07:30 AM EDT, 04/03/2024 (MT Newswires) -- Boardwalk REIT (BEI-UN.TO) overnight Tuesday provided an operations update as it heads into the busier spring leasing season. Among highlights, the REIT reported that same property portfolio occupancy for the months of both March and April 2024 is 98.8%.

Occupied rent (a component of rental revenue and represents same properties only) for February (the latest month available) was $1,404, compared with $1,398 for January 2024, and $1,283 for February last year.

Sam Kolias, Chairman and CEO, said: "As we enter our higher volume spring leasing season, we are well-positioned for continued strong apartment rental fundamentals in our largest markets. Occupancy at our communities remains high, while our approach to self-moderation of rental adjustments in our non price-controlled markets increases our resident retention while lowering our turnover costs and extending our runway for future growth.

"We are encouraged by the results we have seen to-date in 2024 and are confident that our Net Operating Income and Funds from Operations per unit growth trajectory will provide us with additional funds to re-invest in our communities while continuing our track record of strong performance for our Unitholders."

Boardwalk REIT's financial results for the three-month period ended March 31, 2024, will be released the evening of May 7.