Core Insights - Boardwalk Real Estate Investment Trust reported strong financial results for 2025, with a profit of $196.9 million and an increase in Funds From Operations (FFO) per Unit by 11.2% to $4.65, alongside an 11.1% increase in monthly distributions to $1.80 per Unit for March, April, and May 2026 [1][2][5] Financial Performance - For Q4 2025, the operating margin improved to 65.4%, a 200 basis point increase from the same period last year, with Same Property Net Operating Income (NOI) rising by 9.0% to $404.3 million [1][2] - The Trust's total NOI for the year was $417.6 million, reflecting a 9.2% increase year-over-year [1] - The Trust experienced a loss of $50.8 million in Q4 2025, contrasting with a profit of $65.9 million in Q4 2024 [2][3] Rental Revenue and Occupancy - Same property rental revenue grew by 4.5% in Q4 2025, with an average occupancy rate of 97.6%, slightly down from 98.0% in Q4 2024 [1][2] - The average occupied rent increased to $1,590 in December 2025, marking an $8 improvement from September 2025 and a $66 increase from December 2024 [1][2] Capital Allocation and Acquisitions - The Trust tactically redeployed $57.3 million under its Normal Course Issuer Bid (NCIB) in 2025 and completed acquisitions totaling $551.5 million for six communities, adding 1,376 suites to its portfolio [1][4] - Dispositions of non-core communities generated gross proceeds of $277.6 million, with a focus on optimizing capital allocation [1][4] Balance Sheet and Liquidity - The debt to total assets ratio stood at 42.3%, up from 40.6% in 2024, while the debt to EBITDA ratio improved to 9.99x [1][2] - The Trust maintained a strong liquidity position with approximately $466 million available at the end of Q4 2025 [1][2] 2026 Financial Guidance - The Trust anticipates Same Property NOI growth between 1.5% and 4.5% for 2026, with FFO projected to be between $4.65 and $4.90 per Unit [1][5] - The outlook remains positive, driven by demand for affordable housing and strategic capital deployment [1][5]

Core Insights - European Residential Real Estate Investment Trust (ERES) reported significant strategic dispositions and financial results for the year ended December 31, 2025, including the sale of 1,980 residential suites and commercial properties for total gross proceeds of €489.7 million [4][7] - The REIT declared a special distribution of €0.90 per Unit in September 2025 and ceased regular monthly distributions effective September 2025 [4][53] - The REIT's financial performance showed a decrease in Funds from Operations (FFO) and Adjusted Funds from Operations (AFFO) per Unit, primarily due to lower Net Operating Income (NOI) from dispositions [11][40] Strategic Initiatives Update - ERES is actively pursuing a sale process for its remaining portfolio, having retained BMO Capital Markets as its financial advisor [4] - The REIT's ongoing disposition strategy is aimed at maximizing value, with a focus on managing tax and structural matters [4] Operating Metrics - Same property portfolio Occupied Average Monthly Rents (AMR) increased by 5.9% from €1,377 to €1,458 year-over-year [4][14] - Same property occupancy for residential properties decreased to 89.3% from 93.9% due to suites held vacant for value maximization [4][14] - Same property Net Operating Income (NOI) margin decreased by 13.2% for the three months ended December 31, 2025, primarily due to increased costs [4][27] Financial Performance - Total portfolio operating revenues decreased by 77.4% for the three months ended December 31, 2025, compared to the same period last year [26] - FFO per Unit decreased by 83.3% for the three months ended December 31, 2025, primarily due to lower total portfolio NOI [11][38] - The REIT's net loss for the year was €70.5 million, compared to a loss of €64.3 million in the previous year [35] Financial Position and Liquidity - As of December 31, 2025, ERES's available liquidity decreased to €36.7 million from €132.8 million due to a reduction in the Revolving Credit Facility [49] - The REIT's adjusted debt to gross book value ratio stood at 30.5%, indicating a decrease from 39.7% the previous year [47] - The weighted average mortgage effective interest rate increased to 2.91% from 2.27% [47] Distributions - ERES declared a special distribution of €0.90 per Unit in September 2025, with regular monthly distributions terminated thereafter [53] - The final regular monthly distribution was for August 2025, with payment made in September 2025 [53]

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].