Boardwalk Real Estate Investment Trust (BEI-UN) investor relations material

Executive summary

• Same-property rental revenue rose 0.9% YoY to $146.6M, while same-property NOI fell 1.1% to $98.2M; higher property taxes pressured results.

• Q3 FFO per Unit declined 1.6% to $1.21; nine-month FFO per Unit rose 2.6% to $3.54.

• Same-property occupancy was 97.0%; priorities included affordability, retention, asset sales and unit repurchases.

Financial highlights

• Same-property expenses increased 5.3% against 0.9% revenue growth; operating margin was 67.0%, down 140 bps.

• Q3 FFO was $60.2M, down 8.7%; AFFO was $51.9M, down 9.6%, and AFFO per Unit was $1.04, down 2.8%.

• Total Q3 rental revenue was $159.8M, down 0.6% YoY; total NOI was $106.2M, down 2.0%, with a 66.4% operating margin, down 100 bps.

• Q3 profit was $21.5M versus $37.6M; nine-month profit was $2.5M versus $247.7M, with fair-value movements and sale costs affecting comparisons.

Outlook and guidance

• FY26 same-property NOI growth guidance narrowed to 1.0%-2.0%, from 1.0%-3.5%.

• FY26 FFO per Unit guidance is $4.65-$4.75; AFFO per Unit guidance is $3.99-$4.09.

• Utilities and winter weather affect the FFO range; Q4 property tax expense is expected to be similar to Q3.

• Formal FY27 guidance is expected with Q4 results; occupancy, retention and leasing spreads remain priorities.