Boardwalk REIT - Q2-2017 Earnings & Price Target Update
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Boardwalk REIT owns and operates in excess of 200 apartment rental properties, comprised of over 33,000 residential units, totaling over 28M sq. ft. with 60% of properties located in Alberta, 18% in Quebec and the balance in Saskatchewan and Ontario. The estimated fair market value of the apartment property portfolio as at Jun-30-2017 was $5.7B.
Recently completed projects include Spruce Ridge Gardens (109 Units) in Calgary and Pines Edge I (79 Units) in Regina, both of which leased up ahead of schedule. Pines Edge Phase 2 development project in Regina was completed in Jun-2017 and is 15% leased. Construction of Phase 3, a 71-unit four storey building, similar to the previous 2 phases, has commenced is should be completed in Q3-2018.
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