Boardwalk REIT Secures Approval to Extend Normal Course Issuer Bid for Another Year

Boardwalk REIT Extends Normal Course Issuer Bid

Boardwalk Real Estate Investment Trust (TSX: BEI.UN) has announced that it has received approval from the Toronto Stock Exchange (TSX) to renew its Normal Course Issuer Bid (NCIB) for an additional year. This strategic decision allows the Trust to repurchase up to 4,018,000 trust units, representing approximately 10% of the public float.

The renewed NCIB will commence on November 24, 2025, and will last until November 23, 2026. This comes at a time when Boardwalk aims to reinforce its commitment to stakeholder value and capitalize on market opportunities. As of November 9, 2025, the company reported 49,021,713 trust units issued and outstanding.

Under the approval provided by TSX, Boardwalk is subject to a daily purchase limit of 24,822 units, which is 25% of the average daily trading volume calculated over the six-month period ending October 31, 2025. Notably, the company retains the ability to make one block purchase per week that exceeds this daily repurchase limit, allowing for greater flexibility in executing its buyback strategy.

The trust plans to conduct these repurchases via open market transactions on the TSX or through alternative Canadian trading systems, ensuring compliance with applicable securities laws. In line with the NCIB, an automatic purchase plan will be established with TD Securities Inc. This will enable Boardwalk to make purchases during periods when it typically would be restricted from doing so due to regulatory constraints or self-imposed blackout periods.

Last year, under a previously approved NCIB, Boardwalk purchased 775,079 units out of a permitted amount of 4,068,000 units. This history illustrates the Trust's proactive approach in repurchasing its units at advantageous times, reinforcing management's belief that proceeds from non-core asset sales could be effectively utilized in such buybacks.

Boardwalk’s management maintains that the trust units are currently trading below their inherent value, due to strong underlying fundamentals and a favorable outlook for affordable housing. The management team remains optimistic about creating additional value through this renewed NCIB and will continue to assess capital allocation opportunities that will benefit its unitholders.

Boardwalk is dedicated to enhancing stakeholder value through a disciplined approach to asset management, whether that be through acquisitions, development, or strategic dispositions. The Trust's commitment to building better communities and providing high-quality residential options positions it favorably in the market.

In summary, the renewal of Boardwalk REIT’s Normal Course Issuer Bid is a testament to its ongoing strategy of shareholder value enhancement through active capital management. As the housing market presents both challenges and opportunities, Boardwalk is poised to navigate these dynamics with its established commitment to community-oriented service and performance.

For more information about Boardwalk REIT and its ongoing initiatives, stakeholders can visit the Trust’s official website at www.bwalk.com/investors.