Boardwalk REIT Announces Successful Acquisition and Solid First Quarter Results Update

Boardwalk REIT Provides Operational Update

On April 3, 2025, Boardwalk Real Estate Investment Trust, known as Boardwalk REIT, released an operational update affirming the successful completion of its acquisition of Elbow 5 Eight, a community of 255 modern suites located in the desirable Windsor Park area of Calgary, Alberta. The acquisition price was set at $93 million, reflecting approximately $365,000 per suite, and was financed using existing cash reserves. This move aligns with Boardwalk's ongoing strategy to cater to the high demand for affordable housing.

Strong Occupancy and Rental Rates

As Boardwalk continues to navigate the competitive real estate landscape, its current portfolio has demonstrated resilience. Throughout the first quarter, the Trust reported strong occupancy rates, consistently above 97%, with the most recent figures showing a preliminary occupancy rate of 97.9% in April 2025. This steady performance highlights not only the popularity of Boardwalk’s residential offerings but also the rising trend in rental prices, which have shown a consistent improving trajectory. As of February 2025, occupied rents have escalated from $1,404 to around $1,539, indicating a positive reception from resident members.

Elbow 5 Eight Acquisition

Boardwalk REIT is enthusiastic about the recent acquisition of Elbow 5 Eight. Located within walking distance to key amenities, including the Chinook Centre mall and easy access to downtown Calgary, this community is set to become a highly appealing option for potential residents. With approximately 23% of the suites already leased, the board members express confidence in the property’s leasing performance, aligning with projections made during the acquisition planning.

Sam Kolias, Chairman and CEO of Boardwalk, expressed his excitement regarding the acquisition, noting, "As we progress into our spring leasing season, we are encouraged by the performance and resilience of our communities so far in 2025. We look forward to welcoming new Resident Members to a home where love always lives, as we complete the lease-up. The addition of Elbow 5 Eight strengthens our portfolio in a prime location while creating exceptional value for our Unitholders."

Upcoming Financial Results Announcement

Moving forward, Boardwalk REIT is poised to release its financial results for the first quarter of 2025 on May 6. This announcement is anticipated to provide stakeholders with a comprehensive overview of the Trust's performance during the initial three months of the year.

A teleconference is scheduled for May 7 at 11:00 AM (Mountain) to discuss these results. Senior management will provide insights into both financial and operational updates, and investors can participate via a webcast available on Boardwalk’s website.

With more than 34,000 residential suites across 200 communities, Boardwalk REIT remains committed to fostering a sense of community among its residents. Their dedication to enhancing tenant experience while actively acquiring valuable properties signifies a forward-thinking vision that not only aims to increase competitive advantage but also upholds the Trust’s core mission of being Canada’s friendliest community provider.

Boardwalk REIT continues to strengthen its position in the market while navigating challenges associated with rising demand for housing. With a disciplined approach to capital allocation and a focus on creating lasting relationships with residents, Boardwalk is set to redefine the standards of multi-family living in Canada.

For further information, please visit Boardwalk’s Investor Relations page.