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

Corporate profile and portfolio overview

• Operates as a growth-oriented Canadian multi-family real estate owner with a focus on community and affordability.

• Holds $8.9B in total assets and $427.2M in net operating income for the 12 months ended March 31, 2026.

• Portfolio includes 34,120 suites, with a balanced mix of highrise, low/midrise, and townhome properties across major Canadian cities.

• Approximately 96% of mortgages are CMHC insured, and insider ownership is around 25%.

Operational performance and market positioning

• Average occupied rent is $1,601, significantly below the Canadian market average of $2,197, supporting strong demand for affordable housing.

• Maintains above-market occupancy rates and a stable operating platform, consistently outperforming CMHC occupancy benchmarks.

• Focuses on reducing turnover and leveraging non-regulated markets for operational flexibility.

• Alberta is expected to continue leading in population growth, driven by affordability and interprovincial migration.

Financial highlights and growth

• Q1 2026 same property rental revenue grew 2.8% year-over-year, with net operating income up 6.8%.

• FFO per unit increased 8.5% to $1.15, and regular distributions per unit rose 12% to $0.42.

• Net asset value per unit is $95.93, with a payout ratio of 36.4%.

• Operating margin improved to 65.8% in Q1 2026.