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

Executive summary

• Achieved strong Q2 2025 results with double-digit FFO per unit growth, improved operating margin, and high occupancy, driven by resilient operations and disciplined capital allocation.

• Maintained portfolio occupancy just below 98%, with average occupied rents of $1,559, supported by affordability and strong migration, especially in Alberta and Saskatchewan.

• Enhanced value through rebranding, suite renovations, and targeted acquisitions, with 74% of communities renovated by year-end 2025.

• Active capital recycling: $197M in non-core dispositions and $294M in acquisitions over the past 12 months, focusing on newer, high-quality assets.

• Updated 2025 guidance upward, reflecting confidence in continued NOI and FFO per unit growth.

Financial highlights

• Same property rental revenue rose 6.2% year-over-year to $154.6M; same property NOI up 9.8%.

• FFO increased 10.3% to $61.9M; FFO per unit up 11.5% to $1.16; AFFO per unit up 13.6% to $1.00.

• Operating margin improved to 66.2% for Q2 2025.

• Regular distributions per unit increased 12.5% year-over-year to $0.405.

• Net asset value per unit grew 3.9% since Q4 2024, reaching $97.32.

Outlook and guidance

• 2025 guidance raised: same property NOI growth 8–10%, FFO per unit $4.48–$4.63, AFFO per unit $3.85–$4.00.

• Monthly distribution confirmed at $1.62 per unit annualized, a 12.5% increase year-over-year.

• Expense growth expected to remain flat to slightly negative for the rest of 2025.

• High occupancy and sustainable leasing spreads expected to continue, with retention rates in the 3–7% range.

• Expects continued strong demand for affordable multi-family housing, especially in Alberta and Saskatchewan.