Boardwalk Real Estate Investment Trust (BEI-UN) Q3 2025 earnings summary

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.