Boardwalk Real Estate Investment Trust (BEI-UN) Investor presentation summary

Corporate profile and portfolio overview

• Operates as a growth-oriented Canadian multi-family real estate owner with $8.6B in assets and 32,730 suites, focusing on affordability and community engagement.

• 99% of mortgages are CMHC insured, and insider ownership is approximately 25%.

• Portfolio is diversified across highrise, townhome, and low/midrise properties, with major concentrations in Edmonton and Calgary.

Operational strategy and market positioning

• Average occupied rent is $1,612, significantly below the Canadian market average of $2,242, supporting strong demand.

• Focus on reducing turnover and maintaining high occupancy, leveraging a reputation for resident-centric service.

• Internal cash flow funds distributions and capital improvements, reducing reliance on external capital.

Financial performance and capital allocation

• Q2 2026 same property NOI and rental revenue grew 1.7% year-over-year; FFO per unit increased 2.6%.

• Regular distributions per unit rose 11.1% to $0.45, with a FFO payout ratio of 37.6%.

• Year-to-date, $271.7M in net equity proceeds from asset sales, with $242.2M redeployed into unit repurchases.