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Two Blokes Jul 29 -
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CALGARY, AB , July 29, 2025 /PRNewswire/ - Boardwalk Real Estate Investment Trust (TSX: BEI.UN) SUMMARY HIGHLIGHTS FOR THE THREE AND SIX-MONTH PERIODS ENDED JUNE 30, 2025 STRONG FINANCIAL PERFORMANCE FOR THE 3 MONTH PERIOD ENDED JUNE 30, 2025 Funds From Operations ("FFO") of $1.16 per Unit(1)(2); an increase of 11.5% from Q2 2024 Profit of $76.3 million Net Operating Income ("NOI") of $104.2 million; an increase of 9.0% from Q2 2024 Same Property(3) Net Operating Income ("Same Property NOI") of $104.4 million; an increase of 9.8% from Q2 2024 Operating Margin of 66.2%; an increase of 210 basis points ("bps") from Q2 2024 FOR THE 6 MONTH PERIOD ENDED JUNE 30, 2025 Funds From Operations ("FFO") of $2.22 per Unit(1)(2); an increase of 11.6% from the same period a year ago Profit of $210.1 million Net Operating Income ("NOI") of $200.8 million; an increase of 9.6% from the same period a year ago Same Property(3) Net Operating Income ("Same Property NOI") of $201.1 million; an increase of 10.0% from the same period a year ago Operating Margin of 64.1%; an increase of 190 bps from the same period a year ago SAME PROPERTY RENTAL REVENUE GROWTH IN Q2 2025 Q2 2025 same property sequential quarterly rental revenue growth of 1.0% from the prior quarter Q2 2025 same property rental revenue growth of 6.2% from a year ago Occupancy of 97.9% in Q2 2025 AFFORDABILITY AND ONGOING IMMIGRATION SUPPORTIVE OF REGIONAL OUTPERFORMANCE Alberta has highest population growth on an absolute basis amongst Canadian provinces Rents in Edmonton, the Trust's largest market, remain some of the most affordable amongst major cities in Canada Under construction inventory scaled to recent population growth relatively favorable in Alberta, Saskatchewan, and Quebec Amongst major Canadian cities, home ownership markets remain relatively strong in Edmonton, Calgary, and Montreal The Trust has cumulatively re-invested in common area improvements representing 74% of its portfolio since 2017, improving portfolio quality and resilience across market conditions STRONG AND FLEXIBLE BALANCE SHEET Approximately $324.6 million of total available liquidity at the end of the quarter 96% of Boardwalk's mortgages carry CMHC-insurance Unitholders' Equity of $5.0 billion Fair value capitalization rate of 5.12%, consistent with Q4 2024 Net Asset Value increase to $97.32 per Unit(1)(2), primarily a result of higher rental rates in the Trust's more affordable markets Debt to EBITDA(1) of 9.77x, compared to 10.08x for the year ended December 31, 2024 Debt to Total Assets(1) of 39.6%, compared to 40.6% as at December 31, 2024 UPDATE TO 2025 FINANCIAL GUIDANCE Revised FFO range of $4.48 to $4.63 per Unit(1)(2) Same Property NOI growth range of +8.0% to +10.0% PROGRESS ON CAPITAL UPCYCLING INITIATIVES SUBSEQUENTLY TO QUARTER END Finalized the sale of four communities totaling 568 suites for $117.2 million: Imperial Tower (previously announced) and Insignia Tower in Edmonton; Les Appartements du Verdier and Place du Parc in Québec City Finalized the purchase of one newer portfolio and an additional newer community totaling 393 suites for $133.1 million: North Prairie Townhomes (previously announced) in Saskatoon and Regina, and The Arch in Calgary EXCEPTIONAL VALUE At current unit price of approximately $71, Boardwalk's implied value is approximately $201,000 per suite, equating to an attractive 5.9% cap rate on trailing NOI, with significant growth reflected in updated guidance above DISTRIBUTION OF $1.62 PER TRUST UNIT ON AN ANNUALIZED BASIS CONFIRMED FOR THE MONTHS OF SEPTEMBER, OCTOBER AND NOVEMBER 2025 (1) Please refer to the section titled "Presentation of Non-GAAP Measures" in this news release for more information. (2) Boardwalk REIT's units (the "Trust Units") trade on the Toronto Stock Exchange ("TSX") under the trading symbol 'BEI.UN'.
