Boardwalk Real Estate Investment Trust · TSX:BEI.UN
Boardwalk Real Estate Investment Trust — Q4 2019 Earnings Presentation
78 slides from Boardwalk Real Estate Investment Trust's earnings presentation, Feb 28, 2020
Slide 1: Q4 2019 Conference Call
February 28, 2020 9:00am MT / 11:00am ET Q4 2019 Conference Call
Slide 2: Forward Looking Statements and Non-GAAP Measures
Forward Looking Statements and Non-GAAP Measures Forward Looking Statements This conference call presentation contains forward-looking statements within the meaning of applicable securities laws. These statements include, but are not limited to, statements made in this conference call presentation,
Slide 3: Boardwalk REIT – Building On Our Track Record
Boardwalk REIT – Building On Our Track Record 11.1% 11.3% 1.9% 16.7% 13.3% 18.6% 16.7% Seven Consecutive Quarters of Growth in FFO per unit 3
Slide 4: Q4 Financial Highlights - Delivering Another Solid Quarter
Q4 Financial Highlights - Delivering Another Solid Quarter Q4 and FY 2019 FFO and AFFO 17.5% 20.9% 16.8% 20.1% Same Property Portfolio Performance 3M Dec-19 12M Dec-19 8.2% 11.6% 4.1% 4.3% -0.9% -4.0% Revenue Expense NOI Revenue Expense NOI Same Property figures exclude un-stabilized properties, sol
Slide 5: Boardwalk REIT – Delivering Growth & Offering Exceptional Value
Boardwalk REIT – Delivering Growth & Offering Exceptional Value Delivering Growth Exceptional Value Significant FFO Per Unit Growth discount to NAV Current IFRS NAV of 2019 (3M) 2019 (12M) and comparable $63.72 / trust transactions unit 16.7% 16.3% Per Door Valuations > $200,000 Same Property Total
Slide 6: Rental Market Fundamentals – Current Environment
Rental Market Fundamentals – Current Environment Boardwalk strives to create value in all stages of the rental market Ontario (8% of total portfolio) Quebec (18% of total portfolio) • Balanced supply and demand • Select incentives offered Grande Prairie (2% of total portfolio) • Low vacancy • Increa
Slide 7: Alberta Highlights – Rental Demand & Economic Improvement
Alberta Highlights – Rental Demand & Economic Improvement 26.3% increase in Net Migration from High housing CMHC Forecast Q3-2018 to Q3-2019 January, 2020 Vacancy Rates to affordability continue to decline in MLS Sales Volume increased and standard 2020 9.7% YoY of living Labour Market Declined 0.4%
Slide 8: Boardwalk Strategy – Building the Most Sustainable Culture and Brand
Boardwalk Strategy – BUILDING THE MOST SUSTAINABLE CULTURE AND BRAND 2019 Performance Total Revenue Growth of 4.8% Organic Growth Same Property NOI Growth of 8.2% SPNOI Margin Improvement of over 200 bps Repositioned/ Renovated 16% of Common Areas Brand and Product Diversification Renovated over 1,3
Slide 9: Rent Trends on Renewals & New Rentals
Rent Trends on Renewals & New Rentals Continued positive traction on lease renewals and new leases, inline with seasonal expectations. Continuing to target 4-8% adjustments. Includes large number of Quebec lease renewals that traditionally occur in July 9
Slide 10: Occupancy, Rents, Incentives & Vacancy Loss
Occupancy, Rents, Incentives & Vacancy Loss Actual Occupancy • Maintaining High • Occupied rents Occupancy 95.8% 96.6% 96.6% 96.6% 96.2% continue to rise (Same Property) Q4-2018 Q1-2019 Q2-2019 Q3-2019 Q4-2019 • Incentives per • Revenue has unit continue to increased for decrease and eight the cumul
Slide 11: Sequential Revenue Growth
Sequential Revenue Growth Q4 2019 Q3 2019 Q2 2019 Q1 2019 vs Q3 vs Q2 vs Q1 vs Q4 Stabilized Revenue Growth # of Units 2019 2019 2019 2018 Revenue is increasing; Edmonton 12,906 0.3% 1.3% 1.8% 0.2% through a focus on: Calgary 5,657 0.6% 1.0% 1.4% 2.2% - Reducing vacancy loss - Incentive reductions R
Slide 12: Stabilized Analysis
Stabilized Analysis % Revenue % Operating % Net Operating Dec 31 2019 - 3 M # of Units Growth Expense Growth Income Growth % of NOI Edmonton 12,906 3.5% -10.1% 19.7% 36.9% Calgary 5,657 5.3% 2.7% 7.0% 21.5% Red Deer 939 7.4% 3.6% 11.1% 2.4% Grande Prairie 645 9.1% -10.5% 31.9% 1.8% Fort McMurray 352
Slide 13: Value-add Improvements and Repositioning To Date
Value-add Improvements and Repositioning To Date Suite Investments Common Area and Amenity Investments Total: 6,082 Total: 56 Projects 18% of Portfolio 24% of Portfolio 2019: 1,377 2019: 28 Projects 2018: 1,531 2018: 25 2017: Projects 3,174 2017: 3 Projects Boardwalk makes focused investment in valu
Slide 14: Value Add Improvement Program – Living – Lansdowne Park, Edmonton
Value Add Improvement Program – Living – Lansdowne Park, Edmonton Lansdowne Park– Living Brand 62 Units • Scope • Leasing office & lobby refresh • Total Cost: $30,000 • Rental Increase: $10 per suite per month Before: Left Photos After: Right Photos 14
Slide 15: Joint Venture – Western Canada – Development Update
Joint Venture – Western Canada – Development Update BRIO, Calgary RioCan Joint Venture (50/50) 50 Brentwood Common NW, Calgary, Alberta Site is well located with close proximity to downtown along the LRT, near the University of Calgary, Foothills Hospital and close to Boardwalk’s existing northwest
Slide 16: Development Update
Development Update 45 Railroad (50/50 JV) Sandalwood Square (50/50 JV) • 45 Railroad Street, Brampton, Ontario • 60 Bristol Road East, Mississauga, Ontario • Shoring and excavation is complete. P3 floors, columns • Initial Zoning Application comments received from and walls are complete, and P2 susp
Slide 17: Liquidity Snapshot
Liquidity Snapshot Q4 2019 Cash Position - Dec 2019 $ 35,000 Subsequent Committed Financing $ 23,000 Line of Credit $ 200,000 Total Available Liquidity $ 258,000 Liquidity as a % of Period Total Debt 9% Debt (net of cash) as a % of reported asset value 47% 17
Slide 18: Mortgage Maturity Schedule and Interest Coverage
Liquidity Snapshot Mortgage Maturity Schedule Interest Coverage 500,000 3.27% 3.50% 3.18% 2.76 450,000 2.93% 2.89% 2.73% 3.00% 400,000 2.63% 2.56% 2.52% 2.45% 2.41% Principal Outstanding 350,000 2.50% 2.68 In Place Interest Rate 300,000 2.00% 250,000 2.60 1.50% 200,000 150,000 1.00% 100,000 0.50% 50
Slide 19: Mortgage Summary
Mortgage Summary 2019 Mortgage Program Summary % of Maturing Mortgages Repaid New Maturing Average Mortgages Units Mortgage Amount Renewed in Full Upfinancing Rate New Rate Term Completed 6,095 $ 522,060,000 $ 519,490,000 $ 2,570,000 $110,890,000 2.60% 3.00% 8 100% 2020 Mortgage Program Summary Rene
Slide 20: Monthly Distribution
Monthly Distribution Month Per Unit Annualized Record Date Distribution Date February – 20 $0.0834 $1.00 28-Feb-20 15-Mar-20 March – 20 $0.0834 $1.00 31-Mar-20 15-Apr-20 April - 20 $0.0834 $1.00 30-Apr-20 15-May-20 The Trust’s minimum distribution / maximum re-investment policy allows Boardwalk to r
Slide 21: Leveraging Technology to Improve Experience and Value
Leveraging Technology to Improve Experience and Value Enhanced Resident Member Portal Internet and TV Other initiatives underway and investigating • Direct online payments • Boardwalk Resident Member exclusive Partnership Investment in RETV • Log maintenance request and receive status pricing Sm
Slide 22: Boardwalk’s ESG Initiatives
Boardwalk’s ESG Initiatives Boardwalk’s Golden Foundation: Treat others as we would like to be treated, be good, love community, and have fun! Environmental Stewardship Social Responsibility Leadership in Governance Energy and Water Conservation Initiatives Creating Community Transparency • LED ligh
Slide 23: 2020 Financial Guidance
2020 Financial Guidance Description 2020 Revised Guidance Stabilized Building NOI 4% to 7% Growth $2.65 to $2.80 FFO Per Unit* AFFO Per Unit ($613/door maintenance capital)* $2.25 to $2.40 *Excludes non-recurring retirement costs 2020 Budget - 2020 Budget - Capital Budget ($000's) Low End Per Suite
Slide 24: Appendix - Economic Data
Appendix - Economic Data ZA~a Live Life Elevated boardwalk
Slide 25: Alberta & Saskatchewan Forecast Summary
Alberta & Saskatchewan Forecast Summary Alberta Forecast 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019f 2020f 2021f Economy GDP Growth 2.5% 0.0% -5.0% 2.8% 3.2% 3.0% 3.8% 4.9% -3.7% -3.8% 4.7% 1.9% 0.7%* N/A N/A Employment Growth 4.7% 2.8% -1.3% 0.4% 3.8% 3.5% 2.5% 2.2% 0.8% -0.6%
Slide 26: Migration, Earnings & Employment
Migration, Earnings & Employment Source: Statistics Canada 26
Slide 27: Alberta Economy - Labour Market
Alberta Economy - Labour Market Source: Government of Alberta Source: Statistics Canada 27 27 27
Slide 28: Calgary New Home Construction
Calgary New Home Construction Source: CMHC Housing Information Portal 28
Slide 29: Edmonton New Home Construction
Edmonton New Home Construction Source: CMHC Housing Information Portal 29
Slide 30: Canada Population Growth
Canada Population Growth Source: Stats Canada Table 17-10-0135-01 30
Slide 31: Market Dynamics – Western Canada Population Growth vs Housing Construction
Market Dynamics – Western Canada Population Growth vs Housing Construction Source: Stats Canada Table 17-10-0135-01 & CMHC 31
Slide 32: Market Dynamics – Eastern Canada Population Growth vs Housing Construction
Market Dynamics – Eastern Canada Population Growth vs Housing Construction Source: Stats Canada Table 17-10-0135-01 & CMHC 32
Slide 33: Market Dynamics – Migration vs Housing Construction
Market Dynamics – Migration vs Housing Construction Note: Housing Starts take 12-36 months to complete depending on construction type Source: Stats Canada Table 17-10-0135-01 & CMHC 33
Slide 34: Monthly Differential of Rental vs. Home Ownership
Monthly Differential of Rental vs. Home Ownership Renting in Boardwalk’s major markets continues to be the more affordable option vs. owning as shown by the average monthly carrying cost minus average two-bedroom rent Mortgage Payment vs. Monthly Rent – Calgary & Edmonton $1,800 Calgary $1,600 Edmon
Slide 35: Canadian City Centre – Housing Affordability
Canadian City Centre – Housing Affordability Source: CMHC 35
Slide 36: Average Vacancy & Average Rent
Average Vacancy & Average Rent Source: CMHC, Rental Market Report 36
Slide 37: Calgary & Edmonton Real Estate Statistics
Calgary & Edmonton Real Estate Statistics Source: Calgary Real Estate Board (CREB), Edmonton Real Estate Board (EREB) & CMHC Housing Market Information 37
Slide 38: Saskatchewan Real Estate Statistics
Saskatchewan Real Estate Statistics Source: Saskatoon Real Estate Board, Association of Regina Realtors 38
Slide 39: Peel Region Highlights – Case For New Development
Peel Region Highlights – Case For New Development • Robust Population Growth: Peel Region population forecasted to expand by ~30,000 annually between 2017 – 2041, ranking 2nd out of 49 census divisions in Ontario(1) • Household Incomes Supportive Median Total Household Income (2015)(2): Brampton ($8
Slide 40: Alberta Major Projects & Land Sales
Alberta Major Projects & Land Sales Jan 2020 Value Oct 2019 Value Jul 2019 Value Apr 2019 Value Jan 2019 Value of Projects of Projects of Projects of Projects of Projects Sector ($Millions) ($Millions) ($Millions) ($Millions) ($Millions) Agriculture/Forestry & Related - - - - - Commercial 1,988.00 1
Slide 41: Alberta Vacancy Rates vs. WTI
Alberta Vacancy Rates vs. WTI Alberta's rental rates continue to increase even with oil price volatility 41
Slide 42: Appendix - Operations
Appendix - Operations ZA~a Live Life Elevated boardwalk
Slide 43: Portfolio Breakdown by NOI Contribution
Portfolio Breakdown by NOI Contribution City % NOI 1 Edmonton 37.5% 2 Calgary 22.2% 3 Montreal 13.0% 4 London / Kitchener 6.9% 1 5 Regina 5.7% 6 Saskatoon 5.4% 2 6 7 Other Alberta 5.2% 5 8 Quebec City 4.1% 8 9 GTA* 0.0% 3 9 4 43
Slide 44: Portfolio Cities & Highlights
Portfolio Cities & Highlights 1 Edmonton, Alberta 2 Calgary, Alberta Calgary, AB Brentview Towers Edmonton, AB Boardwalk Centre CMHC Vacancy Rate: 4.8% CMHC Vacancy Rate: 3.9% Boardwalk Vacancy Rate: 4.8% Boardwalk Vacancy Rate: 3.2% London, ON Castlegrove Estates 44
Slide 45: Portfolio Cities & Highlights
Portfolio Cities & Highlights 3 Montreal, Quebec 4 London, Ontario Montreal, QC Domaine D’Iberville Apartments London, ON Castlegrove Estates CMHC Vacancy Rate: 1.5% CMHC Vacancy Rate: 1.8% Boardwalk Vacancy Rate: 0.7% Boardwalk Vacancy Rate: 1.6% 45
Slide 46: Portfolio Cities & Highlights
Portfolio Cities & Highlights 5 Regina, Saskatchewan 6 Saskatoon, Saskatchewan Saskatoon, SK Carlton Tower Regina, SK Pines Edge II CMHC Vacancy Rate: 5.7% CMHC Vacancy Rate: 7.8% Boardwalk Vacancy Rate: 3.6% Boardwalk Vacancy Rate: 4.7% 46
Slide 47: Portfolio Cities & Highlights
Portfolio Cities & Highlights 7 Red Deer, Alberta 8 Quebec, Quebec Red Deer, AB Saratoga Tower Quebec, QC Les Jardins de Merici CMHC Vacancy Rate: 2.4% CMHC Vacancy Rate: 8.8% Boardwalk Vacancy Rate: 2.1% Boardwalk Vacancy Rate: 4.3% 47
Slide 48: Responsible Revenue Growth Strategy
Responsible Revenue Growth Strategy In addition to quality communities, resident satisfaction has proven to be a driver of resident retention. Boardwalk works with each resident and provides internal programs Self-Imposed “Rent Protection” Affordable Housing Partnerships Guarantees a sustainable inc
Slide 49: Focus on Operations – Incentives Continue to Trend Downward
Focus on Operations – Incentives Continue to Trend Downward 49
Slide 50: Occupancy Statistics
Occupancy Statistics Occupancy & Availability Occupancy vs. Turnover Live Life Elevated boardwalk
Slide 51: Revenue, Vacancy Loss & Incentives
Revenue, Vacancy Loss & Incentives Revenue, Incentives, Vacancy Loss ($000's) $135,000 $125,000 $115,000 Vacancy Loss $105,000 Incentives Net Rental Revenue $95,000 $85,000 $75,000 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2015 2015 2015 2015 2016 2016 2016 2016 2017 2017 2017 2017
Slide 52: Reasons for Move Out & Out of Town Rentals
Reasons for Move Out & Out of Town Rentals 2017 2017 2018 2018 2019 2019 Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Change in Life Situation 703 938 870 698 3,209 617 873 846 747 3,083 755 958 959 822 3,494 Personal Reasons 486 579 620 484 2,169 412 675 646 515 2,248 388 638 571 524 2,121
Slide 53: Loss to Lease Statistics – Mark to Market (MTM)
Loss to Lease Statistics – Mark to Market (MTM) Mark to Annualized Mark to Annualized Weighted Dec-19 Market Mark to Dec-19 Market Mark to Average % of Dec-19 Occupied per Market* Dec-19 Occupied per Market* City / Region Units Portfolio Mkt Rent Rent Month ($000) Mkt Rent^ Rent Month ($000) Edmonto
Slide 54: Internal Opportunity – Rent and Expense Sensitivity
Internal Opportunity – Rent and Expense Sensitivity A $25 increase or decrease to in-place rents equates to approximately $0.20 in FFO per Unit A 1% increase or decrease in operating expenses equates to approximately $0.04 in FFO per Unit Rent Sensitivity Expense Sensitivity $0.50 $0.15 $0.40 $0.30
Slide 55: Appendix - Financials
Appendix - Financials ZA~a Live Life Elevated boardwalk
Slide 56: FFO Performance
FFO Performance FFO Reconciliation 3 Months 12 Months FFO Opening - December 2018 $ 0.54 $ 2.21 NOI from stabilized properties $ 0.13 $ 0.38 NOI from non-stabilized properties $ 0.02 $ 0.07 FFO loss from sold properties $ (0.01) $ (0.02) Administration, deferred financing and other $ (0.05) $ (0.07)
Slide 57: FFO Performance – FFO Reconciliation
FFO Performance – FFO Reconciliation FFO Reconciliation 3 Months 3 Months 12 Months 12 Months In $000's, except per unit amounts Dec-19 Dec-18 % Change Dec-19 Dec-18 % Change (Loss) profit $ (108,636) $ 34,100 $ 34,781 $ 193,200 Adjustments Add loss on sale of assets $ - $ - $ 714 $ - Adjust fair va
Slide 58: Overall Performance
Overall Performance 3 Months 3 Months 12 Months 12 Months In 000's, except per unit amounts Dec-19 Dec-18 Change Dec-19 Dec-18 Change (as reported) Total rental revenue (including ancillary rental income) $115,378 $110,393 4.5% $455,313 $434,616 4.8% Expenses Operating expenses $26,250 $29,694 -11.6
Slide 59: Capital Investment
Capital Investment 3 Months 12 Months $ in 000's, except for per suite amounts 31-Dec-19 Per Suite 31-Dec-19 Per Suite 2019 12 M Capital Investment Repairs and Maintenance - expense $ 7,107 $ 213 $ 27,224 $ 816 Internal Capital Program, 26% Building Improvements , 19% On-Site Maintenance Personnel -
Slide 60: Administration Review
Administration Review 2019 12 Months Administration Overview Profes sional Fees 6% Total Administration Costs Corpora te 37% (Operating & Corporate) Si te Administration Continuing operations 33% 12M 2019 - $ 60.8 Million 12M 2018- $ 67.9 Million (As reported) Infra structure 24% 60
Slide 61: Implied Net Asset Value and Cap Rate
Implied Net Asset Value and Cap Rate FFO Guidance Range - 2020 $ 2.65 $ 2.80 Based on IFRS reported Values FFO Multiple FFO Multiple Low end High end IFRS Reported Implied Trust Unit Cash per Trust Guidance - No Guidance - No Value (000s) Cap Rate value ($) Unit ($) Total ($) Cash Cash Revenue $ 492
Slide 62: Comparative Apartment Prices Per Unit
Comparative Apartment Prices Per Unit The Trust’s implied valuation represents exceptional value relative to NAV, recent transactions and Condominium Ownership BEI.un - Valuation Per Door 250,000 200,000 $182,000/Door 150,000 100,000 50,000 - $30 $35 $40 $45 $50 $55 $60 $65 $70 $75 $80 $85 $90 $95 P
Slide 63: Fair Value of Investment Properties
Fair Value of Investment Properties 2019-Q4 2019-Q3 2018-Q4 City Min Cap Max Cap Min Cap Max Cap Min Cap Max Cap Edmonton 4.78% 5.75% 4.79% 5.75% 5.00% 6.49% Calgary 4.50% 7.14% 4.50% 7.14% 4.50% 6.00% Other Alberta 5.75% 7.50% 5.75% 7.25% 5.75% 7.25% Regina 5.65% 6.00% 5.65% 6.00% 5.65% 6.11% Saska
Slide 64: IFRS Review – Same Property
IFRS Review – Same Property 0.1% decrease 111.2% increase since Q1-2014 since Q1-2014 4.5% decrease 28.1% increase since Q1-2014 since Q1-2014 64
Slide 65: IFRS Review – Balance Sheet
IFRS Review – Balance Sheet Average Cap Rates have Forecasted decreased in Vacancy Ontario due to the Rates have strong market; decreased in cap rate Quebec to increased reflect lower marginally in market Quebec due to vacancy land lease Effective Resulting Gross Fair Value in Income in Alberta has
Slide 66: Well Staggered Mortgage Maturity Schedule
Well Staggered Mortgage Maturity Schedule Outstanding Mortgage Balances Mortgage Maturity Schedule 500,000 3.18% 3.27% 3.50% WA Interest 450,000 2.93% 2.89% Principal O/S as at Rate By 2.73% 3.00% Year of Term Maturity Dec 31, 2019 Maturity % of Total 400,000 2.63% 2.56% 2.52% 2.45% 2.41% 2020 $317,
Slide 67: Secured Financing Analysis – Property Valuation
Secured Financing Analysis – Property Valuation CMHC Underwriting Valuation Model with Dec 2019 Revenue and Standardized Costs (in 000's) Loan to Estimated Projected Maximum Underwriting Year Units Underwriting Value Loan Amount Period End Balance Potential Net Benefit Value 2020 4,470 $779,002 $522
Slide 68: Natural Gas Review
Natural Gas Review Boardwalk consumes approximately 2.1 million GJ of Natural Gas annually. A $1.00 annualized change in the price of Natural Gas would result in either an increase or decrease to FFO in the amount of $2.2 million (including tax) or approximately $0.04 in annual FFO per Unit. 68
Slide 69: Appendix – Investments and Asset Management
Appendix – Investments and Asset Management 69
Slide 70: Brand Diversification & Renovations
Brand Diversification & Renovations Brand Diversification • Increases and improves product and service offerings to grow organically • Focuses our investments on properties with maximum return – Asset Management strategy • Retains resident base by providing appropriate housing needs to a wide demogr
Slide 71: Brand Diversification and Renovations – Suite & Common Area Comparisons
Brand Diversification and Renovations – Suite & Common Area Comparisons 71
Slide 72: Disposition – Non-core asset in Saskatoon
Disposition – Non-core asset in Saskatoon Sale of Non-Core Asset: Chancellor Gate 403 Pendygrasse Road, Saskatoon # Units: 138 Type: 3-Storey Walk Up Buildings: Six (23 suites each) Year Built: 1980 • Closed September 17, 2019 • Price: $20,700,000 • Price/Door: $150,000 • Price/Rentable Sq. Ft.: $17
Slide 73: High-grading Western Canadian Portfolio
High-grading Western Canadian Portfolio Acquisition – Edmonton Asset: Sale – Saskatoon Asset: Insignia Tower (124 units) St. James Place (140 units) 5145 Windermere Boulevard SW 3110 – 33rd Street West • Closed April 1, 2019 Acquisition of • Closed May 28th 2019 Sale of non-core high-quality asset •
Slide 74: Joint Venture – Eastern Canada – Construction Update
Joint Venture – Eastern Canada – Construction Update 45 Railroad Street, Brampton Redwood Joint Venture (50/50) This prime site is in Downtown Brampton, directly across the street from the Brampton GO Station. Development plan includes two towers - 25 and 27-storey concrete high-rise above a 3-store
Slide 75: Joint Venture – Future New Development in Eastern Canada
Joint Venture – Future New Development in Eastern Canada Sandalwood Square 60 Bristol Road East, Mississauga RioCan - Boardwalk Joint Venture (50/50) • This site is located along the new Hurontario LRT line, which will connect Port Credit Go Station in Mississauga to Gateway Bus Terminal in southern
Slide 76: Development Opportunities
Development Opportunities Development Opportunities Region City Properties # of Sites Land Size (Acres) Demo New Units Gross Buildable Western Canada Calgary Sarcee (Duo) & Russet Court 2 12.2 206 1,085 1,055,000 Edmonton Viking Arms & West Edmonton Village 2 14.0 112 1,260 1,280,000 Regina Pines Ed
Slide 77: Long-term Strategic Plan – Suites by Geography
Long-term Strategic Plan – Suites by Geography Current suites by geography Long-term Portfolio by geography 60% 17% 38% 5% 14% 8% 6% 50% 18% 14% 4% 50% 8% 7% 1% To provide NAV growth and income diversification 77
Slide 78: Real Estate Technology Ventures (RETV) - Investment
Real Estate Technology Ventures (RETV) - Investment Industry Challenge • The Real Estate industry, especially Multifamily, is presently under served by property technology vendors • Emerging new vendors struggle to gain traction and reach critical mass • Due to resource constraints and other challen
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