Boardwalk Real Estate Investment Trust · TSX:BEI.UN
Boardwalk Real Estate Investment Trust — Q2 2026 Earnings Presentation
78 slides from Boardwalk Real Estate Investment Trust's earnings presentation, Jul 29, 2026
Slide 1: Q2 2026 Report: Letter to Unitholders
BOARDWALK REIT | Q2 2026 REPORT FLOW MADE FRICTIONLESS Letter to Corporate Profile Boardwalk REIT (“Boardwalk”, the “Trust”) strives to be Canada’s friendliest community provider and the first choice in multi-family communities to work, invest, and call home with our Boardwalk Family Forever. Provid
Slide 2: Second Quarter Financial Highlights
We remain committed to disciplined capital allocation and maintaining a strong and flexible balance sheet. We are pleased with the continued improvement in our Debt to EBITDA ratio to 9.3x, compared to 10.0x at year-end 2025. Our investments team remains active in sourcing capital from asset sales,
Slide 3: Solid Operational Results
Continued Highlights of the Trust's Second Quarter 2026 Financial Results Jun. 30, 2026 Dec. 31, 2025 Equity Unitholders' equity $ 4,680,996 $ 4,918,159 Net Asset Value Net asset value (1)(2) $ 4,864,547 $ 5,108,421 Net asset value (“NAV”) per Unit (2) $ 96.37 $ 96.23 Liquidity and Debt Cash and cas
Slide 4: Occupancy and rent performance in Q2 2026
The Trust retained high occupancy during Q2 2026 by focusing on retention and by leveraging its vertically-integrated operating platform to limit the time to complete unit turnovers. The Trust’s approach to strategically moderate its lease renewal rates over the last number of years, while markets w
Slide 5: Strong Liquidity Position, Strategic Capital Allocation
% Rental % Total Rental % Net Operating Same Property Jun. 30, 2026 – 6 M # of Suites Revenue Growth Expenses Growth Income Growth % of NOI Edmonton 11,387 2.4% (4.0)% 6.3% 33.6% Calgary 6,711 0.1% (1.0)% 0.6% 26.0% Other Alberta 1,936 4.2% 2.0% 6.0% 5.3% Alberta 20,034 1.7% (2.5)% 3.9% 64.9% Quebec
Slide 6: 2026 Disposition Activities
A full breakdown of the Trust’s 2026 disposition activities year-to-date is provided below: 2026 Dispositions Mortgage Gross Price Assumed/ WA Sales Price Per Suite Exit Cap Payout Interest Name Market Closing Date ($millions) (1) (rounded) Suites WA Age Rate ($millions) Rate Newly Announced DGAM Re
Slide 7: Re-iterating 2026 Financial Guidance
RE-ITERATING 2026 FINANCIAL GUIDANCE Boardwalk’s outlook for the remainder of 2026 is for positive same property NOI growth across the majority of its portfolio as demand for affordable multi-family housing remains resilient. The Trust will continue to prioritize occupancy and anticipates blended le
Slide 8: In Conclusion
IN CONCLUSION Boardwalk remains committed to extending its track record of delivering a win-win outcome for all our stakeholders. Our strategy statement reflects this commitment by positioning Boardwalk as the first choice in multi-family apartment communities to work, invest and call home with our
Slide 9: Management's Discussion and Analysis
Management’s Discussion and Analysis For the Three and Six Months Ended, June 30, 2026 and 2025 GENERAL AND FORWARD-LOOKING STATEMENTS ADVISORY General The terms “Boardwalk”, “Boardwalk REIT”, the “REIT”, the “Trust”, “we”, “us” and “our” in the following Management’s Discussion and Analysis (“MD&A”
Slide 10: Forward-looking statements
competitive, the Trust's plans with respect to adjustment of rental rates, real estate trends and the seasonality of the industry, depreciation adjustments, the Trust's intention to dispute the notices of reassessment with Canada Revenue Agency (“CRA”) Appeals Division, plans for capital improvement
Slide 11: Executive Summary
Executive Summary BUSINESS OVERVIEW Boardwalk REIT is an unincorporated, open-ended real estate investment trust created pursuant to a Declaration of Trust, dated January 9, 2004, as amended and restated on various dates between May 3, 2004, and May 6, 2024 (the “Declaration of Trust” or “DOT”), und
Slide 12: Outlook
OUTLOOK The Bank of Canada’s July 2026 Monetary Policy report, released on July 15, indicates that Canada's economic outlook has improved modestly after a period of slower growth, with economic activity beginning to gain momentum despite ongoing trade uncertainty, slower population growth, and geopo
Slide 13: Canada-China partnership
In January 2026, to forge a new Canada-China partnership, Prime Minister Carney undertook an official visit to China, the first by a Canadian Prime Minister since 2017. The new strategic partnership announced includes agreements to expand two-way energy collaboration, attract new investment in Canad
Slide 14: Boardwalk's Strategy and Brand Diversification
Boardwalk’s Strategy Community, Team, Performance. Boardwalk, the first choice in multi-family apartment communities to work, invest and call home with our Boardwalk Family Forever. Providing consistent strong total shareholder return through a strategy of operational excellence, innovation, and eff
Slide 15: Branding Initiative and Suite Renovation Program
Boardwalk’s Branding Initiative and Suite Renovation Program Boardwalk has invested $57.7 million in capital assets for the six months ended June 30, 2026 (six months ended June 30, 2025 – $55.8 million), including $40.6 million in value-add capital (six months ended June 30, 2025 – $38.7 million),
Slide 16: Distribution Policy and Non-GAAP Measures
Distribution Policy Boardwalk REIT may distribute to holders of Trust Units and LP Class B Units on or about each distribution date such percentage of FFO for the calendar month then ended as the Trust's board of trustees (the “Board of Trustees”) determines in its discretion. Distributions will not
Slide 17: Presentation of Non-GAAP Measures: FFO
these puttable instruments are similar to equity. Management of the Trust agrees these distribution payments are similar to equity, as these amounts are only payable if the Trust declares distributions, and only for the amount of any distributions declared, both of which are at the discretion of the
Slide 18: Non-GAAP Ratios
Adjusted Real Estate Debt The IFRS Accounting Standards measurement most comparable to Adjusted Real Estate Debt is total mortgage principal outstanding. Adjusted Real Estate Debt is comprised of total mortgage principal outstanding, mortgage principal outstanding related to assets held for sale, to
Slide 19: Performance Review
Debt to EBITDA Debt to EBITDA is calculated by dividing Adjusted Real Estate Debt, net of Cash by consolidated EBITDA. The Trust uses Debt to EBITDA to understand its capacity to pay off its debt. Debt to Total Assets Debt to Total Assets is calculated by dividing Adjusted Real Estate Debt by Total
Slide 20: FFO per Unit Reconciliations
37.6% (three months ended June 30, 2025 – 34.9%). For the six months ended June 30, 2026, the FFO Payout Ratio was 37.0% (six months ended June 30, 2025 – 35.1%). Please refer to the section titled “Presentation of Non-GAAP Measures” in this MD&A for more information on FFO Payout Ratio. The overall
Slide 21: Fully Diluted Trust Units
The following table is the calculation of the fully diluted weighted average Trust Units used to calculate the FFO per Unit, AFFO per Unit, and ACFO per Unit amounts within this MD&A and includes all items that can be convertible into Trust Units. 3 Months 3 Months 6 Months 6 Months Fully Diluted Tr
Slide 22: Review of Rental Operations
REVIEW OF RENTAL OPERATIONS Boardwalk REIT’s NOI strategy includes a rental revenue strategy that focuses on enhancing overall rental revenue by balancing market rents, rental incentives, turnovers, and occupancy gains. The application of this rental revenue strategy is ongoing, on a market-by-marke
Slide 23: Segmented Operational Reviews
Utility costs decreased by 3.4% for the three months ended June 30, 2026, compared to the same period in the prior year driven by lower water and sewer costs, and electricity, that were partially offset by higher natural gas costs. For the six months ended June 30, 2026, utilities decreased 13.2% co
Slide 24: Alberta and British Columbia Rental Operations
Alberta is Boardwalk's largest operating segment, representing 63.3% and 63.4% of total reported NOI for the three and six months ended June 30, 2026, respectively. In addition, Alberta represents 61.9% of total suites. Boardwalk REIT’s Alberta operations for three and six months ended June 30, 2026
Slide 25: British Columbia and Saskatchewan Rental Operations
British Columbia Rental Operations (Same Property) 3 Months 3 Months 6 Months 6 Months (In $000’s, except number of suites) Jun. 30, 2026 Jun. 30, 2025 % Change Jun. 30, 2026 Jun. 30, 2025 % Change Rental revenue $ 1,747 $ 1,749 (0.2)% $ 3,461 $ 3,513 (1.5)% Expenses Operating expenses 162 146 11.0%
Slide 26: Saskatchewan Rental Operations (Same Property)
Saskatchewan Rental Operations (Same Property) 3 Months 3 Months 6 Months 6 Months (In $000’s, except number of suites) Jun. 30, 2026 Jun. 30, 2025 % Change Jun. 30, 2026 Jun. 30, 2025 % Change Rental revenue $ 16,360 $ 16,065 1.8% $ 32,784 $ 31,903 2.8% Expenses Operating expenses 2,614 2,306 13.4%
Slide 27: Ontario and Quebec Rental Operations
Ontario Rental Operations (Total and Same Property) 3 Months 3 Months 6 Months 6 Months (In $000’s, except number of suites) Jun. 30, 2026 Jun. 30, 2025 % Change Jun. 30, 2026 Jun. 30, 2025 % Change Rental revenue $ 12,875 $ 12,590 2.3% $ 25,810 $ 25,096 2.8% Expenses Operating expenses 2,216 2,238
Slide 28: Quebec Rental Operations and Operational Sensitivities
Quebec Rental Operations (Same Property) 3 Months 3 Months 6 Months 6 Months (In $000’s, except number of suites) Jun. 30, 2026 Jun. 30, 2025 % Change Jun. 30, 2026 Jun. 30, 2025 % Change Rental revenue $ 21,738 $ 20,841 4.3% $ 43,334 $ 41,516 4.4% Expenses Operating expenses 3,774 3,762 0.3% 7,105
Slide 29: Portfolio Occupancy (Same Property)
In competitive markets, the Trust takes a more proactive approach by increasing the use of suite-specific rental incentives and, where appropriate, adjusting reported market rents. The increased use of these incentives, particularly in Alberta, was intended to keep occupancy levels above the overall
Slide 30: Same Property Results
In Q2 2026, the Trust reported a decrease of 83 bps in its overall same property occupancy rate compared to the same quarter in the prior year, a decrease from 97.79% to 96.96%. Despite recent new supply entering the market, overall occupancy remains high in Alberta, driven by record net migration i
Slide 31: Same property rental revenue growth by market
% 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% 4.8% 5.5% Alberta 20,034 1.1% 1.4% 1.0% 64.6% Quebec 4
Slide 32: Estimated Mark-to-Market Revenue Gain Calculation
continued to deliver strong results, with same property NOI growth of 5.1% and 6.2% for the three and six months ended June 30, 2026, respectively. The growth was primarily driven by higher in-place occupied rents and sustained high occupancy levels, together with lower utility costs and insurance p
Slide 33: Vacancy Loss and Incentives
Without Incentives With Incentives Annualized Annualized Mark-to- Mark-to- Market Market Adjusted Adjusted for Current Jun. 2026 Mark-to- for Current Weighted Jun. 2026 Jun. 2026 Mark-to- Occupancy Market Rent, Jun. 2026 Market Occupancy Average Market Occupied Market Per Levels Including Occupied P
Slide 34: Financing Costs
Rental Revenue, Incentives, Vacancy Loss ($000s) Rental Revenue Incentives Vacancy Loss $160,000 $150,000 $140,000 $130,000 $120,000 $110,000 $100,000 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2021 2022 2023 2024 2025 2026 FINANCING COSTS Financing costs, including interest e
Slide 35: Administration and Depreciation
Amortization of Deferred Financing Costs The amortization of deferred financing costs relates primarily to the amortization of CMHC premiums, which are paid as part of mortgage financing. If Boardwalk REIT replaces an existing mortgage with a new mortgage, all costs associated with the original mort
Slide 36: Other Income and Expenses; Review of Cash Flows
OTHER INCOME AND EXPENSES Income Tax Expense Boardwalk REIT qualifies as a “mutual fund trust” as defined in the Tax Act. The Tax Act also contains legislation affecting the tax treatment of publicly traded trusts and the criteria for qualifying for the REIT Exemption, which would exempt Boardwalk R
Slide 37: Investing Activities and ACFO Reconciliation
ACFO Reconciliation 3 Months 3 Months 6 Months 6 Months (In $000’s, except per Unit amounts) Jun. 30, 2026 Jun. 30, 2025 % Change Jun. 30, 2026 Jun. 30, 2025 % Change Cash flow from operating activities $ 58,427 $ 54,245 $ 120,088 $ 100,343 Adjustments Net change in operating working capital 3,929 9
Slide 38: 2026 Six Month Investment in Capital Assets
A significant part of Boardwalk's capital improvement relates 2026 Six Month Investment in Capital Assets to projects performed by Boardwalk Associates through its internal capital program, which was initiated in 1996 as a way to create more value for the Trust. The Trust recognizes the 35% Building
Slide 39: Budgeted Capital Expenditures by Category
2026 Budgeted Capital 2025 Capital 2024 Capital 2023 Capital Category Expenditures ($000's) Expenditures ($000's) Expenditures ($000's) Expenditures ($000's) Building Exterior, Grounds & Parking $ 50,667 $ 39,304 $ 40,077 $ 36,136 Hallways & Lobbies 9,179 9,642 8,151 8,999 Elevators 3,400 3,344 3,27
Slide 40: Maintenance CAPEX Estimate
Using the three-year rolling average reserve, Boardwalk's 2026 estimate of Maintenance CAPEX is $34.9 million, or $1,009 per suite, for the year. For 2025, Boardwalk's estimate of Maintenance CAPEX, using the three-year average reserve, was $33.6 million, or $979 per suite, for the year. The increas
Slide 41: Key Valuation Metrics: Stabilized Cap Rates
The key valuation metrics for the Trust's investment properties using the stabilized approach are set out in the following table: As at Jun. 30, 2026 Dec. 31, 2025 Forecasted Total Forecasted Total Capitalization Rate Stabilized Net Capitalization Rate Stabilized Net Weighted Average Operating Incom
Slide 42: Capitalized improvements and fair value loss
For the six months ended June 30, 2026, the Trust capitalized $53.8 million in improvements to investment properties (and $6.9 million in development of investment properties) and recorded a fair value loss of $110.7 million on its financial statements as a result of changes in the fair value of inv
Slide 43: Development and Property Acquisitions
It is our intention to continue to investigate further development opportunities, however, each future opportunity will require a separate analysis and, depending on the analysis and economic conditions, the Trust will determine if additional development projects are warranted and if continued devel
Slide 44: Capital Structure and Liquidity: Distributions
Financing Activities Distributions Boardwalk distributes payments monthly to its Unitholders and holders of LP Class B Units. These payments are referred to as regular distributions. The distinct nature and classification of these payments are unique to each real estate investment trust and the comp
Slide 45: Liquidity and Mortgage Schedule
The Trust’s liquidity position as at June 30, 2026, remains stable as the following table highlights: ($000) Cash and cash equivalents $ 128,993 Unused credit facilities 245,800 Total available liquidity $ 374,793 In addition to this, the Trust currently has 2,467 rental suites of unencumbered asset
Slide 46: Interest Coverage
Other contractual obligations of the Trust include lease obligations (see NOTE 17(c) to the unaudited condensed consolidated interim financial statements for the three and six months ended June 30, 2026 and 2025). Interest Coverage Boardwalk’s liquidity and access to capital resources is constrained
Slide 47: Debt to EBITDA, Debt to Total Assets
Debt to EBITDA For the trailing 12 months ended June 30, 2026, Boardwalk REIT’s Debt to EBITDA was 9.34, compared to 9.99 for the year ended December 31, 2025. The decrease is primarily attributable to the increase in cash and cash equivalents and the repayment of the construction loan, paired with
Slide 48: Equity
Boardwalk REIT has one class of publicly traded voting securities, being the Trust Units. As at June 30, 2026, there were 46,100,542 Trust Units issued and outstanding. In addition, there were 4,200,000 LP Class B Units, each of which also has a special voting unit in the REIT. Each LP Class B Unit
Slide 49: Net Asset Value per Unit
Net Asset Value per Unit The Trust’s NAV per Unit is calculated below: As at Jun. 30, 2026 Dec. 31, 2025 Investment properties $ 8,430,744 $ 8,694,906 Equity accounted investment 30,979 38,936 Investment properties related to assets held for sale - 83,951 Cash and cash equivalents 128,993 97,093 Adj
Slide 50: Disclosure Controls and 2026 Financial Outlook
DISCLOSURE CONTROLS AND PROCEDURES & INTERNAL CONTROLS OVER FINANCIAL REPORTING Management is responsible for establishing and maintaining a system of disclosure controls and procedures to provide reasonable assurance that all material information relating to the Trust is gathered and reported to se
Slide 51: Capital Budget and Selected Financial Information
6 Months Jun. 30, Capital Budget ($000's) 2026 Budget Per Suite 2026 Actual Per Suite Maintenance CAPEX $ 34,896 $ 1,009 $ 17,071 $ 505 Value-add capital 113,854 3,293 40,611 1,200 Investment in capital assets $ 148,750 $ 4,302 $ 57,682 $ 1,705 Development of investment properties $ 10,085 $ 6,878 S
Slide 52: Condensed Consolidated Interim Statements of Financial Position
Condensed Consolidated Interim Statements of Financial Position (unaudited, CDN $ THOUSANDS) As at Note Jun. 30, 2026 Dec. 31, 2025 ASSETS Non-current assets Investment properties 3 $ 8,430,744 $ 8,694,906 Equity accounted investment 30,979 38,936 Other 35,396 35,853 8,497,119 8,769,695 Current asse
Slide 53: Statements of Comprehensive (Loss) Income
Condensed Consolidated Interim Statements of Comprehensive (Loss) Income (unaudited, CDN $ THOUSANDS) 3 Months Ended 3 Months Ended 6 Months Ended 6 Months Ended Note Jun. 30, 2026 Jun. 30, 2025 Jun. 30, 2026 Jun. 30, 2025 Rental revenue 10 $ 160,917 $ 157,306 $ 324,750 $ 313,014 Rental expenses Ope
Slide 54: Statements of Changes in Unitholders' Equity
Condensed Consolidated Interim Statements of Changes in Unitholders’ Equity (unaudited, CDN $ THOUSANDS) Cumulative Total Cumulative Distributions Retained Unitholders’ Trust Units Profit (Loss) to Unitholders Earnings Equity Balance, December 31, 2024 $ 457,548 $ 6,093,336 $ (1,714,075) $ 4,379,261
Slide 55: Statements of Cash Flows
Condensed Consolidated Interim Statements of Cash Flows (unaudited, CDN $ THOUSANDS) 3 Months Ended 3 Months Ended 6 Months Ended 6 Months Ended Note Jun. 30, 2026 Jun. 30, 2025 Jun. 30, 2026 Jun. 30, 2025 Operating activities (Loss) profit $ (13,467) $ 76,304 $ (18,976) $ 210,054 Transaction costs
Slide 56: Notes to the Condensed Consolidated Interim Financial Statements
Notes to the Condensed Consolidated Interim Financial Statements For the Three and Six Months Ended, June 30, 2026 and 2025 (Tabular amounts in Cdn $ thousands, except number of units and per unit amounts UNLESS OTHERWISE STATED, unaudited) NOTE 1: ORGANIZATION OF THE TRUST Boardwalk Real Estate Inv
Slide 57: Note 3: Investment Properties
differ from these estimates. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are material to the financial statements, are consistent with those disclosed in the Trust’s December 31, 2025, annual consolidated financial statements. NOTE 3: INVE
Slide 58: Property acquisitions in 2025
On July 23, 2025, the Trust acquired three properties, two of which are located in Saskatoon, Saskatchewan, and the other in Regina, Saskatchewan. The properties, totaling 235 suites, were purchased for $71.1 million. The acquisition was funded with cash on hand of $52.0 million and the assumption o
Slide 59: Fair value Level 2 and Level 3 transfers
within the last year which were valued at Level 2 inputs as they are valued based on unconditional purchase and sale agreements between two willing market participants. For investment properties measured at fair value as at June 30, 2026 and December 31, 2025, transfers into and out of Level 3 fair
Slide 60: Note 4: Assets Held for Sale
5.22% 371,204 5.16% 369,918 Land Leases 5.50% 42,925 5.50% 42,282 Total 5.25% $ 414,129 5.19% $ 412,200 The overall weighted average stabilized Cap Rates for measuring the Trust’s investment properties at fair value using a forecasted stabilized NOI as at June 30, 2026, and December 31, 2025, were 5
Slide 61: Note 5: Mortgages Payable; Note 6: Other Liabilities
NOTE 5: MORTGAGES PAYABLE As at Jun. 30, 2026 Dec. 31, 2025 (1) Weighted Weighted Average Interest Debt Balance Average Interest Debt Balance Mortgages payable Fixed rate 3.46% $ 3,522,604 3.35% $ 3,490,395 Total $ 3,522,604 $ 3,490,395 Current $ 641,886 $ 886,648 Non-current 2,880,718 2,603,747 $ 3
Slide 62: Notes 7-9: Deferred Units, LP Class B Units, Unitholders' Equity
NOTE 7: DEFERRED UNIT-BASED COMPENSATION The total of $20.8 million represents the fair value of the underlying deferred units at June 30, 2026 (December 31, 2025 – $17.3 million). The status of the outstanding deferred units was as follows: # of Units Outstanding # of Units Vested Balance, December
Slide 63: Capital securities outstanding and distributions
The Trust has the following capital securities outstanding: As at Jun. 30, 2026 Dec. 31, 2025 Trust Units Amount Trust Units Amount Trust Units outstanding, beginning of year 48,752,330 $ 534,132 49,346,111 $ 457,548 Trust Units issued for vested deferred units 8,412 558 89,202 6,256 Trust Units pur
Slide 64: Notes 10-12: Rental Revenue, Financing Costs, Transaction Costs
All dilutive elements were included in the calculation of diluted per Trust Unit amounts. For the three and six months ended June 30, 2026 and 2025, all items were anti-dilutive as the conversion of the LP Class B Units and the exercise of vested deferred units would have decreased loss per Trust Un
Slide 65: Notes 13-14: Fair Value Losses; Commitments
The transaction costs on sale of assets and net cash proceeds are outlined below. 3 Months Ended 3 Months Ended 6 Months Ended 6 Months Ended Jun. 30, 2026 Jun. 30, 2025 Jun. 30, 2026 Jun. 30, 2025 Sales price $ 222,000 $ - $ 306,000 $ 80,000 Costs of dispositions (8,121) - (12,765) (2,291) Net proc
Slide 66: Note 15: Capital Management and Liquidity
Boardwalk REIT, in the normal course of operations, will become subject to a variety of legal and other claims against the Trust, most of which are minor in nature. Management and the Trust’s legal counsel evaluate all claims on their apparent merits and accrue management’s best estimate of the esti
Slide 67: Components of the Trust's capital and related costs
The following schedule details the components of the Trust’s capital and the related costs thereof: As at Jun. 30, 2026 Dec. 31, 2025 (1) Cost of Capital (2) Underlying Value (3) Cost of Capital (2) Underlying Value (3) Liabilities Mortgages payable 3.46% $ 3,501,690 3.35% $ 3,472,051 LP Class B Uni
Slide 68: Note 16: Fair Value Measurement
NOTE 16: FAIR VALUE MEASUREMENT (a) Fair Value of Financial Instruments Fair value is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value of interest bearing financial assets
Slide 69: Note 17: Risk Management
(b) Assets and Liabilities Measured at Fair Value The fair value hierarchy of assets and liabilities measured at fair value on a recurring basis in the condensed consolidated interim statements of financial position is as follows: As at Jun. 30, 2026 Dec. 31, 2025 Level 1 Level 2 Level 3 Level 1 Lev
Slide 70: Liquidity Risk and Debt Covenants
(c) Liquidity Risk Liquidity risk is the risk that the Trust will not be able to meet its financial obligations as they become due. Management assesses the Trust’s liquidity risk to be low. The following table details the Trust’s remaining contractual maturity for its financial liabilities listed by
Slide 71: Note 18: Other Information
(e) Market Risk The Trust is exposed to market risk related to utilities as a result of fluctuations in the prices of natural gas and electricity. As outlined in NOTE 14, the Trust has commitments to certain utility contracts to reduce the risk of exposure to adverse changes in commodity prices. NOT
Slide 72: Note 19: Segmented Information
NOTE 19: SEGMENTED INFORMATION Boardwalk REIT specializes in multi-family residential housing and operates within one business segment in five provinces located wholly in Canada along with a corporate segment. Each provincial segment operates with a high degree of autonomy. Management monitors the o
Slide 73: Three Months Ended Jun. 30, 2025 by province
Three Months Ended Jun. 30, 2025 British Alberta Columbia Saskatchewan Ontario Quebec Corporate Total Rental revenue (a) $ 101,170 $ 1,749 $ 16,910 $ 12,590 $ 24,602 $ 285 $ 157,306 Rental expenses Operating expenses 17,102 146 2,375 2,238 4,344 2,018 28,223 Utilities 7,211 76 1,479 946 1,457 73 11,
Slide 74: Six Months Ended Jun. 30, 2025 by province
Six Months Ended Jun. 30, 2025 British Alberta Columbia Saskatchewan Ontario Quebec Corporate Total Rental revenue (a) $ 201,260 $ 3,513 $ 33,575 $ 25,096 $ 49,014 $ 556 $ 313,014 Rental expenses Operating expenses 33,785 262 4,813 4,357 8,205 4,043 55,465 Utilities 18,712 153 3,540 2,377 4,576 198
Slide 75: Rental revenue by province
Six Months Ended Jun. 30, 2026 British Alberta Columbia Saskatchewan Ontario Quebec Corporate Total Lease revenue $ 192,789 $ 4,316 $ 36,452 $ 25,126 $ 51,250 $ 270 $ 310,203 Parking revenue 3,906 87 469 358 1,877 6 6,703 Recoveries (cable, retirement) and revenue from telephone and cable providers
Slide 76: Notes 20-21: Financing Costs by Segment; Subsequent Events
Six Months Ended Jun. 30, 2026 British Alberta Columbia Saskatchewan Ontario Quebec Corporate Total Interest on secured debt (mortgages payable) $ 40,844 $ 2,100 $ 6,078 $ 4,670 $ 8,755 $ - $ 62,447 Interest capitalized to properties under development - - - - - (596) (596) LP Class B Unit distributi
Slide 77: Corporate Information
Corporate Information EXECUTIVE OFFICE Razvan Costin Vice President, First West Professional Building Operations, 200-1501 1 St. SW Northern Alberta and Saskatchewan Calgary, Alberta T2R 0W1 Phone: 403-531-9255 Arvinder Dhol Vice President, Special Projects, Engineering & Design BOARD OF TRUSTEES Gi
Slide 78: Boardwalk
boardwalk 200-1501 1 St. SW Calgary, Alberta T2R OW1 T 403-531-9255 F 403-531-9565 bwalk.com
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