Q2 2024 Boardwalk Real Estate Investment Trust Earnings Call Transcript
Key Points
- Boardwalk Real Estate Investment Trust (BOWFF) reported a 14.2% increase in same property net operating income for Q2 2024 compared to Q2 2023.
- Funds from operations (FFO) per unit grew by 16.9% year-over-year, reflecting strong financial performance.
- High occupancy rates, lower incentives, and higher occupied rents contributed to increased revenues for Q2 2024.
- The company has a disciplined FFO payout ratio of 34.6%, allowing for reinvestment in organic growth opportunities.
- Boardwalk Real Estate Investment Trust (BOWFF) has a strong balance sheet with a debt-to-total assets ratio of 40.8%, down from 43.2% at the end of 2023.
- Profit decreased due to fair value adjustments, despite strong performance in other financial metrics.
- Operating expenses increased by 1.6% in Q2 2024 and 2.6% for the first half of 2024, primarily due to higher wages and utility costs.
- Administration costs rose by over $1.7 million compared to Q2 2023, driven by inflationary wage adjustments, increased software costs, and higher professional service fees.
- The company incurred additional costs related to the transition to a new customer service platform, including $325,000 for the historic call center.
- Deferred unit-based compensation expenses increased due to a higher number of participants and program costs, with the highest expense historically occurring in the second quarter.
Good afternoon, ladies and gentlemen, and welcome to the Boardwalk Real Estate Investment Trust second quarter 2024 earnings call. (Operator Instructions) This call is being recorded on July 31, 2024.
I would now like to turn the conference over to Mr. Eric Bowers, VP of Finance and Investor Relations. Please go ahead.
Thank you, Ina, and welcome to the Boardwalk REIT 2024 second quarter results conference call. With me here today are Sam Kolias, Chief Executive Officer; James Ha, President; Lisa Smandych, our current Chief Financial Officer; Gregg Tinling, our Incoming Chief Financial Officer; Samantha Kolias-Gunn, Senior VP of Corporate Development and Governance; and Samantha Adams, Senior VP of Investments.
We would like to acknowledge on behalf of Boardwalk, the treaties in traditional territories across our operations and express gratitude and respect for the land we are gathered on today, and we now know as Canada. We respect indigenous peoples and communities
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