Q2 2026 Boardwalk Real Estate Investment Trust Earnings Call Transcript
Key Points
- Same property net operating income increased 1.7% year-over-year, driven by resilient operating results and strong fundamentals.
- FFO per unit grew 2.6% due to strategic capital allocation and unit buybacks under the NCIB program.
- Occupancy remained high at 97%, supported by a resident-friendly model and strong retention rates.
- Formed a strategic co-ownership with Desjardins Global Asset Management, validating portfolio quality and providing capital recycling opportunities.
- Debt-to-EBITDA ratio improved to 9.3x from ~10x in Q4 2025, reflecting a stronger balance sheet and lower leverage.
- Same property rental revenue growth was flat sequentially from Q1 2026, indicating a more competitive market.
- Leasing spreads moderated year-over-year due to a more balanced supply-demand environment.
- Vacancy loss increased, though partially offset by reduced incentives.
- Fair value of investment properties decreased to $8.4 billion from $8.6 billion due to asset sales and fair value adjustments.
- Profit declined due to a non-cash reduction in IFRS net asset value.
Good afternoon, ladies and gentlemen, and welcome to the Boardwalk Real Estate Investment Trust second quarter 2026 earnings call. At this time, all lines are in listen-only mode. Following the presentation, we will conduct a question-and-answer session.
If at any time during this call you require immediate assistance, please press *0 for the operator.
This call is being recorded on Wednesday, July 29, 2026.
I would now like to turn the conference over to Eric Bowers, VP Finance and Investor Relations. Please go ahead.
Thank you, Joel, and welcome to the Boardwalk REAT 2026 Second Quarter Results Conference Call.
With me here today are Sam Colias, Chief Executive Officer James Haw, President Craig Tinley, Chief Financial Officer Samantha Colias-Gunn, Senior VP of Corporate Development and Governance and Samantha Adams, Senior VP of Investments.
We acknowledge the traditional lands on which we live and work and
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