BOARDWALK REIT REPORTS STRONG RESULTS FOR Q3 2025

Executive Summary

• Boardwalk REIT reported strong Q3 2025 results, with Funds From Operations (FFO) of $1.23 per unit (+10.8% YoY) and Net Operating Income (NOI) of $108.3 M (+8.1% YoY).
• Updated 2025 guidance: FFO per unit now projected at $4.58‑$4.65 and same‑property NOI growth at +8.5% to +10.0%.
• Completed acquisitions totaling $419.5 M and dispositions of $141.2 M; repurchased 576,983 units for $36.8 M, reinforcing a strong balance sheet with $379.6 M total liquidity.

Key Details

• Financial Performance (Q3 2025)
• FFO per unit: $1.23 (+10.8% YoY)
• AFFO per unit: $1.07 (+12.6% YoY)
• Profit: $37.6 M (‑32.1% YoY)
• NOI: $108.3 M (+8.1% YoY)
• Same‑property NOI: $105.3 M (+8.6% YoY)
• Operating margin: 67.4% (up 210 bps YoY)

• Net asset value per unit: $97.72 (up from $93.68)

• Liquidity & Debt

• Total available liquidity: $379.6 M (cash, credit facilities, committed financing)
• Unitholders’ equity: $5.01 B
• Debt‑to‑EBITDA: 10.09× (slightly higher than prior year)

• Debt‑to‑total assets: 41.4%

• Capital Allocation

• Acquisitions closed in Q3 2025: 1,015 suites for $419.5 M (Saskatoon, Regina, Calgary, Laval).
• Dispositions closed in Q3 2025: 702 suites for $141.2 M (Edmonton, Québec City).
• Post‑quarter acquisition announced: 639 Main Street, Saskatoon – $39.0 M.

• Unit repurchases: 576,983 units at weighted‑average $63.79; additional $6.0 M bought at $66.51 per unit after quarter‑end.

• Guidance Update (2025)

• FFO per unit: $4.58 – $4.65 (previously $4.48 – $4.63).
• AFFO per unit: $3.95 – $4.02 (previously $3.85 – $4.00).

• Same‑property NOI growth: +8.5% to +10.0% (vs. prior range +8.0% to +10.0%).

• Distribution

• Regular monthly distribution confirmed at $1.62 per unit (annualized) for Dec 2025, Jan 2026 and Feb 2026.

• Payout ratio: ~32.8% of Q3 FFO; 34.0% of trailing twelve‑month FFO.

• Operational Highlights

• Occupancy: 97.7% (Q3 2025).
• Average occupied rent: $1,582 per month (up from $1,493 YoY).

• Same‑property rental revenue growth Q3 2025: 5.1% QoQ, 5.0% YoY (excluding Brio acquisition).

• Mortgage Activity

• Renewed $49.9 M of maturing mortgages at weighted‑average 3.75% rate, extending terms by ~5 years.

• Anticipated $355.4 M of mortgage maturities in remainder of 2025; average in‑place rate 2.35%.

• ESG

• Sixth annual ESG report published (May 2025).

Notable Quotes

“We are pleased to report another strong quarter… our FFO per Unit of $1.23 … represents an improvement of 10.8% from the prior year.” – Sam Kolias, Chairman & CEO

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