Boardwalk's Oct 1 same-property occupancy at 97.8%

Mr. Sam Kolias reports BOARDWALK REIT PROVIDES OPERATIONAL AND CAPITAL ALLOCATION UPDATE AND ANNOUNCES TIMING OF THIRD QUARTER RESULTS Boardwalk Real Estate Investment Trust has provided an update highlighting its recent leasing performance and capital allocation initiatives. The trust has maintained strong occupancy throughout the third quarter while occupied rents continue to steadily increase. Capital allocation update Toward the end of September, the trust purchased and cancelled 11,800 trust units, investing approximately $800,000 into its normal course issuer bid (NCIB) at a weighted average price of $68.48. In the first nine months of 2025, the trust has opportunistically purchased and cancelled approximately 486,000 trust units at a weighted average price of $63.29. In early October, the trust finalized the acquisition of the 639 Main St. community in Saskatoon, Sask., for a purchase price of $39-million. 639 Main St. is a fully occupied, 15-storey concrete high-rise community that includes 106 suites and ground-floor commercial space in Saskatoon's desirable Nutana neighbourhood. The community was completed in 2023 and features modern suites and amenities, including a rooftop lounge and terrace, dog wash, smart building entry, and common-area Wi-Fi. The purchase price equates to approximately $368,000 per suite and a projected cap rate of 5.5 per cent in year 1. In conjunction with the purchase, the trust is assuming the existing mortgage, which carries a balance of approximately $28.5-million at an interest rate of 3.91 per cent, maturing in June, 2033. The purchase is anticipated to close in late Q4 2025. Sam Kolias, chairman and chief executive officer, commented: "As we enter our winter leasing season, we are in a position of strength with occupancy at 97.8 per cent to begin October. Value proposition remains an important driver for our resident members with demand highest for affordable, quality communities. Across the Canadian housing landscape, we have seen a return to more balanced conditions compared to a couple of years ago as government policy has aimed to better align our infrastructure needs with population growth. Within this backdrop, our largest market of Alberta continues to shine on a relative basis with population growth of over 19,000 (plus 0.4 per cent quarter over quarter) in the most recently reported quarter by StatsCan. "We are thrilled to announce the addition of 639 Main St. in Saskatoon to our Boardwalk Family Forever, which we held initial discussions on over a year ago. Saskatchewan is a low-tax, affordable jurisdiction that is a key supplier to our world for potash, energy, uranium and agriculture. It continues to attract investment, including BHP's multistage $14-billion Jansen potash project and K+S Group's $3-billion expansion of its Bethune mine. The acquisition of this exciting newer community allows us to expand our portfolio in a robust target market where we have existing scale and further supplement the additions of our recently announced North Prairie townhomes portfolio. 639 Main St. also broadens our product offering and value proposition to our resident members with a best-in-class community at a price point of approximately $2.43 per square foot per month. The acquisition creates value for unitholders through an attractive return profile and continuation of our capital upcycling program. "The trust continues to take a balanced, opportunistic approach to investing our free cash flow and proceeds from dispositions between value-add capital, attractive acquisitions and reinvestment in the trust's own units through its NCIB while maintaining a strong balance sheet over time." Timing of Boardwalk's third quarter financial results Boardwalk's financial results for the three-month period ended Sept. 30, 2025, will be released after markets close on Nov. 4, 2025. Boardwalk invites you to participate in the teleconference to be held to discuss these results the following day (Wednesday, Nov. 5, 2025) 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 Boardwalk'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:  49816 Topic:  Boardwalk REIT 2025 third 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. 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 29 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 Boardwalk's stakeholders. Boardwalk's trust units are listed on the Toronto Stock Exchange, trading under the symbol BEI.UN. We seek Safe Harbor.