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Highlights

  • Boardwalk REIT’s Q1 revenue increased by 7.2% yoy, supported by higher market rents in core markets
  • Net income declined due to lower fair value gains and higher interest and operating costs
  • Completed the sale of 390 suites in Edmonton and acquired full ownership of a joint Alberta operation for CAD 37.4 million
  • Forecasts 5.5%–8.5% same-property NOI growth and AFFO per unit between CAD 3.72 and CAD 3.97 in FY2025

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.

Recent Business Update

In Q1 2025, the company completed the previously announced sales of three residential communities in Edmonton, Alberta, totaling 390 suites. During the same period, the company finalized an agreement to acquire the remaining 50% interest in a joint operation in Alberta for a purchase price of CAD 37.4 mn.

Company Outlook

Boardwalk REIT expects continued growth for the remainder of 2025, driven by steady rental demand, especially in affordable and non-rent-controlled markets such as Edmonton and Saskatchewan. The company is projecting same-property net operating income (NOI) growth between 5.5% and 8.5%, with adjusted funds from operations (AFFO) per unit forecasted in the range of CAD 3.72 to CAD 3.97.

Top 10 Shareholders

The top 10 shareholders of Boardwalk REIT together form ~38.96% of the total shareholding. Boardwalk Properties Co., Ltd. and Mackenzie Investments hold a maximum stake in the company at ~17.39% and ~4.06%, respectively.

Stock Information

The stock has witnessed a rise of around 6.31% in the past month, whereas it has dropped by around 5.50% in the past six months. As of May 20, 2025, the stock’s closing price is CAD 66.31.

Note 1: Past performance is not a reliable indicator of future performance.
Note 2: The reference data for all price data, currency, technical indicators, support, and resistance levels is May 20 2025. The reference data in this report has been partly sourced from EODHD/Others.

 Technical Indicators Defined

Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.

Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock.