Boardwalk Real Estate Investment Trust : May 2026 Investor Presentation (202654 Investor Presentation FINAL2)

About this update from Boardwalk Real Estate Investment Trust

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. 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. 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 This is a non-GAAP financial measure. 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 Real median total household income (before taxes). 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 A back-to-back suite turnover is where a unit is vacant for 1 day or less. 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 Operating margin is calculated by dividing Net Operating Income by Rental Revenue allowing management to assess the percentage of rental revenue which generated profit. 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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