BOARDWALK REIT PROVIDES OPERATIONAL AND CAPITAL ALLOCATION UPDATE AND ANNOUNCES TIMING OF THIRD QUARTER RESULTS

Executive Summary

• Boardwalk REIT announced the acquisition of the 639 Main Street community in Saskatoon for $39.0 million, expanding its portfolio with a fully‑occupied 15‑storey high‑rise (106 suites) and assuming a $28.5 million mortgage.
• The Trust continued its Normal Course Issuer Bid, cancelling 11,800 units at an average price of $68.48 and having cancelled ~486,000 units year‑to‑date at $63.29 on average.
• Third‑quarter 2025 financial results will be released after market close on November 4, 2025, with a management teleconference scheduled for November 5, 2025.

Key Details

• Occupancy Performance (Q3 2025): Same‑property portfolio occupancy remained high, averaging ~97.8%–98.0% throughout the quarter.
• Occupied Rent Trend: Average occupied rent increased from $1,485 in Aug 2024 to $1,583 in Aug 2025 (projected), reflecting steady rent growth.
• NCIB Activity:
• September purchase: 11,800 units cancelled for ≈ $0.8 M at $68.48 weighted average price.
• FY‑to‑date (first nine months of 2025): ~486,000 units cancelled at $63.29 weighted average price.
• Acquisition – 639 Main Street, Saskatoon:
• Purchase price: $39.0 M (≈ $368,000 per suite).
• Property details: 106 residential suites + ground‑floor commercial space; completed 2023; amenities include rooftop lounge, dog wash, smart entry, Wi‑Fi.
• Projected first‑year cap rate: 5.5%.
• Mortgage assumption: $28.5 M balance at 3.91% interest, maturing June 2033.
• Expected closing: Late Q4 2025.
• Financial Results Timing:
• Q3 2025 results release: After markets close on 2025‑11‑04.
• Management teleconference: 2025‑11‑05 at 11:00 am MT / 1:00 pm ET (Conference ID 49816).
• Management Commentary (CEO Sam Kolias): Highlighted strong winter leasing season, continued occupancy strength, and strategic expansion into Saskatchewan’s growth market.

Notable Quotes

“We are thrilled to announce the addition of 639 Main Street in Saskatoon… The acquisition creates value for Unitholders through an attractive return profile and continuation of our capital up‑cycling program.” – Sam Kolias, Chairman & CEO

Materiality Assessment: Material – Positive (significant acquisition, ongoing share repurchase program, and upcoming earnings release indicating material impact on the Trust’s financial position and future performance).