CALGARY, AB — January 7, 2026 — Leads & Copy — Boardwalk Real Estate Investment Trust (TSX: BEI.UN) has released an update on its recent leasing performance and capital allocation initiatives, highlighting a focus on high occupancy and resident member retention during the slower winter months.
Occupancy rates remained steady throughout the fourth quarter of 2025, mirroring year-over-year figures as the calendar turned to 2026.
Chairman and CEO Sam Kolias noted that the REIT remains focused on providing the best value in multi-family communities in Canada, and that the company’s occupancy rate of 97.5% reflects the quality and resilience of its communities in a competitive leasing environment.
Kolias added that the team’s focus on flexibility with new and renewal rental rates has maximized retention and margins during the winter, positioning the company with strong occupancy as it enters the new year. He noted strong demand for high-quality, affordable housing.
The company sourced capital from dispositions at private market valuations for reinvestment into accretive initiatives in 2025, supplementing organic growth. The company announced the disposition of three additional communities, providing further liquidity, and was active on its Normal Course Issuer Bid (NCIB), purchasing its own portfolio at a discount to Net Asset Value (NAV).
The Trust continues to prioritize the proceeds from dispositions at or near NAV into reinvestment in its own units through its NCIB, representing a discount to NAV. They are also taking a balanced, opportunistic approach to investing free cash flow into value-add capital to maximize free cash flow, while maintaining a strong balance sheet.
Throughout November and December 2025, Boardwalk REIT invested approximately $20.5 million into its NCIB at a weighted average price of $63.81. For the entirety of 2025, the Trust invested approximately $57.3 million into its NCIB at a weighted average price of $63.80.
Subsequent to reporting its Q3 2025 financial results, the Trust closed on the disposition of one community (Terrace Garden Estates) and finalized the sale of two additional communities (Tower Hill and The Palisades) through two separate transactions for combined gross sales proceeds of $56.5 million. The dispositions of Tower Hill and The Palisades are expected to close in January 2026. The combined consideration is materially in line with the Trust’s IFRS value for the three communities.
Boardwalk REIT’s financial results for the three and twelve-month periods ended December 31, 2025, will be released after markets close on February 19, 2026. A teleconference to discuss these results will be held the following day (Friday, February 20, 2026) at 11:00 am (Mountain),1:00 pm (Eastern). To join the conference call without operator assistance, register and enter your phone number at https://emportal.ink/4q43L7B to receive an instant automated call back.
The telephone numbers for the conference are toll-free 1-888-510-2154 (within North America) and 1-437-900-0527 (International). The Conference ID is 74984 and the Topic is Boardwalk Real Estate Investment Trust, 2025 Fourth Quarter Results.
Investors can listen to the call and view the slide presentation by visiting www.bwalk.com/investors on the morning of the call. The live webcast will also be available by clicking below: Boardwalk REIT Fourth Quarter Results Webcast Link.
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 over 30 million net rentable square feet, Boardwalk has a proven long-term track record of building better communities.
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.
Source: Boardwalk Real Estate Investment Trust
