BOARDWALK REIT REPORTS STRONG RESULTS FOR Q1 2026

• Boardwalk REIT reported Q1 2026 Funds From Operations (FFO) of $1.15 per Unit, an 8.5% increase year-over-year.
• Net Operating Income (NOI) rose 10.0% to $106.2 million, with Same Property NOI up 6.8%.
• Occupancy rate held steady at 97.3%, consistent with historical levels of 97–98%.
• Full-year 2026 FFO guidance was revised downward slightly to a range of $4.60–$4.80 per Unit (previously $4.65–$4.90).
• Asset sale targets were increased to between $400 million and $500 million for the full year.
• Capital allocation included $102.3 million in Trust Unit repurchases YTD through April 2026.
• Dispositions completed totaled $189.0 million (8 communities), with an additional $117.0 million finalized post-quarter.
• Debt-to-EBITDA ratio improved to 9.73x from 9.99x at year-end 2025.
• Liquidity position stands at approximately $434.9 million.

• The Q1 financial results demonstrate operational resilience with double-digit growth in NOI and FFO, confirming the company's ability to generate cash flow despite market conditions.
• The slight downward revision of full-year guidance (top end reduced by $0.10) indicates management is adopting a more conservative stance on year-end performance or accounting for disposition timing, rather than reflecting fundamental operational weakness.
• The increase in asset sale targets ($400M–$500M vs previous implicit levels) signals active capital recycling to fund acquisitions and reduce leverage, which is positive for long-term NAV accretion.
• Debt reduction (9.73x vs 9.99x) combined with high liquidity ($435M) mitigates immediate solvency concerns, though the absolute debt level remains elevated relative to industry peers.
• The news does not introduce new strategic investors or M&A activity that would qualify as a "Game Changer," but reinforces the existing capital allocation strategy of buybacks and asset up-cycling.

• Boardwalk REIT is a Canadian Real Estate Investment Trust focused on multi-family residential communities, primarily in affordable housing segments across Alberta, Saskatchewan, Quebec, and Ontario.
• The company operates a vertically integrated platform that manages properties directly, allowing for operational margin improvements (Operating Margin 64.8% in Q1 2026).
• Flagship strategy involves "capital up-cycling": selling older assets at higher cap rates to acquire newer, higher-yielding communities or reduce debt.
• Portfolio includes over 97% occupancy across its same-property portfolio, indicating strong tenant retention and demand stability.