Boardwalk Real Estate Investment Trust (BEI-UN) Q1 2026 earnings summary

Executive summary

• Q1 2026 delivered strong operational and financial performance, with FFO per unit up 8.5% year-over-year and NOI up 10.0% from Q1 2025, supported by a continued focus on affordability and value creation.

• Maintained high occupancy rates at 97.3%, outperforming market fundamentals, especially in Alberta, and continued to prioritize affordable housing segments.

• Strategic asset dispositions and capital redeployment supported growth, with over $102 million invested in unit repurchases YTD 2026.

• Enhanced ESG initiatives and resident satisfaction, with measurable progress in environmental and social metrics and a 7.5% improvement in the 2025 GRESB ESG score.

• Updated 2026 guidance reflects higher property taxes and increased asset sale targets.

Financial highlights

• Same property rental revenue increased 2.8% year-over-year to $154.0M; same property NOI rose 6.8% to $101.4M.

• FFO per unit increased by 8.5% year-over-year to $1.15; AFFO per unit up 8.9% to $0.98.

• Operating margin improved to 65.8%, up 230–280 bps from Q1 2025.

• Regular distributions per unit increased 12% to $0.42; FFO payout ratio at 36.4%.

• Q1 2026 reported a net loss of $5.5M versus a profit of $133.8M in Q1 2025, mainly due to fair value losses.

Outlook and guidance

• 2026 guidance revised for higher property taxes, now expecting same property NOI growth of 1.0%–3.5% and FFO per unit of $4.60–$4.80.

• AFFO per unit guidance set at $3.94–$4.14.

• Asset sale target increased to $400–$500 million for 2026, with positive blended leasing spreads anticipated.

• Regular monthly distribution confirmed at $1.80 per unit annualized, with a CAGR of over 10% since 2021.

• Guidance includes redeployment of capital from $306 million in announced asset sales and a $200 million unit buyback.