2012 annual - Boardwalk REIT

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Environment and Sustainability Boardwalk makes every effort to ensure that while providing the best value possible to Customers, Associates, the Community and Unitholders, we remain conscience of our effects on the environment. We believe that being sustainable does not just mean conducting our organization in a way that provides environmental stability, but also in a way that ensures the value we provide is sustainable both socially and financially. While we are always working to ensure that our organization is the best it can be for our Customers, Associates, Community and Unitholders in the present, we continue to look forward to the future to ensure that we are not only always improving, but also that our value remains sustainable in the time to come. 28 / Operations RevIEW Boardwalk REIT / AR 2012
Environment Boardwalk encourages Customers to remain conscience of the effect they have on the environment. Currently we have electrically sub-metered over 5,500 suites. All of Boardwalk’s meters meet Canada Measurement Certification Requirements. Further to this, Boardwalk purchases and installs low flow shower heads and toilets as well as energy efficient fixtures. Boardwalk uses timers and photocells for outdoor lighting to ensure that lights do not stay on all of the time, we also use LED lights in our emergency fixtures. In 2013, we are beginning a project in Ontario to replace the light fixtures at each of our buildings with CFL fixtures. Boardwalk also purchases energy star appliances and uses paint that is low in VOC. In our Regional Offices across Canada, we continue to encourage Associates to ensure that their lights and computers are shut off at the end of each day and not running needlessly through the night and weekends. We also have recycling programs at all of our offices for cardboard, paper, plastic and computer and printer parts. We continue to look for ways to cut down on our paper usage. All of our internal communication materials are posted online on our intranet for Associates across Canada to access, and externally, all of our Investor materials are placed on line and our investors are encouraged to access them there rather than requesting a paper copy. By making use of our Customer Website in 2013 we hope to be able to further decrease the amount of printed materials we are distributing to our Customers. Sustainability Boardwalk aims to achieve sustainability in three areas; environmental, social and financial. Our efforts to remain environmentally sustainable are explained previously, while our social sustainability is led by our Associates. Boardwalk aims to empower Associates and provide them with the opportunity to get involved and give back to their communities, and by doing so, help to promote social sustainability. In 2012, we encouraged our Associates to take more of a leadership role in social sustainability by working to get Customers involved in our efforts. Boardwalk is proud of the effort our Associates and Customers have put into their local and global communities, and continues to support and encourage them in these endeavours. Another aspect to our social sustainability is our Customers. Boardwalk tries to support Customers going through financial instability when possible through programs like our internal subsidies and internal rent control. We believe that these programs not only promote social sustainability, but help create strong and lasting relationships with our Customers. Boardwalk’s financial stability is driven by the Trust’s Board of Directors, Management Team and most importantly, our Stakeholders. The Trust maintains a strong balance sheet and employs conservative fiscal management. Through these and other measures, the Trust remains able to provide our Unitholders with sustainable cash distributions. Through Boardwalk’s continued commitment to delivering value, our organization remains environmentally, socially and financially sustainable. Boardwalk REIT / AR 2012 Operations RevIEW / 29
Page 1 and 2: TSX: BEI.UN Annual Report 2012 Deli
Page 3 and 4: 2012 Highlights Funds From Operatio
Page 5 and 6: Quebec City 1,319 units 3.7% of por
Page 7 and 8: Letter to Unitholders Throughout 20
Page 9 and 10: Financial and Operating Highlights
Page 11 and 12: Rental Revenue Cycle Move-outs > Mo
Page 13 and 14: Customers: To work proactively to e
Page 15 and 16: Associates: Invest in our people to
Page 17 and 18: Community: To positively impact the
Page 19 and 20: Corporate Governance: To provide fu
Page 21 and 22: equests, communicate with Customer
Page 23 and 24: Les Jardins de Merici, Quebec QC Br
Page 25 and 26: Throughout 2012, Boardwalk continue
Page 27 and 28: Health and Safety The dedication an
Page 29: Free the Children, We Day Alberta D
Page 33 and 34: Oakhill Estates, Calgary AB Spruce
Page 35 and 36: Riverdale Manor, Windsor ON Christi
Page 37 and 38: Financial Review Management’s Dis
Page 39 and 40: Executive Summary Business Overview
Page 41 and 42: 4. Commitment to expending at least
Page 43 and 44: Achieving this goal requires the fu
Page 45 and 46: Cost of Capital In understanding Bo
Page 47 and 48: PeRFoRMance Review of 2012 Boardwal
Page 49 and 50: FFO Reconciliations The Trust’s a
Page 51 and 52: program. Boardwalk continues to be
Page 53 and 54: For year ended December 31, 2012, B
Page 55 and 56: Boardwalk REIT’s Portfolio Occupa
Page 57 and 58: Stabilized revenue increased by 4.1
Page 59 and 60: subsequent periods as the Trust con
Page 61 and 62: Other Income and Expenses Income Ta
Page 63 and 64: Capital Improvements Boardwalk has
Page 65 and 66: The key valuation metrics for the T
Page 67 and 68: In addition to this, the Trust curr
Page 69 and 70: Boardwalk REIT Limited Partnership
Page 71 and 72: economically insurable. Boardwalk R
Page 73 and 74: Interest Risk is the combined risk
Page 75 and 76: Utility expenses, mainly consisting
Page 77 and 78: Existing Tax Filing Positions Altho
Page 79 and 80: property (calculated as the differe
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(d) Assets held for sale and discon
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(i) Unit-based payments Equity-sett
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Boardwalk REIT’s financial assets
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(n) Cash Cash is comprised of bank
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Future Changes in Critical Accounti
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Presentation of Financial Statement
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Annual Comparative Twelve Months En
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INDepenDent AUDitoRs’ RepoRT To t
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Consolidated Statements of Comprehe
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Consolidated Statements of Cash Flo
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are internal amounts that are direc
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‘measurement period’ (which can
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Deferred tax Deferred tax is recogn
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Classification Definition Measureme
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and the host contracts are not meas
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Note 3: Future accounting policies
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Note 4: Investment properties As at
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Investment properties with a fair v
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Note 8: tRade and other receivables
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esulting from changes in the fair v
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As at December 31, 2012 and 2011, t
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Note 17: DefeRRed government grant
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(b) Special Voting Units The Declar
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Note 21: Financing costs Financing
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1, 2010 to October 31, 2011 at a pr
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Note 28: Financial instruments (a)
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The three levels of the fair value
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The following table details the Tru
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BPCL represents the only entity whi
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Details of segmented information ar
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(b) Depreciation and amortization T
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Five Year SuMMary 2008 2009 2010 20
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2011 Quarterly Results (in $000’s
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Corporate Information EXECUTIVE OFF
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2012 annual - Boardwalk REIT

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