CALGARY, AB, July 28, 2026 /PRNewswire/ -- Boardwalk Real Estate Investment Trust (TSX: BEI.UN)

SUMMARY HIGHLIGHTS FOR THE THREE AND SIX-MONTH PERIODS ENDED JUNE 30, 2026

   -- STRONG FINANCIAL PERFORMANCEFOR THE 3 MONTH PERIOD ENDED JUNE 30, 2026 
 
          -- Funds From Operations ("FFO") of $1.19 per Unit(1)(2); an increase 
             of 2.6% from Q2 2025 
 
          -- Net Operating Income ("NOI") of $107.2 million; an increase of 
             2.9% from Q2 2025 
 
          -- Same Property(3) Net Operating Income ("Same Property NOI") of 
             $101.2 million; an increase of 1.7% from Q2 2025 
 
          -- Operating Margin of 66.6%; an increase of 40 basis points ("bps") 
             from Q2 2025 
 
          -- Same Property Rental Revenue growth of 1.7% from Q2 2025 
 
          -- Same Property Occupancy of 97.0% in Q2 2026 
 
   -- FOR THE 6 MONTH PERIOD ENDED JUNE 30, 2026 
 
          -- Funds From Operations of $2.33 per Unit(1)(2); an increase of 5.0% 
             from the same period a year ago 
 
          -- Net Operating Income of $213.4 million; an increase of 6.3% from 
             the same period a year ago 
 
          -- Same Property(3) NOI of $200.1 million; an increase of 4.1% from 
             the same period a year ago 
 
          -- Operating Margin of 65.7%; an increase of 160 bps from the same 
             period a year ago 
 
          -- Same Property Rental Revenue growth of 2.3% from a year ago 
 
   -- AFFORDABILITY REMAINS IN HIGH DEMAND 
 
          -- Demand remains highest at affordable price points 
 
          -- Rents in Edmonton, the Trust's largest market, remain some of the 
             most affordable amongst major cities in Canada 
 
          -- Affordability, economic out performance and lifestyle continue to 
             support the Alberta Advantage 
 
          -- The Trust has cumulatively re-invested in common area improvements 
             representing approximately 69% of its portfolio since 2017, 
             improving portfolio quality and resilience across market 
             conditions 
 
   -- RE-ITERATING 2026 FINANCIAL GUIDANCE 
 
          -- FFO range of $4.60 to $4.80 per Unit(1)(2) 
 
          -- Same Property NOI growth range of +1.0% to +3.5 % 
 
   -- STRATEGIC CAPITAL ALLOCATION 
 
          -- During Q2 2026, closed previously announced sales of nine non-core 
             communities in Edmonton, Alberta, Regina, Saskatchewan, Saskatoon, 
             Saskatchewan, and Québec City, Québec totaling 1,096 
             suites for gross proceeds of $222.0 million (approximately $115.1 
             million net of existing mortgages) 
 
          -- Subsequent to quarter end, the Trust finalized the sale of two 
             additional communities in London, Ontario totaling 201 suites for 
             gross proceeds of $40.0 million (approximately $26.5 million net 
             of existing mortgages) 
 
          -- Year-to-date through July 24, 2026, the Trust has invested $203.5 
             million into the repurchase and cancellation of 3,106,600 Trust 
             Units at a weighted average price of $65.51 
 
          -- Management continues to prioritize unit repurchases at current 
             unit price level under its Normal Course Issuer Bid ("NCIB") 
 
          -- Strategic higher cash positioning for opportunistic deployment in 
             environment that favors community providers with established 
             operating platforms 
 
   -- STRATEGIC CO-OWNERSHIP 
 
          -- Subsequent to quarter end, the Trust finalized a strategic 
             co-ownership with DGAM Canadian Private Real Estate Fund, L.P., 
             managed by DGAM Global Asset Management, ("DGAM Real Estate Fund"), 
             providing well-capitalized partner for the REIT for future growth 
             opportunities in Western Canada while incrementally supplementing 
             yields for the Trust by leveraging Boardwalk's best-in-class 
             management platform 
 
          -- Boardwalk vending in a 50% interest in four communities in Calgary, 
             Alberta and Victoria, British Columbia totaling 328 suites on a 
             proportionate interest basis for gross proceeds of $146.0 million 
             (approximately $86.5 million net of existing mortgages) 
 
   -- EXCEPTIONAL VALUE 
 
          -- At current unit price of approximately $65, Boardwalk's implied 
             value is approximately $194,000 per suite, equating to an 
             attractive 6.5% cap rate on trailing NOI 
 
   -- STRONG AND FLEXIBLE BALANCE SHEET 
 
          -- Approximately $374.8 million of total available liquidity at the 
             end of the quarter 
 
          -- 99% of Boardwalk's mortgages carry CMHC-insurance 
 
          -- Unitholders' Equity of $4.7 billion 
 
          -- Fair value capitalization rate of 5.25%, an increase of 6 bps from 
             Q4 2025 
 
          -- Net Asset Value of $96.37 per Unit(1)(2), a slight increase 
             relative to Q4 2025 and Q1 2026 
 
          -- Debt to EBITDA(1) of 9.34x, compared to 9.99x for the year ended 
             December 31, 2025 
 
          -- Debt to Total Assets(1) of 43.0%, compared to 42.3% as at December 
             31, 2025 
 
   -- REGULAR DISTRIBUTION OF $1.80 PER TRUST UNIT ON AN ANNUALIZED BASIS 
      CONFIRMED FOR THE MONTHS OF SEPTEMBER, OCTOBER, AND NOVEMBER 2026 
 
(1) Please refer to the section titled "Presentation of Non-GAAP Measures" in 
this news release for more information. 
(2) Boardwalk REIT's units (the "Trust Units") trade on the Toronto Stock 
Exchange ("TSX") under the trading symbol 'BEI.UN'. Additionally, the Trust 
has 4,200,000 special voting units issued to holders of "Class B Units" of 
Boardwalk REIT Limited Partnership ("LP Class B Units" and, together with the 
Trust Units, the "Units"), each of which also has a special voting unit in the 
REIT. 
(3) Same property figures exclude properties which have been owned for less 
than 24 months and sold assets. 
 

Boardwalk Real Estate Investment Trust ("Boardwalk", the "REIT" or the "Trust") today announced its financial results for the second quarter of 2026.

Sam Kolias; Chairman and Chief Executive Officer of Boardwalk REIT commented:

"We are pleased to have delivered another solid quarter, with Funds From Operations of $1.19 per Unit, up 2.6% year-over-year, and Net Operating Income of $107.2 million, up 2.9% from Q2 2025. These results reflect the resilience of affordable housing across all points in the housing cycle, the irreplaceable value of our vertically integrated operating platform, and our team's focus on retention and ability to maintain occupancy above market-wide levels. Same property occupancy remained high at 97.0% in Q2 2026, while our average occupied rent of $1,612 continues to provide exceptional relative value for the quality, service and lifestyle offered across our communities.

Alberta continues to lead the country in population growth, as a result of positive interprovincial migration and natural population growth resulting from a relatively younger population. The future outlook is bright for the province, with economic growth that is expected to lead the country, and momentum gathering as a result of various positive announcements supporting future job creation across multiple sectors. Year-over-year declines in Alberta construction starts are expected to moderate future new supply over the medium term, which, together with Alberta's affordability advantage and lifestyle offering, supports the long-term fundamentals for well-located, affordable rental housing.

We remain committed to disciplined capital allocation and maintaining a strong and flexible balance sheet. We are pleased with the continued improvement in our Debt to EBITDA ratio to 9.3x, compared to 10.0x at year-end 2025. Our investments team remains active in sourcing capital from asset sales, and the newly established co-ownership with DGAM Real Estate Fund provides Boardwalk with another avenue to support accretive growth over the medium term. At current discounted unit price levels, we are counter-cyclically repurchasing Units under our Normal Course Issuer Bid to maximize risk-adjusted returns for our unitholders while incrementally improving the overall quality of our portfolio through our active capital recycling initiatives.

We are well positioned for the remainder of 2026 and remain focused on delivering strong operating results, preserving financial flexibility, further compounding cash flow per unit growth for unitholders, and creating long-term value for all our stakeholders."

SECOND QUARTER FINANCIAL HIGHLIGHTS

 
                     $ millions, except per Unit amounts 
       Highlights of the Trust's Second Quarter 2026 Financial Results 
------------------------------------------------------------------------------ 
                 3 Months   3 Months             6 Months   6 Months 
                 Jun. 30,   Jun. 30,         %   Jun. 30,   Jun. 30, 
                     2026       2025    Change       2026       2025  % Change 
---------------  --------  ---------  --------  ---------  ---------  -------- 
Operational 
Highlights 
--------------- 
Rental Revenue     $160.9     $157.3     2.3 %     $324.8     $313.0     3.7 % 
Same Property 
 Rental 
 Revenue           $149.6     $147.1     1.7 %     $299.3     $292.7     2.3 % 
Net Operating 
 Income 
 ("NOI")           $107.2     $104.2     2.9 %     $213.4     $200.8     6.3 % 
Same Property 
 NOI               $101.2      $99.6     1.7 %     $200.1     $192.2     4.1 % 
Operating 
 Margin (1)        66.6 %     66.2 %               65.7 %     64.1 % 
Same Property 
 Operating 
 Margin            67.6 %     67.7 %               66.9 %     65.7 % 
---------------  --------  ---------  --------  ---------  ---------  -------- 
Financial 
Highlights 
--------------- 
Funds From 
 Operations 
 ("FFO") 
 (2)(3)             $60.9      $61.9    -1.6 %     $121.4     $118.5     2.4 % 
Adjusted Funds 
 From 
 Operations