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

Financial performance and growth

• Net operating income reached $417.6M with total assets of $9.0B and 34,576 suites as of Q4 2025.

• Same property NOI grew 9.0% in 2025, with FFO per unit up 11.2% to $4.65 and regular distributions per unit up 14% to $1.59.

• NAV per unit increased 2.7% year-over-year to $96.23.

• 2026 guidance targets FFO per unit of $4.65–$4.90 and AFFO per unit of $3.99–$4.24.

• Monthly distribution increased to $0.15 per unit starting March 2026.

Portfolio strategy and capital allocation

• Focus on value-add renovations and tactical unit buybacks at a ~30% discount to NAV per unit.

• $792M in acquisitions and $241M in dispositions in 2025, with continued asset recycling into higher-yield properties.

• Recent dispositions targeted non-core assets, with proceeds allocated to unit repurchases.

• 68% of properties received common area renovations from 2017–2025, with 20 projects completed in 2025 and 16 planned for 2026.

Operational excellence and resident focus

• Average occupied rent of $1,590 remains well below the Canadian market average of $2,245, supporting affordability.

• Occupancy rates remain strong, with a focus on reducing turnover and maintaining stable revenue growth.

• Integrated operating platform enables margin improvement and high resident satisfaction, with a Net Promoter Score of 82 in 2025.

• Operating margin improved to 66.4% in 2025, up 190 bps from 2024.