BOARDWALK REIT ANNOUNCES SPECIAL NON-CASH DISTRIBUTION

Core Viewpoint - Boardwalk Real Estate Investment Trust has declared a special non-cash distribution of $1.425 per Trust Unit, payable on December 31, 2025, to Unitholders of record on the same date, primarily to distribute capital gains and other income realized from community dispositions during the fiscal year [1][2]. Financial Performance - Throughout fiscal 2025, the Trust completed several community dispositions in line with IFRS fair value, resulting in an increase in funds from operations (FFO) above the initial financial guidance range [2]. - The non-cash Special Distribution is intended to allocate a portion of the capital gain and other income to Unitholders for the 2025 tax year [2]. Tax Implications - Canadian resident Unitholders must include their proportionate share of the Trust's income and net taxable capital gain for the 2025 tax year as designated by the Trust [3]. - The Special Distribution will be issued in the form of additional Trust Units, with a fair market value equal to the distribution amount, based on the closing price on the Toronto Stock Exchange [4]. Unit Consolidation - After the Special Distribution, the issued and outstanding Trust Units will be consolidated to maintain the same aggregate number of units as before the distribution [4]. - The amount of the Special Distribution will increase the adjusted cost base of Unitholders' consolidated Trust Units [4]. Corporate Profile - Boardwalk REIT operates over 200 communities with approximately 34,000 residential suites, totaling over 30 million net rentable square feet [6]. - The Trust aims to provide exceptional service and product quality, leading to high retention rates and market-leading operating results, which contribute to higher free cash flow and investment returns [6].