CALGARY, AB, Nov. 3, 2026 /PRNewswire/ -- Boardwalk Real Estate Investment Trust (TSX: BEI.UN)

SUMMARY HIGHLIGHTS FOR THE THREE AND NINE MONTH PERIODS ENDED SEPTEMBER 30, 2026

- RESILIENT FINANCIAL PERFORMANCE

FOR THE 3 MONTH PERIOD ENDED SEPTEMBER 30, 2026

- Same Property(1) Occupancy of 97.0% in Q3 2026

- Same Property Rental Revenue growth of 0.9% from Q3 2025

- Same Property Net Operating Income ("Same Property NOI") of $98.2 million; a decrease of 1.1% from Q3 2025

- Net Operating Income ("NOI") of $106.2 million; a decrease of 2.0% from Q3 2025

- Funds From Operations ("FFO") of $1.21 per Unit(2)(3); a decrease of 1.6% from Q3 2025

- Operating Margin of 66.4%; a decrease of 100 basis points ("bps") from Q3 2025; mainly attributable to property tax increase year-over-year

- FOR THE 9 MONTH PERIOD ENDED SEPTEMBER 30, 2026

- Same Property Rental Revenue growth of 1.6% from a year ago

- Same Property NOI of $292.1 million; an increase of 2.0% from the same period a year ago

- Net Operating Income of $319.6 million; an increase of 3.4% from the same period a year ago

- Funds From Operations of $3.54 per Unit; an increase of 2.6% from the same period a year ago

- Operating Margin of 66.0% an increase of 80 bps from the same period a year ago

- THE ALBERTA ADVANTAGE RE-INFORCED AND DE-RISKED

- Recent referendum endorsement for staying in Canada a win-win for Albertans and Canadians to unlock economic growth and energy security

- Demand for apartments 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 outperformance and lifestyle continue to support the Alberta Advantage

- TIGHTENING 2026 FINANCIAL GUIDANCE

- FFO range of $4.65 to $4.75 per Unit(2)(3)

- Same Property NOI growth range of +1.0% to +2.0%

- STRATEGIC CAPITAL ALLOCATION

- Subsequent to quarter end, the Trust finalized the sale of three communities in Edmonton, Alberta totaling 536 suites for gross proceeds of $106.5 million (approximately $68.2 million net of existing mortgages)

- During Q3 2026, closed on the previously announced sales of ten non-core communities in London, Ontario, and Grande Prairie, Alberta, totaling 411 suites for gross proceeds of $70.2 million (approximately $40.2 million net of existing mortgages)

- During Q3 2026, closed on the previously announced seed portfolio for strategic co-ownership with DGAM Canadian Private Real Estate Fund, L.P., managed by DGAM Global Asset Management, ("DGAM Real Estate Fund"); sale of 50% interest comprised of 328 suites for gross proceeds of $146.0 million (approximately $86.5 million net of existing mortgages)

- During Q3 2026, the Trust completed its current Normal Course Issuer Bid ("NCIB"); the Trust has invested $262.2 million into the repurchase and cancellation of 4,018,000 Trust Units at a weighted average price of $65.26 since renewal of NCIB in November 2025

- Strategic higher cash positioning for opportunistic deployment in environment that favours community providers with established operating platforms

- EXCEPTIONAL VALUE

- At current unit price of approximately $63, Boardwalk's implied value is approximately $195,000 per suite, equating to an attractive 6.5% cap rate on trailing NOI

- The Trust has cumulatively reinvested in common area improvements representing approximately 74% of its portfolio since 2017, improving portfolio quality and resilience across market conditions

- STRONG AND FLEXIBLE BALANCE SHEET

- Approximately $403.2 million of total available liquidity at the end of the quarter

- 99% of Boardwalk's mortgages carry CMHC-insurance

- Unitholders' Equity of $4.6 billion

- Fair value capitalization rate of 5.22%, an increase of 3 bps from Q4 2025

- Net Asset Value of $96.89 per Unit(2)(3), an increase relative to Q4 2025 and Q2 2026

- Debt to EBITDA(2) of 9.02x, compared to 9.99x for the year ended December 31, 2025

- Debt to Total Assets(2) of 42.7%, 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 DECEMBER 2026, JANUARY 2027 AND FEBRUARY 2027

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

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

"Boardwalk delivered resilient third quarter results, with Funds From Operations of $1.21 per Unit and Same Property Net Operating Income of $98.2 million, representing slight decreases of 1.6% and 1.1%, respectively, from Q3 2025. We are encouraged to see positive sequential revenue growth during the quarter, which reflects the high demand for affordable housing and the strength of our operating platform. As some of our largest markets are catching up from outsized population growth in recent years, our positive revenue growth was offset by year-over-year increases in property taxes during the quarter. Our focus on retention, service and operational execution has resulted in an improvement in occupancy. Affordability remains central to our value proposition, with Edmonton, our largest market, offering compelling relative value and remaining among Canada's most affordable major rental markets.

Alberta's employment and economic outlook continues to support our confidence in our largest market's medium-term rental housing fundamentals. As we saw in the recent referendum, Albertans voted resoundingly for a win-win outcome that puts Canadian energy and economic growth at the forefront of prosperity for all Canadians. Momentum for building major projects, expanding energy export opportunities and additional investment into various sectors is likely to provide positive drivers for employment and household formation. Together with the affordability and lifestyle advantages of our largest markets, these factors support the ongoing appeal of well-located, high-quality, and affordable rental housing. With higher vacancy rates in the overall market, higher interest rates and lower rents for new construction compared to a couple of years ago, development economics for new supply have become much more difficult.

We continue to pair disciplined capital recycling with accretive unit repurchases and a strong, flexible balance sheet. Our Debt to EBITDA ratio improved to 9.02x during the third quarter, compared to 9.99x at year-end 2025. Our sales throughout the year at full private market values are releasing capital for redeployment. We have successfully redeployed proceeds into our Normal Course Issuer Bid this year, taking advantage of a historically rare opportunity to repurchase our own Units and communities at a sharp discount to their underlying value while contributing positively to our FFO and NAV per Unit. Over the last several years, we have also successfully improved our balance sheet while upgrading the quality of our portfolio through our value-add capital program and selective acquisitions of newer communities that offer rare, highly sought after layouts and value to our Resident Family Members that are difficult to replicate given current development economics. We believe this approach will reward our Unitholders over time as we return to more positive rental housing fundamentals over the medium term.

As we look ahead, we remain focused on sustaining the recent improvement in occupancy, delivering exceptional value to our Resident Family Members and investing our capital in the best opportunities available. The tremendous value proposition of our communities, our one-of-a-kind operating platform and disciplined approach to capital allocation position us to navigate near-term market conditions and create value for all our stakeholders over the medium term."

THIRD QUARTER FINANCIAL HIGHLIGHTS

In Q3 2026, the Trust's same property NOI decreased slightly compared to the same period in the prior year as increased property tax expense more than offset slightly higher same property revenue growth. The Trust remained focused on retention in an environment that continues to reflect temporarily moderated demand in 2026 and 2027 resulting from the federal Immigration Levels Plan released in the fall of 2025.

The Trust's fair value of its investment properties as at September 30, 2026, decreased from year end, primarily attributable to the Trust's dispositions activity year-to-date, as well as to a decrease in market rents in Calgary and a slight increase to cap rates. The Trust's stabilized capitalization rate ("Cap Rate") increased to 5.22% for Q3 2026 compared to 5.19% at year end and decreased slightly compared to 5.25% at Q2 2026, which is mainly the result of the Trust moving its Central Parc Laval property from acquisition price to a stabilized cap rate methodology during the quarter. The Cap Rate ranges utilized continue to be in line with recently published third party quarterly Cap Rate reports.

SOLID OPERATIONAL RESULTS

Total Portfolio Occupancy (1)(2)

Same Property Occupancy (1)(3)

The Trust retained high occupancy during Q3 2026 by focusing on retention and by leveraging its vertically-integrated operating platform to limit the time to complete unit turnovers. The Trust's approach to strategically moderate its lease renewal rates over the last number of years, while markets were heavily undersupplied, has also contributed to maintaining higher occupancy in a more balanced market. Positive market rent adjustments were implemented in some communities where rental market fundamentals were strong. In other communities, market rents were adjusted downward in pockets that have experienced higher deliveries of new supply and where rents were on the higher end of the price spectrum. Overall, demand remains strong for affordable housing. Average occupied rent increased sequentially, and when compared to the same period a year ago.