Boardwalk's Jan. 1 same-property occupancy at 97.5%

Mr. Sam Kolias reports BOARDWALK REIT PROVIDES OPERATIONAL AND CAPITAL ALLOCATION UPDATE AND ANNOUNCES TIMING OF FOURTH QUARTER RESULTS Boardwalk Real Estate Investment Trust has provided an update highlighting its recent leasing performance and capital allocation initiatives. Through the seasonally slower winter months, the trust prioritized high occupancy and resident member retention. Occupancy remained steady throughout the fourth quarter and is similar on a year-over-year basis to begin 2026. Sam Kolias, chairman and chief executive officer, commented: "As we begin 2026, we remain focused on providing the best value in multifamily communities in Canada. Our occupancy rate of 97.5 per cent to begin the year is a reflection of the quality and resilience of our communities in a more competitive leasing environment compared to a year ago. Our team's focus on being flexible with new and renewal rental rates to maximize retention and margins during our seasonally slower winter months has positioned us with strong occupancy heading into the new year as we continue to see strong demand for high-quality, affordable housing. "Two thousand twenty-five was an active year for sourcing capital from dispositions at private market valuations for reinvestment into accretive initiatives to supplement the trust's organic growth. We are pleased to announce the disposition of three additional communities, providing further liquidity to the trust to begin the year. To close out 2025, we remained active on our normal course issuer bid (NCIB), which is currently providing a great opportunity to purchase our own high-quality portfolio at a significant discount to net asset value (NAV). "The trust continues to prioritize the proceeds from dispositions at or near NAV into reinvestment in the trust's own units through its NCIB representing a discount to NAV and taking a balanced, opportunistic approach to investing our free cash flow into value-add capital to maximize free cash flow while maintaining a strong balance sheet." Capital allocation update Throughout the end of 2025, the trust continued to be active on its NCIB, capitalizing on the wide disconnect between its unit price, which has been trading well below the intrinsic value of the trust's portfolio, and real estate transactions in the private market. Throughout November and December, the trust invested approximately $20.5-million into its NCIB at a weighted average price of $63.81. During 2025, the trust invested approximately $57.3-million into its NCIB at a weighted average price of $63.80. In addition to its own internally generated free cash flow, the trust continues to source incremental capital for redeployment through its disposition program. Subsequently to reporting its Q3 2025 financial results, the trust has closed on the disposition of one community (Terrace Garden Estates) and finalized the sale of two additional communities (Tower Hill and The Palisades) through two separate transactions for combined gross sales proceeds of $56.5-million. The dispositions of Tower Hill and The Palisades are expected to close in January, 2026. The combined consideration is materially in line with the trust's IFRS (international financial reporting standards) value for the three communities. A full breakdown of the trust's 2025 and early 2026 dispositions and acquisitions program is provided below. Timing of Boardwalk's fourth quarter financial results Boardwalk's financial results for the three-month and 12-month periods ended Dec. 31, 2025, will be released after markets close on Feb. 19, 2026. Boardwalk invites you to participate in the teleconference to be held to discuss these results the following day (Friday, Feb. 20, 2026) at 11 a.m. Mountain Time/1 p.m. Eastern Time. Senior management will speak to the results and provide a financial and operational update. The presentation will be made available on the trust's website prior to the call. Teleconference To join the conference call without operator assistance, you may register and enter your phone number on-line to receive an instant automated callback. You can also dial direct to be entered to the call by an operator using the traditional conference call instructions below. The telephone numbers for the conference are toll-free 1-888-510-2154 (within North America) and 1-437-900-0527 (international). Note: Please provide the operator with the below conference call ID or topic when dialling in to the call. Conference ID:  74984 Topic:  Boardwalk Real Estate Investment Trust 2025 fourth quarter results Webcast Investors will also be able to listen to the call and view the slide presentation by visiting Boardwalk's website on the morning of the call. An information page will be provided for any software and system requirements. About Boardwalk Real Estate Investment Trust Boardwalk strives to be Canada's friendliest community provider and the first choice in multifamily communities to work, invest and call home with its Boardwalk Family Forever. Providing homes in more than 200 communities, with approximately 34,000 residential suites totalling over 30 million net rentable square feet, Boardwalk has a proven long-term record of building better communities, where love always lives. Boardwalk's three-tiered and distinct brands (Boardwalk Living, Boardwalk Communities and Boardwalk Lifestyle) cater to a large diverse demographic and have evolved to capture the life cycle of all resident members. Boardwalk's disciplined approach to capital allocation, acquisition, development, purposeful repositioning and management of apartment communities allows the trust to provide its brand of community across Canada, creating exceptional resident member experiences. Differentiated by its peak performance culture, Boardwalk is committed to delivering exceptional service, product quality and experience to its resident members, who reward the trust with high retention and market-leading operating results, which, in turn, lead to higher free cash flow and investment returns, stable monthly distributions, and value creation for all of the trust's stakeholders. Boardwalk's trust units are listed on the Toronto Stock Exchange, trading under the symbol BEI.UN. We seek Safe Harbor.