Boardwalk Real Estate Investment Trust · TSX:BEI.UN
Boardwalk Real Estate Investment Trust — Investor Presentation (September 2026)
49 slides from Boardwalk Real Estate Investment Trust's investor presentation, September 2026
Slide 1: Investor Presentation
S E P T E M B E R 2 0 2 6 Investor Presentation
Slide 2: Corporate Profile
Corporate Profile Boardwalk is a growth-oriented Canadian multi-family real estate owner and operator with a community focus $8.6B $430.3M 99% ~25% 32,730 Net Operating Income of mortgages are combined insider Total Assets(1) (12 months ended Total Suites(2)(3) Jun 30, 2026)(1) CMHC insured(1) owner
Slide 3: Resident Members First
Resident Members First Boardwalk Family Forever Resident Family Members Our Culture Our Purpose Our Associates are our greatest asset. Customer Service Bringing you home to Love Always. We live by a simple premise: our Leaders put our Team first and our Team puts our Resident Family Members first. O
Slide 4: Operational Stability and our Commitment to Affordability
Operational Stability and our Commitment to Affordability Well-Positioned With Some of the Most Affordable Rents in Canada • Average occupied rent(1) of $1,612 compared to Canadian market rent of $2,242(2) • Affordable product is currently priced well below new supply • Affordable apartments will al
Slide 5: Q2 2026 Financial Highlights
Q2 2026 Financial Highlights 3 Months Ended June 30 Q2 2026 Q2 2025 % Change Same Property Rental Revenue $149.6 $147.1 1.7% Same Property Net Operating Income $101.2 $99.6 1.7% Same Property Operating Margin 67.6% 67.7% -10 bps Funds from Operations (FFO) (1)(2) $60.9 $61.9 -1.6% FFO per Unit (2) $
Slide 6: Proven Platform at an Exceptional Value
Proven Platform at an Exceptional Value Average Occupied Rent(3)(4) $1,426 $2,682 $1,612 CAN Avg Rent(4) $2,242 Operating Margin 50% 70% 2021: 57.6% 2025: 65.4% Net Debt to EBITDA(2) 14x 7.0x Q4 2022: 13.5x Q2 2026: 9.3x P/FFO Multiple (2027)(1) 10.0x 20.0x Boardwalk’s high-quality portfolio trades:
Slide 7: How We Create Value for Stakeholders
How We Create Value for Stakeholders Organic Growth Paired With Strong Affordable Housing Fundamentals 8 Compelling Value 18 Accretive Capital Recycling 22 Solid Financial Foundation 27 7
Slide 8: Organic Growth Paired With Strong Affordable Housing Fundamentals
Organic Growth Paired With Strong Affordable Housing Fundamentals 8
Slide 9: Alberta’s Outperformance on Population Growth
Alberta’s Outperformance on Population Growth Stats Canada M1 Population Projection Q1 2026 Provincial Non-Permanent Resident Concentration Geography 2026 2027 2028 2029 2030 1,400,000 8.00% Canada -0.2% 0.3% 0.8% 0.8% 0.8% 1,200,000 7.00% Halifax, Nova Scotia 0.8% 1.1% 1.5% 1.4% 1.3% 1,000,000 6.00
Slide 10: Positioned in Canada’s Most Affordable Markets
Positioned in Canada’s Most Affordable Markets Affordability: Rent Compared to Household Income(1)(2) MLS House Price Composite Benchmark 1,400,000 120,000 50% 43% 45% 1,200,000 100,000 38% 40% 1,000,000 35% 80,000 38% 27% 28% 33% 30% 800,000 22% 24% 22% 60,000 22% 21% 25% 600,000 20% 40,000 15% 400
Slide 11: Household Composition Changes Over Time
Household Composition Changes Over Time Percent of Canadians Aged 25 - 39 Living with Parents 18% 16% 14% 12% 10% 8% 6% 4% 2% 0% Edmonton Calgary Montreal Canada Baby Boomers (1991 Census) Gen-X (2006 Census) Millennials (2021 Census) A large proportion of Millennials are yet to enter the housing or
Slide 12: 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)(3) Bonnyville Sturgeon County Fort Saskatchewan $290.2B $80.2B Edmonton (2) Capital Investment by Sector ($B) Industrial $71.2B Power $60.1B Pipeline $54.2B Calgary Oil & Gas $39.5B
Slide 13: Labour Force in Boardwalk’s Key Markets
Labour Force in Boardwalk’s Key Markets Diverse Mix of Employment in Boardwalk’s Key Markets Top Industries by CMA 1 2 3 4 5 Victoria Health care and social Public administration [91] Wholesale and retail trade [41, Sales and service support Professional, scientific and assistance [62] 44-45] occupa
Slide 14: 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% Volume(1
Slide 15: Cyclicality of Housing Construction and Supply Demand
Cyclicality of Housing Construction and Supply Demand Outperformance and Optimal Capital Deployment Across Cycles Strong Rental Market – Increasing Rental Rates – Low Availability – Pushing Rental Velocity Balanced Rental Market – Elevated Construction Starts – Balanced Supply and Demand – Select In
Slide 16: Best-In-Class Integrated Operating Platform
Best-In-Class Integrated Operating Platform Parts and supplies purchased in bulk to hedge against inflation pressures, efficiencies in distribution Warehousing and Procurement In-house Integrated Teams: 1,563 1,416 Integrated Resident Lifecycle Capital | Landscaping | Cleaning | Services Maintenance
Slide 17: Operating Margin Improvement
Operating Margin Improvement Rental Revenue, Total Rental Expenses & Operating Margin(1) $638.6 $603.3 $545.7 65.4% $496.4 63.4% $470.5 61.0% 58.3% 58.2% $114.8 $117.9 $122.9 $118.4 $108.9 $87.3 $92.9 $94.8 $98.0 $102.7 2021 2022 2023 2024 2025 Rental Revenue Non-Controllable Expenses Controllable E
Slide 18: Compelling Value
18 Compelling Value boardwalk
Slide 19: Exceptional Value
Exceptional Value Recent Private Transactions In Boardwalk’s Markets Demonstrate Disconnect in Public Markets Windsor The Louvre Crystallina The Portofino Place (Edmonton) (Edmonton) Birkenshaw Suites (Calgary) Q2 2026 Q1 2026 (Calgary) (Edmonton) Q4 2025 Q4 2025 Q4 2025 $300,000 $280,000 $260,000 P
Slide 20: Exceptional Value – Implied Cap Rate
Exceptional Value – Implied Cap Rate NOI Growth Supportive of Positive Spread vs. Interest Rates BEI.un Valuation per Suite $280 Current Trading Price: $63 Current NAV $250 Cap Rate on Trailing NOI: 6.6% $220 $190 $160 $130 $100 $60.00 $65.00 $70.00 $75.00 $80.00 $85.00 $90.00 $96.37 $100.00 $105.00
Slide 21: Relative Valuation
Relative Valuation Relative Valuation 18.0x US Peer 4 17.0x 16.0x US Peer 1 US Peer 5 P / FFO Multiple 2027 F 15.0x US Peer 2 US Peer 3 Canadian Peer 2 14.0x BEI Canadian Peer 1 13.0x 12.0x 11.0x 10.0x 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% 10.0% 2022 to 2027 F FFO / Unit CAGR Source: Con
Slide 22: Accretive Capital Recycling
Accretive Capital Recycling 22
Slide 23: Capital Allocation – Increasing Cash Flow Per Unit
Capital Allocation – Increasing Cash Flow Per Unit Value-Add Capital Tactical Unit Buyback Accretive Capital Recycling Cost effective value-add amenity Continue to invest in the Trust’s high-quality Source opportunities that are and common area renovations. portfolio. accretive to FFO per Unit and t
Slide 24: Deploying Cash Flow Toward Repositioning & Value-Add Capital
Deploying Cash Flow Toward Repositioning & Value-Add Capital(1) Improvements Properties receiving common area renovations from 2017 to 2025(2): 69% Renovation projects Southgate Tower Fontana Place completed in 2025: (Edmonton) (Edmonton) 20 Rebranding driven by market demand Provide exceptional val
Slide 25: 2026 YTD Sales – Unlocking Equity in 2026
2026 YTD Sales – Unlocking Equity in 2026 Sales activity for 2026 YTD involves 15 non-core assets and 50% interests in 4 core assets, capitalizing on the demand for Boardwalk owned and operated properties. A portion of the net proceeds from the sales are being allocated to Boardwalk’s Unit Repurchas
Slide 26: 2026 Year-to-Date - Sales Proceeds and Strategic Capital Allocation
2026 Year-to-Date - Sales Proceeds and Strategic Capital Allocation Equity Received/(Deployed) $250.0 DGAM Real Estate Fund Co-Ownership Sales Proceeds and Capital Allocation $200.0 • Year-to-date closed and unconditional sales will London generate $271.7M of net equity proceeds $150.0 Saskatchewan
Slide 27: Solid Financial Foundation
Solid Financial Foundation 27
Slide 28: Mortgage Summary
Mortgage Summary Prudent Balance Sheet Management Mortgage Principal Schedule (2) $700 $600 99% of principal 4.12% outstanding is CMHC 3.80% insured $500 4.52% 4.07% Principal Outstanding ($Millions) 4.00% 3.41% 3.22% 4.01% $400 Average term to 3.46% maturity of debt: $45 3.13% 3.9 Years $300 2.14%
Slide 29: FFO per Unit Growth and Distribution
FFO per Unit Growth and Distribution Policy of Maximum Cash Flow Retention for Reinvestment and Organic Growth Annual Funds from Operations per Unit(1) and Distribution per Unit(2)(3) $4.60 - $4.80 $4.65 $4.18 Growth in $3.60 cash flow $3.13 $2.74 $2.94 compounding $2.57 $2.11 $2.21 through $1.59 $1
Slide 30: Solid Financial Foundation
Solid Financial Foundation Leverage Metrics 55.0% 13.3x 13.5x 14.0x 13.1x 50.0% 13.0x 11.0x 45.0% 12.0x 40.0% 11.0x 10.1x 10.0x 9.7x 35.0% 9.3x 10.0x 30.0% 9.0x 25.0% 8.0x 50.8% 47.8% 48.8% 43.2% 40.6% 42.3% 43.2% 43.0% 20.0% 7.0x Q4 2020 Q4 2021 Q4 2022 Q4 2023 Q4 2024 Q4 2025 Q1 2026 Q2 2026 (1) (
Slide 31: Creating Value for All Stakeholders
Creating Value for All Stakeholders 31
Slide 32: Re-Iterated 2026 Guidance
Re-Iterated 2026 Guidance Q2 2026 Re-Iterated Description Q1 2026 Updated Guidance 2026 Original Guidance 2025 Actual Guidance Same Property NOI Growth +1.0% to +3.5% +1.0% to +3.5% +1.5% to +4.5% 9.0% FFO Per Unit (1) $4.60 to $4.80 $4.60 to $4.80 $4.65 to $4.90 $4.65 AFFO Per Unit (1)(2) $3.94 to
Slide 33: Street Research Targets
Street Research Targets Analyst Target Prices $85.00 $84.00 $82.00 $81.00 $80.00 $80.00 $80.00 $77.00 $75.00 $75.00 $74.00 Scotiabank BMO Colliers Desjardins CIBC ATB Cormark Raymond James National Bank TD Cowen RBC Veritas Source: FactSet, as at August 31, 2026. 33
Slide 34: Contact Information
Contact Information Sam Kolias Gregg Tinling Samantha Chief Executive Chief Financial Kolias-Gunn Officer Officer Senior Vice President Corporate Development and Governance For Further Information Email: Investor@bwalk.com Phone: 403-531-9255 James Ha Eric Bowers President Vice President, Finance &
Slide 35: Appendix
Appendix 35
Slide 36: Forward Looking Statements & Non-GAAP Measures
Forward Looking Statements & Non-GAAP Measures This presentation contains forward-looking statements and information those expressed in its forward-looking statements. Material factors or measures. For more information, including definitions and reconciliations of (collectively, "forward-looking sta
Slide 37: Q2 2026 Operating Results
Q2 2026 Operating Results Same Property NOI Performance % Rental % Total Rental % Net Operating Same Property Jun. 30, 2026 - 3 M # of Suites Revenue Growth Expenses Growth Income Growth % of NOI Edmonton 11,387 1.9% 1.4% 2.2% 33.4% Calgary 6,711 -0.5% 1.3% -1.2% 25.7% Other Alberta 1,936 3.6% 1.4%
Slide 38: Mark-to-Market Revenue Gain Statistics – Same Property
Mark-to-Market Revenue Gain Statistics – Same Property Without Incentives With Incentives Annualized Annualized Mark-to- Mark-to- Market Market Adjusted Adjusted for Current Jun. 2026 for Current Weighted Jun. 2026 Mark-to- Occupancy Market Rent, Jun. 2026 Mark-to- Occupancy Average Jun. 2026 Occupi
Slide 39: Employment Growth in Boardwalk’s Largest Markets
Employment Growth in Boardwalk’s Largest Markets Sources: CTV News, Global News, CBC, Calgary Herald, Edmonton Journal Sources: CBRE, Statistics Canada, BLS 39 (1) Cities scaled by % change in jobs
Slide 40: Calgary’s Tech Sector Growing Rapidly
Calgary’s Tech Sector Growing Rapidly Calgary has seen the highest percentage growth in tech jobs within CBRE’s 2025 Tech Talent Report. Over 24,500 jobs have been added between 2021 and 2024. Sources: CBRE, Statistics Canada, BLS 40 (1) Cities scaled by % change in jobs
Slide 41: Alberta Maintains Positive Population Growth
Alberta Maintains Positive Population Growth Q1 2026 Population Growth 9,345 24,966 8,926 6,006 3,024 5,259 1,581 8,671 156 (5,774) (9,993) (18,773) (12,108) (21,665) (52,801) (17,665) (32,590) Alberta British Columbia Ontario Quebec Saskatchewan Natural Interprovincial Permanent Residents Non-Perma
Slide 42: Alberta Interprovincial Migration Mapping
Alberta Interprovincial Migration Mapping Alberta seeing record inflows from other regions of Canada. Interprovincial Migration Net(1) BC: 1,912 Net Interprovincial Current SK + MB: 6,545 Trailing 4 Quarters Alberta Total(2) = 21,529 ON + QC: 11,137 Recent interprovincial migration to Alberta has be
Slide 43: The Alberta Advantage
The Alberta Advantage Alberta Net Interprovincial Migration British Columbia Net Interprovincial Ontario Interprovincial Migration by Age by Age Group Migration by Age Group Group 100 years and older 100 years and older 100 years and older 95 to 99 years 95 to 99 years 95 to 99 years 90 to 94 years
Slide 44: Study Permit Holders Per Capita By Province
Study Permit Holders Per Capita By Province Q1 2026 Study Permit Holders Per Capita 300,000 4.50% Study Permit + Study and Work Permit Holders 4.00% 250,000 3.50% Study Permit Holders Per Capita 200,000 3.00% 2.50% 150,000 2.00% 100,000 1.50% 1.00% 50,000 0.50% - 0.00% British Prince Edward Ontario
Slide 45: Rental Affordability Relative to Home Ownership
Rental Affordability Relative to Home Ownership $3,000 Monthly Mortgage Cost Less Boardwalk Same Property Occupied Rents(1) $2,500 $2,000 $1,500 $1,000 $500 $0 6/1/2012 9/1/2012 3/1/2013 6/1/2013 9/1/2013 3/1/2014 6/1/2014 9/1/2014 3/1/2015 6/1/2015 9/1/2015 3/1/2016 6/1/2016 9/1/2016 3/1/2017 6/1/2
Slide 46: Reasons for Move-Out & Out of Town Rentals
Reasons for Move-Out & Out of Town Rentals Top Ten Reasons for Move-out Out of Town Rentals Calgary Edmonton Fort McMurray Grande Prairie 2025 2025 2026 2026 Total Total 60% Q1 Q2 Q3 Q4 Q1 Q2 Purchased Home 229 328 370 250 1,177 190 316 506 Skip / Eviction 175 67 101 106 449 91 115 206 Cost 230 322
Slide 47: Increasing Replacement Costs
Increasing Replacement Costs Residential Composite Building Price Index 120 Key Components Constraining Supply 110 Response Relative to Demand 100 Escalation in replacement costs over 90 past several years. 80 Higher interest rates. 70 60 Construction timeframes for larger 50 multi-family assets. 40
Slide 48: Recent ESG Highlights
Recent ESG Highlights Maintained our 15% GHG emissions Supported environmental restoration planting Improved ESG disclosure and performance reduction target through capital 1,801 trees in partnership with TELUS ratings, achieving higher scores across key investments, operational efficiencies and Env
Slide 49: BWell
BWell • Our guiding compass in our efforts to prioritize commitments to five core pillars to build more inclusive, sustainable and healthier communities. • Redefining what it means to be a landlord we are driven by purpose, with the goal of building better communities and providing opportunities to
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