BOARDWALK REIT RELEASES 2025 ESG REPORT

• Boardwalk REIT released its seventh annual Environmental, Social and Governance (ESG) Report on May 20, 2026.
• The report details 2025 achievements including a 20% reduction in GHG emissions since 2019 and 14% reduction in energy usage.
• Capital deployment included $16.4 million invested in energy-efficient upgrades and the first solar photovoltaic installation at an Edmonton property.
• Submetering expanded to 28.8% of suites for water and 25.7% for natural gas.
• Social metrics show a Resident Net Promoter Score (NPS) of 82 and Associate NPS of 76.
• Governance performance improved across GRESB benchmarking assessments.
• This follows the Q1 2026 earnings release on May 5, 2026, which reported FFO of $1.15 per unit (+8.5% YoY) and NOI of $106.2 million (+10%).
• Management updated full-year guidance to narrow the FFO range to $4.60–$4.80 (previously $4.65–$4.90).

• The ESG report is a routine annual disclosure that confirms management's sustainability commitments rather than introducing new financial catalysts.
• While positive for long-term operational efficiency and cost reduction, the $16.4 million investment in upgrades represents capital expenditure that may slightly pressure short-term FFO through increased depreciation or maintenance costs.
• The Q1 earnings context is critical: despite strong operational results (NOI +10%), management narrowed guidance ranges downward. This suggests caution regarding H2 2026 performance, potentially due to interest rate environments or acquisition integration costs.
• No material change in debt profile or liquidity was announced in the ESG release; liquidity remains at ~$434.9 million as per Q1 data.
• The news is incremental and expected by the market given prior commitments mentioned in 2025 earnings, classifying it as Routine - Positive rather than Material - Positive.

• Company: Boardwalk REIT (Canadian Real Estate Investment Trust).
• Focus: Affordable housing portfolio across Canada with a vertically integrated operating platform.
• Strategy: "Up-cycling" capital by disposing of older communities and acquiring newer, higher-yielding assets to compound free cash flows.
• Flagship Project: Portfolio optimization through continuous acquisition and disposition cycle (e.g., 639 Main St. Saskatoon acquisition in late 2025).
• Occupancy: Consistently high at ~97.3%–98%, indicating resilience of the affordable housing sector.