Boardwalk REIT Q3 2024: Strong Results in Affordable Housing

Boardwalk Real Estate Investment Trust ( (BOWFF) ) has released its Q3 earnings. Here is a breakdown of the information Boardwalk Real Estate Investment Trust presented to its investors.

Boardwalk Real Estate Investment Trust (REIT) is a leading Canadian owner and operator of multi-family rental communities, focusing on providing affordable housing solutions across major provinces in Canada.

Boardwalk Real Estate Investment Trust reported robust financial results for the third quarter of 2024, driven by high demand for affordable housing. The company experienced significant growth in key financial metrics, reflecting its strong market position and efficient operations.

For the three months ending September 30, 2024, Boardwalk REIT achieved a Funds From Operations (FFO) of $1.11 per unit, marking a 15.6% increase from the previous year. The net operating income grew by 15.6% to $100.2 million, while the operating margin improved to 65.3%. The company maintained high occupancy rates of 98.6%, highlighting strong demand in its rental markets. Additionally, the REIT reported a profit of $55.4 million for the quarter.

The REIT also reported a solid balance sheet with total available liquidity of approximately $413.7 million and a decrease in its debt to EBITDA ratio to 10.31x. The net asset value per unit increased to $94.64, attributed to higher market rental rates in non-price controlled markets. Boardwalk REIT revised its 2024 financial guidance, reflecting expectations for continued revenue and net operating income growth, supported by strong leasing spreads and demand for affordable housing.

Looking ahead, Boardwalk REIT remains optimistic about its growth prospects, focusing on delivering sustainable outcomes for its stakeholders. The company aims to continue leveraging its strategic initiatives and market position to drive further improvements in financial performance and community development.