Boardwalk REIT is staying focused on maintenance and upgrades despite a foray into development, says its president and CEO.
Sam Kolias, the apartment REIT’s chairman and CEO, told CBC that new construction is too expensive and too challenging for the company’s liking.
“We’ve got a much smaller allocation of our capital for brand new supply,” he said.
Calgary-based Boardwalk owns about 33,000 apartment units primarily in Alberta. The REIT’s 200-property portfolio also includes assets in B.C., Saskatchewan, Ontario and Quebec.
A regulatory filing shows that Boardwalk has adjusted its growth strategy by starting to develop projects in Greater Victoria and Brampton, Ont. Boardwalk has traditionally avoided development, but the REIT adjusted its tweaked its strategy because of surging apartment demand, CBC reported.
Boardwalk ranks among Canada’s top REITs in year-over-year revenue gains, CBC noted.
Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate.
Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s.
In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star.
Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.