Business
Boardwalk Rental Communities - Update on the Impact of Flooding that Occurred in Calgary, AB
CALGARY , June 22, 2013 /CNW/ - Boardwalk Real Estate Investment Trust ("BEI.UN" - TSX)...
About this update from Boardwalk Real Estate Investment Trust
[{"type":"text","content":"\n\n\nCALGARY, June 22, 2013 /CNW/ - Boardwalk Real Estate Investment Trust (\"BEI.UN\" - TSX) \n\n\nBoardwalk Rental Communities (\"Boardwalk\", \"The Trust\") would like to\n update everyone on the impact of the flood on its Operations in\n Calgary, as a result of the recent flooding in Southern Alberta.\nBoardwalk's Calgary apartment portfolio represents a total of 5,071\n Units or 14% of its total 35,277 Apartment Units across Canada. Over\n the past few days the City of Calgary has experienced extensive\n flooding along river banks and in low lying areas, including Calgary's\n Downtown Core. Throughout this event, the City of Calgary has issued\n mandatory and voluntary evacuation notices for selective communities.\n In those affected communities, Boardwalk has two buildings totaling 271\n Units in the mandatory evacuation area. In addition, four properties\n totaling 539 Units, are located in the voluntary evacuation area.\n Included in the voluntary evacuation area is Boardwalk's Head Office\n and as a result we have initiated and established contingency plans to\n ensure the continuous and uninterrupted operations of The Trust.\nBased on the information available to The Trust at this time, all of\n Boardwalk's Residents and Associates are safe. One of our properties,\n Elbow Towers, a high-rise consisting of 158 Units and located along the\n Elbow River in Calgary, has experienced extensive flooding. Boardwalk\n will provide a further update once the water recedes and we are able to\n better assess any and all damage as a result of the flooding. At this\n time, there appears to be no further material water damage at any of\n Boardwalk's other buildings.\nBoardwalk will make every effort to work with its displaced Residents in\n re-locating them to other Boardwalk Communities or other available\n accomodation. As The Trust begins to assess any and all impacts to its\n buildings and its Resident Members, we will continue to work with\n Officials to ensure the safety of all those involved.Sam Kolias, CEO and Chairman of Boardwalk REIT said: \"We would like to\n take this opportunity to extend our thanks to the hard working\n emergency response teams in Calgary. They have done an outstanding job\n in handling the sudden and tragic flooding of Calgary and Southern\n Alberta. On behalf of our Associates and Resident Members, w...