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Boardwalk Real Estate Investment Trust (TSX: BEI.UN) Posts 10% NOI Growth in Q1, Guides for Further Gains in 2025
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Highlights
Boardwalk Real Estate Investment Trust (TSX: BEI.UN) owns, develops, and manages residential multifamily properties across Canada, with a primary focus on Alberta. Most of its rental income comes from short-term leases in the Calgary and Edmonton submarkets.
In the first quarter of the financial year 2025, Boardwalk REIT’s revenue rose by 7.2% yoy driven by higher market rents in its core markets. On the other hand, NOI increased by 10.3% YoY, majorly driven by increased same property NOI and cost containment measures, including reduced insurance and bad debt, and lower utility costs. However, the net income declined due to lower fair value gains, higher operating costs, and higher interest rates.
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