Boardwalk Real Estate Investment Trust · TSX:BEI.UN
Boardwalk Real Estate Investment Trust — Q3 2026 Earnings Presentation
60 slides from Boardwalk Real Estate Investment Trust's earnings presentation, Nov 4, 2026
Slide 1: Q3 2026 Conference Call
Q3 2026 Conference Call November 4, 2026 1:00 p.m. Eastern Time, 12:00 p.m. Alberta Time
Slide 2: Forward Looking Statements and Non-GAAP Measures
Forward Looking Statements and 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 (collecti
Slide 3: Table of Contents
Table of Contents Redefining “BFF” and Strong Results Sam Kolias 4 Our Culture Chief Executive Officer 5 Q3 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: The Boardwalk Difference
The Boardwalk Difference Community, Team, Performance Boardwalk, the first choice in multi-family apartment communities to work, invest and call home with our Boardwalk Family Forever. Boardwalk Family Forever Our Culture Resident Family Members Our Purpose Our Associates are our Bringing you home t
Slide 5: Q3 2026 Financial Highlights
Q3 2026 Financial Highlights 3 Months Ended September 30 Q3 2026 Q3 2025 % Change Same Property Rental Revenue $146.6 $145.2 0.9% Same Property Net Operating Income $98.2 $99.3 -1.1% Same Property Operating Margin 67.0% 68.4% -140 bps Funds from Operations (FFO) (1)(2) $60.2 $65.9 -8.7% FFO per Unit
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 • Same Property wholly-owned average occupied rent(1) of $1,609 compared to Canadian market rent of $2,221(2) • Affordable product is currently priced well below new supply • Af
Slide 7: Exceptional Quality at an Affordable Price
Exceptional Quality at an Affordable Price Boardwalk has made significant investments in its communities to Christopher Arms (Edmonton) Pinetree Village (Edmonton) improve value proposition and leasing Property Average Market Rent(1) $1,394 Property Average Market Rent(1) $1,413 performance. Edmonto
Slide 8: Alberta Maintains Positive Population Growth
Alberta Maintains Positive Population Growth Q2 2026 Population Growth 37,077 21,874 12,398 17,927 13,300 5,893 9,380 6,915 9,463 5,466 2,756 4,973 (1,628) (6,483) (7,063) (1,233) (18,692) Alberta British Columbia Ontario Quebec Saskatchewan Natural Interprovincial Permanent Residents Non-Permanent
Slide 9: Key Operational Metrics
Key Operational Metrics Optimization of Occupancy, Rent and Incentives Leading to Resilient Revenue Same Property Rental Revenue & Vacancy Same Property Actual Occupancy(1) Loss(1)(4) ($000's) $149,000 $4,500 $146,200 $146,600 $145,500 $4,000 $145,200 $147,000 97.7% 97.6% $145,500 97.3% $3,500 97.0%
Slide 10: Rent Change on New and Renewal Leases
Rent Change on New and Renewal Leases Portfolio Rent Change from Prior Lease New Lease (Left) Renewal (Left) % of Leases Completed (Right) 13.0% 11.7% 13.0% 10.4% 10.0% 11.0% 9.2% 11.0% 8.7% 8.6% 9.0% 7.9% 7.6% 9.0% 7.3% 6.6% 7.0% 5.9% 6.2% 7.0% Leasing Spread 5.0% 4.1% 3.6% 5.0% 3.2% 3.0% 2.9% 3.1%
Slide 11: Q3 2026 Operating Results
Q3 2026 Operating Results Sequential Quarterly Revenue Growth Q3 2026 vs Q2 Q2 2026 vs Q1 Q1 2026 vs Q4 Q4 2025 vs Q3 Stabilized Revenue Growth # of Units 2026 2026 2025 2025 Edmonton 11,387 0.7% 0.3% -1.1% 1.2% Calgary 6,549 -0.1% -0.7% -1.1% -0.5% Other Alberta 1,726 1.1% 0.8% 0.3% 1.0% Quebec 4,9
Slide 12: Q3 2026 Operating Results
Q3 2026 Operating Results Same Property NOI Performance % Rental % Total Rental % Net Operating Same Property Sep. 30, 2026 - 3 M # of Suites Revenue Growth Expenses Growth Income Growth % of NOI Edmonton 11,387 1.1% 5.6% -1.3% 34.4% Calgary 6,549 -2.4% 4.0% -4.9% 25.4% Other Alberta 1,726 3.3% 3.6%
Slide 13: Mortgage Summary
Mortgage Summary Prudent Balance Sheet Management Mortgage Principal Schedule(2) $700 $600 99% of principal 4.13% outstanding is CMHC $500 3.78% 4.50% 4.11% insured Principal Outstanding ($Millions) 3.41% 4.05% 3.18% 4.01% $400 Average term to 3.50% 3.13% maturity of debt: $300 3.8 Years 2.28% $200
Slide 14: 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 millions) 6.75% Investment Properties Assets Held For Sale NAV $84 $222 6.00% 6.00% 6.00% $97.72 5.75% 5.69% 5.75% $96.89 5.50% 5.50% 5.50% 5.50% $96.2
Slide 15: Deploying Capital Toward Repositioning and Value-Add Improvements
Deploying Capital Toward Repositioning and Value-Add(1) Improvements 74% 20 16 Renovation projects 45% Properties that have undergone Renovation projects Budget utilization to date planned in 2026 common area renovations from completed in 2025 2017 to 2026(2): 7 Completed 9 Remaining $3.6 M / $8 M B
Slide 16: Disciplined Capital Allocation – 2026 YTD
Disciplined Capital Allocation – 2026 YTD Boardwalk has been actively advancing our capital allocation strategy — divesting non-core properties, opportunistically repurchasing trust units and when appropriate acquiring new assets with stronger earnings growth and lower capital requirements to grow f
Slide 17: 2026 YTD Sales – Unlocking Equity
2026 YTD Sales – Unlocking Equity Sales activity for 2026 YTD involves 26 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 Repurchase Progra
Slide 18: Disciplined Capital Allocation – Unit Buyback
Disciplined Capital Allocation – Unit Buyback BEI-UN Unit Price $90 2025 FFOpu: $4.65 $85 NAVpu: $96.23 Compound Annual $80 Growth Rate $75 FFOpu: 12.1% NAVpu: 9.5% $70 2021 FFOpu: $2.94 $65 NAVpu: $66.87 $60 $55 $50 $45 $40 2021 2022 2023 2024 2025 YTD 2026 Repurchases: Repurchases: Equity Issuance
Slide 19: 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 - $4.75 $4.65 $4.18 $3.60 Growth in cash $3.13 $2.74 $2.94 flow per unit $2.57 compounding $2.11 $2.21 $1.77 t
Slide 20: Solid Financial Foundation
Solid Financial Foundation Leverage Metrics 55.0% 13.5x 14.0x 13.3x 13.1x 50.0% 13.0x 45.0% 12.0x 11.0x 40.0% 11.0x 10.1x 10.0x 9.7x 35.0% 9.3x 10.0x 9.0x 30.0% 9.0x 25.0% 8.0x 50.8% 47.8% 48.8% 43.2% 40.6% 42.3% 43.2% 43.0% 42.7% 20.0% 7.0x Q4 2020 Q4 2021 Q4 2022 Q4 2023 Q4 2024 Q4 2025 Q1 2026 Q2
Slide 21: Exceptional Value – Implied Cap Rate
Exceptional Value – Implied Cap Rate Positive Spread vs. Interest Rates Current Trading Price: $63 Cap Rate on Trailing NOI: 6.5% 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 21 i
Slide 22: Exceptional Value
Exceptional Value Recent Private Transactions In Boardwalk’s Markets Demonstrate Disconnect in Public Markets Windsor Crystallina The Louvre The Pinnacle Place (Edmonton) (Edmonton) Birkenshaw (Edmonton) (Calgary) Q1 2026 Q2 2026 (Calgary) Q3 2026 Q4 2025 Q4 2025 $300,000 The Louvre $280,000 The Bir
Slide 23: Updated 2026 Guidance
Updated 2026 Guidance Q1 2026 Updated and Q2 Description Q3 2026 Updated Guidance 2026 Original Guidance 2025 Actual 2026 Re-Iterated Guidance Same Property NOI Growth +1.0% to +2.0% +1.0% to +3.5% +1.5% to +4.5% 9.0% FFO Per Unit (1) $4.65 to $4.75 $4.60 to $4.80 $4.65 to $4.90 $4.65 AFFO Per Unit
Slide 24: Closing Remarks: Proven Platform at an Exceptional Value
Closing Remarks: Proven Platform at an Exceptional Value Total Portfolio Average Occupied Rent(3)(4) $1,372 $2,632 $1,649 CAN Avg Rent(4) $2,221 Operating Margin 50% 70% 2021: 57.6% 2025: 65.4% Net Debt to EBITDA(2) 14x 7.0x Q4 2022: 13.5x Q3 2026: 9.0x P/FFO Multiple (2026)(1) 10.0x 20.0x Boardwalk
Slide 25: Appendix – Economic Data
Appendix – Economic Data 25
Slide 26: 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% 44% 45% 100,000 37% 40% 35% 80,000 37% 27% 27% 30% 33% 25% 21% 22% 60,000 22% 21% 25% 20% 40,000 15% 10% 20,000 5% - 0% Edmonton Calgary Montreal London Regina Saskatoon Quebec Ci
Slide 27: 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) Bonnyville Alberta Major Projects Fort Saskatchewan $305.5B $102.1B CURRENTLY UNDER CONSTRUCTION Sturgeon County AN INVENTORY OF PRIVATE AND PUBLIC SECTOR PROJECTS IN ALBERTA V
Slide 28: 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 & retail trade 160 300 150 BC Construction 250 ON Professional & 140 QC 200 scientific Education 130 SK 150 Accomm
Slide 29: Alberta Interprovincial Migration Mapping
Alberta Interprovincial Migration Mapping Alberta seeing positive inflows from other regions of Canada. Interprovincial Migration Net(1) BC: 1,647 Net Interprovincial Current SK + MB: 5,978 Trailing 4 Quarters Alberta Total(2) = 21,662 ON + QC: 12,551 Recent interprovincial migration to Alberta has
Slide 30: 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 2017 Q1 2022 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019
Slide 31: Non-Permanent Resident Share of Population
Non-Permanent Resident Share of Population Q2 2026 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 Prince Edward Quebec Alberta Manitoba Nova Scotia New Brunswi
Slide 32: The Alberta Advantage
The Alberta Advantage Alberta Net Interprovincial Ontario Net Interprovincial Migration Migration by Age Group by Age Group 100 years and older 100 years and older 95 to 99 years 95 to 99 years 90 to 94 years 90 to 94 years 85 to 89 years 85 to 89 years 80 to 84 years 80 to 84 years 75 to 79 years 7
Slide 33: Increasing Replacement Costs
Increasing Replacement Costs Residential Composite Building Price Index 120 110 Key Components Constraining Supply 100 Response Relative to Demand 90 Escalation in replacement costs over past several years. 80 70 Higher interest rates. 60 Construction timeframes for larger multi-family assets. 50 De
Slide 34: 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 10,000 1,400 10,000 Completions & Starts Under Construction Completions & Starts Under Construction 1,400 1,200
Slide 35: 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 3,500 Completions & Starts Completions & Starts Under Construction Under Construction 1,000 7,000 5
Slide 36: Saskatoon New Home Construction
36 Completions & Starts Completions & Starts 100 200 300 400 500 600 700 0 100 150 200 250 0 50 Sep-20 Sep-20 Dec-20 Dec-20 Mar-21 Mar-21 Jun-21 Jun-21 Sep-21 Sep-21 Source: CMHC Dec-21 Dec-21 Mar-22 Mar-22 Jun-22 Jun-22 Sep-22 Sep-22 Dec-22 Dec-22 Mar-23 Mar-23 Jun-23 Jun-23 Under Construction Inve
Slide 37: Regina New Home Construction
37 Completions & Starts Completions & Starts 100 150 200 250 300 350 400 100 120 0 0 50 20 40 60 80 Sep-20 Sep-20 Dec-20 Dec-20 Mar-21 Mar-21 Jun-21 Jun-21 Sep-21 Sep-21 Source: CMHC Dec-21 Dec-21 Mar-22 Mar-22 Jun-22 Jun-22 Sep-22 Sep-22 Dec-22 Dec-22 Mar-23 Mar-23 Jun-23 Jun-23 Under Construction
Slide 38: KWC 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 39: 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 1,600 Under Construction Under Construction 350 350 1,400 3
Slide 40: 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 41: Quebec City New Home Construction
41 Completions & Starts Completions & Starts 100 150 250 300 350 200 0 50 500 1,000 1,500 2,000 2,500 3,000 0 Sep-20 Sep-20 Dec-20 Dec-20 Mar-21 Mar-21 Jun-21 Source: CMHC 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 Jun-23 Jun-23 Under Con
Slide 42: Appendix – Operations
Appendix – Operations 42
Slide 43: Revenue, Vacancy Loss and Incentives
Revenue, Vacancy Loss and Incentives Net Rental Revenue(1), Incentives, Vacancy Loss ($000's) Rental Revenue Incentives Vacancy Loss $160,000 $150,000 Incentives = $0.6M $140,000 Incentives = $8.7M $130,000 Incentives = $8.6M $120,000 Incentives = $8.6M Incentives = $9.7M $110,000 $100,000 Q1 Q2 Q3
Slide 44: 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 70% 2025 2025 2026 2026 Total Total Q1 Q2 Q3 Q4 Q1 Q2 Q3 Purchased Home 229 328 370 250 1,177 190 316 331 837 60% Skip / Eviction 175 67 101 106 449 91 115 122 32
Slide 45: Mark-to-Market Revenue Gain Statistics
Mark-to-Market Revenue Gain Statistics Total Portfolio(1) Same Property(2) Annualized Annualized Mark-to- Mark-to- Market Adjusted Market Adjusted for Current Weighted for Current Weighted Mark-to- Occupancy Average Mark-to- Occupancy Average Sep. 2026 Market Sep. 2026 Market Per Levels Apartment %
Slide 46: ESG Highlights
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 Environmen
Slide 47: Appendix – Finance
Appendix – Finance 47
Slide 48: Mortgage Summary
Mortgage Summary 2026 Mortgage Program % of Maturing Renewed or Average New Mortgages Paid Maturing Renewed Maturing Maturity Date Suites Mortgage Forward Locked Renewal Upfinancing Out Rate New Rate Principal Amount to Date Term (Yrs) Completed Jan (1) $95,890,000 $69,210,000 $0 ($26,690,000) 2.43%
Slide 49: Secured Financing Analysis
Secured Financing Analysis Sufficient Access to Additional Mortgage Capital for Opportunities That May Arise CMHC Mortgage Valuation Model with Sep 2026 Revenue and Standardized Costs(1)(2)(3) ($ amounts in 000's) Projected Maximum Loan Loan to CMHC Estimated Amount (70% LTV or 1.3x Underwriting Yea
Slide 50: Appendix – Development
Appendix – Development 50
Slide 51: 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 52: Appendix – The Boardwalk Brands
Appendix – The Boardwalk Brands 52
Slide 53: 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 54: 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 54
Slide 55: 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 55
Slide 56: 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 56
Slide 57: 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 57
Slide 58: 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 58
Slide 59: 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 59
Slide 60: 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 60
Boardwalk Real Estate Investment Trust — Q3 2026 Earnings Presentation on 6ix