Boardwalk Real Estate Investment Trust · TSX:BEI.UN
Boardwalk Real Estate Investment Trust — Q1 2026 Earnings Presentation
74 slides from Boardwalk Real Estate Investment Trust's earnings presentation, May 6, 2026
Slide 1: Q1 2026 Report: Letter to Unitholders
BOARDWALK REIT | Q1 2026 REPORT FLOW MADE FRICTIONLESS Letter to Corporate Profile Boardwalk REIT (“Boardwalk”, the “Trust”) strives to be Canada’s friendliest community provider and the first choice in multi-family communities to work, invest, and call home with our Boardwalk Family Forever. Provid
Slide 2: First Quarter Financial Highlights
Alberta is expected to lead the country in economic and population growth while providing exceptional affordability and lifestyle and is well positioned to capitalize on global demand for secure and affordable energy, underscored by recent geopolitical events. We are committed to retaining a strong
Slide 3: Solid Operational Results
Continued Highlights of the Trust's First Quarter 2026 Financial Results Mar. 31, 2026 Dec. 31, 2025 Equity Unitholders' equity $ 4,826,305 $ 4,918,159 Net Asset Value Net asset value (1)(2) $ 5,000,603 $ 5,108,421 Net asset value (“NAV”) per Unit (2) $ 95.93 $ 96.23 Liquidity and Debt Cash and cash
Slide 4: Retained high occupancy in Q1 2026 by focusing on retention
The Trust retained high occupancy during Q1 2026 by focusing on retention and by leveraging its vertically-integrated operating platform to limit the time to complete unit turnovers. The Trust’s approach to strategically moderate its lease renewal rates over the last number of years, while markets w
Slide 5: Strong Liquidity Position; Strategic Capital Allocation
STRONG LIQUIDITY POSITION In the first quarter of 2026, Boardwalk renewed $300.9 million of its maturing mortgages at a weighted average interest rate of 3.76% while extending the term of these mortgages by an average of 7.1 years. The Trust paid out a mortgage of $3.5 million during the quarter and
Slide 6: Update to 2026 Financial Guidance
At its current valuation, the Trust is prioritizing the repurchase of Trust Units through the Trust’s Normal Course Issuer Bid (“NCIB”) program. Year-to-date through April, the Trust has invested $102.3 million into the repurchase and cancellation of 1,551,400 Trust Units at a weighted average price
Slide 7: Exceptional Value; Regular Monthly Distribution Announcement
EXCEPTIONAL VALUE The Trust’s current trading price represents exceptional value relative to the quality of the underlying real estate and replacement costs. Recent private market sales transactions of apartment buildings in our core markets have occurred at prices in line with or above Boardwalk’s
Slide 8: Management's Discussion and Analysis
Management’s Discussion and Analysis For the Three Months Ended, March 31, 2026 and 2025 GENERAL AND FORWARD-LOOKING STATEMENTS ADVISORY General The terms “Boardwalk”, “Boardwalk REIT”, the “REIT”, the “Trust”, “we”, “us” and “our” in the following Management’s Discussion and Analysis (“MD&A”) refer
Slide 9: Forward-looking statements
inflation and higher interest rates and fluctuations related thereto, the possibility of economic contractions as a result of a potential recession, Boardwalk's goal to offer select incentives implemented to maintain occupancy levels, Boardwalk's operational sensitivities, Boardwalk's focus on optim
Slide 10: Executive Summary
Executive Summary BUSINESS OVERVIEW Boardwalk REIT is an unincorporated, open-ended real estate investment trust created pursuant to a Declaration of Trust, dated January 9, 2004, as amended and restated on various dates between May 3, 2004, and May 6, 2024 (the “Declaration of Trust” or “DOT”), und
Slide 11: Economic environment
adoption of artificial intelligence are realized, and excess capacity in the economy is absorbed. However, the Bank of Canada remains cautious and emphasizes that the outlook is highly dependent to the outcome of the U.S. trade negotiations and the severity of the impacts from the Middle East confli
Slide 12: Boardwalk's Strategy
Government's immigration policies relative to the Immigration Levels Plan announced by the previous government. Although moderate levels of immigration may affect demand in the Trust’s markets, the impact is expected to be managed by the fact that the majority of the Trust’s portfolio is affordable
Slide 13: Brand Diversification and Suite Renovation Program
Brand Diversification The medium to long-term goal of the Trust is to not only expand geographically, but also diversify its product offering through its three distinct brands. The Canadian rental housing market has evolved in recent years, with rental demand evident across the price spectrum, from
Slide 14: Declaration of Trust
While management of the Trust believes these investments will enhance long-term value, we also recognize the short-term effects of this program, such as temporary higher vacancies and incentives. Rebranding and repositioning communities will take time. Construction causes disruption to existing Resi
Slide 15: Presentation of Financial Information and Non-GAAP Measures
PRESENTATION OF FINANCIAL INFORMATION Financial results, including related historical comparatives, contained in this MD&A are based on the Trust's unaudited condensed consolidated interim financial statements for the three months ended March 31, 2026 and 2025, unless otherwise specified. PRESENTATI
Slide 16: Adjusted Cash Flow From Operations
Adjusted Cash Flow From Operations The IFRS Accounting Standards measurement most comparable to ACFO is cash flow from operating activities. ACFO is a non-GAAP financial measure of sustainable economic cash flow available for distributions. ACFO should not be construed as an alternative to cash flow
Slide 17: Non-GAAP Ratios
Non-GAAP Ratios The discussion below outlines the non-GAAP ratios used by the Trust. Each non-GAAP ratio has a non-GAAP financial measure as one or more of its components, and, as a result, does not have a standardized meaning prescribed by IFRS Accounting Standards and therefore may not be comparab
Slide 18: Performance Review
PERFORMANCE REVIEW Boardwalk REIT generates revenues, cash flows, and earnings from two separate sources: primarily rental operations and also the sale of “non-core” real estate properties. Boardwalk REIT’s most consistent and largest source of income comes from its rental operations. Income from th
Slide 19: FFO and AFFO Reconciliations
FFO and AFFO Reconciliations In the following table, Boardwalk REIT provides a reconciliation of FFO to Profit, the most comparable related financial statement measurement, for the three months ended March 31, 2026 and 2025. FFO Reconciliation 3 Months 3 Months (In $000’s, except per Unit amounts) M
Slide 20: Review of Rental Operations
The following table provides a reconciliation of FFO to AFFO: 3 Months 3 Months (000’s) Mar. 31, 2026 Mar. 31, 2025 FFO (1)(2) $ 60,494 $ 56,688 Maintenance Capital Expenditures (3) 8,630 8,508 AFFO (1)(2) $ 51,864 $ 48,180 FFO per Unit (2) $ 1.15 $ 1.06 AFFO per Unit (2) $ 0.98 $ 0.90 Regular Distr
Slide 21: Segmented Operational Reviews
Boardwalk REIT’s rental operations for the three months ended March 31, 2026, reported higher results compared to the same period in the prior year, with rental revenue increasing 5.2%. For the three months ended March 31, 2026, the increase in rental revenue was primarily due to higher in-place occ
Slide 22: Alberta Rental Operations (Same Property)
Alberta Rental Operations (Same Property) 3 Months 3 Months (In $000’s, except number of suites) Mar. 31, 2026 Mar. 31, 2025 % Change Rental revenue $ 98,469 $ 96,215 2.3% Expenses Operating expenses 16,881 16,011 5.4% Utilities 8,084 11,004 (26.5)% Property taxes 8,188 8,303 (1.4)% Total rental exp
Slide 23: British Columbia Rental Operations
British Columbia Rental Operations (Total and Same Property) 3 Months 3 Months (In $000’s, except number of suites) Mar. 31, 2026 Mar. 31, 2025 % Change Rental revenue $ 1,714 $ 1,764 (2.7)% Expenses Operating expenses 105 116 (9.5)% Utilities 81 77 5.2% Property taxes 120 146 (17.8)% Total rental e
Slide 24: Saskatchewan Rental Operations (Same Property)
Saskatchewan Rental Operations (Same Property) 3 Months 3 Months (In $000’s, except number of suites) Mar. 31, 2026 Mar. 31, 2025 % Change Rental revenue $ 17,258 $ 16,665 3.6% Expenses Operating expenses 2,661 2,438 9.1% Utilities 1,722 2,061 (16.4)% Property taxes 1,185 1,097 8.0% Total rental exp
Slide 25: Ontario and Quebec Rental Operations
Boardwalk REIT's Ontario operations for the three months ended March 31, 2026, reported a 3.4% increase in rental revenue compared to the same period in the prior year due to higher in-place occupied rents. Total rental expenses decreased by 2.8% for the three months ended March 31, 2026, compared t
Slide 26: Quebec Operations and Operational Sensitivities
Boardwalk REIT’s Quebec operations reported a NOI increase of 17.0% for the three months ended March 31, 2026, compared to the same period in the prior year. Contributing to Quebec's strong growth is the property acquired by the Trust in September 2025, located in Laval, Quebec, consisting of 541 su
Slide 27: Portfolio Occupancy (Same Property)
Management of the Trust believes that combining the NOI optimization strategy with our strategic investment program will result in a more diverse product offering for our Resident Family Members and greater overall value creation for the Trust. The Trust recognizes that the implementation and execut
Slide 28: Same Property Results: Rentals, Turnover and Occupancy
Rentals, Turnover and Impact on Reported Occupancy (Same Property): Rentals, Turnover & Occupancy(1) Turnover Rentals % Occupancy 1,200 100% 1,000 98% 800 96% 600 94% 400 92% 200 90% 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr 88%
Slide 29: Same property rental revenue and NOI growth
Same property rental revenue increased by 2.8% for the three months ended March 31, 2026, compared to the same period in the prior year. Total rental expenses decreased by 4.1% for the three months ended March 31, 2026, compared to the same period in 2025, resulting in a NOI increase of 6.8%. The in
Slide 30: Estimated Mark-to-Market Revenue Gain Calculation
Estimated Mark-to-Market Revenue Gain Calculation Boardwalk REIT’s projected mark-to-market revenue gain, representing the difference between estimated market rents and actual occupied rents in March 2026, and adjusted for current occupancy levels, totaled approximately $33.1 million on an annualize
Slide 31: Vacancy Loss, Incentives and Financing Costs
Vacancy Loss and Incentives Vacancy loss and rental incentives are key indicators of current and future revenue performance. Depending on prevailing market conditions, achieving an appropriate balance between rental incentives and vacancy loss is essential to effectively managing overall economic re
Slide 32: Financing Costs and Administration
At March 31, 2026, approximately 96% of Boardwalk REIT’s mortgages were backed by this NHA insurance, with a weighted average amortization period of approximately 32 years. As the LP Class B Units are classified as financial liabilities in accordance with IFRS Accounting Standards, the corresponding
Slide 33: Depreciation; Other Income and Expenses
DEPRECIATION Depreciation recorded on the unaudited Condensed Consolidated Interim Statements of Comprehensive (Loss) Income is made up of the depreciation of property, plant and equipment. The Trust has elected to use the cost model under IAS 16 – Property, Plant and Equipment to value its property
Slide 34: Review of Cash Flows: Operating Activities
REVIEW OF CASH FLOWS Operating Activities Cash flow from operating activities increased by 33.8% from $46.1 million for the three months ended March 31, 2025, to $61.7 million for the three months ended March 31, 2026. For the three months ended March 31, 2026, Boardwalk REIT reported ACFO of $51.9
Slide 35: Investing Activities: Capital Improvements
Investing Activities Capital Improvements Boardwalk has a continuous capital improvement program across its investment properties and as part of its brand diversification strategy. The program is designed to extend the useful lives of properties, improve operating efficiency, enhance property appeal
Slide 36: Value-add Capital and Maintenance Capital Expenditures
Value-add Capital and Maintenance Capital Expenditures As discussed above, value-add capital investments include building improvements, suite upgrades, technology initiatives, and other investments which support NOI growth. Building improvements include investments which improve energy efficiency, e
Slide 37: Capital Expenditures by Category
2026 Budgeted Capital 2025 Capital 2024 Capital 2023 Capital Category Expenditures ($000's) Expenditures ($000's) Expenditures ($000's) Expenditures ($000's) Building Exterior, Grounds & Parking $ 50,667 $ 39,304 $ 40,077 $ 36,136 Hallways & Lobbies 9,179 9,642 8,151 8,999 Elevators 3,400 3,344 3,27
Slide 38: Maintenance CAPEX estimate for 2026
Using the three-year rolling average reserve, Boardwalk's 2026 estimate of Maintenance CAPEX is $34.9 million, or $1,009 per suite, for the year. For 2025, Boardwalk's estimate of Maintenance CAPEX, using the three-year average reserve, was $33.6 million, or $979 per suite, for the year. The increas
Slide 39: Key valuation metrics: stabilized approach
The key valuation metrics for the Trust's investment properties using the stabilized approach are set out in the following table: As at Mar. 31, 2026 Dec. 31, 2025 Forecasted Total Forecasted Total Capitalization Rate Stabilized Net Capitalization Rate Stabilized Net Weighted Average Operating Incom
Slide 40: Capitalized improvements and fair value loss
For the three months ended March 31, 2026, the Trust capitalized $23.6 million in improvements to investment properties (and $5.7 million in development of investment properties) and recorded a fair value loss of $55.9 million on its financial statements as a result of changes in the fair value of i
Slide 41: Property Acquisitions
Property Acquisitions On December 17, 2025, the Trust acquired a property in Saskatoon, Saskatchewan. The property is comprised of 106 suites and had a purchase price of $38.8 million (including transaction costs). On September 23, 2025, the Trust acquired a property in Laval, Quebec. The property i
Slide 42: Capital Structure and Liquidity: Distributions
Financing Activities Distributions Boardwalk distributes payments monthly to its Unitholders and holders of LP Class B Units. These payments are referred to as regular distributions. The distinct nature and classification of these payments are unique to each real estate investment trust and the comp
Slide 43: Mortgage Schedule
In addition to this, the Trust currently has 1,438 rental suites of unencumbered assets. It is estimated that, under current CMHC underwriting criteria, the Trust could obtain an additional $240.5 million of new proceeds from the financing of its currently unencumbered assets. Of the $521.9 million
Slide 44: Interest Coverage and Debt to EBITDA
Interest Coverage Boardwalk’s liquidity and access to capital resources is constrained by certain tests that have been adopted in both its DOT, as well as in its Credit Facility. The DOT stipulates an interest coverage ratio limit of 1.5 to 1. For the purpose of the interest coverage ratio calculati
Slide 45: Debt to Total Assets; Unitholders' Equity
Debt to Total Assets The Trust’s Debt to Total Assets as at March 31, 2026, and December 31, 2025, are presented in the table below. The increase in the Trust’s Debt to Total Assets is a result of an increase in Adjusted Real Estate Debt from recent new mortgage financings together with a decrease i
Slide 46: Equity and Net Asset Value per Unit
Equity Boardwalk has an equity market capitalization of $3.3 billion based on the Trust Unit closing price of $62.95 on the TSX on March 31, 2026. With an enterprise value of approximately $6.9 billion (comprised of total mortgage principal outstanding, excluding mortgages payable related to assets
Slide 47: Disclosure Controls and 2026 Financial Outlook
DISCLOSURE CONTROLS AND PROCEDURES & INTERNAL CONTROLS OVER FINANCIAL REPORTING Management is responsible for establishing and maintaining a system of disclosure controls and procedures to provide reasonable assurance that all material information relating to the Trust is gathered and reported to se
Slide 48: Capital Budget and Selected Quarterly Financial Information
In addition to the above financial guidance for 2026, the Trust's capital spend to-date and 2026 Capital Budget is as follows: 3 Months Mar. 31, Capital Budget ($000's) 2026 Budget Per Suite 2026 Actual Per Suite Maintenance CAPEX $ 34,896 $ 1,009 $ 8,630 $ 252 Value-add capital 113,854 3,293 16,873
Slide 49: Condensed Consolidated Interim Statements of Financial Position
Condensed Consolidated Interim Statements of Financial Position (unaudited, CDN $ THOUSANDS) As at Note Mar. 31, 2026 Dec. 31, 2025 ASSETS Non-current assets Investment properties 3 $ 8,454,204 $ 8,694,906 Equity accounted investment 30,721 38,936 Other 35,430 35,853 8,520,355 8,769,695 Current asse
Slide 50: Condensed Consolidated Interim Statements of Comprehensive (Loss) Income
Condensed Consolidated Interim Statements of Comprehensive (Loss) Income (unaudited, CDN $ THOUSANDS) 3 Months Ended 3 Months Ended Note Mar. 31, 2026 Mar. 31, 2025 Rental revenue 10 $ 163,833 $ 155,708 Rental expenses Operating expenses 28,796 27,242 Utilities 14,796 18,314 Property taxes 14,019 13
Slide 51: Condensed Consolidated Interim Statements of Changes in Unitholders' Equity
Condensed Consolidated Interim Statements of Changes in Unitholders’ Equity (unaudited, CDN $ THOUSANDS) Cumulative Total Cumulative Distributions Retained Unitholders’ Trust Units Profit (Loss) to Unitholders Earnings Equity Balance, December 31, 2024 $ 457,548 $ 6,093,336 $ (1,714,075) $ 4,379,261
Slide 52: Condensed Consolidated Interim Statements of Cash Flows
Condensed Consolidated Interim Statements of Cash Flows (unaudited, CDN $ THOUSANDS) 3 Months Ended 3 Months Ended Note Mar. 31, 2026 Mar. 31, 2025 Operating activities (Loss) profit $ (5,509) $ 133,750 Transaction costs on sale of assets 12 4,644 2,291 Financing costs 11 35,947 30,835 Interest paid
Slide 53: Notes to the Condensed Consolidated Interim Financial Statements
Notes to the Condensed Consolidated Interim Financial Statements For the Three Months Ended, March 31, 2026 and 2025 (Tabular amounts in Cdn $ thousands, except number of units and per unit amounts UNLESS OTHERWISE STATED, unaudited) NOTE 1: ORGANIZATION OF THE TRUST Boardwalk Real Estate Investment
Slide 54: Note 3: Investment Properties
NOTE 3: INVESTMENT PROPERTIES 3 Months Ended Year Ended Mar. 31, 2026 Dec. 31, 2025 Balance, beginning of year $ 8,694,906 $ 8,238,024 Additions Building acquisitions - 551,129 Building improvements (incl. internal capital program) 23,640 131,765 Development of investment properties 5,652 41,065 Oth
Slide 55: Investment properties continuity by geography
In determining the appropriate classes of investment properties in order to determine the fair value measurement, the Trust has considered the nature, characteristics, and risk of its properties. The classification of investment properties is based primarily on the geographical location of the asset
Slide 56: Investment property fair value level transfers
i. There were nine investment properties transferred during the three months ended March 31, 2026, from Level 3 into Level 2 fair value measurements and are included in assets held for sale. The fair value of these nine investment properties as at March 31, 2026, using Level 2 inputs totaled $221.8
Slide 57: Note 4: Assets Held for Sale
The overall weighted average stabilized Cap Rates for measuring the Trust’s investment properties at fair value using a forecasted stabilized NOI as at March 31, 2026, and December 31, 2025, were 5.26% and 5.19%, respectively. The Overall Capitalization Rate method requires inputs of both stabilized
Slide 58: Note 5: Mortgages Payable; Note 6: Other Liabilities
NOTE 5: MORTGAGES PAYABLE As at Mar. 31, 2026 (1) Dec. 31, 2025 (1) Weighted Weighted Average Interest Debt Balance Average Interest Debt Balance Mortgages payable Fixed rate 3.44% $ 3,483,175 3.35% $ 3,490,395 Total $ 3,483,175 $ 3,490,395 Current $ 604,717 $ 886,648 Non-current 2,878,458 2,603,747
Slide 59: Note 7: Deferred Unit-Based Compensation; Note 8: LP Class B Units
NOTE 7: DEFERRED UNIT-BASED COMPENSATION The total of $19.2 million represents the fair value of the underlying deferred units at March 31, 2026 (December 31, 2025 – $17.3 million). The status of the outstanding deferred units was as follows: # of Units Outstanding # of Units Vested Balance, Decembe
Slide 60: Note 9: Unitholders' Equity
NOTE 9: UNITHOLDERS' EQUITY Under the reorganization of the Corporation to a real estate investment trust in 2004, the former shareholders of the Corporation received Boardwalk REIT Trust Units or LP Class B Units of a controlled limited partnership of the Trust, Boardwalk REIT Limited Partnership.
Slide 61: Note 10: Rental Revenue; Note 11: Financing Costs
3 Months Ended 3 Months Ended (Loss) Profit per Trust Unit Mar. 31, 2026 Mar. 31, 2025 Numerator (Loss) profit – basic $ (5,509) $ 133,750 Distribution declared on LP Class B Units 1,764 - Gain on fair value adjustments on LP Class B Units (6,426) - (10,171) 133,750 Gain on fair value adjustment to
Slide 62: Note 12: Transaction Costs on Sale of Assets; Note 13
For the three months ended March 31, 2026, interest was capitalized to properties under development at a weighted average effective interest rate of 3.17% (three months ended March 31, 2025 – 3.78%). NOTE 12: TRANSACTION COSTS ON SALE OF ASSETS AND NET CASH PROCEEDS On February 26, 2026, the Trust s
Slide 63: Note 14: Commitments; Note 15: Capital Management and Liquidity
NOTE 14: GUARANTEES, CONTINGENCIES, COMMITMENTS AND OTHER From time to time, the Trust enters into various physical supply contracts for energy commodities to hedge its own usage, which is summarized below: Natural Gas: Area Estimated Usage Coverage Term Cost Alberta 25% November 1, 2020 to October
Slide 64: Interest coverage ratio in accordance with the DOT
The following table highlights Boardwalk REIT’s interest coverage ratio in accordance with the DOT: As at Mar. 31, 2026 Dec. 31, 2025 Net operating income $ 427,239 $ 417,561 Administration (46,082) (45,860) Deferred unit-based compensation (4,772) (4,743) EBITDA (1) from equity accounted investment
Slide 65: Note 16: Fair Value Measurement
The Trust had $434.9 million in total available liquidity as at March 31, 2026 (December 31, 2025 – $466.0 million), consisting of cash and cash equivalents on hand of $157.6 million (December 31, 2025 – $97.1 million), subsequent committed/funded financing of $31.5 million (December 31, 2025 – $123
Slide 66: Note 17: Risk Management
(b) Assets and Liabilities Measured at Fair Value The fair value hierarchy of assets and liabilities measured at fair value on a recurring basis in the condensed consolidated interim statements of financial position is as follows: As at Mar. 31, 2026 Dec. 31, 2025 Level 1 Level 2 Level 3 Level 1 Lev
Slide 67: Liquidity Risk
(c) Liquidity Risk Liquidity risk is the risk that the Trust will not be able to meet its financial obligations as they become due. Management assesses the Trust’s liquidity risk to be low. The following table details the Trust’s remaining contractual maturity for its financial liabilities listed by
Slide 68: Note 18: Other Information; Note 19: Segmented Information
(e) Market Risk The Trust is exposed to market risk related to utilities as a result of fluctuations in the prices of natural gas and electricity. As outlined in NOTE 14, the Trust has commitments to certain utility contracts to reduce the risk of exposure to adverse changes in commodity prices. NOT
Slide 69: Segmented Information Details
Net debt, interest income and expenses, and income taxes are managed on a group basis. Transfer prices between locations are set on an arm’s-length basis in a manner similar to transactions with third parties and are eliminated upon inter-company consolidation. Corporate represents corporate functio
Slide 70: Rental Revenue by Segment
Three Months Ended Mar. 31, 2025 British Alberta Columbia Saskatchewan Ontario Quebec Corporate Total Rental revenue (a) $ 100,090 $ 1,764 $ 16,665 $ 12,506 $ 24,412 $ 271 $ 155,708 Rental expenses Operating expenses 16,683 116 2,438 2,119 3,861 2,025 27,242 Utilities 11,501 77 2,061 1,431 3,119 125
Slide 71: Financing Costs by Segment
(b) Financing Costs Three Months Ended Mar. 31, 2026 British Alberta Columbia Saskatchewan Ontario Quebec Corporate Total Interest on secured debt (mortgages payable) $ 20,335 $ 742 $ 2,961 $ 2,515 $ 4,396 $ - $ 30,949 Interest capitalized to properties under development - - - - - (504) (504) LP Cla
Slide 72: Note 20: Subsequent Events; Note 21: Approval
NOTE 20: SUBSEQUENT EVENTS On April 28, 2026, the Trust sold three non-core assets, that were included in assets held for sale (NOTE 4), totaling 484 suites, in Quebec City, Quebec, which forms part of the Quebec geographical segment, for the combined sale price of $97.0 million. Subsequent to March
Slide 73: Corporate Information
Corporate Information EXECUTIVE OFFICE Razvan Costin Vice President, First West Professional Building Operations, 200-1501 1 St. SW Northern Alberta and Saskatchewan Calgary, Alberta T2R 0W1 Phone: 403-531-9255 Arvinder Dhol Vice President, Special Projects, Engineering & Design BOARD OF TRUSTEES Gi
Slide 74: Boardwalk
boardwalk 200-1501 1 St. SW Calgary, Alberta T2R OW1 T 403-531-9255 F 403-531-9565 bwalk.com
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