Boardwalk REIT: Solid Execution but Moderating Growth and Market Headwinds Justify Hold Rating

Analyst Michael Markidis of BMO Capital reiterated a Hold rating on Boardwalk REIT, with a price target of C$76.00.

Michael Markidis has given his Hold rating due to a combination of factors, including moderating growth and shifting market conditions. He lowered his target price slightly after Boardwalk’s latest results, noting that new-lease spreads have softened and that, despite stronger seasonal demand expected in spring and summer, revenue growth through 2026 is likely to be more subdued than in prior years.

He also highlights that cap rate expansion has reduced IFRS NAV and driven fair value losses, while elevated new supply and slowing demand could cause revenue growth to slow faster than investors expect. Although Boardwalk has outperformed peers on FFO growth, is actively recycling assets, investing in value‑add projects, and buying back units, these positives are balanced by the more cautious outlook, supporting a Hold rather than a more bullish rating.

Based on the recent corporate insider activity of 11 insiders, corporate insider sentiment is neutral on the stock.