Boardwalk Real Estate Investment Trust (BEI-UN) Q4 2025 earnings summary

Executive summary

• Achieved strong financial and operational results for 2025, with FFO per unit up 11.2% year-over-year and NOI up 9.2%, supported by high occupancy (97.6%) and resilient demand for affordable multifamily housing.

• Maintained a resident-centric approach, disciplined capital allocation, and continued investment in property upgrades and ESG initiatives, with over CAD 1 billion invested since 2017.

• Executed acquisitions, dispositions, and unit repurchases, while outperforming market benchmarks, especially in Alberta.

Financial highlights

• Same property rental revenue increased 5.8% year-over-year to $608.9M; same property NOI up 9% to $404.3M; FFO per unit up 11.2% to $4.65.

• Operating margin expanded by 190 basis points to 66.4%.

• Regular distributions per unit rose 14.0% to $1.59 for 2025, with an 11.1% increase to $1.80 annualized for 2026.

• Net asset value per unit increased 2.7% to $96.23.

• Alberta contributed 63.3% of total NOI, with 5.9% rental revenue growth and 9.4% NOI growth.

Outlook and guidance

• 2026 guidance: same property NOI growth of 1.5%–4.5%, FFO per unit of $4.65–$4.90, and AFFO per unit of $3.99–$4.24.

• Announced an 11% increase in regular monthly distribution to $1.80 per unit annualized, effective March 2026.

• Expect continued resilience in affordable housing demand, with high occupancy and retention.