Boardwalk Real Estate Investment TrustTSX: BEI.UN

May 2026 Investor Presentation (202654 Investor Presentation FINAL2)

· Issued by Boardwalk Real Estate Investment Trust
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M A Y 2 0 2 6

Investor Presentation



$427.2M

Net Operating Income

(12 months ended

Mar 31, 2026)

34,120

Total Suites(1)(2)

~25%

combined insider ownership(1)

96%

of mortgages are CMHC insured(1)

$8.9B

Total Assets(1)



Highrise

43%

Townhome

14%

Lowrise/Midrise

43%

Victoria 0.7%

Edmonton 34.5%

Calgary

20.9%

Other AB 5.7%

Saskatoon

5.3%

Regina 6.0%

Kitchener Waterloo 1.8%

London 6.6%

Brampton 1.0%

Quebec City 3.0%

Montreal 14.5%

10%

45%

45%





Other AB includes Grande Prairie, Fort McMurray, and Red Deer.

Corporate Profile

Boardwalk is a growth-oriented Canadian multi-family real estate owner and operator with a community focus



Well-Positioned With Some of the Most Affordable Rents in Canada

  • Average occupied rent(1) of $1,601 compared to Canadian market rent of $2,197(2)

  • Affordable product is currently priced well below new supply

  • Affordable apartments will always be in demand



    Strategic Moderation and Steady Performance

  • Stable foundation of Resident focused reputation and above market occupancy

  • Past strategic moderation allows for stability in ongoing rental adjustments



    Exceptional Product Quality From Past Repositioning

  • Enhanced value offering with rebranded buildings and exceptional amenity spaces

  • Boardwalk provides the best communities within the affordable housing continuum



    Proven Operating Platform Across All Market Conditions

  • Boardwalk has consistently outperformed CMHC Occupancy

  • Fully integrated structure allows for stable margin improvement



    Long-Term Strategy of Maintaining Occupancy

  • Focus on further reduction in turnover to maintain stable revenue growth

  • Non-regulated markets allow for greater operational flexibility

  • Potential for Alberta to maintain population growth outperformance on a relative basis

Community, Team, Performance

Boardwalk, the first choice in multi-family apartment communities to work, invest and call home with our Boardwalk Family Forever.



  1. Occupied rent is a component of rental revenue and is calculated for occupied suites as of the first day of each month as the average rental revenue,

    3 adjusted for other rental revenue items such as fees, specific recoveries and revenue from commercial tenants.

  2. Rentals.ca April 2026 Rent Report 2-bedroom apartment rent.

Operational Stability and our Commitment to Affordability



3 Months Ended March 31

Q1 2026

Q1 2025

% Change

Same Property Rental Revenue

$154.0

$149.7

2.8%

Same Property Net Operating Income

$101.4

$95.0

6.8%

Same Property Operating Margin

65.8%

63.5%

+230 bps

Funds from Operations (FFO) (1)(2)

$60.5

$56.7

6.7%

FFO per Unit (2)

$1.15

$1.06

8.5%

Regular Distributions Declared per

Unit

$0.420

$0.375

12.0%

FFO Payout Ratio (2)

36.4%

35.3%

+110 bps

(Loss) / Profit

$(5.5)

$133.8

-104.1%

* $ millions, except per Unit amounts

Net Asset Value per Unit(2) & Unitholders' Equity

$4,918

$4,826

$95.93

$96.23



Q4 2025 Q1 2026

Net Asset Value per Unit Unitholders' Equity

NAV per Unit growth: -0.3% since Q4 2025 Net Asset Value per Unit: $95.93

  1. This is a non-GAAP financial measure.

  2. Please refer to the section titled "Non-GAAP Financial Measures" in this presentation for more information.

Q1 2026 Financial Highlights



Boardwalk Family Forever

Resident Family Members

Customer Service

Operations

Management

Executives

CEO



We live by a simple premise: Our Leaders put our Team first and our Team puts our Resident Family Members first.

Resident Members First





Organic Growth Paired With Strong Affordable Housing Fundamentals 7 Compelling Value 16 Accretive Capital Recycling 21

Solid Financial Foundation 26

How We Create Value for Stakeholders





Organic Growth Paired With Strong Affordable Housing Fundamentals



Stats Canada M1 Population Projection

Geography 2026 2027 2028 2029 2030

Canada

Halifax, Nova Scotia Québec, Quebec Montréal, Quebec Toronto, Ontario Waterloo, Ontario

London, Ontario

-0.2%

0.3%

0.8% 0.8% 0.8%

1.5% 1.4% 1.3%

0.8%

1.1%

-0.3%

0.1%

0.6% 0.6% 0.6%

0.5% 0.5% 0.5%

-0.6%

-0.4%

-0.1%

0.2%

0.9% 0.9% 1.0%

1.8% 1.7% 1.9%

0.5%

1.1%

-0.1%

0.5%

1.2% 1.2% 1.2%

Regina, Saskatchewan Saskatoon, Saskatchewan Calgary, Alberta

Edmonton, Alberta

0.7%

1.0%

1.2% 1.2% 1.3%

1.3%

1.6%

1.8% 1.8% 1.8%

1.9%

2.1%

2.4% 2.3% 2.3%

2.0% 1.9% 2.0%

1.4%

1.7%

Greater Vancouver, British Columbia

-0.1%

0.6%

1.3% 1.3% 1.3%

Victoria, British Columbia -1.3%

-0.6%

0.2% 0.2% 0.2%

1,400,000

1,200,000

1,000,000

800,000

600,000

400,000

200,000

-

Q4 2025 Provincial Non-Permanent Resident Concentration

9.00%



8.00%

7.00%

6.00%

5.00%

4.00%

3.00%

2.00%

1.00%

0.00%



Non-Permanent Residents

Federal Non-Permanent Resident Reduction Target

Provincial Non-Permanent Resident % of Population

Alberta is anticipated to outperform on population growth due to interprovincial migration and a reduced concentration of Non-Permanent Residents.

Compared to other provinces, Alberta has a higher natural component of population growth (births - deaths).

Alberta's Outperformance on Population Growth



18%

16%

14%

12%

10%

8%

6%

4%

2%

0%

Percent of Canadians Aged 25 - 39 Living with Parents

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 rental markets. Pent-up demand from Millennials living at home should spill over into the housing market over time. Improvements to affordability may accelerate this.

Household Composition Changes Over Time



120,000

100,000

80,000

60,000

40,000

20,000

-

Affordability: Rent Compared to Household Income(1)(2)

36%

27%

28%

34%

36%

22%

21%

21% 22% 23%



45%



Median HH Income (2024) 30% Median Income

Rentals.ca Rent % of Median Income

50%

45%

40%

35%

30%

25%

20%

15%

10%

5%

0%

1,400,000

1,200,000

1,000,000

800,000

600,000

400,000

200,000

0

MLS House Price Composite Benchmark

Jan-12 Sep-12 May-13 Jan-14 Sep-14 May-15 Jan-16 Sep-16 May-17 Jan-18 Sep-18 May-19 Jan-20 Sep-20 May-21 Jan-22 Sep-22 May-23 Jan-24 Sep-24 May-25 Jan-26

Greater Vancouver Calgary

Edmonton Greater Toronto

Montreal

Affordability is driving interprovincial migration to Alberta.

Sources: Rentals.ca April 2026 Rent Report, Statistics Canada, Canadian Income Survey, CREA

  1. Real median total household income (before taxes).

  2. Using provincial incomes for Saskatoon, Regina, London, Kitchener, and Victoria.

Positioned in Canada's Most Affordable Markets



Victoria Edmonton Calgary Saskatoon Regina London

Kitchener-Waterloo-Cambridge

Montreal

Top Industries by CMA



1 2 3 4 5

t

t

Quebec



Healthcare Wholesale

& Retail

Professional

Scientific

Manufacturing Government Construction Sales Applied

Science

Technical

Trades

Legal Finance Natural Resources

Labour Force in Boardwalk's Key Markets

Diverse Mix of Employment in Boardwalk's Key Markets



13.0%

Portfolio Rent Change from Prior Lease

New Lease (Left) Renewal (Left) % of Leases Completed (Right)

12.2%

13.0%

11.0%

9.0%

7.0%

9.1% 9.6%

5.1% 4.8% 4.5% 4.9%

9.7% 9.6%

8.6%

4.1%

7.9% 7.6%

5.9% 6.2% 6.6%

7.3%

11.0%

9.0%

7.0%

Leasing Spread

5.0%

3.0%

1.0%

-0.1%

2.7%

4.0%

3.6% 3.2% 3.0%

2.9%

3.1%

2.9% 2.6%

5.0%

Volume(1)

3.0%

1.0%

-1.0%

-3.0%

-5.0%

-7.0%

0.5%

1.1%

1.9% 2.0% 0.3%

-1.7%

-3.0%

-5.5%

-4.6%

-3.1%

-2.3%

-1.0%

-3.0%

-5.0%

-7.0%

Apr-25

May-25

Jun-25

Jul-25

Aug-25

Sep-25

Oct-25

Nov-25

Dec-25

Jan-26

Feb-26

Mar-26

Apr-26

Apr-

May-

Jun-

Jul-

Aug-

Sep-

Oct-

Nov-

Dec-

Jan-

Feb-

Mar-

Apr-

25

25

25

25

25

25

25

25

25

26

26

26

26

Blended 3.3%

3.0%

3.4%

4.2%

3.2%

3.3%

2.4%

1.4%

0.9%

-0.5%

0.1%

0.6%

0.8%

Renewals represent 70-80% of monthly lease activity. In non-price-controlled markets, increased retention lowers turnover costs and signifies Resident Family Member satisfaction.

The Trust remains focused on maintaining occupancy and continuing to improve leasing spreads throughout the spring season.

Rent Change on New & Renewal Leases



Outperformance and Optimal Capital Deployment Across Cycles

Balanced Rental Market

  • Balanced Supply and Demand

  • Select Incentives Offered on

    Buildings Under Lease-Up

  • Low Vacancy

    Strong Rental Market

    Over 2026, Construction Starts in the Trust's core market of Alberta are down year-over-year. Construction costs remain elevated and higher vacancy rates persist among newer product, serving to disincentivize over-development.

    The Trust continues to monitor the market for opportunities, counter-cyclically buy back units, and improve the quality of our portfolio in anticipation of a tightening rental market.

  • Increasing Rental Rates

  • Low Availability

  • Pushing Rental Velocity

  • Elevated Construction Starts



    Softer Rental Market

  • Focus on Retention of Residents

  • Increasing Market Vacancy

  • Rental Rate Decreases

  • Decreased Construction Starts

  • Counter-Cyclical Capital Deployment Opportunities

  • Preparing for Future Tightening in the Market

Cyclicality of Housing Construction and Supply Demand



Parts and supplies purchased in bulk to hedge against inflation pressures, efficiencies in distribution



In-house Integrated Teams:

Capital | Landscaping | Cleaning | Maintenance | Leasing retention | Design | Experience

1,563

Number of Back-to-Back(1) suite turnovers in 2025

1,416

Number of suite renovations / upgrades in 2025



82

2025 Net

Promoter Score(2)

Warehousing and Procurement

Integrated Resident Lifecycle Services

Analytics and Refinement

Resident Feedback

"On a scale of 1 - 10, how likely are you to

recommend Boardwalk?"

0-6

7-8

9 - 10

Detractors Passives Promoters





14

  1. A back-to-back suite turnover is where a unit is vacant for 1 day or less.

  2. NPS = % of respondents that are promoters less % of respondents that are detractors.

    Best-In-Class Integrated Operating Platform



    Rental Revenue, Total Rental Expenses & Operating Margin(1)

    $603.3

    $545.7

    $470.5

    $496.4

    $87.3

    $102.7

    $98.0

    $94.8

    $92.9

    $108.9

    $118.4

    $117.9

    $114.8

    $122.9

58.3%

58.2%

61.0%

63.4%

65.4%



$638.6

2021 2022 2023 2024 2025

Rental Revenue Non-Controllable Expenses Controllable Expenses

Operating Margin

2021

2022

2023

2024

2025

% Change in Non-Controllable Expenses(2)

0.6%

5.5%

2.7%

4.3%

-3.7%

% Change in Controllable Expenses(2)

-1.0%

6.3%

2.1%

3.5%

4.7%

All properties



  1. Operating margin is calculated by dividing Net Operating Income by Rental Revenue allowing management to assess the percentage of rental revenue which generated profit.

  2. Controllable and non-controllable expenses are components of total rental expenses.

Operating Margin Improvement



Compelling Value





Vista Apartments (Calgary) Q2 2025

Windsor Place (Calgary) Q4 2025

Crystallina (Edmonton) Q1 2026

The Birkenshaw (Calgary) Q4 2025

Portofino Suites (Edmonton) Q4 2025

$320,000

$300,000

$280,000

Price Per Unit

$260,000

$240,000

$220,000

$200,000

$180,000

4.50% 4.70% 4.90% 5.10% 5.30% 5.50% 5.70% 5.90% 6.10% 6.30% 6.50%

Cap Rate

Boardwalk's current trading price equates to a 6.3% Cap Rate on Trailing NOI and an implied value of $199,000 per suite.

Broker reported transaction Cap Rates vary between in-place, proforma, and stabilized NOI.

Exceptional Value

Recent Private Transactions In Boardwalk's Markets Demonstrate Disconnect in Public Markets



Current Trading Price: $66

Cap Rate on Trailing NOI: 6.3%



Implied Cap Rates on trailing 12-month NOI are calculated using BEI.UN trailing 12-month investment property NOI and excludes building acquisitions valued at Level 2 inputs, assets held for sale,

right of use assets, and developments. Per suite prices have been rounded to the nearest thousandth.

Exceptional Value - Implied Cap Rate

NOI Growth Supportive of Positive Spread vs. Interest Rates



Relative Valuation(1)

US Peer 4

US Pe

er 5

US Peer 6



US

US Peer 2



Peer 1



US Peer 3

Canadian Peer 2





Canadia

n Peer 1

BEI



18



17

P / FFO Multiple 2026 F

16

15

14



13

12

0 0.02 0.04 0.06 0.08 0.1 0.12

2021 to 2026 F FFO / Unit CAGR

Source: Consensus Estimates from FactSet, as at May 12, 2026.

Relative Valuation



30.0x

BEI - Consensus P/FFO (NTM) Multiple(1)

09-2008:

Three years post

multiple reaching 13.5x Multiple reaches

13.5x during GFC

Three years post

03-2020: multiple reaching 13.5x Multiple reaches

13.5x during COVID-19 pandemic

3-year total return: 71%

3-year total return:

66%



09-2011:

03-2023:

BEI - Consensus P/FFO (NTM) Multiple

25.0x

20.0x

15.0x

10.0x

5.0x 11 months 11 months

0.0x



BEI - P/FFO (NTM) Current Valuation - P/FFO (NTM) LT Average - P/FFO (NTM)

Short Term, Event-Driven Distortions Create Opportunity



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