BOWFF - Boardwalk Real Estate Investment Trust (BOWFF) Q4 2023 Earnings Call Transcript

2024-02-23 15:10:03 ET

Boardwalk Real Estate Investment Trust (BOWFF)

Q4 2023 Earnings Conference Call

February 23, 2024 1:00 PM ET

Company Participants

Eric Bowers – Vice President-Finance and Investor Relations

Sam Kolias – Chief Executive Officer

Samantha Kolias-Gunn – Senior Vice President-Corporate Development and Governance

Lisa Smandych – Chief Financial Officer

James Ha – President

Conference Call Participants

Frank Liu – BMO Capital Markets

Jonathan Kelcher – TD Cowen

Kyle Stanley – Desjardins

Jimmy Shan – RBC Capital Markets

Matt Kornack – National Bank

Presentation

Eric Bowers

Thank you, Lester, and welcome to the Boardwalk REIT's 2023 Fourth Quarter Results Conference Call. With me here today are Sam Kolias, Chief Executive Officer; James Ha, President; Lisa Smandych, Chief Financial Officer; and Samantha Kolias-Gunn, Senior VP of Corporate Development and Governance.

We would like to acknowledge on behalf of Boardwalk, the treaties and traditional territories across our operations and express gratitude and respect for the land we are gathered on today and we now know as Canada. We respect indigenous peoples and communities as the original stewards of this land. We come with respect for this land that we are on today for all the people who have and continue to reside here and the rich diversity First Nations, Inuit, and Métis peoples. Please note that this call is being broadly distributed by way of webcast. If you have not already done so, please visit us at bwalk.com/investors, where you will find a link to today's presentation as well as PDF files of the Trust's financial statements, MD&A and annual report.

Starting on Slide 2, we would like to remind our listeners that certain statements in this call and presentation may be considered forward-looking statements. Although the expectations set forth in such statements are based on reasonable assumptions, Boardwalk's future operation and its actual performance may differ materially from those in any forward-looking statements. Additional information that could cause actual results to differ materially from these statements are detailed in Boardwalk's publicly filed documents.

I would like to now turn the call over to Sam Kolias.

Sam Kolias

Thank you, Eric, and welcome everyone to our Q4 2023 conference call. Starting on Slide 4, our strong performance with our GAAP and non-GAAP measures of FFO per unit, net asset value and unitholder equity seen an increase from the same quarter of the prior year and profit seen an increase quarter-over-quarter due to stronger apartment rental fundamentals leading to higher fair value adjustments. Slide 5, shows FFO per unit growth with a 9.5% CAGR over the last three years. Slide 6, our culture from our humble beginnings in 1984, our resident members are at the top of our organization. Our leaders put our team first and our team puts our resident members first. Guided by the golden rule, we have a peak performing customer service culture that creates exceptional results....

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