08:08 AM EDT, 07/05/2024 (MT Newswires) -- Boardwalk Real Estate Investment Trust (BEI-UN.TO) on Friday reported a same property portfolio occupancy of 98.6% for July, up from 98.3% in July 2023.

Occupied rent for May 2024 was $1,444, up from $1,316 in May 2023.

Further, the Trust said that it has sourced two acquisitions of new communities in the Calgary area that will further supplement the Trust's funds from operations per unit growth and net asset value per unit growth over the intermediate term.

In addition, the Trust has closed on a smaller tuck-in acquisition in a prime location with future re-development potential.

The Trust has a purchase agreement for Elbow 5 Eight, a 255-suite, newly built wood frame community in central Calgary's Windsor Park neighborhood for $93 million, about $365,000 per suite and a cap rate upon lease-up of 5.75%. The Trust expects the lease-up to take about one year.

On June 24, the Trust closed on purchasing Dawson Landing, a 63-suite, fully occupied, newly constructed townhome community in Chestermere. The purchase price of $26.3 million equates to about $417,000 per suite and an estimated going-in cap rate of 5%.

Also on June 24, the Trust closed on The Brenda, a six-unit walk-up community in Britannia in Calgary for about $1.9 million.

Boardwalk REIT's financial results for the three months ended June 30 will be released on July 30.