BOARDWALK REIT PROVIDES OPERATIONAL UPDATE AND ANNOUNCES TIMING OF THIRD QUARTER RESULTS

CALGARY, AB, Oct. 5, 2026 /PRNewswire/ -- Boardwalk Real Estate Investment Trust (TSX: BEI.UN)

Boardwalk REIT ("Boardwalk", "the Trust", "We", "Our") is providing an update highlighting its recent leasing performance and progress on its capital allocation initiatives.

Sam Kolias, Chairman and Chief Executive Officer commented:

"Strong leasing activity toward the end of the summer has translated into a pickup in occupancy in September and October, demonstrating the resilience of demand for our communities and the strength of our operating platform.

Boardwalk is in the right place at the right time as Canada pursues its ambition to become a global energy superpower. The recent designation of the Pacific Link pipeline as a project of national interest reinforces the importance of energy as a foundational input to the Canadian economy and supports Alberta's relative strength in investment and employment over the medium term. Collaboration between different levels of government, industry and various stakeholders is resulting in policies that encourage investment and prosperity for all Canadians.  This momentum, combined with the continued affordability of rents in our largest markets, provides a supportive backdrop for continued positive migration into Alberta.

We continue to capitalize on strong private market demand for our non-core communities that we are selling at prices in line with our IFRS values, and redeploying proceeds into our own high-quality portfolio through our Normal Course Issuer Bid ("NCIB") at attractive implied yields and a significant discount to the underlying value. Most recently, we are pleased to have completed the sale of our Northern Lights Portfolio in Grande Prairie in September, while retaining exposure to positive tailwinds in the region through the remainder of our communities in the area.

Our focus remains on delivering exceptional experience, quality, and value in housing for Canadians while enhancing free cash flow per unit and continuing to strengthen our balance sheet over time through disciplined capital allocation."

Update on Presentation of Total Portfolio and Same Property Operating Metrics

In order to improve disclosure, the Trust is updating the presentation of our operating metrics below to include occupancy and occupied rents for its total portfolio.

Same property results below are reflective of properties that have been wholly-owned by the Trust for a period of 24 months or more as of September 30, 2026. Comparative periods have been updated for the same portfolio.  

Total Portfolio Occupancy ^1,2

Same Property Occupancy ^1,3

Total Portfolio Occupied Rent – Quarterly Simple Average ^1,2

Same Property Occupied Rent – Quarterly Simple Average ^1,3

Capital Allocation Update

In addition to its own internally generated free cash flow, The Trust continues to source incremental capital for re-investment through its disposition program. Subsequently to reporting its Q2 2026 financial results, the Trust has closed on the disposition of eight communities in Grande Prairie ("Northern Lights Portfolio") for a gross sales price of $30.2 million. The sale allows the Trust to capitalize on strong private buyer interest in the Grande Prairie market, while retaining upside to the market through its other communities in the region. In addition, in September the Trust closed on the previously announced sales of its Sandford Apartments and Noel Meadows communities in London, Ontario and the seed portfolio for its strategic co-ownership with DGAM Canadian Private Real Estate Fund, L.P. managed by Desjardins Global Asset Management ("DGAM Real Estate Fund"). A full breakdown of the Trust's disposition activity to date in 2026 is provided below.

During September, the Trust completed its current NCIB through the purchase of 4,018,000 trust units since November 2025.  Since its last renewal, the Trust has invested approximately $262.2 million into the NCIB at an approximate 30% discount to the underlying value of its portfolio.

Throughout the latter part of the year, the Trust will continue to take a balanced, opportunistic approach to deploying proceeds from dispositions, including through potential reinvestment in the Trust's own units and attractive acquisition opportunities that will allow the Trust to add incremental value through its platform while improving its overall portfolio quality and maintaining a strong balance sheet over time.

Timing of Boardwalk REIT's Third Quarter Financial Results

Boardwalk REIT's financial results for the three-month period ended September 30, 2026, will be released after markets close on November 3, 2026.

We invite you to participate in the teleconference to be held to discuss these results the following day (Wednesday, November 4, 2026) at 12:00 pm Alberta Time (ABT), 1:00 pm Eastern Standard Time (EST).  Senior management will speak to the results and provide a financial and operational update.  The presentation will be made available on our website prior to the call (please visit: www.bwalk.com/investors).

Teleconference: 

To join the conference call without operator assistance, you may register and enter your phone number at
https://emportal.ink/4xh4lBB to receive an instant automated call back.

You can also dial direct to be entered to the call by an operator using the traditional conference call instructions below.

The telephone numbers for the conference are toll-free 1-888-510-2154 (within North America) and 1-437-900-0527 (International).

Note: Please provide the operator with the below Conference Call ID or Topic when dialing in to the call.

Conference ID: 53686
Topic: Boardwalk Real Estate Investment Trust, 2026 Third Quarter Results.

Webcast:
Investors will also be able to listen to the call and view the slide presentation by visiting www.bwalk.com/investors on the morning of the call.  An information page will be provided for any software and system requirements.  The live webcast will also be available by clicking below:

Boardwalk REIT Third Quarter Results Webcast Link

Corporate Profile:

Boardwalk REIT strives to be Canada's friendliest community provider and the first choice in multi-family communities to work, invest, and call home with our Boardwalk Family Forever. Providing homes in more than 200 communities, with approximately 33,000 residential suites totaling 29 million net rentable square feet, Boardwalk has a proven long-term track record of building better communities, where love always lives^TM.  Our three-tiered and distinct brands: Boardwalk Living, Boardwalk Communities, and Boardwalk Lifestyle, cater to a large diverse demographic and have evolved to capture the life cycle of all Resident Family Members. Boardwalk's disciplined approach to capital allocation, acquisition, development, purposeful re-positioning, and management of apartment communities allows the Trust to provide its brand of community across Canada creating exceptional Resident Family Member experiences. Differentiated by its peak performance culture, Boardwalk is committed to delivering exceptional service, product quality and experience to our Resident Family Members who reward us with high retention and market leading operating results, which in turn, lead to higher free cash flow and investment returns, stable monthly distributions, and value creation for all our stakeholders.

Boardwalk REIT's Trust Units are listed on the Toronto Stock Exchange, trading under the symbol BEI.UN.  Additional information about Boardwalk REIT can be found on the Trust's website at www.bwalk.com/investors.

CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING STATEMENTS

Information in this news release that is not current or historical factual information may constitute forward-looking statements and information (collectively, "forward-looking statements") within the meaning applicable of securities laws.  The use of any of the words "expect", "anticipate", "may", "will", "should", "believe", "intend" and similar expressions are intended to identify forward-looking statements. Implicit in these forward-looking statements, particularly in respect of Boardwalk's objectives for its current and future periods, Boardwalk's strategies to achieve those objectives, as well as statements with respect to management's beliefs, plans, estimates, assumptions, intentions, and similar statements concerning anticipated future events, results, circumstances, performance or expectations are estimates and assumptions subject to risks and uncertainties which could cause Boardwalk's actual results to differ materially from the forward-looking statements contained in this news release.  Specifically, Boardwalk has made assumptions surrounding the impact of economic conditions in Canada and globally, Boardwalk's future growth potential, prospects and opportunities, the rental environment compared to several years ago, relatively stable interest costs, access to equity and debt capital markets to fund (at acceptable costs) the future growth program to enable the Trust to refinance debts as they mature, the availability of purchase opportunities for growth in Canada, general industry conditions and trends, changes in laws and regulations including, without limitation, changes in tax laws, mortgage rules and other temporary legislative changes, increased competition, the availability of qualified personnel, fluctuations in foreign exchange or interest rates, and stock market volatility.  These assumptions, although considered reasonable by the Trust at the time of preparation, may prove to be incorrect.  For more exhaustive information on the risks and uncertainties in respect of forward-looking statements you should refer to Boardwalk's Management's Discussion & Analysis and Annual Information Form for the year ended December 31, 2025 under the headings "Risks and Risk Management" and "Challenges and Risks", respectively, which are available at www.sedarplus.ca. Forward-looking statements contained in this news release are made as of the date of this news release and are based on Boardwalk's current estimates, expectations and projections, which Boardwalk believes are reasonable as of the current date. You should not place undue importance on forward-looking statements and should not rely upon forward-looking statements as of any other date. Except as required by applicable law, Boardwalk undertakes no obligation to publicly update or revise any forward-looking statement, whether a result of new information, future events, or otherwise.

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SOURCE Boardwalk Real Estate Investment Trust