BOARDWALK REIT REPORTS STRONG RESULTS FOR 2025, INCREASES DISTRIBUTION BY 11.1% AND INTRODUCES GUIDANCE FOR 2026

Executive Summary

• Boardwalk REIT reported strong Q4 2025 results, with FFO per Unit up 11.1% YoY to $1.20 and NOI increasing 9.5% to $108.5 M.
• Annualized distribution was raised 11.1% to $1.80 per unit (monthly $0.15) for March‑May 2026.
• FY 2026 guidance issued: FFO $4.65–$4.90 per Unit; Same‑Property NOI growth +1.5% to +4.5%.

Key Details

• Financial Performance – Q3 2025 (3‑month):
• FFO $1.20 per unit (+11.1%).
• NOI $108.5 M (+9.5%).
• Same‑Property NOI $102.5 M (+7.3%).
• Operating margin 65.8% (up 210 bps).
• Financial Performance – FY 2025 (12‑month):
• FFO $4.65 per unit (+11.2%).
• NOI $417.6 M (+9.2%).
• Same‑Property NOI $404.3 M (+9.0%).
• Profit $196.9 M (vs. loss in prior year).
• Distribution: Regular distribution increased to $0.405 per unit for the quarter (annualized $1.590), and will be $0.15 per month ($1.80 annualized) for March‑May 2026 – an 11.1% increase.
• Liquidity & Balance Sheet: Total available liquidity $466 M; unitholders’ equity $4.9 B; NAV per unit $96.23 (up from $93.68). Debt/EBITDA 9.99×; debt/total assets 42.3%.
• Capital Allocation – Dispositions 2025‑Jan 2026:
• Sold 12 non‑core communities (1,382 suites) for gross $277.6 M ($150.6 M net).
• Additional sale of two Montreal communities (280 suites) for $47.0 M ($24.2 M net).
• Acquisitions 2025: Acquired six newer portfolios (1,376 suites) for gross $551.5 M ($276.2 M net).
• NCIB Repurchases 2025‑Feb 2026: $75.0 M of units repurchased at weighted‑average $64.66; FY 2025 total $57.3 M, FY 2026 YTD $17.7 M.
• Mortgage Activity: Renewed $158.7 M of maturing mortgages (avg rate 3.51%, term +6 yr). Anticipated $832.3 M of mortgages payable in 2026 (average rate ~2.72%).
• Operating Metrics – Occupancy & Rents: Q4 2025 occupancy 97.6% (down 41 bps YoY); average occupied rent $1,590 (up $8 QoQ). Preliminary Feb 2026 occupancy 97.3%.
• FY 2026 Guidance:
• Same‑Property NOI growth +1.5% to +4.5%.
• FFO per unit $4.65–$4.90 (vs. $4.65 FY 2025).
• AFFO per unit $3.99–$4.24 (vs. $4.02 FY 2025).
• ESG: Commitment to ESG initiatives; seventh annual ESG report slated for May 2026.

Notable Quotes

“We are pleased to have built upon our track record of compounding free cash flows in 2025… The foundation for resilient and strong performance remains in place for 2026 and beyond.” – Sam Kolias, Chairman & CEO