Boardwalk Real Estate Investment Trust (BEI-UN) Q1 2025 earnings summary

Executive summary

• Q1 2025 delivered strong operational and financial results, with resilient demand for affordable multifamily housing and high occupancy, especially in Alberta, Saskatchewan, and Edmonton.

• FFO per unit increased 11.6% year-over-year to $1.06, and same property NOI rose 10.3% year-over-year.

• Strategic self-regulation of rental rates, reinvestment in communities, and disciplined capital allocation drove stability and value for residents and investors.

• Executed $210M in transactions, including acquisitions in Calgary and dispositions of non-core Edmonton assets.

• Maintained high occupancy (up to 98.8%) and affordable rents well below market averages.

Financial highlights

• Same property rental revenue increased 7.5% year-over-year to $152.0M; same property NOI rose 10.3% to $96.1M.

• FFO reached $56.7M (up 11.1% YoY); AFFO $48.2M (up 13.6% YoY); profit was $133.8M.

• Operating margin improved to 62.0%, and sequential rental revenue growth was 1.1% in Q1 2025.

• Regular distributions per unit increased to $0.135 monthly ($1.62 annualized), up 19% year-over-year.

• Net asset value per unit rose to $96.07 as of March 31, 2025.

Outlook and guidance

• Revised 2025 guidance: same property NOI growth of 5.5%–8.5%; FFO per unit $4.35–$4.60; AFFO per unit $3.72–$3.97.

• Lower carbon taxes expected to reduce utility costs and support future energy initiatives.

• Focus remains on maximizing cash flow retention for reinvestment and organic growth.

• Regular monthly distributions confirmed at $1.62 per unit annualized, a 12.5%–19% increase year-over-year.

• Anticipates continued strong demand and NOI growth, especially in Edmonton and affordable markets.