Boardwalk REIT (BEI.UN) AI Stock Analysis

• Market Cap: $3.66B
• Dividend Yield: 2.46%
• Average Volume (3M): 88.87K
• Price to Earnings (P/E): 10.9
• Beta (1Y): 0.67
• 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: 48,752,330
• 10 Day Avg. Volume: 119,999
• 30 Day Avg. Volume: 88,870
• 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: 1.86
• Enterprise Value/Revenue: 10.82
• Enterprise Value/Gross Profit: 16.80
• Enterprise Value/Ebitda: 14.67
• 1Y Price Target: $80.16
• Price Target Upside: 15.97% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 3
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 74 Outperform
• Price Target: C$77.00 ▲(11.40% 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

High occupancy

Sustained occupancy near 98% supports steady rental cash flows and low vacancy risk, which underpins FFO stability and dividend coverage. High utilization also increases operating leverage, making revenue less sensitive to short-term demand swings and aiding multi-quarter planning for capital allocation.

Organic revenue and NOI growth

Consistent same-property revenue and NOI growth with double-digit FFO/unit gains demonstrate sustainable operating momentum and margin expansion. This reflects durable demand, effective cost management and pricing power that support cash generation and reinvestment capacity over the medium term.

Effective capital recycling

Active capital recycling (material dispositions and acquisitions) shows disciplined portfolio management and the ability to monetize assets and redeploy into higher-return opportunities. This supports NAV growth, improves asset mix, and is a durable mechanism to enhance long-term returns and balance-sheet efficiency.

Negative Factors

Declining free cash flow growth

Negative free cash flow growth signals weakening incremental cash generation which can constrain capital expenditures, acquisitions and distributions. Even with decent cash conversion (FCF/net income), a sustained FCF decline reduces financial flexibility and raises sensitivity to higher interest or unexpected capex needs.

Rising property tax pressure

Projected increases in property taxes are a structural operating-cost headwind that directly reduces NOI and FFO. Property tax inflation across a broad multifamily portfolio can be hard to fully pass through to tenants, compressing margins and limiting the upside from rent growth over multiple quarters.

Moderating leasing spreads

Moderation in leasing spreads, and isolated negative new-lease results, signal rising local supply and reduced pricing leverage. If sustained, this caps organic rent growth and slows same-property NOI expansion, increasing the reliance on acquisitions or repositioning for future growth and pressuring margins regionally.

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 demonstrates strong revenue growth and profitability, supported by a stable balance sheet with moderate leverage. However, the decline in free cash flow growth and return on equity suggests areas for improvement. Overall, the company is in a solid financial position with potential for further growth.

Income Statement

Boardwalk REIT shows strong profitability with a high EBIT margin of 70.85% and a net profit margin of 53.28% in the TTM period. The revenue growth rate of 18.3% indicates robust growth. However, the net profit margin has decreased from the previous year, suggesting some pressure on net income.

Balance Sheet

The company maintains a healthy debt-to-equity ratio of 0.66, indicating moderate leverage. The return on equity is 6.35%, which is lower than previous years, suggesting a decline in efficiency. The equity ratio is stable, reflecting a balanced capital structure.

Cash Flow

Operating cash flow is positive, but the free cash flow growth rate is negative at -11.39%, indicating potential challenges in generating free cash. The free cash flow to net income ratio is strong at 65.07%, showing good cash conversion.

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: Positive
• Last Price: 69.12
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• 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 Positive. The current price of 69.12 is above the 20-day moving average (MA) of 68.19, above the 50-day MA of 64.72, and above the 200-day MA of 65.70, indicating a bullish trend. The MACD of 0.98 indicates Positive momentum. The RSI at 63.81 is Neutral, neither overbought nor oversold. The STOCH value of 70.69 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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	$3.66B	10.91	6.23%	2.46%	6.52%	-54.45%
KMP.UN	71 Outperform	C$2.15B	3.92	18.10%	4.42%	6.19%	79.98%
MEQ	70 Outperform	C$1.63B	5.70	17.29%	0.09%	10.61%	43.64%
MI.UN	70 Outperform	C$638.88M	8.50	7.26%	3.87%	-1.21%	―
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
CAR.UN	54 Neutral	C$5.97B	98.22	0.65%	4.20%	-6.51%	-81.28%
IIP.UN	47 Neutral	C$1.86B	-18.65	-4.40%	3.01%	1.55%	-401.05%

Boardwalk REIT Corporate Events

Boardwalk REIT Boosts Liquidity and Buys Back Units as Occupancy Holds Near 98%

Boardwalk REIT reported that it maintained strong same-property portfolio occupancy through the seasonally weaker winter period, with occupancy at 97.5% entering 2026, and continued to grow occupied rents over 2025. Management emphasized a strategy of flexible pricing on new and renewal leases to preserve high occupancy and margins in a more competitive leasing market, positioning the Trust to benefit from sustained demand for affordable, quality rental housing. On the capital allocation front, Boardwalk remained active on its Normal Course Issuer Bid, deploying about $57.3 million in 2025 to repurchase units at a significant discount to its estimated net asset value, while funding these buybacks and other initiatives partly through property dispositions at or near IFRS values. The recent sale or agreed sale of three Edmonton communities for a combined $56.5 million underscores its disciplined recycling of capital from mature assets into higher-return opportunities and unit repurchases, reinforcing balance sheet strength and aiming to enhance unitholder value.

The most recent analyst rating on ($TSE:BEI.UN) stock is a Buy with a C$69.00 price target. To see the full list of analyst forecasts on Boardwalk REIT stock, see the TSE:BEI.UN Stock Forecast page.

Boardwalk REIT Boosts Liquidity and Buybacks as Occupancy Holds Near 97.5%

Boardwalk REIT reported that it maintained robust portfolio occupancy of around 97.5% through the seasonally slower winter period into early 2026, supported by flexible pricing on new and renewal leases to preserve margins and resident retention. Average occupied rent has continued to trend higher through 2025, underscoring resilient demand for its communities despite a more competitive leasing environment. On the capital allocation front, the trust accelerated use of its normal course issuer bid, repurchasing approximately $57.3 million of units in 2025 at a significant discount to its assessed net asset value, while also selling three Edmonton communities for a combined $56.5 million at prices broadly in line with IFRS valuations to recycle capital. This strategy strengthens liquidity, supports unit value through buybacks, and reflects a disciplined balance between dispositions, reinvestment in value-add initiatives, and maintaining a solid balance sheet, which may enhance long-term returns for unitholders and underscore confidence in the intrinsic value of its portfolio.

The most recent analyst rating on ($TSE:BEI.UN) stock is a Buy with a C$69.00 price target. To see the full list of analyst forecasts on Boardwalk REIT stock, see the TSE:BEI.UN Stock Forecast page.

Boardwalk REIT Declares Special Non-Cash Distribution Tied to 2025 Asset Sales

Boardwalk REIT has declared a special non-cash distribution of $1.425 per trust unit, payable on December 31, 2025 to unitholders of record that day, reflecting capital gains and other income generated from the sale of several communities during 2025 and the resulting increase in funds from operations above its original annual guidance. The distribution will be effected through the issuance of additional trust units based on the year-end market price, followed immediately by a unit consolidation so that the total number of units outstanding remains unchanged, a structure that adjusts the tax cost base for investors and may have different income tax and withholding implications for Canadian and non-resident unitholders, who are urged to seek their own tax advice.

The most recent analyst rating on ($TSE:BEI.UN) stock is a Buy with a C$69.00 price target. To see the full list of analyst forecasts on Boardwalk REIT stock, see the TSE:BEI.UN Stock Forecast page.

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.

The most recent analyst rating on ($TSE:BEI.UN) stock is a Buy with a C$79.00 price target. To see the full list of analyst forecasts on Boardwalk REIT stock, see the TSE:BEI.UN Stock Forecast page.