Strong Financial Performance
Same-property rental revenue increased by 5.1% and same-property net operating income rose by 8.6%. Operating margin improved by 220 basis points, and funds from operation per unit increased by 10.8%.
High Occupancy Rates
Occupancy rates remained high at just below 98%, supported by the strategic rebranding and repositioning efforts.
Successful Capital Recycling
Boardwalk completed $733 million in real estate transactions, including $221 million in dispositions and $512 million in acquisitions, indicating effective capital recycling.
Positive Guidance Update
Boardwalk increased its FFO per unit outlook to $4.58 to $4.65 and anticipates same-property NOI growth guidance of 8.5% to 10%.
ESG Improvement
Boardwalk's GRESB score increased by 7.5% compared to the prior year, reflecting ongoing commitment to ESG initiatives.