Boardwalk Real Estate Investment Trust · TSX:BEI.UN
Boardwalk Real Estate Investment Trust — Investor Day (July 2026)
34 slides from Boardwalk Real Estate Investment Trust's investor day presentation, July 2026
Slide 1: Boardwalk Investor Days
J U L Y 2 0 2 6 Boardwalk Investor Days
Slide 2: Resident Family Members First
Resident Family Members First Resident Family Members Customer Service We live by a simple premise: Our Leaders put our Team first and our Team puts our Resident Operations Family Members first. Management Executives CEO 2
Slide 3: Revisiting Last Year's Investor Days Key Messages
Revisiting Last Year’s Investor Days Key Messages 2025 Investor Days Key Messages Performance vs. 2025 Key Messages Occupancy remains stable at approximately 97% 1) Geography Matters Alberta had the strongest population growth in 2025 2) Platform for Ongoing Growth 2025 SPNOI growth of 9% Invested $
Slide 4: 2026 Investor Days Key Messages
2026 Investor Days Key Messages Alberta: Canada's Growth Leader (With Upside) 5 Best-In-Class Platform 12 Spotlight on Supply Chain 13 Spotlight on Proprietary Technology 15 Disciplined Capital Allocation 17 Model That Compounds Growth at an Exceptional Value 25 4
Slide 5: Alberta: Canada's Growth Leader (With Upside)
Alberta: Canada's Growth Leader (With Upside) 5
Slide 6: Major Projects Driving Long-Term Economic Growth
Major Projects Driving Long-Term Economic Growth Diverse Cross-Section of Major Projects Near Edmonton and Calgary(1) $246.2B $80.3B (2) Capital Investment by Sector ($B) Industrial $68.2B Power $60.1B Oil & Gas $57.4B Infrastructure $21.1B Pipeline $11.0B Institutional $10.7B Mixed-Use $6.2B Touris
Slide 7: Alberta Advantage: High Quality of Life
Alberta Advantage: High Quality of Life I NCOME LOW TAXES JOBS AND OPPO RTU NIT IES #1 No PST +3.8% Highest median total income in Canada — Purchases in Alberta are 6% to 10% less Alberta Total Employment CAGR May 2021 - May $96,600 (2024) vs. $86,000 nationally. expensive relative to other Province
Slide 8: Positioned in Canada's Most Affordable Markets
Positioned in Canada’s Most Affordable Markets Rent Compared to Household Income(1) 44% 37% 34% 22% 21% Vancouver Toronto Montreal Edmonton Calgary Rentals.ca Rent % of Median Income Affordability continues to drive migration to Alberta. Sources: Rentals.ca June 2026 Rent Report, Statistics Canada,
Slide 9: Immigration Levels Plan Reductions: Provincial Allocation
Immigration Levels Plan Reductions: Provincial Allocation Provincial Non-Permanent Resident Concentration 9.2% 9.0% Higher risk of 7.6% population 7.1% decline 6.3% 6.0% 5.5% 5.2% British Columbia Ontario Quebec Alberta Q4 2024 Q1 2026 Federal Non-Permanent Resident Reduction Target Provinces with t
Slide 10: Strong Population Growth on a Relative Basis
Strong Population Growth on a Relative Basis Q1 2026 Population Growth 8,926 9,345 24,966 6,006 5,259 8,671 (5,774) (9,993) (18,773) (12,108) (21,665) (17,665) (52,801) (32,590) Alberta British Columbia Quebec Ontario Natural Interprovincial Permanent Residents Non-Permanent Residents Total Populati
Slide 11: Population Growth Paired with Housing Construction
Population Growth Paired with Housing Construction Alberta Supply-Demand (All Housing Units, Quarterly Growth Rates) 1.6% 1.4% 1.2% 1.0% 0.8% 0.6% 0.4% 0.2% 0.0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2021 2021 2021 2021 2022 2022 2022 2022 2023 2023 2023 2023 2024 2024 2024
Slide 12: Best-In-Class Platform
12 Best-In-Class Platform boardwalk
Slide 13: Supply Chain as a Competitive Advantage
Supply Chain as a Competitive Advantage Centralized Warehousing Centralized regional warehouses reduce delays and ensure consistent supply of key materials near demand centers. Strategic Cost Management Bulk purchasing and material standardization lower per-unit costs and reduce contractor markups s
Slide 14: Enabling Scale Without Bottlenecks
Enabling Scale Without Bottlenecks Pre-positioned Materials Regional warehouses stock key materials to speed suite Average Days to Complete Standard Suite Turn(1) turnover and avoid delays in repairs and renovations. 30 First-Trip Repair Efficiency 25 Ensuring correct parts availability allows maint
Slide 15: Resident Experience (REX)
Resident Experience (REX) Digital Application / Lease our core focus — the first step in one connected journey on home.bwalk.com, from Prospect to Resident Member and back again. Digital Application — your journey with us begins Get as many applications fully digital as possible, cutting paper, the
Slide 16: Foundation of Technology and Innovation
Foundation of Technology and Innovation We Own Our Platform and Our Data TheWeFoundation own our operating— WeNo system. Own Our per-unit Platform software and tax, full data Our and ownership, Data AI deployed on data that's ours. We chose to build and own Our proprietary PMS has run Boardwalk for
Slide 17: Disciplined Capital Allocation
Disciplined Capital Allocation 17
Slide 18: Capital Allocation – 2025 to Present
Capital Allocation – 2025 to Present Boardwalk has been actively advancing our capital allocation strategy — divesting non-core properties, acquiring newer assets with stronger earnings growth and lower capital requirements, and opportunistically repurchasing trust units to grow free cash flow Strat
Slide 19: Canada-Wide Transaction Activity
Canada-Wide Transaction Activity Boardwalk has capitalized on opportunities in our major markets, completing over $1 billion in transactions since 2025. Dispositions have been completed with pricing in-line with IFRS fair value providing capital to deploy towards the best risk-adjusted returns Edmon
Slide 20: NCIB as the Predominant Use of Sales Proceeds
NCIB as the Predominant Use of Sales Proceeds PRIVATE MARKET AT 4.75%-5.25% CAP RATE BEI.UN UNITS The Louvre (Edmonton) Q2 2026 Legacy Place (Calgary) Q2 2026 $234M Total Normal Course Issuer Bid Cap Rate – 5.00% Cap Rate – 5.00% $293K/suite $308K/suite Trust Units Purchased Crystallina (Edmonton) T
Slide 21: Central Parc Laval – Acquisition Case Study
Central Parc Laval – Acquisition Case Study Acquisitions Where the FFO Yield and Product Quality Align 2026 Budget FFO Yield ($M) Net operating income (2026B) $11.1 Less: mortgage interest expense ($4.5) Funds From Operations $6.6 Purchase price $249.0 Less: mortgage debt ($176.5) Total Equity $72.5
Slide 22: Deploying Cash Flow Toward Repositioning & Value-Add Capital Improvements
Deploying Cash Flow Toward Repositioning & Value-Add Capital(1) Improvements Properties receiving common area renovations from 2017 to 2025(2)(3): 68% Renovation projects Southgate Tower Fontana Place completed in 2025: (Edmonton) (Edmonton) 20 Rebranding driven by market demand Provide exceptional
Slide 23: The Westmount – Case Study - Before and After Photos
The Westmount – Case Study - Before and After Photos Before After 23
Slide 24: The Westmount – Case Study – Competitive Advantage Following Rebranding
The Westmount – Case Study – Competitive Advantage Following Rebranding Pricing Well Below New Supply and at a Premium to Comparable Housing Market Rent Creating Value Through Rebranding - Investment of $10,500 per suite The View - Upgrades to Amenities, Common Areas, and leasing office - Thoughtful
Slide 25: Model That Compounds Growth at an Exceptional Value
Model That Compounds Growth at an Exceptional Value 25
Slide 26: Cyclicality of Housing Construction and Supply—Demand
Cyclicality of Housing Construction and Supply—Demand Outperformance and Optimal Capital Deployment Across Cycles Strong Rental Market – Moderate Self-Regulated Rental Rate Adjustments – Low Availability Balanced Rental Market – Pushing Rental Velocity – Balanced Supply and Demand – Elevated Constru
Slide 27: Rent Change on New & Renewal Leases
Rent Change on New & Renewal Leases Portfolio Rent Change from Prior Lease New Lease (Left) Renewal (Left) % of Leases Completed (Right) 12.3% 13.0% 13.0% 11.0% 9.8% 9.6% 11.0% 8.7% 9.2% 8.6% 9.0% 8.0% 7.6% 7.4% 9.0% 6.2% 6.6% 7.0% 5.9% 7.0% 4.5% 4.9% Leasing Spread 5.0% 4.0% 4.1% 3.6% 5.0% 3.2% 3.0
Slide 28: Exceptional Value – Implied Discount to Net Asset Value
Exceptional Value – Implied Discount to Net Asset Value Unit Price Per Suite Valuation Current NAV $66 $96 $280 Analyst Low - $75 Analyst High - $86 $247 $250 Implied Cap Rate(1) 6.5% 4.5% $220 $197 6.3% $190 P/FFO Multiple (2026)(2) $160 10.0x 20.0x CAN Peers – 14.6x USA Peers – 16.9x $130 13.2x Ne
Slide 29: Balance Sheet Strength Fueling Compounding Cash Flow
Balance Sheet Strength Fueling Compounding Cash Flow Leverage Metrics Annual Funds from Operations per Unit(4) and 55.0% 13.5x 14.0x Distribution per Unit(5)(6) 13.3x 13.1x 50.0% 13.0x $4.60 - $4.80 9.3% FFOpu CAGR $4.65 45.0% 12.0x $4.18 $3.60 40.0% 11.0x 10.1x $3.13 11.0x 10.0x $2.94 9.7x $2.74 35
Slide 30: Closing Remarks
Closing Remarks 2026 Investor Days Key Messages 1) Alberta: Canada's Growth Leader (With Upside) i. Alberta offers a superior quality of life, leading to higher population growth. 2) Best-In-Class Platform i. Elements such as our vertically integrated supply chain and bespoke technological solutions
Slide 31: Thank You!
Thank You! SOE
Slide 32: Forward Looking Statements & Non-GAAP Measures
Forward Looking Statements & Non-GAAP Measures This presentation contains forward-looking statements and information Boardwalk could also cause actual results or events to differ materially from similar financial measures disclosed by other entities. Non-GAAP measures (collectively, "forward-looking
Slide 33: Appendix: Major Projects Detailed List
Appendix: Major Projects Detailed List Completed or 2026 Proposed Under Construction Completion • Beacon Heartland AI Data • Air Products Hydrogen • Blindman Industrial park AI Center Hub ($4.0B) Production and Data Centre • Heartland Hydrogen Hub Liquefaction Facility ($4.6B • Peace Butte Wind Farm
Slide 34: Appendix: Leverage and Occupancy Compared to Peers
Appendix: Leverage and Occupancy Compared to Peers Source: National Bank Capital Markets . 34
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