Boardwalk REIT (BEI.UN) AI Stock Analysis

• Market Cap: C$3.34B
• Dividend Yield: 2.45%
• Average Volume (3M): 100.15K
• Price to Earnings (P/E): 10.0
• Beta (1Y): 0.72
• Revenue Growth: 6.52%
• EPS Growth: -54.45%
• Country: CA
• Employees: 1,558
• Sector: Real Estate
• Sector Strength: 53
• Industry: REIT - Residential
• EPS (TTM): 0.77
• Shares Outstanding: 49,021,713
• 10 Day Avg. Volume: 141,474
• 30 Day Avg. Volume: 100,152
• PEG Ratio: -0.30
• Price to Book (P/B): 0.66
• Price to Sales (P/S): 5.26
• P/FCF Ratio: 29.45
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: C$80.00
• Price Target Upside: 24.37% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 3
• EPS Forecast (FY): 6.8
• Revenue Forecast (FY): C$637.58M

• Rating: 74 Outperform
• Price Target: C$69.00 ▲(7.28% Upside)

Boardwalk REIT's strong financial performance and attractive valuation are key strengths, supported by positive earnings call insights. However, technical indicators suggest current market weakness, which tempers the overall score. The company's solid fundamentals and strategic initiatives position it well for future growth.

Positive Factors

Revenue Growth

The consistent increase in rental revenue and net operating income indicates strong demand and effective property management, supporting long-term growth.

High Occupancy Rates

Maintaining high occupancy rates ensures stable cash flow and demonstrates effective tenant retention strategies, crucial for sustained revenue.

ESG Improvement

Improved ESG scores reflect enhanced sustainability practices, potentially attracting more investors and tenants focused on environmental responsibility.

Negative Factors

Increased Property Taxes

Rising property taxes could pressure margins and reduce profitability, impacting cash flow and financial flexibility over the long term.

Negative Lease Spreads in Calgary

Negative lease spreads indicate pricing pressure and competitive challenges, potentially affecting revenue growth and market positioning.

Moderation in Leasing Spreads

Moderated leasing spreads suggest a potential slowdown in rental income growth, impacting future revenue and profitability.

Boardwalk REIT Business Overview & Revenue Model

Company Description

Boardwalk REIT strives to be Canada's friendliest communities and currently owns and operates more than 200 communities with over 33,000 residential units totaling over 28 million net rentable square feet. Boardwalk's principal objectives are to provide its Residents with the best quality communities and superior customer service, while providing Unitholders with sustainable monthly cash distributions, and increase the value of its trust units through selective acquisitions, dispositions, development, and effective management of its residential multi-family communities. Boardwalk REIT is vertically integrated and is Canada's leading owner/operator of multi-family communities bringing Residents home to properties located in Alberta, Saskatchewan, Ontario, and Quebec. Boardwalk REIT's Trust units are listed on the Toronto Stock Exchange, trading under the symbol BEI.UN.

How the Company Makes Money

Boardwalk REIT generates revenue primarily through rental income from its residential properties. The company leases apartment units to tenants, which provides a consistent and stable cash flow. Key revenue streams include monthly rents collected from long-term leases, as well as additional income derived from ancillary services such as parking, laundry facilities, and utilities. The REIT may also realize gains through property appreciation over time, which can enhance its overall asset value. Furthermore, Boardwalk REIT benefits from economies of scale in property management, allowing for efficient operations and cost control. Any significant partnerships with local governments or community organizations can also contribute to its earnings by enhancing its market presence and tenant engagement.

Boardwalk REIT Financial Statement Overview

Summary

Boardwalk REIT exhibits strong financial health with robust profitability and efficient operations. The company maintains a stable balance sheet with moderate leverage and improving equity position. Cash flow generation is positive, although there is room for improvement in cash conversion efficiency.

Income Statement

Boardwalk REIT demonstrates strong profitability with a consistent increase in gross profit margin and net profit margin over the years. The TTM data shows a gross profit margin of 64.3% and a net profit margin of 53.3%, indicating efficient cost management and strong revenue generation. The revenue growth rate is modest but positive, reflecting steady growth. EBIT and EBITDA margins are robust, suggesting strong operational efficiency.

Balance Sheet

The balance sheet reflects a healthy financial position with a debt-to-equity ratio of 0.66 in the TTM period, indicating moderate leverage. The equity ratio is stable, and the return on equity, although slightly lower than previous years, remains positive at 6.8%. The company has managed to reduce its debt levels over time, enhancing financial stability.

Cash Flow

Cash flow analysis shows a positive trend with a significant increase in free cash flow growth rate at 27.8% in the TTM period. The operating cash flow to net income ratio is lower, indicating potential challenges in converting income to cash. However, the free cash flow to net income ratio is healthy, suggesting effective cash management.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	629.35M	603.29M	545.66M	496.36M	470.53M	465.57M
Gross Profit	405.21M	382.33M	332.99M	278.98M	274.34M	269.14M
EBITDA	464.07M	361.23M	772.90M	267.92M	130.79M	231.87M
Net Income	313.58M	588.22M	666.10M	283.10M	446.27M	-197.28M
Balance Sheet
Total Assets	9.05B	8.63B	8.14B	7.07B	6.66B	6.11B
Cash, Cash Equivalents and Short-Term Investments	101.86M	122.41M	331.20M	52.82M	64.30M	52.96M
Total Debt	3.55B	3.65B	3.40B	3.29B	3.08B	3.00B
Total Liabilities	4.04B	3.79B	3.82B	3.60B	3.41B	3.23B
Stockholders Equity	5.01B	4.84B	4.32B	3.47B	3.25B	2.88B
Cash Flow
Free Cash Flow	134.02M	107.77M	73.82M	31.55M	34.86M	136.12M
Operating Cash Flow	250.32M	241.20M	199.80M	160.90M	161.86M	141.08M
Investing Cash Flow	-162.15M	-351.63M	-154.83M	-197.06M	-137.88M	-217.04M
Financing Cash Flow	-93.93M	-98.37M	233.43M	24.67M	-12.64M	93.75M

Boardwalk REIT Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 64.32
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:BEI.UN, the sentiment is Negative. The current price of 64.32 is above the 20-day moving average (MA) of 62.96, above the 50-day MA of 64.21, and below the 200-day MA of 66.68, indicating a bearish trend. The MACD of -0.64 indicates Negative momentum. The RSI at 45.21 is Neutral, neither overbought nor oversold. The STOCH value of 62.45 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:BEI.UN.

Boardwalk REIT Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
BEI.UN	74 Outperform	C$3.34B	9.97	6.23%	2.45%	6.52%	-54.45%
KMP.UN	71 Outperform	C$1.98B	3.65	18.10%	4.36%	6.19%	79.98%
MEQ	70 Outperform	C$1.70B	5.91	17.29%	0.09%	10.61%	43.64%
MI.UN	69 Neutral	C$481.36M	6.43	7.26%	3.91%	-1.21%	―
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
CAR.UN	54 Neutral	C$5.75B	93.84	0.65%	4.13%	-6.51%	-81.28%
IIP.UN	47 Neutral	C$1.85B	-18.50	-4.40%	3.01%	1.55%	-401.05%

Boardwalk REIT Corporate Events

Boardwalk REIT Reports Strong Q3 2025 Financial Performance

Boardwalk REIT reported strong financial results for the third quarter of 2025, with notable increases in Funds From Operations (FFO), Net Operating Income (NOI), and operating margins compared to the previous year. The company achieved a profit of $37.6 million and maintained a high occupancy rate of 97.7%, reflecting robust demand in its affordable markets. Strategic acquisitions and reinvestments have bolstered its portfolio, while a strong balance sheet with substantial liquidity supports its growth initiatives. The REIT’s updated financial guidance and continued unit repurchases signal confidence in its market positioning and future performance.

Boardwalk REIT Reports Strong Leasing and Strategic Acquisition

Boardwalk REIT has reported strong leasing performance with a steady occupancy rate of 97.8% as of October 2025 and increasing occupied rents. The company has also made strategic capital allocations, including the acquisition of a fully-occupied high-rise community in Saskatoon for $39 million, which enhances its portfolio and offers a projected cap rate of 5.5%. This acquisition aligns with Boardwalk’s strategy to invest in high-demand, affordable markets and is expected to provide value to unitholders.