Q3 2025 Boardwalk Real Estate Investment Trust Earnings Call Transcript
Key Points
- Boardwalk Real Estate Investment Trust (BOWFF) reported a 5.1% increase in same-property rental revenue and an 8.6% increase in same-property net operating income compared to the same quarter last year.
- The company maintained a high occupancy rate of just below 98%, with average occupied rents significantly lower than the Canadian average, enhancing its competitive position.
- Boardwalk Real Estate Investment Trust (BOWFF) has strategically reinvested $1.5 billion since 2017 in rebranding and repositioning efforts, improving product quality and market share.
- The Trust's disciplined capital allocation approach has led to successful acquisitions and dispositions, generating $120 million in net proceeds and enhancing cash flow.
- Boardwalk Real Estate Investment Trust (BOWFF) achieved a 7.5% increase in its GRESB score, reflecting its commitment to ESG initiatives and reducing emissions.
- The Trust experienced a slight increase in vacancy loss, although this was mitigated by reduced leasing incentives.
- Property dispositions in Q3 led to a decline in rental revenue from the previous quarter.
- Increased supply in select markets, particularly at higher price points, has led to greater competition and vacancy.
- The Trust anticipates higher property taxes next year due to increased assessments in multifamily apartments.
- Current interest rates are above the Trust's maturing rates, which could impact future financing costs.
Good afternoon, ladies and gentlemen, and welcome to the Boardwalk Real Estate Investment Trust third quarter 2025 earnings conference call. (Operator Instructions) This call is being recorded on Wednesday, November 5, 2025.
I would now like to turn the conference over to Eric Bowers, Vice President of Investor Relations. Please go ahead.
Thank you, Joelle, and welcome to the Boardwalk REIT 2025 third quarter results conference call. With me here today are Sam Kolias, Chief Executive Officer; James Ha, President; Gregg Tinling, our Chief Financial Officer; Samantha Kolias-Gunn, Senior VP of Corporate Development and Governance; and Samantha Adams, Senior VP of Investments.
We would like to acknowledge on behalf of Boardwalk, the treaties and traditional territories across our operations and express gratitude and respect for the land we are gathered on today, and we now know as Canada. We respect indigenous peoples and communities as
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