Investor Relations
Our Advantage
Boardwalk provides inclusive communities to work and live through its strategy of operational excellence, innovation, and
opportunistic growth focused capital allocation, to create leading earnings performance resulting in strong total shareholder return.
Corporate Profile
$8.6B
in Total Assets
34,393
Total Suites
96%
of Mortgages are CMHC Insured
>24%
Combined Insider Ownership
$371.2M
Net Operating Income
(12 months ended September 30, 2024)
Organic Growth
Best In Class Organic Growth Paired with Strong Affordable Housing Fundamentals
- Significant portfolio in affordable and non-price-controlled markets with strong fundamentals
- Strong leasing spreads on both new and renewal leases
- Vertically integrated platform to optimize NOI
Capital Recycling
Accretive Capital Recycling
- Investment in return generating value-added capital investment
- Opportunistic, strategic, and accretive growth in acquisitions and new development
- Sale of non-core assets to recycle capital, and tactical use of NCIB, when appropriate
Financial Foundation
Solid Financial Foundation
- Conservative balance sheet
- CMHC financing provides attractive rates and limited renewal risk
- Minimum distribution policy maximizes available capital from our growing funds from operations for reinvestment back into housing
Compelling Value
Compelling Value
- Attractive cap rate with strong growth profile
- Implied valuation lower than private marketing transactions
- Diversified product offering across three distinct brands: Living, Communities and Lifestyle
Financial Insights
Boardwalk’s market leading operations are a direct result of our disciplined approach to capital allocation, acquisition, development, purposeful re-positioning, and ongoing community management. This direction provides us higher free cash flow and investment returns, stable monthly distributions and value creation for all stakeholders.
Last Quarter Results
- Q3 - 2024 Financial Press Release
- Q3 - 2024 Quarterly Report
- Q2 - 2024 Financial Press Release
- Q2 - 2024 Quarterly Report
- Q1 - 2024 Financial Press Release
- Q1 - 2024 Quarterly Report
- Q4 - 2023 Financial Press Release
- Q4 - 2023 Annual Report
- Q3 - 2023 Financial Press Release
- Q3 - 2023 Quarterly Report
Latest Press Release
Boardwalk REIT Provides Operational Update and Announces Timing of Third Quarter Results
ESG Report
A snapshot of Boardwalk and our results to date as one of Canada’s leading rental providers (as of December 31, 2022). We are guided by our commitment to attracting and retaining a diverse team of Associates, and providing the very best rental experiences for our Resident Members.
Leadership and Board of Directors
Leadership
-
Sam Kolias
Chief Executive Officer & Chairman of the Board -
James Ha
President -
Gregg Tinling
Chief Financial Officer -
Melissa Kolias
Chief Design Officer -
Bhavnesh Jaraim
Chief Information Officer -
Leonora Davids
Senior Vice President, Operations -
Samantha Kolias-Gunn
Senior Vice President, Corporate Development and Governance -
Boyd Belisle
Vice President, Community & Culture -
Eric Bowers, CFA
Vice President, Finance and Investor Relations -
Arv Dhol
Vice President, Special Projects Engineering & Design -
Jeffrey Klaus
Vice President, Asset Management & Development -
Helen Mix
Vice President, People
Sam Kolias
Chief Executive Officer & Chairman of the Board
Phone Number : 403-206-6789
Email : sam@bwalk.com
Sam was born and raised in Calgary. At 21, graduated University of Calgary with a Bachelors of Science in Civil Engineering. In 1984 Sam and brother Van started and founded Boardwalk Properties Co. Ltd. A provider of multi family rental housing homes. Boardwalk went public with Boardwalk Equities Inc. in 1994. Boardwalk Equities Inc. converted into a Real Estate Investment Trust in 2004 and tirelessly strives to be Canada’s friendliest publicly listed multi-family provider where love always lives, with over 33,000 rental units representing over 28 million net rentable square feet. Sam, as Chairman and CEO, serves the Boardwalk team consisting of over 1,500 associates located in 5 provinces. Sam is a Fellow of the Real Estate Institute (FRI) and a Certified Property Manager (CPM) and over the years has been the recipient of numerous awards, including the Top 40 Under 40 award, Western Canada’s Real Estate Entrepreneur of the year award, the Pinnacle award and the Canadian Governer General, in recognition of Queen Elizebeth’s 50th Anniversary Golden Jubilee Medal and 70th Anniversay Platinum Jubilee Medal, both in recognition of public service. Sam enjoys to serve the communities less fortunate and is a Director, volunteer and supporter of the Jesus Loves You Society neighbourhood soup kitchen for homeless families, past member of the President of the University of Alberta advisory group, past member of the Queen’s School of Business Dean’s advisory board. Original board member of Calgary Homeless Foundation, first organization in Canada to adopt a 10 year plan to end homelessness, Member on the Resolve Committee to end homelessness which raised over $100M for homeless housing as part of the 10 year plan. Sam is married to Melissa and has four children.
James Ha
President
Phone Number: 403-206-6739
Email: jha@bwalk.com
Since joining Boardwalk in 2007, James has assumed a myriad of leadership roles and responsibilities ranging from: finance, treasury, capital markets, investor relations, acquisitions, investments, strategic partnerships, operational optimization and corporate strategy, all of which have played a significant role in Boardwalk’s overall success and growth. Serving as Boardwalk REIT’s President, James is responsible for the execution of the organization’s strategy, driving operational and financial performance, providing leadership to Boardwalk’s Team of Associates, delivering service to Resident Members, and ensuring stewardship for all other stakeholders. James holds an MBA from the University of Fredericton, and a BA from the University of Calgary, and prior to his appointment of President, served as Vice President of Finance and Investor Relations of the Trust.
Gregg Tinling
Chief Financial Officer
Phone Number: 403-837-7408
Email: gtinling@bwalk.com
Mr. Tinling has a diverse work experience in financial reporting and operations. He has previously served as the REIT’s Senior Director, Financial Reporting and has over 15 years of experience in the multi-family real estate industry, including 12 years with Boardwalk, in roles of increasing levels of responsibility. He also holds previous financial reporting experience at Northview Apartment REIT and Enbridge Inc. Mr. Tinling is a Chartered Professional Accountant (CPA CA).
Melissa Kolias
Chief Design Officer
Phone Number: 403-804-2213
Email: melissa@bwalk.com
Melissa is an industry visionary, tapping her expertise in designing with a purpose to create a holistic approach for the rebranding and repositioning of Boardwalk’s communities. As Chief Design Officer, Melissa spearheads Boardwalk’s creative strategy, providing leadership in all innovative aspects of branding and design to enhance Resident Members’ experiences. Boardwalk’s Design Team was awarded Renovation of the Year four years in a row (2018-2022) and 2023 Building of the Year from CRRA (Calgary Residential Rental Association), as well as 2022 Renovation of the Year from ARLA (Alberta Residential Landlord Association).
Bhavnesh Jaraim
Chief Information Officer
Phone Number: 403-206-6865
Email: bhavnesh@bwalk.com
Since joining Boardwalk in 2017, following a successful year as a consultant, Bhavnesh has been an instrumental figure in transforming the vision and operations of the IT department, eventually stepping into the role of Chief Information Officer and Vice President of Technology. Armed with a Master's degree in Electrical and Information Engineering (with Distinction) and over 20 years of industry experience, Bhavnesh combines business acumen with deep technical expertise. In addition to leading technology innovation and operational efficiency initiatives, Bhavnesh is responsible for overseeing the company's cybersecurity strategy and functions, ensuring the protection of digital assets and the integrity of critical systems. His involvement in high-value projects across various industries illustrates his proficiency in technology program design, process strategy development, and risk management. Bhavnesh is a passionate change agent, focused on innovation, team leadership, community building, and strategic engagement, driving both security and technological advancement within the organization.
Leonora Davids
Senior Vice President, Operations
Phone Number: 403-206-6851
Email: leonora@bwalk.com
Leonora has been a valued member of the Boardwalk Family for nearly 25 years, first starting as a Resident Manager (1999), then an Area Coordinator (2005) and Regional Director (2008) before becoming Vice President of Operations for Western Canada in 2019. Through her dedication to property management and the delivery of exceptional customer service, Leonora was named Senior Vice President of Operations in 2021 and she is now responsible for managing all aspects of the operation of thousands of Boardwalk suites across Canada. Leonora is passionate about building and developing her teams to ensure an enhanced experience for Boardwalk’s Resident Members. Her commitment and vast knowledge and understanding of the industry makes her a great leader, resulting in continued operational successes. Leonora holds a Bachelor of Arts from the University of South Africa, as well as a Certified Property Manager (CPM) designation from the Real Estate Institute of Canada (REIC).
Samantha Kolias-Gunn
Senior Vice President, Corporate Development and Governance
Phone Number: 403-206-6790
Email: samantha@bwalk.com
Samantha joined Boardwalk as a member of the company’s founding family and Board of Trustees in 2013. As a Member of the Board, she brings an inquisitive and strategic focus and is committed to holding the board accountable to its mission, vision and values. Prior to joining Boardwalk in 2012, Samantha worked as a Senior Accountant for KPMG Canada. Samantha is a graduate of Queen’s University where she earned a degree in Commerce. She received her Chartered Professional Accountant certification from the CPA and completed the Institute of Corporate Directors Directors Education Program earning her ICD.D designation.
Boyd Belisle
Vice President, Community & Culture
Phone Number: 403-206-6768
Email: boyd@bwalk.com
Boyd joined Boardwalk in January of 2012 after 20 years in public and private education, serving as teacher, vice principal and principal. Since joining Boardwalk, Boyd has focused his energies on community development, operations (leadership and performance management), customer service, media relations, and has shared passionately with all of the Boardwalk team in the development of our culture. Boyd’s passion is people, and his dedication to the growth and development of our team and our communities is unwavering. Boyd earned a B.A., B.Ed., and M.Ed. (Specialization: Educational Leadership) from universities in Manitoba and Alberta and is fully bilingual in French. Boyd’s leadership style is defined by openness and humility. He will continue to support and work closely with our entire team, both in the west and east of Canada.
Eric Bowers
Vice President, Finance and Investor Relations
Phone Number: 403-206-6821
Email: ebowers@bwalk.com
Eric joined Boardwalk in 2014, supporting the company’s growth initiatives as a member of the Investment team, first as an Analyst and subsequently in the roles of Director of Acquisitions and Vice President of Corporate Analysis. In his current role as Vice President of Finance and Investor Relations, Eric is a key contributor to Boardwalk’s finance, investor relations, financial planning and analysis, and strategic initiatives. Eric is a CFA® charterholder and holds a Bachelor of Commerce degree from Queen’s University.
Arv Dhol
Vice President, Special Projects Engineering & Design
Phone Number: 403-206-6778
Email: adohl@bwalk.com
Arv joined the Boardwalk Family in 2007, after working as a civilian engineer with the Department of National Defence, and later as a private construction management consultant.
Since joining Boardwalk, he has served in various Director roles before joining the Boardwalk Design Team upon its inception, in late 2016. Prior to assuming his current role, he was acting as the Senior Director of Special Projects.
Arv is dedicated to helping ensure the holistic fruition of Boardwalk’s Design Team vision, through construction management fundamentals centred on delivering affordable, quality communities that our Resident Members are proud to call home. Dedicated to Boardwalk’s culture of “Love Always,” he thrives on team success achieved through passion, grit and trust.
Arv is a professional engineer and a graduate of the University of Calgary, holding a Bachelors and Masters of Science degree in Civil Engineering.
Jeffrey Klaus
Vice President, Asset Management & Development
Phone Number: 403-206-6733
Email: jklaus@bwalk.com
Since beginning his career with Boardwalk in 1999 as an acquisitions analyst, Jeff has been one of the company’s most strategic-minded leaders. In 2003, he was awarded his CFA designation and moved into the role of Director Acquisitions. With a keen eye for value potential and over fifteen years of experience in multifamily residential acquisitions, Jeff guides his team in acquiring new assets for Boardwalk.
Helen Mix
Vice President, People
Phone Number: 403-206-6778
Email: helen@bwalk.com
Helen is Boardwalk’s talent ringleader, providing key leadership to the hiring, training and retention of Boardwalk’s talented Associates. Since joining Boardwalk in 1999, Helen has seen the workforce grown to more than 1,700 dedicated Associates across Canada. Helen works with a dynamic team that supports comprehensive Human Resources functions including recruiting, training and development, health and safety, benefits and payroll.
Board of Directors
-
Mandy Abramsohn
Independent Trustee -
Andrea Goertz
Independent Trustee -
Gary Goodman
Independent Trustee -
Sam Kolias
Chairman, Chief Executive Officer, Trustee -
Samantha Kolias-Gunn
Trustee -
Scott Morrison
Independent Trustee -
Brian G. Robinson
Independent Trustee
Mandy Abramsohn
Independent Trustee
Trustee Since: May 9, 2022
Expertise: Real Estate, Development, Strategy, Public Markets, Financial, Board, Private Equity, Governance, Capital Markets
President of Wand Advisory & Investments Inc., an advisory and investments company, since 2020. Ms. Abramsohn has previously held several senior capital market roles including leading real estate capital markets at EY Canada, acting as Senior Vice President for Real Estate at DBRS, leading Canadian real estate equity research at Raymond James Ltd. and as an investment manager of a $2 billion top performing Canadian equity dividend fund at Great West Life. Ms. Abramsohn's extensive capital markets experience spans many complex, high-profile and market leading transactions and entities including initial public offerings, portfolio transactions, privatizations, strategic reviews, complex valuations, mergers and acquisitions as well as a variety of debt and equity financings and investments. Ms. Abramsohn began her career in public accounting with one of the Big 5 accounting firms, ultimately specializing in business valuations. Ms. Abramsohn holds a Bachelor of Commerce degree (with Distinction) from the University of Toronto and holds the CA, CPA, CBV, CFA and CPA (Illinois) professional designations. She is a member of the Chartered Professional Accountants of Canada and Ontario, Canadian Institute of Chartered Business Valuators, CFA Institute and the Toronto CFA Society, and is also registered as a CPA in the state of Illinois.
Andrea Goertz
Independent Trustee
Trustee Since: May 21, 2019
Expertise: Communications, Media Marketing, Property Development, Real Estate, Community Development, Sustainability, Corporate Social Responsibility, Government Relations, Privacy Compliance
Formerly Chief Communications & Sustainability Officer at Telus (2011 to 2018) leading a national team responsible for the transformation and execution of a diverse portfolio comprised of real estate, external communications, media relations, privacy, provincial government relations, sustainability, corporate marketing, corporate sponsorships, and corporate social responsibility. Prior thereto, Ms. Goertz held several positions at Telus from 1989 to 2011, including Vice President, Enterprise Services & Strategic Initiatives from 2005 to 2011. Ms. Goertz was Chair of the WXN Women’s Executive Network in Calgary from November 2014 to September 2016 and was the first Canadian on the Board of the Family Online Safety Institute from September 2014 to January 2016. Ms. Goertz also served on the Boards of Theatre Calgary from September 2013 to January 2016, the Telus Calgary Community Board from September 2009 to June 2016, the EPCOR Centre for Performing Arts in Calgary from September 2006 to September 2008, and Alberta Ballet from October 2006 to October 2008. Ms. Goertz served as an Advisory Board member of the University of Calgary’s Haskayne School of Business from September 2009 to June 2016, and a member of Calgary Economic Development’s Business Advisory Committee from 2007 to 2008. Ms. Goertz obtained a Bachelor of Commerce degree with Distinction (Finance) in 1989 and a Master of Business Administration degree in 1995, both from the University of Alberta. Ms. Goertz was a winner of the prestigious WXN Women’s Executive Network Canada’s Most Powerful Women awards in 2012 and 2014. In 2018, Ms. Goertz co-founded “Women on Boards”, an effort supporting increased gender diversity on Boards, and is currently completing the ICD’s Director’s Education Program.
Gary Goodman
Independent Trustee
Trustee Since: May 13, 2009
Expertise: Real Estate, Financial, Board, Property Development, Public Markets, Operations, Management
Executive Vice-President of Reichmann International Development Corporation and International Property Corporation between December 2007 and June 2010. Previously, CFO (December 2001 to November 2006) and President and CEO (from December 2006 to December 2007) of IPC US REIT, a Toronto Stock Exchange (“TSX”) listed Real Estate Investment Trust which was sold to Behringer Harvard in December 2007 for an aggregate value of US$1.4 billion. Prior thereto, Mr. Goodman also served as a Director and Senior Vice President of Olympia & York Developments Limited, as well as a Director of Campeau Corporation, Trilon Financial Corporation, Huntingdon Capital Corporation, Catellus Corporation, Brightpath Early Learning Inc. and Brinco Mining. Mr. Goodman is a member of the Advisory Board of Vision Opportunity Fund, a limited partnership that invests in real estate securities. Mr. Goodman became a Chartered Accountant (Gold Medalist) in 1967 and has a Bachelor of Commerce degree from the University of Toronto. He is also a graduate of the Directors Education Program, which is jointly developed by the Institute of Corporate Directors (“ICD”) and the Rotman School of Management of the University of Toronto.
Sam Kolias
Chairman, Chief Executive Officer, Trustee
Trustee Since: July 1, 1993
Expertise: Real Estate, Board, Public Markets, Property Development, Operations, Management
Executive of the Trust (and its predecessor Boardwalk Equities Inc. (“BEI”)) since 1993. Mr. Kolias obtained a Bachelor of Science in Civil Engineering in 1983 from the University of Calgary, and a designation as a Certified Property Manager from the Real Estate Institute of Canada in 1995. Mr. Kolias has been a fellow of the Real Estate Institute of Canada since 1985. Prior to July 1993, Mr. Kolias was President and co-founder of Boardwalk Equities Inc. (now called BPCL Holdings Inc.) and President and co-founder of Boardwalk Properties Co. Ltd. Mr. Kolias founded the Trust’s predecessor, BEI, with his brother Van Kolias, the Senior Vice President, Quality Control of the Partnership, in 1984.
Samantha Kolias-Gunn
Trustee
Trustee Since: May 14, 2013
Expertise: Financial, Retail, Board Governance
CFO of BPCL since January 2015. Prior thereto, Controller of BPCL from September 2012 to January 2015. Prior thereto, Senior Accountant at KPMG LLP, from September 2009 to August 2012. Mrs. Kolias-Gunn is a Chartered Accountant and has a Bachelor of Commerce from Queen’s University. Mrs. Kolias-Gunn received her ICD.D designation on May 28, 2018.
Scott Morrison
Independent Trustee
Trustee Since: May 22, 2017
Expertise: Real Estate, Financial, Capital Markets, Private Equity, Board, Property Development, Strategy, Operations, Management
CEO and Chief Investment Officer of Wealhouse Capital Management, a firm he co-founded in 2008 that has one ($1) billion in assets under management. Prior thereto, Mr. Morrison held several portfolio management and analyst positions in the financial services industry from 1994 to 2008. Mr. Morrison is an owner of MDC Property Services, an integrated commercial real estate company that manages direct real estate investments in the United States and Canada. Since 2008, Mr. Morrison has been a trustee of the Centre for International Governance Innovation. Mr. Morrison was a Trustee of Timbercreek REIT from 2006 to 2011 and on the Investment Committee of Empire Life Financial (ELF – TSX) from 2003 to 2008. Mr. Morrison became a Chartered Financial Analyst in 2000 and obtained a Bachelor of Commerce in Finance from Concordia University of Montreal in 1993.
Brian G. Robinson
Independent Trustee
Trustee Since: May 11, 2017
Expertise: Energy, Board, Public Markets, Financial, Governance
Mr. Robinson has been a director, Vice President Finance and Chief Financial Officer of Tourmaline Oil Corp. since October 27, 2008. Prior thereto, Mr. Robinson was Vice President, Finance and Chief Financial Officer of Duvernay Oil Corp. from 2001 to 2008, and prior to that was Vice President, Finance and Chief Financial Officer of Berkley Petroleum Corp. from 2000 to 2001. Previously, Mr. Robinson held numerous positions in finance and accounting with intermediate and senior oil and gas companies, commencing his career with a large public accounting firm. Mr. Robinson has over 35 years of experience in the oil and gas industry in the disciplines of finance, financial reporting, budgeting, accounting, management, treasury, tax and business development. Mr. Robinson holds a Bachelor of Commerce degree from the University of Calgary and became a Chartered Accountant in 1981.