Q4 2025 Boardwalk Real Estate Investment Trust Earnings Call Transcript

Feb 20, 2026 / 06:00 PM GMT

Release Date Price: C$66.76 (-0.83%)

Transcript

Key Points

Positve

Boardwalk Real Estate Investment Trust (BOWFF) maintains a high occupancy rate of 97.6%, supported by strategic rebranding and affordable pricing.
The company reported a 7.3% increase in same property net operating income (NOI) in Q4 2025 compared to the same quarter last year.
Boardwalk Real Estate Investment Trust (BOWFF) has a strong balance sheet with a well-staggered debt portfolio, and 96% of its mortgage balance carries NHA insurance.
The trust's strategic initiatives have led to a reduction in leasing incentives, contributing to higher rental revenue.
Boardwalk Real Estate Investment Trust (BOWFF) has successfully completed the repositioning of 20 communities in 2025, enhancing market share and occupancy.

Negative

Vacancy loss increased, reflecting challenges in maintaining occupancy amidst increased competition.
Leasing spreads have moderated due to a more balanced supply-demand environment, leading to greater competition and vacancy.
Total administration costs increased by 2.4% compared to 2024, primarily due to inflationary wage adjustments.
The trust faces increased pressure on market rents and higher risk fundamentals, leading to an increase in cap rates in select markets.
The company anticipates a slightly elevated property tax increase, which could impact financial performance.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

BEI_u.TO - Boardwalk Real Estate Investment Trust
Q4 2025 Boardwalk Real Estate Investment Trust Earnings Call
Feb 20, 2026 / 06:00PM GMT

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Presentation
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We are well positioned to deliver on our commitment to provide much needed affordable housing in a more competitive environment with our experienced peak performing team, exceptional product quality from the $1 billion invested since 2017 in rebrand and repositioning efforts and dedication to our boardwalk family as responsible community providers.

Our self-regulation provides us with continued steady results as we remain flexible with our rental rates, producing greater stability in occupancy, margins, NOI, and reputation paired with our strong financial foundation, minimum distribution policy resulting in maximum reinvestment and free cash flow, strategic repositioning, unparalleled

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