Sam Kolias, chairman and CEO of Boardwalk REIT (TSX: BEI.UN), sat down for a video interview during Nareit’s REITworld: 2024 Annual Conference in Las Vegas on Nov. 18-21.
Kolias shared the company’s forward-looking strategy, revealing that Boardwalk plans to be "a lot more active" in acquisitions and dispositions, driven by strong investor interest, particularly in Edmonton, its largest market. Kolias emphasized the company's approach to "recycle, sell our non-core, and buy some other exciting, very unique acquisitions."
Kolias also expressed enthusiasm about new residential developments set for completion in 2025. Among these are the nearly fully leased 45 Railroad in Brampton, located near a major GO station, and Elbow 5/8, close to one of Canada’s busiest shopping centers and an upscale neighborhood.
"The difference between owning a home and our Elbow 5/8 community is miles apart," Kolias noted, referencing the development's appeal to renters.
Looking ahead, Boardwalk remains focused on strong financial performance, supported by robust occupancy rates and competitive rents. Kolias highlighted a 15% FFO (funds from operations) per unit growth: "It’s an exciting time to invest with us because our occupied rents are approximately $1,419, while the average asking rent in Canada is approximately $2,100."
Boardwalk’s expansion and value-driven strategy reflect its commitment to providing attractive investment returns, exceptional resident experiences, and prime residential options across Canada.