/operator of multi-family rental communities.
Providing homes in more than 200 communities, with over 33,000
residential suites totaling over 29 million net rentable square
feet, Boardwalk has a proven long-term track record of building
better communities, where love always lives™. Our three-tiered and
distinct brands: Boardwalk Living, Boardwalk Communities, and
Boardwalk Lifestyle, cater to a large diverse demographic and has
evolved to capture the life cycle of all Resident Members.
Boardwalk's disciplined approach to capital allocation,
acquisition, development, purposeful re-positioning, and management
of apartment communities allows the Trust to provide its brand of
community across Canada creating
exceptional Resident Member experiences. Differentiated by its peak
performance culture, Boardwalk is committed to delivering
exceptional service, product quality and experience to our Resident
Members who reward us with high retention and market leading
operating results, which in turn, lead to higher free cash flow and
investment returns, stable monthly distributions, and value
creation for all our stakeholders. Additional information about
Boardwalk REIT can be found on the Trust's website at
www.bwalk.com/investors.
CAUTIONARY STATEMENTS REGARDING
FORWARD-LOOKING STATEMENTS
Information in this news release that is not current or
historical factual information may constitute forward-looking
statements and information (collectively, "forward-looking
statements") within the meaning applicable of securities laws,
including statements with respect to: the Offering and the use of
proceed therefrom; the acquisition of The Circle; and the potential
for future acquisitions by the Trust. The use of any of the words
"expect", "anticipate", "may", "will", "should", "believe",
"intend" and similar expressions are intended to identify
forward-looking statements. Implicit in these forward-looking
statements, particularly in respect of Boardwalk's objectives for
its current and future periods, Boardwalk's strategies to achieve
those objectives, as well as statements with respect to
management's beliefs, plans, estimates, assumptions, intentions,
and similar statements concerning anticipated future events,
results, circumstances, performance or expectations are estimates
and assumptions subject to risks and uncertainties which could
cause Boardwalk's actual results to differ materially from the
forward-looking statements contained in this news release.
Specifically, Boardwalk has made assumptions surrounding the impact
of economic conditions in Canada
and globally, Boardwalk's future growth potential, prospects and
opportunities, the rental environment compared to several years
ago, interest costs, access to equity and debt capital markets to
fund (at acceptable costs) the future growth program to enable the
Trust to refinance debts as they mature, the availability of
purchase opportunities for growth in Canada, general industry conditions and
trends, changes in laws and regulations including, without
limitation, changes in tax laws, mortgage rules and other
legislative changes, increased competition, the availability of
qualified personnel, fluctuations in foreign exchange or interest
rates, and stock market volatility. These assumptions, although
considered reasonable by the Trust at the time of preparation, may
prove to be incorrect. For more exhaustive information on the risks
and uncertainties in respect of forward-looking statements you
should refer to Boardwalk's Management's Discussion & Analysis
and Annual Information Form for the year ended December 31, 2022 under the headings "Risks and
Risk Management" and "Challenges and Risks", respectively, which
are available at www.sedarplus.com. Forward-looking statements
contained in this news release are made as of the date of this news
release and are based on Boardwalk's current estimates,
expectations and projections, which Boardwalk believes are
reasonable as of the current date. You should not place undue
importance on forward-looking statements and should not rely upon
forward-looking statements as of any other date. Except as required
by applicable law, Boardwalk undertakes no obligation to publicly
update or revise any forward-looking statement, whether a result of
new information, future events, or otherwise.
SOURCE Boardwalk Real Estate Investment Trust