TSE SYMBOL: BEI NYSE SYMBOL: BEI February 21, 2003
February 21, 2003 Conference Call Web Page
Q4 2002 Webcast and Conference Call Information
Boardwalk Announces Record Fourth Quarter
And Full Year 2002 Financial Results;
25% Increase In 2002 FFO Per Share, Excluding Gains
Additional Acquisitions Increase Montreal Portfolio
And Expands Operations Into The Gatineau/Ottawa Region
DOWNLOAD FEBRUARY 21, 2003 PRESS RELEASE (Printer Friendly 121Kb PDF File)
Calgary, Alberta – February 21, 2003
CALGARY, Feb. 21 /CNW/ - Boardwalk Equities Inc. ("BEI" - TSX, NYSE)
today announced record financial results for the fourth quarter of 2002 and
for fiscal 2002. For the fourth quarter ended December 31, 2002, the Company
reported Funds From Operations ("FFO"), a key performance measurement for real
estate companies, of $13.5 million and FFO per share of $0.27 on a diluted
basis, compared to FFO of $12.0 million and FFO per share of $0.24 for the
same period last year. For the year ended December 31, 2002, the Company
reported FFO of $63.1 million and FFO per share of $1.26, compared to FFO of
$57.9 million and FFO per share of $1.15.
Funds From Operations ("FFO") is a generally accepted measure of
operating performance of real estate companies, however is a non-GAAP
measurement. The Company calculates FFO by taking Net Earnings and adding non
cash items including Future Income Taxes and Amortization. The amount is
currently referenced on Boardwalk's Consolidated Statement of Cash Flows. The
determination of this amount may differ from that of other real estate
companies.
Highlights of the Company's fourth quarter 2002 financial results
include:
- Rental revenues of $63.9 million, an increase of 19.4% compared to
$53.5 million for the three-month period ended December 31, 2001.
- Net operating income of $40.2 million, representing a 18.9% increase
from $33.8 million in the same period last year.
- FFO of $13.5 million, an increase of 12.5% compared to $12.0 million
for the three-month period ended December 31, 2001. FFO from rental
operations, which excludes any gains on property dispositions, of
$13.5 million, an increase of 16.4% compared to $11.6 million for the
three-month period ended December 31, 2001.
- FFO per share of $0.27 on a diluted basis, an increase of 12.5%
compared to $0.24 for the three-month period ended December 31, 2001.
FFO per share from rental operations, which excludes gains, was $0.27
on a diluted basis, up 17.4% compared to $0.23 for the three-month
period ended December 31, 2001.
Highlights of the Company's financial results for the fiscal 2002
include:
- Rental revenues of $241.9 million, an increase of 17.8% compared to
$205.3 million for the twelve-month period ended December 31, 2001.
- Net operating income of $163.1 million, representing a 19.1% increase
from $137.0 million in the same period last year.
- FFO of $63.1 million, an increase of 9.0% compared to $57.9 million for
the twelve-month period ended December 31, 2001. FFO from rental
operations, which excludes gains, of $62.1 million, an increase of
24.5% compared to $49.9 million for the twelve-month period ended
December 31, 2001.
- FFO per share of $1.26 on a diluted basis, compared to $1.15 for the
twelve-month period ended December 31, 2001, representing a 9.6%
increase. FFO per share from rental operations, which excludes gains,
was $1.24 on a diluted basis, up 25.3% compared to $0.99 for the
twelve-month period ended December 31, 2001.
Commenting on the Company's fourth quarter and fiscal 2002 results, Sam
Kolias, President and C.E.O., said "We are pleased to have delivered a record
year and another excellent quarter for our Company. We had industry-leading,
record results, reflecting both strong internal growth as well as a
significant contribution from acquisitions."
"The internal growth realized in 2002, and the record rental performance
of our core portfolio, reflected the solid fundamentals of our major markets,
the quality of our portfolio and our continued focus on operations. From an
external growth perspective, we generated a significant contribution from
acquisitions completed during the year. The purchase of the Nuns' Island
portfolio in Montreal - the largest single acquisition in our history - had
the most significant impact on our results."
"2002 was a year of significant growth and achievement for Boardwalk",
said Mike Hough, Boardwalk's Senior Vice President. "We delivered strong
financial results and performance and strategically expanded the Company's
base of operations into attractive new major market areas, significantly
broadening and strengthening our geographic platform and enhancing our
long-term growth potential."
"The fundamentals for the multi-family rental sector in most markets in
Canada remain healthy with very limited new supply. The strong relative
performance of the Canadian economy and job growth during 2002 certainly was a
positive factor for the multi-family market during 2002. In addition,
Boardwalk's portfolio is concentrated in some of the healthiest economic
markets in the country which has enabled us to deliver solid performance."
"While we experienced a slight rise in turnover rates and vacancies
during the year, we have been very proactive in our leasing and marketing
efforts and have been able to generate solid same-property results", stated
Kevin Screpnechuk, Boardwalk's Senior Vice President, Rental Operations.
"Although new and resale housing markets remain active, we are continuing to
focus on operational and marketing initiatives to continue to deliver solid
operating performance."
Operational Highlights
The average vacancy rate across the Company's portfolio for the fourth
quarter of 2002 was 4.9%, compared to 4.4% in the third quarter of 2002, and
up from 3.9% in the fourth quarter of last year.
The average monthly rent realized in fiscal 2002 was $716 per unit, up
$52, or 7.8%, from $664 per unit for the 12-months ended December 31, 2001.
Management estimates that market rents for its properties at the end of
December, 2002 averaged $790 per unit per month which compares to an average
in-place monthly rent per occupied unit of $754 for the twelve months ended
December 31, 2002. This translates into an estimated "loss-to-lease" of
approximately $12 million, maintaining existing occupancy rates.
Same-Property Results
Boardwalk continued to show solid performance in its stabilized
properties (defined as properties owned for over 24 months). The "same-
property" results for the Company's stabilized portfolio for the three month
period ended December 31, 2002 showed rental growth of 3.6% and NOI growth of
6.6% compared to the same period last year. For the twelve month period ended
December 31, 2002, the stabilized property portfolio had rental growth of 5.5%
and NOI growth of 7.5% compared to the same period last year. A total of
24,924 units, representing approximately 85% of Boardwalk's total portfolio,
were classified as stabilized as at December 31, 2002. None of the Company's
Quebec properties are currently classified as stabilized.
Same-Property Results - Stabilized Portfolio
Three Months Ended Three Months Ended
December 31, 2002 vs. December 31, 2001
-----------------------------------------------------------------------
Rental % of total NOI
Rental Operating (stabilized
Revenues Expenses NOI portfolio)
-----------------------------------------------------------------------
Calgary -0.7% 11.9% -5.7% 23.2%
Edmonton 7.5% -4.6% 15.1% 42.9%
Other Alberta -1.8% 6.4% -5.4% 6.2%
Ontario 2.3% -2.9% 6.6% 12.8%
Saskatchewan 3.4% -8.0% 11.6% 14.9%
----------------------------------------------
3.6% -1.4% 6.6% 100.0%
----------------------------------------------
Same-Property Results - Stabilized Portfolio
Twelve Months Ended Twelve Months Ended
December 31, 2002 vs. December 31, 2001
-----------------------------------------------------------------------
Rental % of total NOI
Rental Operating (stabilized
Revenues Expenses NOI portfolio)
-----------------------------------------------------------------------
Calgary 2.8% 8.9% 0.7% 24.2%
Edmonton 8.6% -2.5% 13.9% 43.7%
Other Alberta 1.5% 3.7% 0.6% 6.5%
Ontario 5.3% -0.3% 10.0% 12.0%
Saskatchewan 2.9% 3.5% 2.5% 13.6%
----------------------------------------------
5.5% 1.4% 7.5% 100.0%
----------------------------------------------
>>
Acquisition/Disposition Activity
In the fourth quarter of 2002, the Company completed the acquisition of
5-8 Place de Merici at Les Jardins de Merici in Quebec City. The luxury
residential rental property consists of four concrete high-rise buildings with
a total of 346 residential units. The acquisition price was $27.1 million. The
acquisition was completed on November 3, 2002.
There were no dispositions in the fourth quarter of 2002. In the fourth
quarter of 2001, results include operating profits of $0.4 million generated
from the sale of two small properties, which were sold for a total of
$3.7 million.
In 2002, Boardwalk acquired a total of over 3,500 units, increasing its
portfolio to over 29,300 units at year-end. This represents a 13% increase in
the Company's portfolio from the end of 2001.
$54 Million of Additional Acquisitions Announced To Date in 2003
Subsequent to December 31, 2002, the Company closed on the acquisition of
an additional 1,129 units at an acquisition price of $54.0 million. This
includes additional acquisitions in the Montreal market and the acquisition of
an apartment complex in Gatineau, Quebec. The acquisition price equates to an
average acquisition price of approximately $47,800 per unit, and less than $65
per rentable square foot, which is estimated to be less than half of
replacement cost. The properties acquired were:
Domaine d'Iberville Apartments, Montreal (Longueuil)
Boardwalk has acquired the Domaine d'Iberville Apartments in Longueuil, a
luxury apartment complex which consists of four luxury concrete high-rise
buildings with a total of 720 residential units and a total rentable area
of approximately 560,000 square feet. The acquisition of the properties
was by way of a leasehold interest and the transaction closed on
February 4, 2003. The acquisition price of $34.5 million equates to
approximately $47,900 per unit. The going-in unlevered return on the
acquisition is projected at in excess of 10% and the return on equity at
over 20%, with the high returns in part reflecting the existing ground
lease. The current monthly rents at the property average just under $700
per unit. The acquisition was funded by a combination of cash on hand and
existing credit facilities. The $23 million drawn under the Company's
credit facilities for the acquisitions carries a floating interest rate
which is currently at 5.0%.
Under the terms of the existing ground lease, which expires in
January 2029, there is one rent revision clause which takes place in
January 2008. After that revision, the land rent will remain constant
thereafter through to the expiration of the ground lease in 2029. There
are no participation clauses throughout the term of the ground lease.
All of the buildings are clustered within an 11.5-acre site. Amenities
at the Domaine d'Iberville property include two indoor swimming pools,
men's and women's saunas and an outdoor tennis court. The property is
situated on the bank of the St. Lawrence River on Montreal's South Shore
and is in close proximity to the foot of the Jacques-Cartier Bridge and
to the subway which provides access to downtown Montreal in under 10
minutes. The suites feature exceptional views of the St. Lawrence River
and of the downtown Montreal skyline.
Parc de la Montagne, Gatineau (Hull)
The Company has acquired the "Parc de la Montagne" apartment complex in
the City of Gatineau (formerly Hull), Quebec, which represents the
company's fist acquisition in the Gatineau/Ottawa region. The property
consists of three concrete high-rise buildings with a total of 321
residential units and total rentable area of 204,000 square feet. The
transaction closed on January 9, 2003.
The acquisition price of $13.7 million equates to approximately $42,700
per unit and $67 per rentable square foot. The going-in unlevered return
on the acquisition is projected at approximately 8.5%. The acquisition
was funded by a combination of cash on hand and the assumption of a $8.0
million first mortgage. The mortgage has a fixed interest rate of 6.90%
and matures on December 15, 2007.
600 Cote Vertu, Montreal (Saint Laurent)
The Company also expanded its presence in the Montreal market with the
acquisition of 600 Cote Vertu, a six-storey concrete building located in
the Montreal suburb of Saint Laurent. The 88-unit acquisition closed on
February 5, 2003. The property has 88 units and a total rentable area of
approximately 68,000 square feet.
The acquisition price of $5.8 million equates to approximately $66,900
per unit and $86 per rentable square foot. The going-in unlevered return
on the acquisition is projected at approximately 8.5%. The acquisition
was funded by a combination of cash on hand and the assumption of a $4.2
million first mortgage. The mortgage bears a fixed interest rate of
6.33% and matures in September, 2006.
"We are very pleased to further expand our portfolio in Montreal, the
largest multi-family market in the country, with high-quality assets that will
be immediately and significantly accretive to our results." said Bill Chidley,
Boardwalk's Senior Vice President of Corporate Development. "The Domaine
d'Iberville Apartment complex is a premiere institutional-grade property
located in an excellent location on the South Shore of Montreal. The
properties have been kept in excellent condition with virtually no deferred
maintenance. We are also pleased to have established a presence in the
Gatineau/Ottawa market area with the acquisition of the Parc de la Montagne
property."
These acquisitions expand Boardwalk's presence in the Montreal market to
over 3,900 units, and its portfolio in the province of Quebec to over 4,500
units.
"We had strategically targeted major markets in the province of Quebec
with a view to entering those markets if attractive acquisition opportunities
arose", stated Sam Kolias. "In a short period of time, Boardwalk has amassed
what we consider to be the highest quality multi-family rental portfolio in
the province. We have also delivered significant incremental per share FFO
growth and incremental shareholder value from these acquisitions."
"With the entry into the Montreal, Quebec City and Gatineau markets over
the past 12 months, we have expanded our geographic presence into major market
areas that are over two and a half times larger in terms of the universe of
rental units than all of our previous major markets combined. This should
provide us with even greater abilities over time to explore growth
opportunities, and we remain active in assessing additional opportunities in
these markets. We will also continue to investigate additional opportunities
to expand our operations into other major markets in Canada as part of our
strategy of building a truly national platform."
Continued Financial Strength
The Company maintained its solid financial position in the quarter.
Boardwalk's total mortgage debt was $1.31 billion as at December 31, 2002, up
from $1.11 billion at December 31, 2001, reflecting the additional debt on
acquisitions completed during the year. As of December 31, 2002, the Company's
debt had an average maturity of 4.8 years with a weighted average interest
rate of 5.88%, and the Company's debt-to-total-market-capitalization ratio was
63.2%.
The Company's interest coverage ratio, excluding gains, for the
twelve-month period ended December 31, 2002 increased to 1.93 times compared
to 1.84 times in the same period last year.
During 2002, Boardwalk successfully completed over $300 million in
mortgage refinancings and renewals. The largest was the refinancing of the
3,100-unit Nuns' Island portfolio which was completed in November of 2002. The
new first NHA-insured mortgage on the Nuns' Island properties totalled
$152.6 million, with a five-year term maturing on November 1, 2007 and a fixed
interest rate of 5.23%. The proceeds of the refinancing were used in part to
repay the $107.4 million outstanding balance of prior first and second
mortgages on the property which had an overall weighted average interest rate
of 9.3%.
Quarterly Dividend Announced
Yesterday, the Board of Directors approved the initiation of a quarterly
dividend for the Company. The Board declared a quarterly dividend of $0.02 per
common share, which is payable on March 20, 2003 to all common shareholders of
record as of March 6, 2003. The dividend equates to an annual dividend rate of
$0.08 per share, a 60% increase from the previous annual dividend amount of
$0.05 per share, and reflects the Board's confidence in the financial position
of the Company.
Outlook and 2003 Earnings Guidance
Commenting on the outlook for the Company, Rob Geremia, Senior Vice
President, Finance and CFO, said "Boardwalk is well positioned to deliver
improved results in the current fiscal year. In 2003, we will benefit from
expected continued solid internal growth from our stabilized portfolio as well
as have the impact of the full year contribution of our 2002 acquisitions and
the contribution of acquisitions that we closed in the first quarter of 2003.
In addition, we will also benefit from the impact of the Nuns' Island mortgage
refinancing which was completed in November of last year. Overall, we are
reiterating our previous fiscal 2003 FFO per share guidance of between $1.40
and $1.44, which does not include any contribution from property sales."
Supplementary Information
Boardwalk produces Quarterly Supplemental Information that provides
detailed information regarding the Company's activities during the quarter.
The Fourth Quarter Supplemental Information is available on the INVESTOR
section of our website (www.bwalk.com).
Teleconference on Fourth Quarter, 2002 Financial Results
We invite you to participate in the teleconference that will be held to
discuss the Company's fiscal 2002 year-end and fourth quarter results this
morning at 11:15am EST. Senior management will speak to the financial results
and provide a corporate update. Presentation materials and a Supplementary
Information Package for the fourth quarter of 2002 will be made available on
the INVESTOR section of our website (www.bwalk.com) prior to the call.
Participation & Registration: For participation and registration for the
conference please RSVP to Investor Relations at 403-531-9255 or by email to
investor@bwalk.com.
Teleconference Dial-In Numbers: The telephone numbers for the conference
are: 416-640-4127 (within Toronto) or toll-free 1-800-814-4857 (outside
Toronto).
Webcast: Investors will be able to listen to the call and view our slide
presentation over the Internet by visiting http://investor.bwalk.com 15 min.
prior to the start of the call. An information page will be provided for
software needed and system requirements. The live audiocast will also be
available at http://www.newswire.ca/webcast/viewEventCNW.html?eventID(equal
sign)469260.
Replay: An audio recording of the teleconference will be available
approximately one hour after the call until 11:59pm EST on February 28th,2003.
You can access it by dialing 416-640-1917 and using the following passcode,
235105 followed by the pound key. An audio archive will also be available on
our Investor site (investor.bwalk.com) approximately two hours after the
conference call.
Corporate Profile
Boardwalk Equities Inc. is Canada's largest owner/operator of multi-
family rental communities. Boardwalk currently owns and operates in excess of
250 properties with over 30,500 units totalling approximately 26 million net
rentable square feet. The Company's portfolio is concentrated in the provinces
of Alberta, Saskatchewan, Ontario and Quebec. Boardwalk is headquartered in
Calgary and its shares are listed on both the Toronto Stock Exchange and the
New York Stock Exchange and trade under the symbol BEI. The Company has a
total market capitalization of approximately $2.1 billion.
Forward-Looking Statements
This release contains forward-looking statements within the meaning of
the U.S. Private Securities Litigation Reform Act of 1995. The forward-looking
statements are statements that involve risks and uncertainties, including, but
not limited to, changes in the demand for apartment and town home rentals, the
effects of economic conditions, the impact of competition and competitive
pricing, the effects of the Company's accounting policies and other matters
detailed in the Company's filings with Canadian and United States securities
regulators available on SEDAR in Canada and by request through the Securities
and Exchange Commission in the United States, including matters set forth in
the Company's Annual Report to Shareholders under the heading "Management's
Discussion and Analysis". Because of these risks and uncertainties, the
results, expectations, achievements, or performance described in this release
may be different from those currently anticipated by the Company.
CONSOLIDATED BALANCE SHEETS
(CDN$ THOUSANDS)
AS AT December31, December 31,
2002 2002
-----------------------------
Assets
Revenue producing properties $1,604,277 $1,381,541
Properties held for resale 7,038 6,630
Mortgages and accounts receivable 14,704 22,325
Other assets 13,723 11,846
Deferred financing costs 37,521 32,957
Segregated tenants' security deposits 7,596 8,320
Cash and cash equivalents 23,631 25,672
------------------------------------------------------------------------
$1,708,490 $1,489,291
-----------------------------
-----------------------------
Liabilities
Mortgages payable $1,307,177 $1,108,406
Accounts payable and accrued
liabilities 21,498 19,525
Refundable tenants' security
deposits and other 10,496 10,418
Capital lease obligations 4,598 7,203
Future income taxes 62,976 58,755
------------------------------------------------------------------------
1,406,745 1,204,307
-----------------------------
Shareholders' Equity
Share capital 266,516 258,202
Retained earnings 35,229 26,782
------------------------------------------------------------------------
301,745 284,984
------------------------------------------------------------------------
$1,708,490 $1,489,291
-----------------------------
-----------------------------
CONSOLIDATED STATEMENTS OF EARNINGS (LOSS)
(CDN$ THOUSANDS, EXCEPT PER SHARE AMOUNTS)
December 31 December 31 December 31 December 31
2002 2001 2002 2001
(12 months) (12 months) (3 Months) (3 Months)
Revenue
Rental income $241,896 $205,281 $63,927 $53,477
Sales - properties
held for resale 7,498 21,988 - 3,744
------------------------------------------------------------------------
$249,394 $227,269 $63,927 $57,221
------------------------------------------------------------------------
Expenses
Revenue producing
properties
Operating
expenses 26,229 21,969 $7,565 $5,462
Utilities 32,547 31,549 10,173 10,310
Utility rebate (3,705) (4,967) (402) (907)
Property taxes 23,686 19,743 6,433 4,860
Cost of sales -
properties
held for resale 6,531 13,939 - 3,317
Administration 19,931 16,482 5,560 4,198
Financing costs 74,284 65,567 19,135 16,651
Deferred financing
costs amortization 3,239 1,800 738 405
Amortization 46,748 53,584 12,747 14,973
------------------------------------------------------------------------
$229,490 $219,666 $61,949 $59,269
------------------------------------------------------------------------
Operating earnings
before the
following $19,904 $7,603 $1,978 ($2,048)
Gain on debt
settlement (692) - (692) -
Provision for
loss on technology
investments - 29,837 - 2,322
------------------------------------------------------------------------
Operating earnings
(loss) before
income taxes $20,596 ($22,234) $2,670 ($4,370)
Large corporations
taxes 3,600 3,246 1,253 913
Future income taxes
(recovery) 5,420 (12,678) (796) (1,989)
------------------------------------------------------------------------
Net earnings (loss)
for the period $11,576 ($12,802) $2,213 ($3,294)
------------------------------------------------------------------------
------------------------------------------------------------------------
Net earnings (loss)
per share
Basic $0.23 ($0.26) $0.04 ($0.07)
Diluted $0.23 ($0.26) $0.04 ($0.07)
------------------------------------------------------------------------
------------------------------------------------------------------------
CONSOLIDATED STATEMENTS OF RETAINED EARNINGS
(CDN$ THOUSANDS)
FOR THE YEAR ENDED December 31, 2002 December 31, 2001
-------------------------------------
Retained earnings, beginning of year $26,782 $47,788
Net earnings (loss) 11,576 (12,802)
Dividends paid (2,477) (2,496)
Premium on share repurchases (652) (5,708)
-------------------------------------------------------------------------
Retained earnings, end of year $35,229 $26,782
-------------------------------------
-------------------------------------
CONSOLIDATED STATEMENT OF CASH FLOWS
(CDN$ THOUSANDS, EXCEPT PER SHARE AMOUNTS)
December 31, December 31, December 31, December 31,
Cash obtained 2002 2001 2002 2001
from (applied to): (12 months) (12 months) (3 months) (3 months)
Operating activities
Net earnings (loss) $11,576 $(12,802) $2,213 $(3,294)
Income taxes 5,420 (12,678) (796) (1,989)
Amortization 46,748 53,584 12,747 14,973
Gain on debt
settlement (692) - (692) -
Provision for loss on
technology investments - 29,837 - 2,322
-------------------------------------------------
Funds from operations $63,052 $57,941 13,472 12,012
Net change in
operating working
capital $7,434 $(9,516) $5,402 $(889)
Net change in
properties held
for resale 5,702 12,139 (39) 2,482
-------------------------------------------------
Total operating
cash flows $76,188 $60,564 $18,835 $13,605
-------------------------------------------------
Financing activities
Issue of common shares
for cash (net of
issue costs) $8,828 $2,097 $1,312 $156
Stock repurchase program (1,167) (10,305) (121) (9,692)
Dividends paid (2,477) (2,496) - -
Financing of revenue
producing properties 305,841 169,067 175,212 72,484
Repayment of debt on
revenue producing
properties (238,708) (128,681) (126,273) (32,493)
Deferred financing
costs incurred (5,544) (2,557) (4,377) (1,015)
-------------------------------------------------
$66,773 $27,125 $45,753 $29,440
-------------------------------------------------
Investing activities
Purchase of revenue
producing properties $(102,926) $(15,543) $(27,484) $(1,001)
Project improvements
to revenue producing
properties (39,433) (52,938) (12,647) (13,589)
Technology for real
estate operations (2,643) (14,591) (152) (4,238)
-------------------------------------------------
$(145,002) $(83,072) $(40,283) $(18,828)
-------------------------------------------------
Decrease in cash
and cash equivalents
balance during period $(2,041) $4,617 $24,305 $24,217
Cash and cash
equivalents,
beginning of period $25,672 $21,055 (674) 1,455
Cash and cash equivalents
(indebtedness),
end of period $23,631 $25,672 $23,631 $25,672
-------------------------------------------------
-------------------------------------------------
Funds from operations
per share
Basic $1.27 $1.16 $0.27 $0.24
Diluted $1.26 $1.15 $0.27 $0.24
-------------------------------------------------
Taxes Paid $3,691 $3,477 $1,344 $807
-------------------------------------------------
-------------------------------------------------
Interest Paid $72,486 $65,342 $18,224 $16,509
-------------------------------------------------
-------------------------------------------------
Corporate Profile
Boardwalk Equities Inc. is Canada’s largest owner/operator of multi-family
rental communities. Boardwalk currently owns and operates in excess of 250
properties with over 30,500 units totalling approximately 26 million net
rentable square feet. The Company’s portfolio is concentrated in the
provinces of Alberta, Saskatchewan, Ontario and Quebec. Boardwalk is
headquartered in Calgary and its shares are listed on both the
Toronto Stock Exchange and the New York Stock Exchange and trade under
the symbol BEI. The Company has a total market capitalization of
approximately $2.1 billion.
Forward-Looking Statements
This release contains forward-looking statements within the meaning
of the U.S. Private Securities Litigation Reform Act of 1995. The
forward-looking statements are statements that involve risks and
uncertainties, including, but not limited to, changes in the demand
for apartment and town home rentals, the effects of economic conditions,
the impact of competition and competitive pricing, the effects of the
Company's accounting policies and other matters detailed in the Company's
filings with Canadian and United States securities regulators available
on SEDAR in Canada and by request through the Securities and Exchange
Commission in the United States, including matters set forth in the
Company's Annual Report to Shareholders under the heading
``Management's Discussion and Analysis''. Because of these risks and
uncertainties, the results, expectations, achievements, or performance
described in this release may be different from those currently
anticipated by the Company.
For further information please contact:
Boardwalk Equities Inc.
Sam Kolias,
President and CEO,
(403) 531-9255;
Mike Hough,
Senior Vice President,
(416) 364-0849;
Roberto Geremia,
Senior Vice President, Finance
and Chief Financial Officer,
(403) 531-9255;
Paul Moon,
Director of Corporate Communications,
(403) 531-9255.
Recent investor information can be found on the Internet
at http://investor.bwalk.com/.
----------------------------------------------------------------------
TELECONFERENCE INFORMATION FOR FEBRUARY 21, 2003
----------------------------------------------------------------------
Teleconference:
Friday February 21st, 2003
11:15am EST / 9:15am MST
The telephone numbers for the conference are:
416-640-4127 (within Toronto) or
toll-free 1-800-814-4857 (outside Toronto).
Participation & Registration:
Please RSVP to Investor Relations at 403-531-9255
or by email to investor@bwalk.com.
Webcast:
Investors will be able to listen to the call and view our slide
presentation over the Internet by visiting http://investor.bwalk.com
15 min. prior to the start of the call.
An information page will be provided
for any software needed and system requirements.
The live audiocast will also be available at
http://www.newswire.ca/webcast/viewEventCNW.html?eventID=469260.
Replay:
An audio recording of the teleconference will be available
approximately one hour after the call until 11:59pm EST
on February 28th, 2003. You can access it by dialing
416-640-1917 and using the following passcode, 235105#.
An audio archive will also be available on our Investor site
(http://investor.bwalk.com) approximately two hours
after the conference call.
