#Canada #Calgary #Real Estate #Boardwalk REIT #Capital Upcycling

Boardwalk REIT Operational Update

Calgary, AB, July 7, 2025 - Boardwalk Real Estate Investment Trust (TSX: BEI.UN), commonly referred to as Boardwalk REIT, has announced significant updates regarding its leasing performance and ongoing capital upcycling initiatives. The Trust has displayed resilience with strong occupancy rates throughout the second quarter as it approaches the peak leasing season of late spring and summer.

Strong Leasing Performance

Boardwalk REIT has successfully maintained impressive occupancy rates across its portfolio. As of July 2025, its occupancy rate recorded was approximately 97.7%. This consistent leasing success underlines the Trust’s competitive position in the market, particularly as the demand for quality, affordable housing continues to grow. The average occupied rent has shown a positive trend with an increase from $1,444 in May 2024 to $1,554 in May 2025. This rent growth, along with stable occupancy, indicates a healthy performance in the rental market, reflecting Boardwalk's effective leasing strategies and community investments.

Capital Upcycling Initiatives

The Trust has made noteworthy strides in its capital upcycling efforts, with a successful sale of its Imperial Tower community in Edmonton for a gross price of $28.75 million. This sale, which is expected to finalize in August, not only exceeds the IFRS value attributed to the property but also illustrates Boardwalk’s commitment to optimizing its portfolio. The sale price, approximately $208,000 per suite, affirms the Trust's strategic approach to maintaining a strong balance sheet while enhancing its operational footprint.

In line with these initiatives, Boardwalk has also announced the acquisition of a three-community portfolio in Saskatchewan, known as the North Prairie Townhomes. This acquisition includes 235 modern townhome suites in Saskatoon and Regina, translating to a purchase price of $71.1 million, or around $303,000 per suite. The Trust is taking over $19.1 million in conventional mortgages with a favorable interest rate of 2.35%, positioning itself for continued growth in two of Canada's most robust rental markets.

Leadership Insights

Sam Kolias, the CEO and Chairman of Boardwalk, commented on the recent developments, stating, "Our summer leasing season is thriving with strong demand for affordable housing. The balanced market conditions we've encountered compared to prior years are a direct result of effective government policies aimed at matching population growth with housing needs. Our efforts in delivering quality residences and community-focused strategies are reflected in our current occupancy rates."

Upcoming Financial Results

Looking ahead, Boardwalk REIT is set to release its financial results for the three-month period ending June 30, 2025, after market hours on July 29, 2025. Investors are encouraged to participate in the teleconference the following day, where senior management will provide a comprehensive overview of the results along with ongoing financial and operational updates. The teleconference can be accessed either through an automated call registration or traditional dial-in methods. Information regarding the call will be made available beforehand on the Trust's official investor relations website.

Conclusion

Boardwalk REIT's consistent advancements in leasing activities, capital upcycling projects, and proactive engagement with stakeholders signify its strategic alignment towards enhancing shareholder value. With a commitment to creating vibrant communities, the Trust continues to solidify its role as a leader in the Canadian real estate sector. For more details, please visit Boardwalk REIT's website.