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Home CompaniesBoardwalk Real Estate Investment Trust

Boardwalk Real Estate Investment Trust

Real Estate REIT - Residential
PortfolioPortfolio WatchlistWatchlist
Company price
62.86 CAD -0.35 ( 0.55%)
Last update at 2026-11-03T20:35:00Z
VOLUME
64280
Market Cap
3792.47M
P/E
6.35

Momentum Score

…

Boardwalk REIT strives to be Canada's friendliest community provider and is a leading owner/operator of multi-family rental communities. Providing homes in more than 200 communities, with over 33,000 residential suites totaling over 29 million net rentable square feet, Boardwalk has a proven long-term track record of building better communities, where love always lives. Our three-tiered and distinct brands: Boardwalk Living, Boardwalk Communities, and Boardwalk Lifestyle, cater to a large diverse demographic and has evolved to capture the life cycle of all Resident 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 Member experiences. Differentiated by its peak performance culture, Boardwalk is committed to delivering exceptional service, product quality and experience to our Resident 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.

Source: TradingView
The charts and visual representations are sourced from TradingView through embedded widgets. For any issues with chart display, please visit the TradingView website

Day Price Range
62.50
Low
63.30
High
52 Week Price Range
52.07
Low
74.68
High

Momentum Score

…
Loading momentum score…

A unique technical analysis driven score developed by Kalkine showing momentum in stock prices based on select technical indicators identified.

Score - Rating
>= 1 - Low / > 1 but < 2 - Below Average / > 2 but < 3 - Average / > 3 but < 4 - Above Average / > 4 - High
AI Summary

Boardwalk Real Estate Investment Trust owns and operates a portfolio of multi-residential rental properties across Canada, with a concentration in Western provinces. Long-term growth may be supported by steady demand for rental housing, limited supply in key urban markets, rental rate inflation and portfolio improvements plus selective acquisitions. Investors may find the REIT attractive for asset-backed, recurring cash flows and a business model that appears positioned to benefit from demographic trends and scale efficiencies.

Principal risks include geographic concentration in Western Canada, sensitivity to interest rates and financing costs, exposure to provincial rental regulation and vacancy or operating-cost cycles, and the need for ongoing capital investment.

Risk Score
Medium

Note: The summary and risk score provided above is created by AI and should not be construed as a recommendation of Kalkine.

Key Metrics*

Previous Close
63.21
Dividend Yield
1.70%
Revenue TTM
530.51M
Revenue Per Share
11.60
Gross Profit TTM
288.41M
Debt / Equity
0.95
ROE
13.73%
Net Debt
3241.74M
ROCE
4.01%
Diluted EPS TTM
11.09

Key Financials*

Income Statement

Balance Sheet

Change in Cash

Total Operating Cash

Dividends Paid

Breakdown 2022-12-31 2021-12-31 2020-12-31 2019-12-31 2018-12-31
Type yearly yearly yearly yearly yearly
Date 2022-12-31 2021-12-31 2020-12-31 2019-12-31 2018-12-31
Income before tax 283.17M 446.16M -197.35M 34.03M 193.22M
Net income 283.10M 446.27M -197.28M 34.78M 193.20M
Selling general administrative 36.41M 35.67M 39.32M 40.91M 37.81M
Gross profit 288.66M 274.34M 269.14M 258.79M 226.03M
Reconciled depreciation 7.78M 7.81M 8.20M 8.81M 6.75M
Ebit 260.14M 122.98M 268.31M 162.29M 226.03M
Ebitda 267.92M 130.79M 276.50M 171.10M 203.46M
Depreciation and amortization 7.78M 7.81M 8.20M 8.81M -22.58M
Operating income 260.14M 122.98M 268.31M 162.29M 226.03M
Other operating expenses 250.34M 239.67M 243.95M 246.24M 253.15M
Interest expense 85.06M 78.69M 81.71M 78.94M 71.80M
Tax provision 0.08M -0.11M -0.07M -0.75M 0.02M
Interest income 0.94M 0.33M 0.76M 1.34M 2.21M
Net interest income -96.09M -89.75M -91.62M -88.20M -80.59M
Income tax expense 0.08M -0.11M -0.07M -0.75M 0.02M
Total revenue 494.81M 470.53M 465.57M 455.31M 434.62M
Total operating expenses 44.20M 43.48M 47.52M 49.72M 44.57M
Cost of revenue 206.15M 196.19M 196.43M 196.52M 208.58M
Total other income expense net 23.04M 323.18M -465.66M -128.26M -32.81M
Net income from continuing ops 283.10M 446.27M -197.28M 34.78M 193.20M
Net income applicable to common shares 283.10M 446.27M -197.28M 34.78M 193.20M
Breakdown 2022-12-31 2021-12-31 2020-12-31 2019-12-31 2018-12-31
Type yearly yearly yearly yearly yearly
Date 2022-12-31 2021-12-31 2020-12-31 2019-12-31 2018-12-31
Total assets 7067.27M 6660.65M 6107.74M 6276.38M 6109.09M
Other current assets 24.60M 14.30M 13.81M -0.03M 18.45M
Total liab 3600.28M 3407.47M 3231.30M 3158.33M 2982.41M
Total stockholder equity 3467.00M 3253.18M 2876.45M 3118.05M 3126.68M
Other current liab 14.06M 12.02M 10.61M 10.95M 10.64M
Common stock 211.90M 214.69M 202.51M 200.27M 197.22M
Capital stock 211.90M 214.69M 202.51M 200.27M 197.22M
Retained earnings 3255.10M 3038.49M 2673.94M 2917.79M 2929.47M
Other liab 7.93M 8.79M 6.75M 7.71M 7.75M
Other assets 0.86M 1.20M 4.58M 3.46M 38.54M
Cash 52.82M 64.30M 52.96M 35.17M 38.09M
Total current liabilities 584.94M 606.13M 540.85M 453.02M 674.87M
Current deferred revenue 12.74M 11.51M 11.18M 11.23M 12.41M
Net debt 3241.74M 3015.41M 2948.89M 2835.23M 2681.11M
Short term debt 508.35M 532.52M 469.14M 378.33M 588.61M
Short long term debt 504.95M 528.61M 465.30M 374.67M 588.61M
Short long term debt total 3294.55M 3079.72M 3001.85M 2870.39M 2719.20M
Property plant equipment 6932.10M 6522.85M 5981.14M 6183.77M 5975.43M
Total current assets 90.14M 93.47M 85.03M 61.95M 106.34M
Long term investments 44.17M 43.14M 36.99M 27.20M 20.38M
Net tangible assets 3467.00M 3253.18M 2876.45M 3118.05M 3126.68M
Net receivables 4.96M 6.85M 11.83M 4.37M 39.81M
Long term debt 2709.60M 2471.01M 2452.68M 2381.69M 2130.59M
Inventory 7.76M 8.02M 6.44M 8.26M 9.99M
Accounts payable 49.79M 50.08M 49.92M 52.51M 63.22M
Non currrent assets other 6900.74M 6493.24M 5952.71M 6150.19M 5950.85M
Non current assets total 6977.13M 6567.18M 6022.71M 6214.44M 6002.75M
Capital lease obligations 80.00M 80.09M 83.87M 114.03M -
Breakdown 2022-12-31 2021-12-31 2020-12-31 2019-12-31 2018-12-31
Type yearly yearly yearly yearly yearly
Date 2022-12-31 2021-12-31 2020-12-31 2019-12-31 2018-12-31
Investments -197.06M -6.15M -9.78M -16.69M -10.51M
Change to liabilities 1.42M 0.85M -1.54M 13.94M -8.87M
Total cashflows from investing activities -197.06M -137.88M -217.04M -198.89M -207.33M
Net borrowings 113.31M 68.04M 154.66M 51.07M 128.27M
Total cash from financing activities 24.67M -12.64M 93.75M 35.22M 67.27M
Change to operating activities -9.06M -0.16M 0.28M 3.13M -1.32M
Net income 283.10M 446.27M -197.28M 34.78M 193.20M
Change in cash -11.48M 11.34M 17.79M -2.92M -32.75M
Begin period cash flow 64.30M 52.96M 35.17M 38.09M 70.83M
End period cash flow 52.82M 64.30M 52.96M 35.17M 38.09M
Total cash from operating activities 160.90M 161.86M 141.08M 160.74M 107.30M
Depreciation 7.78M 7.81M 8.20M 8.81M 6.75M
Other cashflows from investing activities -0.79M 2.79M -0.32M -14.48M -1.10M
Dividends paid 52.75M 46.59M 46.56M 46.46M 51.22M
Change to inventory 0.25M -1.57M 1.82M 1.73M 4.88M
Change to account receivables 1.51M 5.02M -6.80M 3.84M -3.00M
Sale purchase of stock -21.67M -24.05M - - -
Other cashflows from financing activities 338.49M 200.15M 276.52M 189.81M 211.49M
Change to netincome -131.29M -303.25M 330.21M 88.39M -90.86M
Capital expenditures 129.35M 127.00M 4.96M 5.63M 8.01M
Change in working capital -5.88M 4.13M -6.24M 22.65M -6.21M
Stock based compensation 2.56M 2.39M 3.25M 2.27M -
Other non cash items -126.73M -298.63M 333.23M 92.99M -86.46M
Free cash flow 31.55M 34.86M 136.12M 155.11M 99.30M

Peer Comparison*

Sector: Real Estate Industry: REIT - Residential

Stock Name
Change
(CAD)
Price
(CAD)
Trailing
PE (x)
Forward
PE (x)
Price Sales
TTM (x)
Price to Book Value (x)
Enterprise Value
to Revenue (x)
Enterprise Value
to EBITDA (x)
BEI-UN
Boardwalk Real Estate Investment Trust		 -0.35
0.55%		 62.86 6.35 18.28 7.15 0.95 13.19 11.47
CAR-UN
Canadian Apartment Properties Real Estate Investment Trust		 -0.10
0.32%		 31.29 - 17.83 7.60 0.85 14.21 -114.18
KMP-UN
Killam Apartment Real Estate Investment Trust		 0.01
0.06%		 17.44 8.59 15.24 6.32 0.88 12.62 12.24
MRG-UN
Morguard North American Residential Real Estate Investment Trust		 -0.02
0.14%		 14.58 - 25.32 2.55 0.30 6.58 55.94
MHC-U
Flagship Communities Real Estate Investment Trust		 0.17
0.80%		 21.50 4.94 14.35 9.42 0.72 7.94 6.75

Profile*

Boardwalk Real Estate Investment Trust

Boardwalk REIT strives to be Canada's friendliest community provider and is a leading owner/operator of multi-family rental communities. Providing homes in more than 200 communities, with over 33,000 residential suites totaling over 29 million net rentable square feet, Boardwalk has a proven long-term track record of building better communities, where love always lives. Our three-tiered and distinct brands: Boardwalk Living, Boardwalk Communities, and Boardwalk Lifestyle, cater to a large diverse demographic and has evolved to capture the life cycle of all Resident 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 Member experiences. Differentiated by its peak performance culture, Boardwalk is committed to delivering exceptional service, product quality and experience to our Resident 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.

First West Professional Building, Calgary, AB, Canada, T2R 0W1

403-531-9255

https://www.bwalk.com

1560

Name Title Year Born
Mr. Sam Kolias Chairman & CEO 1962
Mr. James Ha Pres NA
Ms. Lisa Smandych Chief Financial Officer NA
Mr. Bhavnesh Jaraim Chief Information Officer & VP of Technology NA
Ms. Helen Mix VP of People NA
Ms. Leonora Heloise Davids Sr. VP of Operations NA
Mr. John Eric Bowers C.F.A. VP of Fin. & Investor Relations NA
Mr. Paul Moon Director of Corp. Communications NA
Mr. Van Kolias Sr. VP of Quality Control NA
Mr. Jeffrey Klaus VP of Asset Management & Devel. NA

Disclaimer - (*)This information, including any data, is sourced from Unicorn Data Services SAS, trading as EOD Historical Data (“EODHD”) on an ‘as is’ basis, using their API. We cannot guarantee the completeness or validity of the information and data provided on this page, as well as via the API. In some cases, the data may include analyst ratings or recommendations sourced through the EODHD API, which are intended solely for general information purposes.
This information does not consider your personal objectives, financial situation, or needs. Kalkine is not liable for any errors or omissions in the information provided or for any actions taken in reliance on it. You should seek advice from a financial adviser, stockbroker or other professional adviser (including taxation and legal advice) as necessary before acting on this information.

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