Strong Financial Performance
Same-property rental revenues increased by 6.2% and same-property net operating income increased by 9.8%. Operating margin increased by 220 basis points, and funds from operations per unit increased by 11.5% compared to the same quarter last year.
High Occupancy Rates
Occupancy rates remained high at just below 98%, with average occupied rents of $1,559 for a 2-bedroom apartment, significantly lower than the Canadian average of $2,221.
Positive Market Positioning
Boardwalk is strategically positioned in affordable markets such as Alberta and Saskatchewan, which continue to show positive population and economic growth.
Acquisitions and Strategic Investments
Boardwalk completed $294 million in acquisitions, with a focus on townhomes and a high-rise building in Calgary, while disposing of $197 million in non-core assets.
Improved Financial Guidance
2025 guidance was updated with increased same-property NOI growth to 8%-10% and FFO per unit outlook to $4.48 to $4.63.