Boardwalk Real Estate Investment Trust · TSX:BEI.UN
Boardwalk Real Estate Investment Trust — Q4 2025 Earnings Presentation
62 slides from Boardwalk Real Estate Investment Trust's earnings presentation, Feb 20, 2026
Slide 1: Q4 2025 Conference Call
Gradient Swatches Gradient Bars Callout Text This is the preferred callout text size and shape. Explanation Caption Q4 2025 Conference Call February This is an explanation box 20, 2026 with emphasis. The typeface is Lato Bold 10.5 pt. 11:00 Renewals represent 65-75% a.m. MST, of monthly lease1:00 p.
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 2025 Financial Highlights Market Fundamentals Samantha Kolias-Gunn 6-8 Positioned to Outperform Across Market Conditions Senior VP Corporate Development and Governance Solid Financial Foundation
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: 2025 Financial Highlights
2025 Financial Highlights Net Asset Value per Unit(2) & 12 Months Ended December 31 2025 2024 % Change Unitholders' Equity Same Property Rental Revenue $608.9 $575.5 5.8% Same Property Net Operating $4,918 $404.3 $371.0 9.0% Income $4,837 Same Property Operating Margin 66.4% 64.5% +190 bps $96.23 Fu
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 $1,590 compared to Canadian market rent of $2,245(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 B (Edmonton) Warwick Apartments (Edmonton) improve value proposition and leasing Property Average Market Rent(1) $1,420 Property Average Market Rent(1) $1,482 performance. Ed
Slide 8: Alberta Maintains Positive Population Growth
Alberta Maintains Positive Population Growth Q3 2025 Population Growth 11,525 33,690 10,802 5,652 8,999 15,399 1,504 (10,605) (26,242) (2,268) (208) (725) (14,335) (66,888) (107,280) Alberta British Columbia Ontario Quebec Saskatchewan Natural Interprovincial Permanent Residents Non-Permanent Reside
Slide 9: Key Operational Metrics
Key Operational Metrics Optimization of Occupancy, Rent & Incentives Leading to Strong Revenue Actual Occupancy Same Property Rental Revenue & Vacancy Loss(3) ($000's) $154,600 $153,900 * $154,600 98.0% 97.8% 97.9% 97.7% 97.6% $152,100 $152,000 * $2,797 $2,949 $2,833 $3,052 $3,289 Q4-2024 Q1-2025 Q2
Slide 10: Leasing Spread Volume
Rent Change on New & Renewal Leases Portfolio Rent Change from Prior Lease New Lease (Left) Renewal (Left) % of Leases Completed (Right) 13.0% 12.1% 13.0% 11.0% 9.5% 9.6% 9.5% 11.0% 9.0% 8.6% 9.0% 7.7% 7.9% 7.5% 9.0% 6.6% 6.2% 7.0% 5.8% 7.0% 5.5% 5.1% 5.1% 4.8% 4.5% 4.9% Leasing Spread 5.0% 4.0% 4.1
Slide 11: Q4 2025 Operating Results
Q4 2025 Operating Results Sequential Quarterly Revenue Growth Q4 2025 vs Q3 Q3 2025 vs Q2 Q2 2025 vs Q1 Q1 2025 vs Q4 Same Property Revenue Growth # of Suites 2025 2025 2025 2024 Edmonton 11,983 1.2% 1.6% 1.3% 1.0% Calgary (1) 6,347 -0.2% 1.6% 0.6% 1.1% Other Alberta 1,936 1.0% 1.4% 1.9% 1.6% Quebec
Slide 12: Q4 2025 Operating Results
Q4 2025 Operating Results Same Property NOI Performance % Rental % Total Rental % Net Operating Same Property Dec. 31 2025 - 3 M # of Suites Revenue Growth Expenses Growth Income Growth % of NOI Edmonton 11,983 5.1% -2.4% 10.1% 34.1% Calgary 6,347 3.0% 3.2% 2.9% 24.1% Other Alberta 1,936 6.1% -0.7%
Slide 13: Administration Costs
Administration Costs Administration Costs & Deferred Unit-Based Compensation (CDN $ thousands) Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Administration $10,668 $12,170 $12,254 $10,768 $11,081 Deferred unit-based $1,281 $1,227 $1,149 $1,086 $2,047 compensation • Administration costs decreased $1.5 mill
Slide 14: Mortgage Summary
Mortgage Summary Prudent Balance Sheet Management (2) Mortgages Principal Schedule $900 $800 96% of principal outstanding is CMHC $228 $700 4.12% insured 3.81% 4.52% 4.12% Principal Outstanding ($Millions) $600 3.38% 4.04% 3.22% 3.45% Average term to $500 2.72% maturity of debt: $400 3.15% 3.4 Years
Slide 15: Fair Value
Fair Value Total Value and Cap Rate Comparison Ranges Fair Value of Investment Properties(1) and Assets Held for Sale Cap Rate Comparison Ranges (in $MMs) Investment Properties Assets Held For Sale 6.75% 6.25% $8,709 6.00% 6.00% $84 5.75% 5.69% 5.75% 5.75% 5.50%5.50% $8,468 5.25% 5.17% 5.00% 4.99% $
Slide 16: 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 17: 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): 68% Renovation projects Southgate Tower Fontana Place completed in 2025: (Edmonton) (Edmonton) 20 Rebranding driven by market demand Provide exceptional val
Slide 18: Disciplined Capital Allocation
Disciplined Capital Allocation 2025 FFOpu: $4.65 NAVpu: $96.23 Compound Annual Growth Rate FFOpu: 12.1% 2021 NAVpu: 9.5% FFOpu: $2.94 NAVpu: $66.87 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2024 Q1 2025 Sep - Dec 2025 YTD 2026 Repurchase: Repurchase: Repurchase: Repurchase: Repurchase: Repurchase: Repurcha
Slide 19: 2025 and 2026 YTD Acquisitions and Dispositions
2025 and 2026 YTD Acquisitions and Dispositions Boardwalk closed on $792M in 2025 and $37M post year-end in a transformational year Disposition Statistics 2025 $241 Million Closed Dispositions $200,000 per suite Cap Rate 5.2% Suites Sold 1,206 Subsequent Disposition Statistics 2026 YTD Selling non-c
Slide 20: Recent Dispositions – Unlocking Equity in Q4 2025 - Q1 2026
Recent Dispositions – Unlocking Equity in Q4 2025 - Q1 2026 Recent disposition activity involves 5 non-core assets, capitalizing on strong private buyer demand in Montréal and Edmonton. Net proceeds from the sales are being allocated towards Boardwalk’s Unit Repurchase Program. Q4 2025 - Q1 2026 Dis
Slide 21: 2025 - 2026 YTD Equity Proceeds and Uses
2025 - 2026 YTD Equity Proceeds and Uses Through 2025 and 2026 YTD, Boardwalk has received $175.1M of net equity proceeds from dispositions, deployed $276.2M in equity for acquisitions, and invested $75.0M in Boardwalk’s Unit Repurchase Program. Equity Deployed/(Received) ■Acquisitions ■Dispositions
Slide 22: Introduction of 2026 Guidance
Introduction of 2026 Guidance Description 2026 Guidance 2025 Actual Same Property NOI Growth +1.5% to +4.5% 9.0% FFO Per Unit (1) $4.65 to $4.90 $4.65 AFFO Per Unit (1)(2) $3.99 to $4.24 $4.02 (1) Please refer to section titled “Non-GAAP Measures” in this conference call presentation for more inform
Slide 23: 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) $4.65 - $4.90 $4.65 $4.18 Growth in $3.60 cash flow $3.13 $2.74 $2.94 compounding $2.57 $2.21 through $2.11 $1.77 or
Slide 24: Solid Financial Foundation
Solid Financial Foundation Leverage Metrics 55.0% 13.3x 13.5x 14.0x 13.1x 50.0% 13.0x 45.0% 11.0x 12.0x 40.0% 11.0x 10.1x 10.0x 10.1x 10.0x 9.8x 35.0% 10.0x 30.0% 9.0x 25.0% 8.0x 50.8% 47.8% 48.8% 43.2% 40.6% 39.9% 39.6% 41.4% 42.3% 20.0% 7.0x Q4 2020 Q4 2021 Q4 2022 Q4 2023 Q4 2024 Q1 2025 Q2 2025
Slide 25: Exceptional Value – Implied Cap Rate
Exceptional Value – Implied Cap Rate NOI Growth Supportive of Positive Spread vs. Interest Rates on Forward-Looking Basis Current Trading Price: $68 Cap Rate on Trailing NOI: 6.2% Cap Rate on Forward NOI: Approx. 6.4% Implied Cap Rates on trailing 12-month NOI are calculated using BEI.UN trailing 12
Slide 26: Exceptional Value
Exceptional Value Recent Private Transactions In Boardwalk’s Markets In Line With Current NAV Estimate Current Trading Price(1) Q4 NAV per Unit (2) Unit Price $60 $68 $70 $80 $90 $96.23 $100 $110+ Fair Value Cap Rate: 5.19% Price Per Suite $188k $201k $204 $221k $237k $247k $253k $270k+ Windsor Plac
Slide 27: Appendix - Economic Data
27 Appendix - Economic Data boardwalk
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 46% 50% 45% 100,000 38% 40% 35% 80,000 27% 28% 36% 33% 30% 22% 23% 24% 60,000 22% 25% 20% 20% 40,000 15% 10% 20,000 5% - 0% Edmonton Calgary Montreal London Regina Saskatoon Quebec Ci
Slide 29: 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 AB 350 Wholesale & retail trade 160 300 150 BC Construction 250 ON 140 Professional & QC 200 scientific Education 130 SK 150 Accomm
Slide 30: Alberta Interprovincial Migration Mapping
Alberta Interprovincial Migration Mapping Alberta seeing record inflows from other regions of Canada. Interprovincial Migration Net(1) BC: 4,385 Net Interprovincial Current SK + MB: 6,128 Trailing 4 Quarters Alberta Total2 = 23,525 ON + QC: 11,227 Recent interprovincial migration to Alberta has been
Slide 31: 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% Alberta takes an out-sized proportion of Permanent Resident Admissions. This proportion has been trending upwards more recently. 31 Source: Imm
Slide 32: Non-Permanent Resident Share of Population
Non-Permanent Resident Share of Population Q3 2025 Provincial Non-Permanent Resident Concentration 1,400,000 9.00% 8.00% 1,200,000 7.00% 1,000,000 6.00% 800,000 5.00% 600,000 4.00% 3.00% 400,000 2.00% 200,000 1.00% - 0.00% British Ontario Quebec Prince Edward Manitoba Alberta Nova Scotia New Brunswi
Slide 33: 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 34: Increasing Replacement Costs
Increasing Replacement Costs Residential Composite Building Price Index 120 Key Components Constraining Supply 110 Response Relative to Demand 100 90 Escalation in replacement costs over past several years. 80 70 Higher interest rates. 60 Construction timeframes for larger 50 multi-family assets. 40
Slide 35: Calgary New Home 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 1,400 Under Construction 1
Slide 36: Edmonton New Home 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 6,000 Completions & Starts Completions & Starts 7,000 Under Construction Under Construction 1,000 5
Slide 37: Saskatoon New Home Construction
37 Completions & Starts Completions & Starts 100 200 300 400 500 600 0 150 200 250 100 0 50 Jan-20 Jan-20 Apr-20 Apr-20 Jul-20 Jul-20 Oct-20 Oct-20 Source: CMHC Jan-21 Jan-21 Apr-21 Apr-21 Jul-21 Jul-21 Oct-21 Oct-21 Jan-22 Jan-22 Apr-22 Apr-22 Jul-22 Jul-22 Oct-22 Oct-22 Under Construction Inventor
Slide 38: Regina New Home Construction
38 Completions & Starts Completions & Starts 100 150 200 250 300 100 0 0 50 20 40 60 80 Jan-20 Jan-20 Apr-20 Apr-20 Jul-20 Jul-20 Oct-20 Oct-20 Source: CMHC Jan-21 Jan-21 Apr-21 Apr-21 Jul-21 Jul-21 Oct-21 Oct-21 Jan-22 Jan-22 Apr-22 Apr-22 Jul-22 Jul-22 Oct-22 Oct-22 Under Construction Inventory Un
Slide 39: Kitchener - Waterloo - Cambridge New Home 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 40: London New Home 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 350 1,600 350 1,400 Under Construction Under Construction 3
Slide 41: 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 700 1,600 Under Construction 14,000 Under Construc
Slide 42: Quebec City New Home Construction
42 Completions & Starts Completions & Starts 100 150 200 250 300 350 0 50 500 1,000 1,500 2,000 2,500 3,000 0 Jan-20 Jan-20 Apr-20 Apr-20 Jul-20 Jul-20 Oct-20 Source: CMHC Oct-20 Jan-21 Jan-21 Apr-21 Apr-21 Jul-21 Jul-21 Oct-21 Oct-21 Jan-22 Jan-22 Apr-22 Apr-22 Jul-22 Jul-22 Oct-22 Oct-22 Under Con
Slide 43: Appendix - Operations
43 Appendix - Operations boardwalk
Slide 44: Revenue, Vacancy Loss & Incentives
Revenue, Vacancy Loss & Incentives Net Rental Revenue(1), Incentives, Vacancy Loss ($000's) Rental Revenue Incentives Vacancy Loss $160,000 Incentives $150,000 $464 $140,000 $130,000 $120,000 Incentives $8,921 $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 Q3 Q4
Slide 45: Occupancy Trend
Occupancy Trend Maintaining Occupancy as a Component of Revenue Optimization Rentals Move-Outs & Occupancy 1,200 100.0% 1,000 98.0% 800 96.0% 600 94.0% 400 92.0% 200 90.0% 0 88.0% Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
Slide 46: Reasons for Move-Out & Out of Town Rentals
Reasons for Move-Out & Out of Town Rentals Out of Town Rentals 2024 2024 2025 2025 Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Calgary Edmonton Moving out of town 313 556 546 388 1,803 318 554 502 375 1,749 Fort McMurray Grande Prairie Transfer / Assignment 228 303 358 394 1,283 371 436 431 413 1,651 60% Pu
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 Adjusted Market Adjusted Dec 2025 for Current for Current Weighted Dec 2025 Dec 2025 Mark-to- Occupancy Market Dec 2025 Mark-to- Occupancy Average Market Occupied
Slide 48: Appendix - Finance
48 Appendix - Finance boardwalk
Slide 49: Mortgage Summary
Mortgage Summary 2025 Mortgage Program Complete Maturing % of Maturing Mortgage Renewed or Fwd Maturing Average Principal Maturity Date Suites Amount Locked to Date New Upfinancing Rate New Rate Term (Yrs) Completed Feb 290 $21,330,000 $21,330,000 $0 2.62% 3.92% 7 100% Mar 440 $35,690,000 $35,690,00
Slide 50: Mortgage Summary
Mortgage Summary 2026 Mortgage Program Maturing % of Maturing Mortgage Renewed or Fwd Maturing Average Principal Maturity Date Suites Amount Locked to Date New Upfinancing Rate New Rate Term (Yrs) Completed Jan (1) 881 $95,890,000 $69,210,000 $0 2.43% 3.95% 9 72% Feb (2) 730 $61,070,000 $57,540,000
Slide 51: Secured Financing Analysis
Secured Financing Analysis Sufficient Access to Additional Mortgage Capital for Opportunities That May Arise CMHC Mortgage Valuation Model with December 2025 Revenue and Standardized Costs(1)(2)(3) ($ amounts in 000's) Projected Maximum Loan Loan to CMHC Estimated Amount (70% LTV or 1.3x Underwritin
Slide 52: Appendix – Development
52 Appendix - Development boardwalk
Slide 53: Development Pipeline
Development Pipeline Steady Progress on Value Creating Development Pipeline Under Construction Future Developments – On Hold Project Aspire The Marin Marda Loop Island Highway Location Victoria - View Royal, British Victoria - Esquimalt, British Calgary, Alberta View Royal, British Columbia Columbia
Slide 54: Appendix – The Boardwalk Brands
Appendix – The Boardwalk Brands 54
Slide 55: 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 56: 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 56
Slide 57: 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 57
Slide 58: 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 58
Slide 59: 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 59
Slide 60: 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 60
Slide 61: Living Brand Showcase
Living Brand Showcase Habitat Village – Edmonton, AB Breton Manor – Edmonton, AB Meadowview Manor – Edmonton, AB Fontana Place – Edmonton, AB Fontana Palace– Edmonton, AB Fontana Place – Edmonton, AB 61
Slide 62: Living Brand Showcase
Living Brand Showcase Valley Ridge Tower– Edmonton, AB Valley Ridge Tower – Edmonton, AB Lord Byron– Edmonton, AB Leewood Village – Edmonton, AB Leewood Village – Edmonton, AB Leewood Village – Edmonton, AB 62
Boardwalk Real Estate Investment Trust — Q4 2025 Earnings Presentation on 6ix