CALGARY, AB , May 5, 2026 /CNW/ - Boardwalk Real Estate Investment Trust (TSX: BEI.UN)

SUMMARY HIGHLIGHTS FOR THE THREE-MONTH PERIOD ENDED MARCH 31, 2026

• STRONG FINANCIAL PERFORMANCE
  • Funds From Operations ("FFO") of $1.15 per Unit (1)(2) ; an increase of 8.5% from Q1 2025
  • Net Operating Income ("NOI") of $106.2 million; an increase of 10.0% from Q1 2025
  • Same Property (3) Net Operating Income ("Same Property NOI") of $101.4 million; an increase of 6.8% from Q1 2025
  • Operating Margin of 64.8%; an increase of 280 basis points ("bps") from Q1 2025
  • Q1 2026 same property rental revenue growth of 2.8% from a year ago
  • Occupancy of 97.3% in Q1 2026
• AFFORDABLE REGIONS AND COMMUNITIES REMAIN IN FAVOUR
  • Demand 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
  • The Trust has cumulatively re-invested in common area improvements representing approximately 68% of its portfolio since 2017, improving portfolio quality and resilience across market conditions
• UPDATE TO 2026 FINANCIAL GUIDANCE
  • Revised FFO range of $4.60 to $4.80 per Unit (1)(2)
  • Same Property NOI growth range of +1.0% to +3.5%
  • Increased asset sale target of $400 to $500 million
  • Revision to guidance incorporates:
    - Increased property tax expectations from higher provincial education levy in Alberta and higher assessed values in the Trust's Western markets
    - Prioritization of high occupancy and retention
• STRATEGIC CAPITAL ALLOCATION
  • Completed previously announced sales of eight non-core communities in Edmonton, Alberta and Montreal (Longueuil and Brossard) and Québec City, Québec totaling 989 suites for gross proceeds of $189.0 million (approximately $96.7 million net of existing mortgages)
  • Subsequently to quarter end, finalized the sale of five additional communities totaling 563 suites in Edmonton, Alberta and Regina and Saskatoon, Saskatchewan for gross proceeds of $117.0 million (approximately $62.0 million net of existing mortgages)
  • Year-to-date through April, the Trust has invested $102.3 million into the repurchase and cancellation of 1,551,400 Trust Units at a weighted average price of $65.92
  • Management continues to prioritize unit repurchases at current unit price level
  • Strategic higher cash positioning for opportunistic deployment
• EXCEPTIONAL VALUE
  • At current unit price of approximately $66, Boardwalk's implied value is approximately $199,000 per suite, equating to an attractive 6.3% cap rate on trailing NOI, with positive growth for 2026
• STRONG AND FLEXIBLE BALANCE SHEET
  • Approximately $434.9 million of total available liquidity at the end of the quarter
  • 96% of Boardwalk's mortgages carry CMHC-insurance
  • Unitholders' Equity of $4.8 billion
  • Fair value capitalization rate of 5.26%, an increase of 7 bps from Q4 2025
  • Net Asset Value decrease to $95.93 per Unit (1)(2) , primarily attributable to a decrease in investment properties
  • Debt to EBITDA (1) of 9.73x, compared to 9.99x for the year ended December 31, 2025
  • Debt to Total Assets (1) of 43.2%, compared to 42.3% as at December 31, 2025
  • Debt increased marginally during the quarter, as a result of timing of some of the Trust's CMHC refinancings and to provide the Trust additional flexibility throughout the year to capitalize on opportunities
• REGULAR DISTRIBUTION OF $1.80 PER TRUST UNIT ON AN ANNUALIZED BASIS CONFIRMED FOR THE MONTHS OF JUNE, JULY, AND AUGUST 2026

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

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

"We are pleased to have delivered another strong quarter, with Funds From Operations of $1.15 per Unit, up 8.5% year-over-year, and Net Operating Income of $106.2 million, up 10.0% from Q1 2025. These results reflect the resilience of affordable housing and the strength of our vertically integrated operating platform, which continues to perform across market conditions and drive meaningful operating margin improvement. In a more competitive leasing environment, our occupancy remains high at 97.1%, as of the beginning of May, while our average occupied rent of $1,601 provides great value for the quality and service within our portfolio.

Demand continues to be strongest at our more affordable price points, and our teams remain focused on retention and maximizing our value proposition and experience for our Resident Family Members. We are compounding the cash flow resulting from our significant investments in our communities over the last number of years to further improve our communities, while leveraging technology to improve the flow of our processes, enabling a seamless experience for our Resident Family Members and Associates.

Alberta is expected to lead the country in economic and population growth while providing exceptional affordability and lifestyle and is well positioned to capitalize on global demand for secure and affordable energy, underscored by recent geopolitical events.

We are committed to retaining a strong and flexible balance sheet and are pleased to have taken strides this quarter on further improving our Debt to EBITDA ratio. Our investments team remains active on sourcing additional capital for re-deployment from non-core sales, as highlighted in our capital allocation discussion. Our financial strength gives us the flexibility to fund our value-add program through internal cash flow while allocating proceeds from sales opportunistically to maximize risk-adjusted returns for our Unitholders. The Trust continues to actively re-invest in our own undervalued portfolio through our Normal Course Issuer Bid, while retaining optionality to capitalize on external growth opportunities that may present in a more competitive leasing environment.

We are well positioned for the remainder of 2026 and are firmly focused on delivering strong operating results, maintaining financial flexibility, and creating long-term value for all our Boardwalk Family Forever."

FIRST QUARTER FINANCIAL HIGHLIGHTS

In Q1 2026, same property operating margin increased compared to the same period in the prior year as the Trust's same property rental revenue growth continued to outpace expenses, which decreased during the quarter compared to same period prior year. The Trust continues to target further operating margin improvement as a result of revenue growth, execution of various cost containment initiatives, and lower utility costs due to the removal of the federal carbon charge.

The Trust's fair value of its investment properties as at March 31, 2026, decreased from year end, primarily attributable to a decrease in market rents in Calgary, a slight increase to cap rates and the Trust's dispositions activity. The Trust's stabilized capitalization rate ("Cap Rate") increased to 5.26% for Q1 2026 compared to 5.19% at year end. The Cap Rate ranges utilized continue to be in line with recently published third party quarterly Cap Rate reports.

SOLID OPERATIONAL RESULTS

The Trust retained high occupancy during Q1 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, also contributes 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 first quarter of 2026, same property rental revenue increased 2.8% while same property total rental expense decreased by 4.1%, resulting in same property NOI growth of 6.8% in comparison to the same quarter in the prior year. Same property rental revenue increased due to higher in-place occupied rents and lower incentives, partially offset by a higher vacancy loss.

In Edmonton, NOI growth was 11.0% for the first quarter of 2026 compared to the same period in the prior year. The overall growth was driven by lower utilities, insurance premiums and property tax expense. The overall positive increase was partially offset by higher building repairs and maintenance expenses.

Saskatchewan's market continues to be strong with the Trust's portfolio in the region realizing 5.6% same property NOI growth in the first quarter of 2026 versus the same period last year. The NOI improvement is a result of strong same property revenue growth due to lower incentives as well as market rent increases, coupled with low operating expenses.

In Ontario, NOI growth was 7.4% in the first quarter of 2026 compared to the first quarter of 2025. The mark-to-market opportunity on turnover contributed to same property rental revenue growth of 3.4% coupled with decreases in utilities, which was partially offset by increases in property taxes.

In Quebec, NOI growth was 6.5% compared to the same quarter in the prior year. The overall growth was driven by increases in occupied rents as well as lower wages and salaries, partially offset by higher building repairs and maintenance, and bad debt expense.

In British Columbia, decreases in rental revenue of 2.7% and total rental expenses decreases of 9.8%, resulted in a decrease in same property NOI of 1.1% in the first quarter of 2026 compared to the first quarter of 2025.

As shown in our updated guidance further in this release, Boardwalk remains positioned to deliver positive NOI growth in 2026.

STRONG LIQUIDITY POSITION

In the first quarter of 2026, Boardwalk renewed $300.9 million of its maturing mortgages at a weighted average interest rate of 3.76% while extending the term of these mortgages by an average of 7.1 years. The Trust paid out a mortgage of $3.5 million during the quarter and three additional mortgages subsequently to quarter end totaling $59.5 million (excluding mortgages that were associated with assets held for sale at the end of the quarter). The four mortgages had a combined weighted average interest rate of 4.74%. Three of the four mortgages were conventional mortgages.

For the remainder of 2026, the Trust anticipates $491.5 million of mortgages payable maturing with an average in-place interest rate of 2.51% and will continue to renew these mortgages as they mature. Current market 5 and 10-year CMHC financing rates are estimated to be approximately 3.90% and 4.30%, respectively. To date, the Trust has renewed or forward-locked the interest rate on $345.5 million or 42.0% of its maturing mortgages in 2026 at an average interest rate of 3.75% and an average term of 6.8 years. Including mortgages paid out to date, the Trust has completed 49.2% 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 re-deploy toward opportunities that will enhance the Trust's cash flows per unit and maximize risk-adjusted returns. 

During the first quarter and subsequently to quarter end, the Trust has closed on eight previously announced sales comprising 989 suites in Edmonton (Valley Ridge Tower, Tower Hill, The Palisades), Québec City (Place Charlesbourg, Place Chamonix, Place Samuel de Champlain), and Montréal (Jardins Viva/Le  Bienville) for a combined gross sales price of $189.0 million.

Subsequent to the quarter end, the Trust has finalized the sale of five additional communities in Edmonton (Capital View Tower, Kingsway Tower, The Edge), Regina (Lockwood Arms Apartments) and Saskatoon (Lawson Village) for a combined gross sales price of $117.0 million. The five communities are being sold to two separate purchasers and the sales are anticipated to close in May 2026.

At its current valuation, the Trust is prioritizing the repurchase of Trust Units through the Trust's Normal Course Issuer Bid ("NCIB") program. Year-to-date through April 2026, the Trust has invested $102.3 million into the repurchase and cancellation of 1,551,400 Trust Units at a weighted average price of $65.92. With the Trust's significant liquidity available and increased target for asset sales through the remainder of 2026, the Trust continues to invest in its own undervalued portfolio while retaining optionality to capitalize on external growth opportunities that may present in a more competitive leasing environment.

UPDATE TO 2026 FINANCIAL GUIDANCE

Boardwalk's outlook for the remainder of 2026 is for positive same property NOI growth across its portfolio as demand for affordable multi-family housing remains resilient. The Trust anticipates inflationary positive blended leasing spreads overall throughout the remainder of 2026. The Trust has updated its guidance to incorporate increased property tax expectations resulting mainly from the higher provincial education levy in Alberta, as well as higher assessed values in the Trust's Western markets.

The Trust has also factored in the net impact of increased sales activity and the active redeployment of the proceeds announced to date. With Q1 finalized, the Trust is updating and tightening its guidance range as follows:

The Trust is anticipating further asset sales throughout the remainder of the year and is increasing its target for the full year to $400 - $500 million of total asset sales.

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 5.1% cap rate on Boardwalk's most recent 12 months of NOI. 

At the current unit price of $66 per Trust Unit, Boardwalk's implied value is approximately $199,000 per suite and represents an attractive 6.3% cap rate on trailing NOI.

FIRST QUARTER REGULAR MONTHLY DISTRIBUTION ANNOUNCEMENT

The Trust has confirmed its monthly cash distribution for the months of June, July, and August 2026 as follows:

In line with Boardwalk's distribution policy of maximum re-investment, the Trust's payout ratio remains conservative at 36.4% of Q1 2026 FFO; and 34.4% 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.

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 sixth annual ESG report in May 2025. 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 FIRST QUARTER 2026 FINANCIAL RESULTS

Boardwalk invites you to participate in the teleconference that will be held to discuss these results tomorrow (May 6, 2026) at 1:00 pm Eastern Time (11:00 am Mountain Time). 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/4sYoevR 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: 85498
Topic: Boardwalk Real Estate Investment Trust, 2026 First 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 First 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 34,000 residential suites totaling 30 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 months ended March 31, 2026 and 2025.

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.

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, loan receivable, 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 below 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, loan receivable, 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.

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, Boardwalk's ability to accelerate organic growth in 2026, expected distributions for June, July, and August 2026, 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.

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SOURCE Boardwalk Real Estate Investment Trust