CALGARY, AB , Nov. 4, 2025 /PRNewswire/ - Boardwalk Real Estate Investment Trust (TSX: BEI.UN) SUMMARY HIGHLIGHTS FOR THE THREE AND NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2025 STRONG FINANCIAL PERFORMANCE FOR THE 3 MONTH PERIOD ENDED SEPTEMBER 30, 2025 Funds From Operations ("FFO") of $1.23 per Unit(1)(2); an increase of 10.8% from Q3 2024 Profit of $37.6 million Net Operating Income ("NOI") of $108.3 million; an increase of 8.1% from Q3 2024 Same Property(3) Net Operating Income ("Same Property NOI") of $105.3 million; an increase of 8.6% from Q3 2024 Operating Margin of 67.4%; an increase of 210 basis points ("bps") from Q3 2024 FOR THE 9 MONTH PERIOD ENDED SEPTEMBER 30, 2025 Funds From Operations ("FFO") of $3.45 per Unit(1)(2); an increase of 11.3% from the same period a year ago Profit of $247.7 million Net Operating Income ("NOI") of $309.1 million; an increase of 9.1% from the same period a year ago Same Property(3) Net Operating Income ("Same Property NOI") of $302.7 million; an increase of 9.6% from the same period a year ago Operating Margin of 65.2%; an increase of 190 bps from the same period a year ago SAME PROPERTY RENTAL REVENUE GROWTH IN Q3 2025 Q3 2025 same property sequential quarterly rental revenue growth of 1.4% from the prior quarter, excluding Brio which the Trust closed on the purchase of the remaining 50% interest in August Q3 2025 same property rental revenue growth of 5.0% from a year ago, excluding Brio Occupancy of 97.7% in Q3 2025 AFFORDABLE REGIONS AND COMMUNITIES REMAIN IN HIGH DEMAND Population growth continues to favor Alberta, Quebec, and Saskatchewan on a relative basis Rents in Edmonton, the Trust's largest market, remain some of the most affordable amongst major cities in Canada The Trust has cumulatively re-invested in common area improvements representing approximately 77% of its portfolio since 2017, improving portfolio quality and resilience across market conditions STRONG AND FLEXIBLE BALANCE SHEET Approximately $379.6 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 $97.72 per Unit(1)(2), primarily a result of higher rental rates in the Trust's more affordable markets Debt to EBITDA(1) of 10.09x, compared to 10.08x for the year ended December 31, 2024 Debt to Total Assets(1) of 41.4%, compared to 40.6% as at December 31, 2024 Debt increased marginally during the quarter to capitalize on opportunistic accretive external growth opportunities UPDATE TO 2025 FINANCIAL GUIDANCE Revised FFO range of $4.58 to $4.65 per Unit(1)(2) Same Property NOI growth range of +8.5% to +10.0% STRATEGIC CAPITAL ALLOCATION During the quarter, closed on previously announced acquisitions in Saskatoon, Regina, Calgary and Laval totaling $419.5 million and dispositions in Edmonton and Québec City totaling $141.2 million Announced 639 Main Street acquisition in Saskatoon subsequently to quarter end for $39.0 million Year-to-date, have invested $36.8 million into the repurchase and cancellation of 576,983 Trust Units at a weighted average price of $63.79 $6.0 million (included in $36.8 million above) deployed subsequently to quarter end at a weighted average price of $66.51; management prioritizing unit repurchases at current unit price level EXCEPTIONAL VALUE At current unit price of approximately $64, Boardwalk's implied value is approximately $188,000 per suite, equating to an attractive 6.4% cap rate on trailing NOI, with significant growth reflected in updated guidance above REGULAR DISTRIBUTION OF $1.62 PER TRUST UNIT ON AN ANNUALIZED BASIS CONFIRMED FOR THE MONTHS OF DECEMBER 2025, JANUARY 2026 AND FEBRUARY 2026 (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'.
