BOARDWALK REIT ANNOUNCES RENEWAL OF NORMAL COURSE ISSUER BID

Core Viewpoint - Boardwalk Real Estate Investment Trust has received approval to renew its normal course issuer bid for an additional year, allowing it to repurchase up to 4,018,000 trust units, which represents approximately 10% of its public float [1][2]. Summary by Sections Normal Course Issuer Bid (NCIB) - The NCIB permits the purchase of up to 4,018,000 units over a twelve-month period starting November 24, 2025, and expiring no later than November 23, 2026 [2]. - As of November 9, 2025, there are 49,021,713 units issued and outstanding, with a daily purchase limit of 24,822 units based on the average daily trading volume [2]. Purchase Mechanism - Boardwalk intends to enter into an automatic purchase plan with TD Securities Inc. to facilitate unit purchases during regulatory restrictions or blackout periods [3]. - All units repurchased under the NCIB will be cancelled [2]. Previous NCIB Performance - Under the previous NCIB, Boardwalk purchased 775,079 units from November 22, 2024, to November 21, 2025 [4]. Management's Perspective - Management believes that proceeds from non-core asset sales can be effectively used for unit repurchases, viewing the current unit price as below its underlying value due to strong fundamentals and a positive outlook for affordable housing [5]. - The company is focused on enhancing stakeholder value and continuously evaluates capital allocation opportunities [5]. Corporate Profile - Boardwalk REIT operates over 200 communities with more than 34,000 residential units, totaling over 30 million net rentable square feet [12]. - The company aims to provide exceptional service and product quality, leading to high retention rates and strong operating results, which contribute to higher free cash flow and investment returns [12].