Boardwalk Real Estate Investment Trust · TSX:BEI.UN
Boardwalk Real Estate Investment Trust — Q2 2026 Earnings Presentation
61 slides from Boardwalk Real Estate Investment Trust's earnings presentation, Jul 29, 2026
Slide 1: Q2 2026 Conference Call
Q2 2026 Conference Call July 29, 2026 11:00 a.m. MST, 1:00 p.m. EST
Slide 2: Forward Looking Statements & Non-GAAP Measures
Forward Looking Statements & Non-GAAP Measures This conference call presentation contains forward-looking statements and Boardwalk could also cause actual results or events to differ materially from measures should not be construed as alternatives to IFRS Accounting Standards information (collective
Slide 3: Table of Contents
Table of Contents Redefining “BFF” and Strong Results Sam Kolias 4 Our Culture Chief Executive Officer 5 Q2 2026 Financial Highlights Market Fundamentals Samantha Kolias-Gunn 6-8 Positioned to Outperform Across Market Conditions Senior VP Corporate Development and Governance Solid Financial Foundati
Slide 4: Boardwalk's Resident Family Members First
Boardwalk’s Resident Family Members First Boardwalk Family Forever 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 4
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: 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 $2,159(2) • Affordable product is currently priced well below new supply • Affordable apartments will al
Slide 7: Exceptional Quality at an Affordable Price
Exceptional Quality at an Affordable Price Boardwalk has made significant investments in its communities to Westridge Estates C (Edmonton) Riverview Plaza (Edmonton) improve value proposition and leasing Property Average Market Rent(1) $1,362 Property Average Market Rent(1) $1,438 performance. Edmon
Slide 8: 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 8,671 1,581 156 (5,774) (9,993) (18,773) (1,871) (12,108) (52,801) (17,665) (32,590) Alberta British Columbia Ontario Quebec Saskatchewan Natural Interprovincial Permanent Residents Non-Perman
Slide 9: Key Operational Metrics
Key Operational Metrics Optimization of Occupancy, Rent & Incentives Leading to Resilient Revenue Same Property Rental Revenue & Vacancy Loss(4)(5) Actual Occupancy(1) ($000's) $155,000 $4,500 $150,400 $149,700 $149,600 $149,300 $4,000 97.9% 97.7% 97.6% $150,000 $147,100 97.3% 97.0% $3,500 $145,000
Slide 10: 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 11: Q2 2026 Operating Results
Q2 2026 Operating Results Sequential Quarterly Revenue Growth Q2 2026 vs Q1 Q1 2026 vs Q4 Q4 2025 vs Q3 Q3 2025 vs Q2 Same Property Revenue Growth # of Suites 2026 2025 2025 2025 Edmonton 11,387 0.3% -1.0% 1.2% 1.6% (1) Calgary 6,711 -0.7% -1.1% -0.2% 1.6% Other Alberta 1,936 0.8% 0.4% 1.0% 1.4% Que
Slide 12: 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 13: 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) 3.41% 3.80% 3.22% 4.01% $400 Average term to 3.46% maturity of debt: $45 3.13% 3.9 Years $300 2.14%
Slide 14: Fair Value
Fair Value Total Value and Cap Rate Comparison Ranges Fair Value of Investment Properties(1) and Cap Rate Comparison Ranges 6.75% Assets Held for Sale (in millions) Investment Properties Assets Held For Sale 6.00% 6.00% 6.00% 5.75% 5.69% 5.75% 5.75% $8,710 5.50% 5.50% $84 5.25% 5.18% 5.18% $8,607 5.
Slide 15: 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 16: 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 17: Disciplined Capital Allocation – 2026 YTD
Disciplined Capital Allocation – 2026 YTD Boardwalk has been actively advancing our capital allocation strategy — divesting non-core properties, acquiring newer assets with stronger earnings growth, lower capital requirements, and opportunistically repurchasing Trust units to grow free cash flow Non
Slide 18: 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 19: Disciplined Capital Allocation – Unit Buyback
Disciplined Capital Allocation – Unit Buyback 2025 BEI-UN Unit Price FFOpu: $4.65 NAVpu: $96.23 $90 $85 Compound Annual Growth Rate $80 FFOpu: 12.1% $75 2021 NAVpu: 9.5% $70 FFOpu: $2.94 NAVpu: $66.87 $65 $60 $55 $50 $45 $40 2021 2022 2023 2024 2025 YTD 2026 Repurchases: Repurchases: Equity Issuance
Slide 20: Desjardins Strategic Co-Ownership
Desjardins Strategic Co-Ownership Co-Ownership Summary Portfolio Detail ▪ Boardwalk and DGAM Canadian Private Real Estate Fund, L.P. have formed a Aurora strategic long-term institutional capital partnership focusing on acquiring and owning high quality multifamily communities across Western Canada
Slide 21: 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 22: 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 23: Exceptional Value – Implied Cap Rate
Exceptional Value – Implied Cap Rate NOI Growth Supportive of Positive Spread vs. Interest Rates $280 BEI.un Valuation per Suite Current Trading Price: $65 Current NAV $250 Cap Rate on Trailing NOI: 6.5% $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 24: 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 25: 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 26: Closing Remarks: Proven Platform at an Exceptional Value
Closing Remarks: Proven Platform at an Exceptional Value Average Occupied Rent(3)(4) $1,443 $2,642 $1,612 CAN Avg Rent(4) $2,159 Operating Margin 50% 70% 2021: 57.6% 2025: 65.4% Net Debt to EBITDA(2) 14x 7.0x Q4 2022: 13.5x Q1 2026: 9.3x P/FFO Multiple (2026)(1) 10.0x 20.0x Boardwalk’s high-quality
Slide 27: Appendix – Economic Data
Appendix – Economic Data 27
Slide 28: Positioned in Canada's Most Affordable Markets
Positioned in Canada’s Most Affordable Markets Affordability: Rent Compared to Median Household Income(1)(2) 120,000 50% 45% 45% 100,000 37% 40% 35% 80,000 37% 28% 27% 33% 30% 25% 21% 22% 60,000 21% 21% 25% 20% 40,000 15% 10% 20,000 5% - 0% Edmonton Calgary Montreal London Regina Saskatoon Quebec Ci
Slide 29: 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)(2)(3) (1) Map focused on Central and Southern Alberta. 29 (2) Select sectors shown. (3) Projects shown as at July 17, 2026.
Slide 30: Alberta Labour Force Growth
Alberta Labour Force Growth Employment Growth Coming from Diverse Industries Total Employed (Index = Jan 2000) Labour Force Survey Alberta(1)(2) 180 400 Health care 170 350 AB Wholesale & 160 retail trade 300 150 BC Construction 250 ON Professional & 140 QC 200 scientific 130 Education SK 150 Accomm
Slide 31: 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 32: Alberta Permanent Resident Admissions
Alberta Permanent Resident Admissions Alberta % of Total Canadian Permanent Resident Admissions 20.0% 18.0% 16.0% 14.0% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% Q2 2015 Q1 2016 Q1 2015 Q3 2015 Q4 2015 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019
Slide 33: Non-Permanent Resident Share of Population
Non-Permanent Resident Share of Population Q1 2026 Provincial Non-Permanent Resident Concentration 1,400,000 8.00% 1,200,000 7.00% 6.00% 1,000,000 5.00% 800,000 4.00% 600,000 3.00% 400,000 2.00% 200,000 1.00% - 0.00% British Ontario Quebec Prince Edward Manitoba Alberta Nova Scotia New Brunswick Sas
Slide 34: 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 35: 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 36: Completions & Starts Under Construction
Calgary New Home Construction Homeowner Under Construction Inventory, Condo Under Construction Inventory, Completions, and Starts - Calgary CMA Completions, and Starts - Calgary CMA 1,600 9,000 1,400 10,000 Completions & Starts Completions & Starts 8,000 Under Construction Under Construction 1,400 1
Slide 37: Completions & Starts Under Construction
Edmonton New Home Construction Homeowner Under Construction Inventory, Condo Under Construction Inventory, Completions, and Starts - Edmonton CMA Completions, and Starts - Edmonton CMA 1,200 8,000 600 4,000 Completions & Starts Completions & Starts Under Construction Under Construction 1,000 7,000 5
Slide 38: Completions & Starts Under Construction
38 Completions & Starts Completions & Starts 100 200 300 400 500 600 0 100 150 200 250 0 50 Jun-20 Jun-20 Sep-20 Sep-20 Dec-20 Dec-20 Mar-21 Mar-21 Source: CMHC Jun-21 Jun-21 Sep-21 Sep-21 Dec-21 Dec-21 Mar-22 Mar-22 Jun-22 Jun-22 Sep-22 Sep-22 Dec-22 Dec-22 Mar-23 Mar-23 Under Construction Inventor
Slide 39: Completions & Starts Under Construction
39 Completions & Starts Completions & Starts 100 150 200 300 100 120 0 250 0 50 20 40 60 80 Jun-20 Jun-20 Sep-20 Sep-20 Dec-20 Dec-20 Mar-21 Mar-21 Source: CMHC Jun-21 Jun-21 Sep-21 Sep-21 Dec-21 Dec-21 Mar-22 Mar-22 Jun-22 Jun-22 Sep-22 Sep-22 Dec-22 Dec-22 Mar-23 Mar-23 Under Construction Inventor
Slide 40: Completions & Starts Under Construction
KWC New Home Construction Homeowner Under Construction Inventory, Condo Under Construction Inventory, Completions, and Starts - Kitchener - Waterloo Completions, and Starts - Kitchener - Waterloo - Cambridge CMA - Cambridge CMA 350 2,000 1,200 6,000 Under Construction Under Construction Completions
Slide 41: Completions & Starts Under Construction
London New Home Construction Homeowner Under Construction Inventory, Condo Under Construction Inventory, Completions, and Starts - London CMA Completions, and Starts - London CMA 400 1,800 400 1,600 Completions & Starts Completions & Starts 1,600 Under Construction Under Construction 350 350 1,400 3
Slide 42: Montreal New Home Construction
Montreal New Home Construction Homeowner Under Construction Inventory, Condo Under Construction Inventory, Completions, and Starts - Montreal CMA Completions, and Starts - Montreal CMA 800 3,500 1,800 16,000 Completions & Starts Completions & Starts Under Construction 700 1,600 Under Construction 3,
Slide 43: Under Construction
43 Completions & Starts Completions & Starts 150 200 250 350 100 300 0 50 500 1,000 1,500 2,000 2,500 3,000 0 Jun-20 Jun-20 Sep-20 Sep-20 Dec-20 Dec-20 Mar-21 Source: CMHC Mar-21 Jun-21 Jun-21 Sep-21 Sep-21 Dec-21 Dec-21 Mar-22 Mar-22 Jun-22 Jun-22 Sep-22 Sep-22 Dec-22 Dec-22 Mar-23 Mar-23 Under Con
Slide 44: Appendix – Operations
Appendix – Operations 44
Slide 45: Revenue, Vacancy Loss & Incentives
Revenue, Vacancy Loss & Incentives Rental Revenue(1), Incentives, Vacancy Loss ($000's) Rental Revenue Incentives Vacancy Loss $160,000 $150,000 Incentives = $0.5M $140,000 Incentives = $8.7M $130,000 $120,000 Incentives = $8.7M Incentives = $9.7M $110,000 $100,000 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q
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: 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 48: Appendix – Finance
Appendix – Finance 48
Slide 49: Mortgage Summary
Mortgage Summary 2026 Mortgage Program Maturing Renewed or Average % of Maturing Mortgage Forward Locked Mortgages Paid Maturing Renewed New Renewal Principal Maturity Date Suites Amount to Date New Upfinancing Out Rate Rate Term (Yrs) Completed Jan (1) 459 $95,890,000 $69,210,000 $0 ($26,690,000) 2
Slide 50: Secured Financing Analysis
Secured Financing Analysis Sufficient Access to Additional Mortgage Capital for Opportunities That May Arise CMHC Mortgage Valuation Model with June 2026 Revenue and Standardized Costs(1)(2)(3) ($ amounts in 000's) Projected Maximum Loan Loan to CMHC Estimated Amount (70% LTV or 1.3x Underwriting Ye
Slide 51: Appendix – Development
Appendix – Development 51
Slide 52: Development Pipeline
Development Pipeline Steady Progress on Value Creating Development Pipeline Future Developments – On Hold Project The Marin Marda Loop Island Highway Location Victoria - Esquimalt, British Calgary, Alberta View Royal, British Columbia Columbia Ownership Interest 100% 100% 100% Description Land assem
Slide 53: Appendix – The Boardwalk Brands
Appendix – The Boardwalk Brands 53
Slide 54: Brand Diversification
Brand Diversification Elevate Your Life in Style Your New Adventure Starts Here The Perfect Home For Your Story Our refined Lifestyle communities go Get ready to embrace a life filled with With a focus on exceptional security, above and beyond to provide an excitement and endless fun in our customer
Slide 55: Amenity Spaces Designed for Changing Lifestyles
Amenity Spaces Designed for Changing Lifestyles Addressing the Social Needs of Our Resident Members Unmatched state-of-the-art fitness facilities Beautifully appointed lounges for Connected, comfortable workspaces leisure and connections where style and convenience merge 55
Slide 56: Lifestyle Brand Showcase
Lifestyle Brand Showcase Hi Rise 1 – Verdun, QC Broadway Centre – Calgary, AB Broadway Centre – Calgary, AB BRIO – Calgary, AB 45 Railroad – Brampton, ON 45 Railroad – Brampton, ON 56
Slide 57: Lifestyle Brand Showcase
Lifestyle Brand Showcase BRIO – Calgary, AB Broadway Centre – Calgary, AB Auburn Landing – Calgary, AB Chateau – Calgary, AB Chateau – Calgary, AB Centre Pointe West – Calgary, AB 57
Slide 58: Community Brand Showcase
Community Brand Showcase Whitehall Square – Edmonton, AB Whitehall Square – Edmonton, AB Whitehall Square – Edmonton, AB Whitehall Square – Edmonton, AB Whitehall Square – Edmonton, AB Whitehall Square – Edmonton, AB 58
Slide 59: Community Brand Showcase
Community Brand Showcase Southgate Tower – Edmonton, AB Southgate Tower – Edmonton, AB Northwest Pointe – Calgary, AB Redwood Court – Edmonton, AB Redwood Court – Edmonton, AB Northwest Pointe– Calgary, AB 59
Slide 60: Living Brand Showcase
Living Brand Showcase Habitat Village – Edmonton, AB Breton Manor – Edmonton, AB Meadowview Manor – Edmonton, AB Fontana Place – Edmonton, AB Fontana Place – Edmonton, AB Fontana Place – Edmonton, AB 60
Slide 61: Living Brand Showcase
Living Brand Showcase Central Heights Apartments – Saskatoon, SK Central Heights Apartments – Saskatoon, SK Fontana Place – Edmonton, AB Fontana Place – Edmonton, AB Leewood Village – Edmonton, AB Leewood Village – Edmonton, AB 61
Boardwalk Real Estate Investment Trust — Q2 2026 Earnings Presentation on 6ix