Boardwalk's Oct 1 same-property occupancy at 97.8%
Executive Summary
- Boardwalk REIT announced the acquisition of the 639 Main St. community in Saskatoon for $39 million, adding a fully‑occupied 15‑storey high‑rise with 106 suites and ground‑floor commercial space.
- The trust purchased and cancelled 11,800 units at an average price of $68.48 (≈ $800k) and disclosed cumulative NCIB activity of ~486,000 units at $63.29 average price for the first nine months of 2025.
- Boardwalk confirmed that its Q3‑2025 financial results will be released after market close on Nov 4 2025, with a management teleconference scheduled for Nov 5 2025.
Key Details
- NCIB Activity:
- September purchase/cancellation of 11,800 trust units at $68.48 weighted‑average price (≈ $800k).
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FY‑to‑date (first nine months 2025) total NCIB purchases/cancellations: ~486,000 units at $63.29 weighted‑average price.
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Acquisition – 639 Main St., Saskatoon:
- Purchase price: $39 million (≈ $368,000 per suite).
- Property description: 15‑storey concrete high‑rise, 106 residential suites, ground‑floor commercial space; fully occupied; completed 2023.
- Projected first‑year cap rate: 5.5 %.
- Mortgage assumption: balance of $28.5 million at 3.91 % interest, maturing June 2033.
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Expected closing: late Q4 2025.
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Occupancy & Leasing:
- Occupancy entering October: 97.8 %.
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Occupied rents continuing to increase; winter leasing season underway.
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Financial Results Timing:
- Q3‑2025 results (period ended Sept 30 2025) to be released after markets close on Nov 4 2025.
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Management teleconference: Nov 5 2025, 11 a.m. MT / 1 p.m. ET.
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Conference Call Details:
- Toll‑free (North America): 1‑888‑510‑2154; International: 1‑437‑900‑0527.
- Conference ID: 49816; Topic: “Boardwalk REIT 2025 third quarter results”.
Notable Quotes
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Sam Kolias, Chairman & CEO:
“We are thrilled to announce the addition of 639 Main St. in Saskatoon… The acquisition creates value for unitholders through an attractive return profile and continuation of our capital up‑cycling program.”
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Sam Kolias, on leasing season:
“As we enter our winter leasing season, we are in a position of strength with occupancy at 97.8 % to begin October… Alberta continues to shine on a relative basis with population growth of over 19,000 (plus 0.4 % quarter‑over‑quarter).”