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Boardwalk Real Estate Investment Trust (BEI-UN) investor relations material
Boardwalk Real Estate Investment Trust Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
Achieved strong Q3 2025 results with FFO per unit up 10.8% year-over-year, NOI up 8.6%, and high occupancy near 98%, supported by affordable rents below market averages and operational stability.
Executed significant capital recycling, acquiring newer assets and disposing of non-core properties to enhance portfolio quality.
Advanced ESG initiatives, including energy efficiency upgrades and enhanced resident engagement, earning external recognition.
Strategic focus on affordable housing, operational stability, and disciplined capital allocation, including reinvestment and targeted acquisitions/dispositions.
Financial highlights
Same property rental revenue increased 5.1% year-over-year to $153.9M; net operating income up 8.6%; FFO per unit up 10.8% to $1.23.
Sequential quarterly rental revenue growth of 1.5% in Q3 2025, with Alberta contributing a 5.1% increase year-over-year.
Total rental expenses declined 1.8% year-over-year, mainly due to lower utility costs and reduced property taxes and insurance.
Net asset value per unit grew to $97.72, up from $93.68 at 2024 year-end.
Operating margin improved by 220 bps to 68.4%.
Outlook and guidance
2025 guidance raised: same property NOI growth of 8.5%–10.0%, FFO per unit of $4.58–$4.65, and AFFO per unit of $3.95–$4.02.
Regular monthly distributions confirmed, totaling $1.62 per unit annualized, a 12.5% increase year-over-year.
Special distribution expected by year-end to reflect taxable gains from dispositions.
Why prioritize unit buybacks over other investments
What explains the unit price vs. asset value gap?
What is the impact of higher mortgage renewal rates?
Prioritize NCIB over acquisitions in 2026?
Calgary new lease spreads: What are the drivers?
2026 property tax increase drivers?
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Next Boardwalk Real Estate Investment Trust earnings date
Q4 202520 Feb, 2026
Next Boardwalk Real Estate Investment Trust earnings date
Q4 202520 Feb, 2026
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Frequently asked questions
Boardwalk REIT owns and operates residential rental communities across Canada. It manages a portfolio of multi-family apartment properties offering a range of housing options in various urban markets. The company is headquartered in Calgary, Canada, and its shares are listed on the TSX.
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