BOARDWALK REIT PROVIDES OPERATIONAL AND CAPITAL ALLOCATION UPDATE AND ANNOUNCES TIMING OF FOURTH QUARTER RESULTS

Core Insights - Boardwalk Real Estate Investment Trust (REIT) reported a strong occupancy rate of 97.5% at the beginning of 2026, reflecting the quality and resilience of its multi-family communities in a competitive leasing environment [2][3] - The Trust has been active in capital allocation, focusing on dispositions and reinvestments to enhance organic growth and maintain a strong balance sheet [3][4] Leasing Performance - The Trust prioritized high occupancy and Resident Member retention during the seasonally slower winter months, achieving steady occupancy rates similar to the previous year [1] - The occupancy rates for the same property portfolio showed a slight decline from 98.1% in October 2024 to 97.5% in January 2026, indicating a stable performance over the year [4] Capital Allocation Initiatives - In 2025, Boardwalk REIT disposed of three communities, generating liquidity for reinvestment, and continued its Normal Course Issuer Bid (NCIB) to repurchase units at a discount to Net Asset Value (NAV) [3][8] - The Trust invested approximately $20.5 million into its NCIB at a weighted average price of $63.81 in November and December 2025, and a total of $57.3 million throughout 2025 at a weighted average price of $63.80 [8] Dispositions and Acquisitions - The Trust closed on the disposition of one community and finalized the sale of two additional communities for combined gross sales proceeds of $56.5 million, aligning with its IFRS value [9] - Total dispositions for 2025/2026 amounted to $277.6 million, with an average price per suite of $201,000 [10] - Acquisitions in 2025 totaled $551.5 million, with an average price per suite of $401,000, indicating a strategic approach to growth through both acquisitions and dispositions [11] Upcoming Financial Results - Boardwalk REIT is set to release its financial results for the fourth quarter and the full year ended December 31, 2025, on February 19, 2026, with a teleconference scheduled for February 20, 2026 [12][13]