Boardwalk Real Estate Investment Trust (BEI-UN) investor relations material

Executive summary

• Q2 2026 delivered resilient operating results with FFO per unit up 2.6% year-over-year and NOI up as much as 2.9% from Q2 2025, despite a net loss due to non-recurring items and fair value adjustments.

• Maintained high same property occupancy at 97% and strong demand for affordable rental housing, with average rents well below national averages.

• Strategic asset sales and new co-ownerships, including with Desjardins and DGAM, enhanced liquidity and positioned for future growth.

• Focus remains on affordable housing, operational stability, and maximizing free cash flow.

Financial highlights

• Same property rental revenue and NOI up 1.7% year-over-year to $149.6M; NOI up as much as 2.9% YoY in some reports.

• FFO per unit increased 2.6% to $1.19; six-month FFO per unit $2.33 (up 5.0% YoY); total FFO declined 1.6% to $60.9M due to asset sales.

• Operating margin at 67.6% in some reports, 66.6% in others.

• Regular distributions per unit increased 11.1% YoY to $0.45; payout ratio at 37.6%.

• Net loss of $13.5M in Q2 2026, primarily due to fair value adjustments and transaction costs.

Outlook and guidance

• 2026 guidance reiterated: same property NOI growth of 1.0%–3.5%, FFO per unit of $4.60–$4.80, and AFFO per unit of $3.94–$4.14.

• Monthly distribution increased to $0.15 per unit beginning March 2026.

• Leasing trends and occupancy expected to remain stable through the summer.