BOARDWALK REIT REPORTS Q3 2026 RESULTS

CALGARY, AB, Nov. 3, 2026 /CNW/ -- Boardwalk Real Estate Investment Trust (TSX: BEI.UN)

SUMMARY HIGHLIGHTS FOR THE THREE AND NINE MONTH PERIODS ENDED SEPTEMBER 30, 2026

• RESILIENT FINANCIAL PERFORMANCE
  FOR THE 3 MONTH PERIOD ENDED SEPTEMBER 30, 2026
  • Same Property⁽¹⁾ Occupancy of 97.0% in Q3 2026
  • Same Property Rental Revenue growth of 0.9% from Q3 2025
  • Same Property Net Operating Income ("Same Property NOI") of $98.2 million; a decrease of 1.1% from Q3 2025
  • Net Operating Income ("NOI") of $106.2 million; a decrease of 2.0% from Q3 2025
  • Funds From Operations ("FFO") of $1.21 per Unit⁽²⁾⁽³⁾; a decrease of 1.6% from Q3 2025
  • Operating Margin of 66.4%; a decrease of 100 basis points ("bps") from Q3 2025; mainly attributable to property tax increase year-over-year

• FOR THE 9 MONTH PERIOD ENDED SEPTEMBER 30, 2026
  • Same Property Rental Revenue growth of 1.6% from a year ago
  • Same Property NOI of $292.1 million; an increase of 2.0% from the same period a year ago
  • Net Operating Income of $319.6 million; an increase of 3.4% from the same period a year ago
  • Funds From Operations of $3.54 per Unit; an increase of 2.6% from the same period a year ago
  • Operating Margin of 66.0% an increase of 80 bps from the same period a year ago

• THE ALBERTA ADVANTAGE RE-INFORCED AND DE-RISKED
  • Recent referendum endorsement for staying in Canada a win-win for Albertans and Canadians to unlock economic growth and energy security
  • Demand for apartments remains highest at affordable price points
  • Rents in Edmonton, the Trust's largest market, remain some of the most affordable amongst major cities in Canada
  • Affordability, economic outperformance and lifestyle continue to support the Alberta Advantage

• TIGHTENING 2026 FINANCIAL GUIDANCE
  • FFO range of $4.65 to $4.75 per Unit⁽²⁾⁽³⁾ 
  • Same Property NOI growth range of +1.0% to +2.0%

• STRATEGIC CAPITAL ALLOCATION
  • Subsequent to quarter end, the Trust finalized the sale of three communities in Edmonton, Alberta totaling 536 suites for gross proceeds of $106.5 million (approximately $68.2 million net of existing mortgages)
  • During Q3 2026, closed on the previously announced sales of ten non-core communities in London, Ontario, and Grande Prairie, Alberta, totaling 411 suites for gross proceeds of $70.2 million (approximately $40.2 million net of existing mortgages)
  • During Q3 2026, closed on the previously announced seed portfolio for strategic co-ownership with DGAM Canadian Private Real Estate Fund, L.P., managed by DGAM Global Asset Management, ("DGAM Real Estate Fund"); sale of 50% interest comprised of 328 suites for gross proceeds of $146.0 million (approximately $86.5 million net of existing mortgages)
  • During Q3 2026, the Trust completed its current Normal Course Issuer Bid ("NCIB"); the Trust has invested $262.2 million into the repurchase and cancellation of 4,018,000 Trust Units at a weighted average price of $65.26 since renewal of NCIB in November 2025
  • Strategic higher cash positioning for opportunistic deployment in environment that favours community providers with established operating platforms

• EXCEPTIONAL VALUE
  • At current unit price of approximately $63, Boardwalk's implied value is approximately $195,000 per suite, equating to an attractive 6.5% cap rate on trailing NOI
  • The Trust has cumulatively reinvested in common area improvements representing approximately 74% of its portfolio since 2017, improving portfolio quality and resilience across market conditions

• STRONG AND FLEXIBLE BALANCE SHEET
  • Approximately $403.2 million of total available liquidity at the end of the quarter
  • 99% of Boardwalk's mortgages carry CMHC-insurance
  • Unitholders' Equity of $4.6 billion
  • Fair value capitalization rate of 5.22%, an increase of 3 bps from Q4 2025
  • Net Asset Value of $96.89 per Unit⁽²⁾⁽³⁾, an increase relative to Q4 2025 and Q2 2026
  • Debt to EBITDA⁽²⁾ of 9.02x, compared to 9.99x for the year ended December 31, 2025
  • Debt to Total Assets⁽²⁾ of 42.7%, compared to 42.3% as at December 31, 2025

• REGULAR DISTRIBUTION OF $1.80 PER TRUST UNIT ON AN ANNUALIZED BASIS CONFIRMED FOR THE MONTHS OF DECEMBER 2026, JANUARY 2027 AND FEBRUARY 2027

⁽¹⁾ Same property figures exclude properties which have been wholly-owned for less than 24 months and sold assets.

⁽²⁾ Please refer to the section titled "Presentation of Non-GAAP Measures" in this news release for more information.

⁽³⁾ Boardwalk REIT's units (the "Trust Units") trade on the Toronto Stock Exchange ("TSX") under the trading symbol 'BEI.UN'.  Additionally, the Trust has 3,900,000 special voting units issued to holders of "Class B Units" of Boardwalk REIT Limited Partnership ("LP Class B Units" and, together with the Trust Units, the "Units"), each of which also has a special voting unit in the REIT.

Boardwalk Real Estate Investment Trust ("Boardwalk", the "REIT" or the "Trust") today announced its financial results for the third quarter of 2026.

Sam Kolias; Chairman and Chief Executive Officer of Boardwalk REIT commented:

"Boardwalk delivered resilient third quarter results, with Funds From Operations of $1.21 per Unit and Same Property Net Operating Income of $98.2 million, representing slight decreases of 1.6% and 1.1%, respectively, from Q3 2025. We are encouraged to see positive sequential revenue growth during the quarter, which reflects the high demand for affordable housing and the strength of our operating platform. As some of our largest markets are catching up from outsized population growth in recent years, our positive revenue growth was offset by year-over-year increases in property taxes during the quarter. Our focus on retention, service and operational execution has resulted in an improvement in occupancy. Affordability remains central to our value proposition, with Edmonton, our largest market, offering compelling relative value and remaining among Canada's most affordable major rental markets.

Alberta's employment and economic outlook continues to support our confidence in our largest market's medium-term rental housing fundamentals. As we saw in the recent referendum, Albertans voted resoundingly for a win-win outcome that puts Canadian energy and economic growth at the forefront of prosperity for all Canadians. Momentum for building major projects, expanding energy export opportunities and additional investment into various sectors is likely to provide positive drivers for employment and household formation. Together with the affordability and lifestyle advantages of our largest markets, these factors support the ongoing appeal of well-located, high-quality, and affordable rental housing. With higher vacancy rates in the overall market, higher interest rates and lower rents for new construction compared to a couple of years ago, development economics for new supply have become much more difficult.

We continue to pair disciplined capital recycling with accretive unit repurchases and a strong, flexible balance sheet. Our Debt to EBITDA ratio improved to 9.02x during the third quarter, compared to 9.99x at year-end 2025. Our sales throughout the year at full private market values are releasing capital for redeployment. We have successfully redeployed proceeds into our Normal Course Issuer Bid this year, taking advantage of a historically rare opportunity to repurchase our own Units and communities at a sharp discount to their underlying value while contributing positively to our FFO and NAV per Unit. Over the last several years, we have also successfully improved our balance sheet while upgrading the quality of our portfolio through our value-add capital program and selective acquisitions of newer communities that offer rare, highly sought after layouts and value to our Resident Family Members that are difficult to replicate given current development economics. We believe this approach will reward our Unitholders over time as we return to more positive rental housing fundamentals over the medium term.

As we look ahead, we remain focused on sustaining the recent improvement in occupancy, delivering exceptional value to our Resident Family Members and investing our capital in the best opportunities available. The tremendous value proposition of our communities, our one-of-a-kind operating platform and disciplined approach to capital allocation position us to navigate near-term market conditions and create value for all our stakeholders over the medium term."

THIRD QUARTER FINANCIAL HIGHLIGHTS

$ millions, except per Unit amounts
Highlights of the Trust's Third Quarter 2026 Financial Results
	3 Months Sep. 30, 2026	3 Months Sep. 30, 2025	% Change	9 Months Sep. 30, 2026	9 Months Sep. 30, 2025	% Change
Operational Highlights
Rental Revenue	$159.8	$160.8	-0.6 %	$484.6	$473.8	2.3 %
Same Property Rental Revenue	$146.6	$145.2	0.9 %	$437.6	$430.8	1.6 %
Net Operating Income ("NOI")	$106.2	$108.3	-2.0 %	$319.6	$309.1	3.4 %
Same Property NOI	$98.2	$99.3	-1.1 %	$292.1	$286.3	2.0 %
Operating Margin ^(1)	66.4 %	67.4 %		66.0 %	65.2 %
Same Property Operating Margin	67.0 %	68.4 %		66.8 %	66.5 %
Financial Highlights
Funds From Operations ("FFO")^(2)(3)	$60.2	$65.9	-8.7 %	$181.6	$184.5	-1.6 %
Adjusted Funds From Operations ("AFFO") ^(2)(3)	$51.9	$57.4	-9.6 %	$156.2	$158.9	-1.7 %
Profit	$21.5	$37.6	-42.8 %	$2.5	$247.7	-99.0 %
FFO per Unit ^(3)	$1.21	$1.23	-1.6 %	$3.54	$3.45	2.6 %
AFFO per Unit ^(3)	$1.04	$1.07	-2.8 %	$3.05	$2.97	2.7 %
Distributions
Regular Distributions Declared (Trust Units & LP Class B Units)	$22.2	$21.6	2.9 %	$67.2	$63.2	6.2 %
Regular Distributions Declared Per Unit (Trust Units & LP Class B Units)	$0.450	$0.405	11.1 %	$1.320	$1.185	11.4 %
FFO Payout Ratio ^(3)	36.9 %	32.8 %		37.0 %	34.3 %
Suite Count
Same Property Apartment Suites				30,723	32,836
Non-Same Property Apartment Suites^(4)				1,796	1,748
Total Apartment Suites				32,519	34,584

⁽¹⁾  Operating margin is calculated by dividing NOI by rental revenue allowing management to assess the percentage of rental revenue which generated profit.

⁽²⁾  This is a non-GAAP financial measure. 

⁽³⁾  Please refer to the section titled "Presentation of Non-GAAP Measures" in this news release for more information.

⁽⁴⁾  Includes 183 suites related to the Trust's joint venture in Brampton, Ontario which is accounted for as an equity accounted investment.

In Q3 2026, the Trust's same property NOI decreased slightly compared to the same period in the prior year as increased property tax expense more than offset slightly higher same property revenue growth. The Trust remained focused on retention in an environment that continues to reflect temporarily moderated demand in 2026 and 2027 resulting from the federal Immigration Levels Plan released in the fall of 2025.

Continued Highlights of the Trust's Third Quarter 2026 Financial Results
					Sep. 30, 2026	Dec. 31, 2025
Equity
Unitholders' equity					$4,628,692	$4,918,159
Net Asset Value
Net asset value^(1)(2)					$4,785,706	$5,108,421
Net asset value ("NAV") per Unit^(2)					$96.89	$96.23
Liquidity and Debt
Cash and cash equivalents					$157,435
Unused credit facilities					$245,800
Total Available Liquidity					$403,235
Total mortgage principal outstanding					$3,550,145	$3,623,470
Debt to EBITDA^(2)					9.02	9.99
Debt to Total Assets^(2)					42.7 %	42.3 %
Interest Coverage Ratio (Rolling 4 quarters)					2.83	3.08

⁽¹⁾ This is a non-GAAP financial measure.

⁽²⁾  Please refer to the section titled "Presentation of Non-GAAP Measures" in this news release for more information.

The Trust's fair value of its investment properties as at September 30, 2026, decreased from year end, primarily attributable to the Trust's dispositions activity year-to-date, as well as to a decrease in market rents in Calgary and a slight increase to cap rates. The Trust's stabilized capitalization rate ("Cap Rate") increased to 5.22% for Q3 2026 compared to 5.19% at year end and decreased slightly compared to 5.25% at Q2 2026, which is mainly the result of the Trust moving its Central Parc Laval property from acquisition price to a stabilized cap rate methodology during the quarter. The Cap Rate ranges utilized continue to be in line with recently published third party quarterly Cap Rate reports.

SOLID OPERATIONAL RESULTS

Total Portfolio - Highlights for the Third Quarter of 2026
	Sep-26		Sep-25
Total Portfolio
Average Occupancy (Quarter Average)		96.8 %		96.6 %
Average Monthly Rent (Period Ended)	$	1,599	$	1,548
Average Market Rent (Period Ended) ^(1)	$	1,734	$	1,714
Average Occupied Rent (Period Ended) ^(2)	$	1,649	$	1,593
Mark-to-Market Revenue Gain (Period Ended) ($ millions)	$	32.1	$	49.4
Mark-to-Market Revenue Gain Per Unit (Period Ended)	$	0.63	$	0.92

Same Property Portfolio - Highlights for the Third Quarter of 2026
	Sep-26		Sep-25
Same Property
Average Occupancy (Quarter Average)		97.0 %		97.7 %
Average Monthly Rent (Period Ended)	$	1,564	$	1,553
Average Market Rent (Period Ended) ^(1)	$	1,694	$	1,687
Average Occupied Rent (Period Ended) ^(2)	$	1,609	$	1,589
Mark-to-Market Revenue Gain (Period Ended) ($ millions)	$	30.4	$	40.4
Mark-to-Market Revenue Gain Per Unit (Period Ended)	$	0.59	$	0.75

⁽¹⁾Market rent is a component of rental revenue and is calculated as of the first day of each month as the average rental revenue amount a willing landlord might reasonably expect to receive, and a willing tenant might reasonably expect to pay, for a tenancy, before adjustments for other rental revenue items such as incentives, vacancy loss, fees, specific recoveries, and revenue from commercial tenants.

⁽²⁾Occupied rent is a component of rental revenue and is calculated for occupied suites as of the first day of each month as the average rental revenue, adjusted for other rental revenue items such as fees, specific recoveries, and revenue from commercial tenants.

Total Portfolio Occupancy ⁽¹⁾⁽²⁾

Nov- 25	Dec- 25	Jan- 26	Feb- 26	Mar- 26	Apr- 26	May- 26	Jun- 26	Jul- 26	Aug- 26	Sep- 26	Oct- 26	Nov- 26
96.7 %	96.7 %	96.6 %	96.6 %	96.6 %	96.5 %	96.6 %	96.4 %	96.6 %	96.6 %	97.0 %	97.1 %	96.9 %

Same Property Occupancy ⁽¹⁾⁽³⁾

Nov- 25	Dec- 25	Jan- 26	Feb- 26	Mar- 26	Apr- 26	May- 26	Jun- 26	Jul- 26	Aug- 26	Sep- 26	Oct- 26	Nov- 26
97.6 %	97.5 %	97.4 %	97.3 %	97.2 %	97.0 %	97.0 %	96.9 %	96.9 %	96.8 %	97.2 %	97.2 %	97.0 %

⁽¹⁾ Preliminary occupancy as of the first day of the month.

⁽²⁾ Includes all properties on a proportionate consolidation basis at each date.

⁽³⁾ Reflective of properties that have been wholly-owned by the Trust for a period of 24 months or more as of September 30, 2026. Comparative periods have been updated for the same portfolio.

The Trust retained high occupancy during Q3 2026 by focusing on retention and by leveraging its vertically-integrated operating platform to limit the time to complete unit turnovers.  The Trust's approach to strategically moderate its lease renewal rates over the last number of years, while markets were heavily undersupplied, has also contributed to maintaining higher occupancy in a more balanced market. Positive market rent adjustments were implemented in some communities where rental market fundamentals were strong.  In other communities, market rents were adjusted downward in pockets that have experienced higher deliveries of new supply and where rents were on the higher end of the price spectrum. Overall, demand remains strong for affordable housing. Average occupied rent increased sequentially, and when compared to the same period a year ago. The Trust continues to focus on maintaining high occupancy, reducing or eliminating past incentives on lease renewals, leasing at market rents for new leases and adjusting market rents in communities where appropriate.

For the third quarter of 2026, same property rental revenue increased 0.9% while same property total rental expense increased by 5.3%, resulting in a decrease in same property NOI of 1.1% in comparison to the same quarter in the prior year. The increase in same property total rental expense was mostly due to higher property tax expenses compared to the same period in the prior year. Same property rental revenue increased due to higher in-place occupied rents and slightly lower incentives, partially offset by a higher vacancy loss.

Same Property Sep. 30, 2026 - 3 M	# of Suites			% Rental Revenue Growth			% Total Rental Expenses Growth			% Net Operating Income Growth			% of NOI
Edmonton		11,387			1.1	%		5.6	%		(1.3)	%		34.4	%
Calgary		6,549			(2.4)	%		4.0	%		(4.9)	%		25.4	%
Other Alberta		1,726			3.3	%		3.6	%		3.2	%		5.3	%
Alberta		19,662			(0.1)	%		4.9	%		(2.4)	%		65.1	%
Quebec		4,930			4.1	%		13.7	%		--			15.2	%
Saskatchewan		3,313			2.0	%		0.5	%		2.7	%		11.6	%
Ontario		2,818			1.5	%		1.3	%		1.7	%		8.1	%
		30,723			0.9	%		5.3	%		(1.1)	%		100.0	%

Same Property Sep. 30, 2026 - 9 M	# of Suites			% Rental Revenue Growth			% Total Rental Expenses Growth			% Net Operating Income Growth			% of NOI
Edmonton		11,387			2.0	%		(0.9)	%		3.7	%		34.6	%
Calgary		6,549			(1.8)	%		0.1	%		(2.6)	%		25.7	%
Other Alberta		1,726			3.9	%		2.0	%		5.0	%		5.2	%
Alberta		19,662			0.7	%		(0.3)	%		1.2	%		65.5	%
Quebec		4,930			4.3	%		5.6	%		3.6	%		14.8	%
Saskatchewan		3,313			2.5	%		2.0	%		2.7	%		11.6	%
Ontario		2,818			2.4	%		(1.7)	%		4.7	%		8.1	%
		30,723			1.6	%		0.7	%		2.0	%		100.0	%

UPDATE ON PRESENTATION OF TOTAL PORTFOLIO AND SAME PROPERTY OPERATING METRICS

In order to improve disclosure, and consistent with its October Operational Update, the Trust is updating the presentation of its operating metrics throughout this release to include occupancy and occupied rents for its total portfolio.

Same property results throughout are reflective of properties that have been wholly-owned by the Trust for a period of 24 months or more as of September 30, 2026. Comparative periods have been updated for the same portfolio.  

STRONG LIQUIDITY POSITION

In the third quarter of 2026, Boardwalk renewed $125.5 million of its maturing mortgages at a weighted average interest rate of 4.12% while extending the term of these mortgages by an average of 7.6 years. Year-to-date, the Trust paid out $59.5 million of mortgages, excluding mortgages that were paid out relating to sales. The mortgages had a combined weighted average interest rate of 4.74%.

For the remainder of 2026, the Trust anticipates $216.7 million of mortgages payable maturing with an average in-place interest rate of 2.28%.  Current market 5 and 10-year CMHC financing rates are estimated to be approximately 4.05% and 4.45%, respectively. To date, the Trust has renewed or forward-locked the interest rate on $579.2 million or 71.1% of its maturing mortgages in 2026 at an average interest rate of 3.89% and an average term of 6.7 years. Including mortgages paid out to date, the Trust has completed 78.4% of its 2026 mortgage maturities. The Trust remains well positioned with a laddered maturity schedule within its mortgage program, a disciplined capital allocation program and continued use of CMHC funding, which decreases the renewal risk on its existing mortgages.

STRATEGIC CAPITAL ALLOCATION

The Trust remains active sourcing additional capital from asset sales to redeploy toward opportunities that will enhance the Trust's cash flow per unit and maximize risk-adjusted returns.

During the third quarter, the Trust closed on the sales of ten properties in London (Noel Meadows, Sandford Apartments) and Grande Prairie (Avondale, Bear Ridge Manor, Bear Ridge Place, Collegeview, Eagle Place, Grande Pointe, Hillcrest Heights, McKenzie Pointe) totaling 411 suites for a combined gross sales price of $70.2 million.  In addition, the Trust closed on the sale of the seed portfolio for its strategic co-ownership with DGAM Canadian Private Real Estate Fund, L.P. managed by Desjardins Global Asset Management ("DGAM Real Estate Fund") for a gross sales price of $146.0 million.

Subsequent to quarter end, the Trust finalized an additional sale of three communities in Edmonton, Alberta (Northridge Estates, Parkview Estates, Riverview Plaza) for a combined gross sales price of $106.5 million.

A full breakdown of the Trust's 2026 disposition activities year-to-date is provided below:

2026 Sales
Name	Market	Closing Date	Gross Sales Price ($MM)^(1)	Price Per Suite	Suites	WA Age	Exit Cap Rate	Mortgage Assumed /Payout  ($MM)	WA Interest Rate
Newly Announced
Northridge Estates/ Parkview Estates/ Riverview Plaza	Edmonton, AB	November 2026	$106.5	$199k	536	1976	5.2 %	$38.3	4.25 %
Previously Disclosed
Northern Lights Portfolio ^(2)	Grande Prairie, AB	September 2026	$30.2	$144k	210	1972	7.4 %	$16.5	4.18 %
DGAM Real Estate Fund Co-Ownership Seed Portfolio - Elbow 5 Eight (50%)/ BRIO (50%)/ Aurora (50%)/ The Vue (50%)	Calgary, AB/ Calgary, AB/ Victoria, BC/ Victoria, BC	September 2026	$146.0	$446k	328	2022	4.7 %	$59.5	3.50 %
Sandford Apartments/ Noel Meadows	London, ON	September 2026	$40.0	$199k	201	1971	4.5 %	$13.5	4.84 %
Capital View Tower/ Kingsway Tower	Edmonton, AB	May 2026	$40.0	$212k	189	1966	5.0 %	$18.7	2.61 %
The Edge/ Lockwood Arms Apartments/ Lawson Village	Edmonton, AB/ Regina, SK/ Saskatoon, SK	May 2026	$77.0	$206k	374	1995	6.0 %	$36.3	3.42 %
Valley Ridge Tower	Edmonton, AB	May 2026	$8.0	$163k	49	1963	5.9 %	n/a	n/a
Place Charlesbourg/ Place Chamonix/ Place Samuel de Champlain	Québec City, QC	April 2026	$97.0	$200k	484	1970	5.2 %	$51.9	3.32 %
Jardins Viva/ Le Bienville	Longueuil/ Brossard, QC	February 2026	$47.0	$168k	280	1974	4.9 %	$22.8	3.91 %
Tower Hill/The Palisades	Edmonton, AB	January 2026	$37.0	$210k	176	1964	4.7 %	$17.6	1.78 %
Total Sales – YTD 2026			$628.7	$222k	2,827	1980	5.2 %	$275.1	3.53 %

⁽¹⁾ Excludes transaction costs and other customary adjustments.

⁽²⁾ Northern Lights Portfolio includes eight properties – Avondale, Bear Ridge Manor, Bear Ridge Place, Collegeview, Eagle Place, Grande Pointe, Hillcrest Heights, and McKenzie Pointe.

During the third quarter, the Trust completed its current NCIB, having repurchased 4,018,000 Trust Units since November 2025 at a weighted average price of $65.26.  Since its last renewal, the Trust has invested approximately $262.2 million into the NCIB at an approximate 30% discount to the underlying value of its portfolio.

Period	Trust Units Repurchased^(1)	Weighted Average Price	Invested Capital ($MM, excluding commissions)
January 2026	164,400	$67.45	$11.1
February 2026	316,400	$66.86	$21.2
March 2026	535,000	$64.39	$34.5
Subtotal - Q1 2026	1,015,800	$65.65	$66.7
April 2026	520,800	$66.46	$34.6
May 2026	471,200	$64.81	$30.5
June 2026	677,200	$64.62	$43.8
Subtotal - Q2 2026	1,669,200	$65.25	$108.9
July 2026	545,600	$66.20	$36.1
August 2026	471,200	$64.61	$30.4
September 2026	44,200	$61.68	$2.7
Subtotal – Q3 2026	1,061,000	$65.30	$69.3
Year-to-Date 2026	3,746,000	$65.37	$244.9
Since NCIB Renewal	4,018,000	$65.26	$262.2

⁽¹⁾ Based on trading date.

Throughout the fourth quarter of this year, the Trust will continue to take a balanced, opportunistic approach to deploying proceeds from dispositions, including through potential reinvestment in the Trust's own Units and attractive acquisition opportunities that will allow the Trust to add incremental value through its platform while improving its overall portfolio quality and maintaining a strong balance sheet over time.

TIGHTENING 2026 FINANCIAL GUIDANCE

With one quarter remaining, our performance to date remains within our expectations for the year and we are tightening our guidance range as follows:

	Q3 2026 Updated Guidance	Q2 2026 and Q1 2026 Updated Guidance	2026 Original Guidance	2025 Actual
Same Property NOI Growth	+1.0% to +2.0%	+1.0% to +3.5%	+1.5% to +4.5%	9.0 %
FFO Per Unit ^(1)	$4.65 to $4.75	$4.60 to $4.80	$4.65 to $4.90	$4.65
AFFO Per Unit ^(1)(2)	$3.99 to $4.09	$3.94 to $4.14	$3.99 to $4.24	$4.02

⁽¹⁾ Please refer to the section titled "Presentation of Non-GAAP Measures" in this news release for more information.

⁽²⁾ Utilizing a Maintenance CAPEX expenditure of $1,009/suite/year in 2026 and $979/suite/year in 2025.

The reader is cautioned that this information is forward-looking and actual results may vary from those forecasted.  The Trust reviews the assumptions used to derive its forecast quarterly, and based on this review, may adjust its outlook accordingly.

EXCEPTIONAL VALUE

The Trust's current trading price represents exceptional value relative to the quality of the underlying real estate and replacement costs.

Recent private market sales transactions of apartment buildings in our core markets have occurred at prices in line with or above Boardwalk's fair value of its assets of approximately $247,000 per suite, when adjusted for suite mix and asset quality.  This valuation represents approximately a trailing 5.2% cap rate on Boardwalk's most recent 12 months of NOI.

At the current unit price of $63 per Trust Unit, Boardwalk's implied value is approximately $195,000 per suite and represents an attractive 6.5% cap rate on trailing NOI.

THIRD QUARTER REGULAR MONTHLY DISTRIBUTION ANNOUNCEMENT

The Trust has confirmed its monthly cash distribution for the months of December 2026, January 2027 and February 2027 as follows:

Month	Per Unit			Annualized			Record Date	Distribution Date
December 2026	$	0.15		$	1.80		31-Dec-26	15-Jan-27
January 2027	$	0.15		$	1.80		29-Jan-27	15-Feb-27
February 2027	$	0.15		$	1.80		26-Feb-27	15-Mar-27

In line with Boardwalk's distribution policy of maximum re-investment, the Trust's payout ratio remains conservative at 36.9% of Q3 2026 FFO; and 36.1% of the last 12 months FFO, excluding non-cash distributions. 

Boardwalk's regular monthly distribution provides a stable and attractive yield for the Trust's Unitholders.

As outlined under strategic capital allocation above, 2026 has been an active year for Boardwalk for sourcing capital from asset sales. The Trust continues to evaluate any cash and non-cash special distribution considerations as it approaches the end of the year and expects to announce any special distribution in December.

ESG REPORT

The Trust is committed to environmental, social and governance ("ESG") objectives and initiatives, including working towards reducing greenhouse gas emissions and electricity and natural gas consumption, water conservation, waste minimization, and a continued focus on governance and oversight.  Boardwalk published its seventh annual ESG report in May 2026.  The ESG report is available digitally on the Trust's website at bwalk.com/en-ca/investors/esg.

FINANCIAL INFORMATION

Boardwalk produces quarterly financial statements and management's discussion and analysis that provides detailed information regarding the Trust's activities during the quarter. Financial information is available on Boardwalk's investor website at www.bwalk.com/investors.

TELECONFERENCE ON THIRD QUARTER 2026 FINANCIAL RESULTS

Boardwalk invites you to participate in the teleconference that will be held to discuss these results tomorrow (November 4, 2026) at 1:00 pm Eastern Standard Time (EST), 12:00 pm Alberta Time (ABT). Senior management will speak to the period's results and provide an update. Presentation materials will be made available on Boardwalk's investor website at www.bwalk.com/investors prior to the call.

Teleconference: To join the conference call without operator assistance, you may register and enter your phone number at https://emportal.ink/4xh4lBB to receive an instant automated call back.

Alternatively, you can also dial direct to be entered into the call by an operator using the traditional conference call instructions below.

The telephone numbers for the conference are 1-437-900-0527 (local/international callers) or toll-free 1-888-510-2154 (within North America).

Note: Please provide the operator with the below Conference Call ID or Topic when dialing in to the call.
Conference ID: 53686
Topic: Boardwalk Real Estate Investment Trust, 2026 Third Quarter Results

Webcast: Investors will be able to listen to the call and view Boardwalk's slide presentation by visiting www.bwalk.com/investors prior to the start of the call.

An information page will be provided for any software needed and system requirements.  The webcast and slide presentation will also be available at:

Boardwalk REIT Third Quarter Results Webcast Link

Replay: An audio recording of the teleconference will be available on the Trust's website:
www.bwalk.com/investors

CORPORATE PROFILE

Boardwalk REIT strives to be Canada's friendliest community provider and the first choice in multi-family communities to work, invest, and call home with our Boardwalk Family Forever. Providing homes in more than 200 communities, with approximately 33,000 residential suites totaling 29 million net rentable square feet, Boardwalk has a proven long-term track record of building better communities, where love always lives^TM.  Our 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 Family Members. Boardwalk's disciplined approach to capital allocation, acquisition, development, purposeful re-positioning, and management of apartment communities allows the Trust to provide its brand of community across Canada creating exceptional Resident Family Member experiences. Differentiated by its peak performance culture, Boardwalk is committed to delivering exceptional service, product quality and experience to our Resident Family Members who reward us 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 our stakeholders.

Boardwalk REIT's Trust Units are listed on the Toronto Stock Exchange, trading under the symbol BEI.UN.  Additional information about Boardwalk REIT can be found on the Trust's website at www.bwalk.com/investors.

PRESENTATION OF NON-GAAP MEASURES

Non-GAAP Financial Measures
Boardwalk believes non-GAAP financial measures are meaningful and useful measures of real estate organizations operating performance, however, are not measures defined by IFRS® Accounting Standards, as issued by the International Accounting Standards Board ("IFRS Accounting Standards").  As they do not have standardized meanings prescribed by IFRS Accounting Standards, they therefore may not be comparable to similar measurements presented by other entities and should not be construed as an alternative to IFRS Accounting Standards defined measures.  Below are the non-GAAP financial measures referred to in this news release.

Funds From Operations
The IFRS Accounting Standards measurement most comparable to FFO is profit.  Boardwalk REIT considers FFO to be an appropriate measurement of the performance of a publicly listed multi-family residential entity as it is the most widely used and reported measure of real estate investment trust performance.  Profit includes items such as fair value changes of investment property that are subject to market conditions and capitalization rate fluctuations which are not representative of recurring operating performance.  Consistent with REALPAC, we define FFO as adjustments to profit for fair value gains or losses, distributions on the LP Class B Units, gains or losses on the sale of the Trust's investment properties, depreciation, deferred income tax, and certain other non-cash adjustments, if any, but after deducting the principal repayment on lease liabilities.  The reconciliation from profit under IFRS Accounting Standards to FFO can be found below.  The Trust uses FFO to assess operating performance and its distribution paying capacity, determine the level of Associate incentive-based compensation, and decisions related to investment in capital assets.  To facilitate a clear understanding of the combined historical operating results of Boardwalk REIT, management of the Trust believes FFO should be considered in conjunction with profit as presented in the condensed consolidated interim financial statements for the three and nine months ended September 30, 2026 and 2025.

FFO Reconciliation	3 Months		3 Months		% Change			9 Months		9 Months		% Change
(In $000's, except per Unit amounts)	Sep. 30, 2026		Sep. 30, 2025					Sep. 30, 2026		Sep. 30, 2025
Profit	$	21,509	$	37,606				$	2,533	$	247,660
Adjustments
Transaction costs on sale of assets		4,051		6,354					16,816		8,645
Fair value losses (gains), net		31,289		14,374					144,944		(86,164)
Fair value loss from equity accounted investment		119		4,467					7,964		5,313
LP Class B Unit distributions		1,845		1,722					5,499		5,143
Deferred tax (recovery)		(20)		(15)					(127)		(3)
Depreciation		2,322		2,307					6,643		6,482
Principal repayments on lease liabilities		(910)		(867)					(2,676)		(2,579)
FFO	$	60,205	$	65,948		(8.7)	%	$	181,596	$	184,497		(1.6)	%
FFO per Unit	$	1.21	$	1.23		(1.6)	%	$	3.54	$	3.45		2.6	%

Adjusted Funds From Operations
Similar to FFO, the IFRS Accounting Standards measurement most comparable to AFFO is profit.  Boardwalk REIT considers AFFO to be an appropriate measurement of a publicly listed multi-family residential entity as it measures the economic performance after deducting for maintenance capital expenditures to the existing portfolio of investment properties.  AFFO is determined by taking the amounts reported as FFO and deducting what is commonly referred to as "Maintenance Capital Expenditures". Maintenance Capital Expenditures are referred to as expenditures that, by standard accounting definition, are accounted for as capital in that the expenditure itself has a useful life in excess of the current financial year and maintains the value of the related assets.  The reconciliation of AFFO can be found below.  The Trust uses AFFO to assess operating performance and its distribution paying capacity, and decisions related to investment in capital assets.

(000's)	3 Months			3 Months			9 Months			9 Months
	Sep. 30, 2026			Sep. 30, 2025			Sep. 30, 2026			Sep. 30, 2025
FFO	$	60,205		$	65,948		$	181,596		$	184,497
Maintenance Capital Expenditures		8,327			8,588			25,398			25,646
AFFO	$	51,878		$	57,360		$	156,198		$	158,851

Adjusted Real Estate Assets
The IFRS Accounting Standards measurement most comparable to Adjusted Real Estate Assets is investment properties.  Adjusted Real Estate Assets is comprised of investment properties, equity accounted investment, properties related to assets held for sale, and cash and cash equivalents.  Adjusted Real Estate Assets is useful in summarizing the real estate assets owned by the Trust and it is used in the calculation of NAV, which management of the Trust believes is a useful measure in estimating the entity's value.  The reconciliation from Investment Properties under IFRS Accounting Standards to Adjusted Real Estate Assets can be found on the following page, under NAV.

Adjusted Real Estate Debt
The IFRS Accounting Standards measurement most comparable to Adjusted Real Estate Debt is total mortgage principal outstanding. Adjusted Real Estate Debt is comprised of total mortgage principal outstanding, mortgage principal outstanding related to assets held for sale, total lease liabilities attributable to land leases, and construction loan payable.  It is useful in summarizing the Trust's debt which is attributable to its real estate assets and is used in the calculation of NAV, which management of the Trust believes is a useful measure in estimating the entity's value.  The reconciliation from total mortgage principal outstanding under IFRS Accounting Standards to Adjusted Real Estate Debt can be found on the following page, under NAV.

Adjusted Real Estate Debt, net of Cash
Adjusted Real Estate Debt, net of Cash, is most directly comparable to the IFRS Accounting Standards measure of total mortgage principal outstanding.  Adjusted Real Estate Debt, net of Cash is comprised of the sum of total mortgage principal outstanding, mortgage principal outstanding related to assets held for sale, total lease liabilities attributable to land leases, and construction loan payable, then reduced by cash and cash equivalents. It is useful in summarizing the Trust's debt which is attributable to its real estate assets and is used in the calculation of Debt to EBITDA.

Net Asset Value
The IFRS Accounting Standards measurement most comparable to NAV is Unitholders' Equity.  With real estate entities, NAV is the total value of the entity's investment properties, equity accounted investment, investment properties related to assets held for sale, and cash and cash equivalents minus the total value of the entity's debt.  The Trust determines NAV by taking Adjusted Real Estate Assets and subtracting Adjusted Real Estate Debt, which management of the Trust believes is a useful measure in estimating the entity's value.  The reconciliation from Unitholders' Equity under IFRS Accounting Standards to Net Asset Value is below.

As at	Sep. 30, 2026		Dec. 31, 2025
Investment properties	$	8,216,553	$	8,694,906
Equity accounted investment		30,654		38,936
Investment properties related to assets held for sale		-		83,951
Cash and cash equivalents		157,435		97,093
Adjusted Real Estate Assets	$	8,404,642	$	8,914,886
Total mortgage principal outstanding	$	(3,550,145)	$	(3,623,470)
Mortgage principal outstanding related to assets held for sale		-		(40,523)
Total lease liabilities attributable to land leases ^(1)		(68,791)		(70,119)
Construction loan payable		-		(72,353)
Adjusted Real Estate Debt	$	(3,618,936)	$	(3,806,465)
Net Asset Value	$	4,785,706	$	5,108,421
Net Asset Value per Unit	$	96.89	$	96.23

Reconciliation of Unitholders' Equity to Net Asset Value	Sep. 30, 2026		Dec. 31, 2025
Unitholders' equity	$	4,628,692	$	4,918,159
Total assets		(8,480,283)		(8,994,844)
Investment properties		8,216,553		8,694,906
Equity accounted investment		30,654		38,936
Investment properties related to assets held for sale		-		83,951
Cash and cash equivalents		157,435		97,093
Total liabilities		3,851,591		4,076,685
Total mortgage principal outstanding		(3,550,145)		(3,623,470)
Mortgage principal outstanding related to assets held for sale		-		(40,523)
Total lease liabilities attributable to land leases ^(1)		(68,791)		(70,119)
Construction loan payable		-		(72,353)
Net Asset Value ^(1)	$	4,785,706	$	5,108,421

⁽¹⁾ Total lease liability attributable to land leases is a component of lease liabilities as calculated in accordance with IFRS.

Non-GAAP Ratios

The discussion below outlines the non-GAAP ratios used by the Trust.  Each non-GAAP ratio has a non-GAAP financial measure as one or more of its components, and, as a result, do not have standardized meanings prescribed by IFRS Accounting Standards and therefore may not be comparable to similar financial measurements presented by other entities.  Non-GAAP financial measures should not be construed as alternatives to IFRS Accounting Standards defined measures.

FFO per Unit, AFFO per Unit, and NAV per Unit
FFO per Unit includes the non-GAAP financial measure FFO as a component in the calculation.  The Trust uses FFO per Unit to assess operating performance on a per Unit basis, as well as determining the level of Associate incentive-based compensation.

AFFO per Unit includes the non-GAAP financial measure AFFO as a component in the calculation.  The Trust uses AFFO per Unit to assess operating performance on a per Unit basis and its distribution paying capacity.

NAV per Unit includes the non-GAAP financial measure NAV as a component in the calculation.  Management of the Trust believes it is a useful measure in estimating the entity's value on a per Unit basis, which an investor can compare to the entity's Trust Unit price which is publicly traded to help with investment decisions.

FFO per Unit and AFFO per Unit, are calculated by taking the non-GAAP ratio's corresponding non-GAAP financial measure and dividing by the weighted average Trust Units outstanding for the period on a fully diluted basis, which assumes conversion of the LP Class B Units and vested deferred units determined in the calculation of diluted per Trust Unit amounts in accordance with IFRS Accounting Standards.

NAV per Unit is calculated as NAV divided by the Trust Units outstanding as at the reporting date on a fully diluted basis which assumes conversion of the LP Class B Units and vested deferred units outstanding.

Debt to EBITDA
Debt to EBITDA is calculated by dividing Adjusted Real Estate Debt, net of Cash by consolidated EBITDA.  The Trust uses Debt to EBITDA to understand its capacity to pay off its debt.

Debt to Total Assets
Debt to Total Assets is calculated by dividing Adjusted Real Estate Debt by Total Assets.  The Trust uses Debt to Total Assets to determine the proportion of assets which are financed by debt.

FFO per Unit Future Financial Guidance
FFO per Unit Future Financial Guidance is calculated as FFO Future Financial Guidance divided by the estimated weighted average Trust Units and LP Class B Units outstanding throughout the year.   Boardwalk REIT considers FFO per Unit Future Financial Guidance to be an appropriate measurement of the estimated future financial performance based on information currently available to management of the Trust at the date of this news release.

AFFO per Unit Future Financial Guidance
AFFO per Unit Future Financial Guidance is calculated as AFFO Future Financial Guidance divided by the estimated weighted average Trust Units and LP Class B Units outstanding throughout the year.  Boardwalk REIT considers AFFO per Unit Future Financial Guidance to be an appropriate measurement of the estimated future profitability based on information currently available to management of the Trust at the date of this news release.

FFO Payout Ratio
FFO Payout Ratio represents the REIT's ability to pay distributions.  This non-GAAP ratio is computed by dividing regular distributions paid on the Trust Units and LP Class B Units by the non-GAAP financial measure of FFO.

CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING STATEMENTS
Information in this news release that is not current or historical factual information may constitute forward-looking statements and information (collectively, "forward-looking statements") within the meaning of securities laws.  The use of any of the words "expect", "anticipate", "may", "will", "should", "believe", "intend" and similar expressions are intended to identify forward-looking statements.  Forward-looking statements contained in this press release include Boardwalk's financial guidance for fiscal 2026, expected distributions for December 2026, January 2027 and February 2027, expectations regarding mortgages payable maturing and its intention to renew these mortgages, Boardwalk's commitment to its capital allocation strategy, accretive capital recycling opportunities, strengthening its long-term development plan in Victoria, BC, and Boardwalk's commitment to ESG initiatives. Implicit in these forward-looking statements, particularly in respect of Boardwalk's objectives for its current and future periods, Boardwalk's strategies to achieve those objectives, as well as statements with respect to management's beliefs, plans, estimates, assumptions, intentions, and similar statements concerning anticipated future events, results, circumstances, performance or expectations are estimates and assumptions subject to risks and uncertainties, including those described in its Management's Discussion & Analysis of Boardwalk under the heading "Risks and Risk Management", which could cause Boardwalk's actual results to differ materially from the forward-looking statements contained in this news release. Specifically, Boardwalk has made assumptions surrounding the impact of economic conditions in Canada and globally, Boardwalk's future growth potential, prospects and opportunities, interest costs, access to equity and debt capital markets to fund (at acceptable costs), the future growth program to enable the Trust to refinance debts as they mature, the availability of purchase opportunities for growth in Canada, the impact of accounting principles under IFRS Accounting Standards, general industry conditions and trends, changes in laws and regulations including, without limitation, changes in tax laws, increased competition, the availability of qualified personnel, fluctuations in foreign exchange or interest rates, and stock market volatility. These assumptions, although considered reasonable by the Trust at the time of preparation, may prove to be incorrect.

This news release also contains future-oriented financial information and financial outlook information (collectively "FOFI") about Boardwalk's same property NOI growth, FFO per Unit, and AFFO per Unit guidance for fiscal 2026. Boardwalk has included the FOFI for the purpose of providing further information about the Trust's anticipated future business operation.

For more exhaustive information on the risks and uncertainties in respect of forward-looking statements and FOFI you should refer to Boardwalk's Management's Discussion & Analysis and Annual Information Form for the year ended December 31, 2025 under the headings "Risks and Risk Management" and "Challenges and Risks", respectively, which are available at www.sedarplus.ca. Forward-looking statements and FOFI contained in this news release are made as of the date of this news release and are based on Boardwalk's current estimates, expectations and projections, which Boardwalk believes are reasonable as of the current date.  You should not place undue importance on forward-looking statements or FOFI and should not rely upon forward-looking statements or FOFI as of any other date.  Except as required by applicable law, Boardwalk undertakes no obligation to publicly update or revise any forward-looking statement or FOFI, whether a result of new information, future events, or otherwise.

SOURCE Boardwalk Real Estate Investment Trust

For further information please contact: Boardwalk REIT, Investor Relations | [phone] | [email protected]