Core Insights - Boardwalk Real Estate Investment Trust reported strong financial performance for Q3 2025, with significant increases in Funds From Operations (FFO) and Net Operating Income (NOI) compared to the previous year [4][5][9] Financial Performance - FFO per Unit for Q3 2025 was $1.23, reflecting a 10.8% increase from Q3 2024 [5][9] - Profit for Q3 2025 was $37.6 million, a decrease of 32.1% compared to the previous year [9] - NOI for Q3 2025 reached $108.3 million, an 8.1% increase from Q3 2024 [5][9] - Same Property NOI for Q3 2025 was $105.3 million, up 8.6% from the same quarter last year [5][9] Operational Highlights - Average occupancy rate was 97.7% in Q3 2025 [5][9] - Same property rental revenue grew by 5.0% year-over-year, with a sequential quarterly growth of 1.4% [5][9] - The Trust has cumulatively reinvested in common area improvements representing approximately 77% of its portfolio since 2017 [5][9] Strategic Capital Allocation - Boardwalk closed on acquisitions totaling $419.5 million and dispositions totaling $141.2 million during the quarter [5][29] - The Trust has invested $36.8 million in unit repurchases at a weighted average price of $63.79 [5][28] - The updated financial guidance for 2025 includes an FFO range of $4.58 to $4.65 per Unit and Same Property NOI growth of 8.5% to 10.0% [5][32] Market Position and Valuation - The Trust's implied value is approximately $188,000 per suite, equating to a 6.4% cap rate on trailing NOI [5][36] - Average occupied rents of $1,582 remain affordable relative to the Canadian average [6][34] - The fair value capitalization rate was consistent at 5.12% [5][13] Liquidity and Debt Management - Total available liquidity at the end of Q3 2025 was approximately $379.6 million [5][11] - Debt to EBITDA ratio was 10.09x, and debt to total assets was 41.4% [5][12]

Core Insights - The Becker Milk Company Limited reported a decrease in total revenues for the three months ended July 31, 2025, primarily due to reduced finance income [3][4] - The net income attributable to common and special shareholders increased significantly to $453,611 compared to $250,407 in the same period last year [4][11] - The company declared a semi-annual dividend of 40 cents per share, payable on September 29, 2025 [13] Financial Highlights - Total revenues for Q1 fiscal 2026 were $716,740, down from $727,502 in Q1 fiscal 2025, reflecting a decrease of $10,762 [3][7] - Property revenue slightly increased to $679,971 from $679,578, while finance income decreased to $36,769 from $47,924 [4][9] - Net operating income for the three months ended July 31, 2025, was $606,179, a decrease of $1,274 compared to $607,453 in the previous year [8][9] Changes in Net Income - The decrease in net income of $203,204 was influenced by several factors, including a decrease in deferred tax charges of $981,358 and an unfavorable fair value adjustment of $1,019,292 to investment properties [6][8] - The increase in proceeds from expropriation settlement contributed positively by $331,220 [6] Funds from Operations - Adjusted funds from operations for the three months ended July 31, 2025, were $186,918 ($0.10 per share), compared to $110,586 ($0.06 per share) in 2024 [10][11] - Funds from operations were recorded at $232,262, down from $246,638 in the previous year [11] Strategic Review - The Board of Directors is actively evaluating strategic directions and continues to review strategic alternatives, although no discussions with potential acquirers are currently active [12] Dividend Declaration - The company declared a regular semi-annual dividend of 40 cents per share, payable to shareholders of record as of September 19, 2025 [13]

Core Viewpoint - The Becker Milk Company Limited reported improved financial results for the year ended April 30, 2025, with significant increases in net income and property revenue compared to the previous year [1][2]. Financial Highlights - Total revenue for the year ended April 30, 2025, was $2,992,082, an increase of $53,566 from $3,045,648 in 2024, driven by higher property revenue and finance income [2][7]. - Property revenue rose to $2,834,413 from $2,792,736, while finance income decreased to $157,669 from $252,912 [3][7]. - Net income attributable to common and special shareholders surged to $2,847,590, compared to $124,478 in 2024, resulting in income per share of $1.57, up from $0.07 [3][7]. Changes in Net Income - The increase in net income of $2,723,112 was attributed to several factors, including a favorable fair value adjustment of $3,231,103, a decrease in current taxes of $47,805, and an increase in net operating income of $11,794 [5][6]. - The increase in fair value adjustment was due to a downward adjustment in investment property capitalization rates [5]. Non-IFRS Financial Measures - Net Operating Income for the year was $2,386,854, reflecting an increase of $11,794 from $2,375,060 in 2024, primarily due to improved property revenue from higher recovery of operating costs [6][8]. - Adjusted funds from operations were recorded at $705,034 ($0.39 per share), down from $920,029 ($0.51 per share) in 2024 [8][9]. Strategic Review - The Board of Directors is actively evaluating strategic directions and has engaged in discussions with potential acquirers, although no active discussions are ongoing at this time [10].