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Our strategy for growth provides goals and targets for our team to achieve and remain disciplined in our approach towards delivering value for our Unitholders.
Financial Foundation
We support growth with a strong and stable financial foundation – which means maintaining manageable debt levels and preserving liquidity so we always have the flexibility to pursue the right opportunities when they arise. Furthermore, we continue to access low-cost debt financing and maintain 99% of mortgages secured under CMHC debt.
Organic Growth
A key to supporting growth organically is maintaining our proven strength and efficiency in Operations. This means keeping our occupancy levels high through excellent Resident Member satisfaction, strong lease renewals, and effective leasing and sales. We also maintain a dedicated and ongoing commitment to process improvement and cost optimization to further strengthens our profitability while delivering a positive experience for all Resident Members.
Brand and Product Diversification
By leveraging our tiered branding formula of – Living, Communities and Lifestyle – we are able to deploy capital with a selective capital-based approach while generating a better experience for Resident Members and creating stronger returns for Unitholders. With investments in strategic improvements to the common areas and exteriors of key buildings, we are able to reposition some assets in our portfolio where it makes sense in the local market.
High Grading & Geographical Diversification
Through ongoing analysis of opportunities in the market, we are able to deploy capital in ways that support accretive growth through acquisitions, dispositions and development. We do this with a mid-term view to gradually change the profile of our portfolio to diversify our geographical footprint and mix of asset type. With each transaction, we are able to stabilize future returns and deliver a portfolio with improved diversity and balanced risk.
CREATING VALUE IN BOTH COMPETITIVE AND SUPPLY CONSTRAINED MARKETS
The Boardwalk portfolio of 33,000 apartment units spans four provinces and twelve cities across Canada. Our evolved brand and the operating platform have provided homes with the best product quality, service and experience to our Resident Members while rewarding our stakeholders with strong operating performance.
The Trust continually strives to gain market share through its diversified product mix and superior customer service standards as demonstrated by its 2020 Net Promoter Score (NPS) of 70, an internal record reflecting the high level of service we provide. In rent-controlled environments, the Trust uses its brand diversification and value-added capital investments as an opportunity to provide better product quality, service and experience that results in higher rental revenues.
Investment Value Added Capital
As our Operations generate Net Operating Income (NOI), proceeds are reinvested back into the business to improve the return on existing assets in our portfolio. These investments are assessed, and prioritized with a discerning and selective approach based on the opportunity to create a better living experience for Resident Members, and deliver more value through NOI improvements. Value-added capital investments are evaluated such that we are confident they will generate equal or better returns for Unitholders than if we were to acquire a new building on the open market.
Development
Our combined scale and relationships within the Real Estate sector, provide unique opportunities to grow by developing (building) new assets. These projects tend to be longterm in nature, however, the right projects allow us to build new rental units more cost-effectively than purchasing the equivalent on the open market. Furthermore, by partnering with other entities we are able to share risk and combine strengths to ensure the best returns for Unitholders. Similar to acquisitions, our development program also provides further opportunities to diversify geographically.
Acquisitions & Dispositions
Our acquisitions & dispositions team constantly evaluates opportunities in the market to buy or sell multi-family assets. Leveraging the scale and efficiency of our operations and our geographic presence, we identify opportunities that can help to build accretive growth and returns. When we decide to sell existing assets, the proceeds are then reinvested in other new acquisitions, development or value-added projects. Our acquisition strategy also creates opportunities to further diversify our portfolio geographically, by gradually expanding our footprint into new markets.