Boardwalk REIT (BEI.UN) AI Stock Analysis

• Market Cap: $3.75B
• Dividend Yield: 2.13%
• Average Volume (3M): 95.67K
• Price to Earnings (P/E): 10.6
• Beta (1Y): 0.79
• Revenue Growth: 8.12%
• EPS Growth: -50.95%
• Country: CA
• Employees: 1,558
• Sector: Real Estate
• Sector Strength: 56
• Industry: REIT - Residential
• EPS (TTM): 1.56
• Shares Outstanding: 49,108,692
• 10 Day Avg. Volume: 143,957
• 30 Day Avg. Volume: 95,665
• 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: 1.78
• Enterprise Value/Revenue: 10.73
• Enterprise Value/Gross Profit: 16.68
• Enterprise Value/Ebitda: 14.85
• 1Y Price Target: $83.78
• Price Target Upside: 18.01% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 9

• Rating: 79 Outperform
• Price Target: C$82.00 ▲(15.51% Upside)

Boardwalk REIT's overall stock score of 79 reflects its strong financial performance and positive earnings call sentiment. The company's strategic positioning in affordable markets and robust operational efficiency are significant strengths. While technical indicators are neutral, the attractive valuation and improved financial guidance contribute positively to the score.

Positive Factors

Financial Performance

The company delivered strong Q2 results with significant growth in key performance metrics.

Liquidity

There is ample capacity to fund net growth with total liquidity of over $300 million.

Strategic Expansion

Acquisitions scheduled to close, including a significant property in Calgary, are expected to enhance the company's portfolio.

Negative Factors

Debt and Refinancing

Net debt increased by $54M to $3.4B, and refinancing will likely remain a headwind due to market rates.

Demand Concerns

Concerns exist regarding slowing demand during a period of elevated supply, which may affect future performance.

Revenue Growth

Sequential revenue growth might decelerate more quickly than anticipated by the market.

Boardwalk REIT Business Overview & Revenue Model

Company Description

Boardwalk REIT (BEI.UN) is a Canadian real estate investment trust that primarily focuses on the acquisition, ownership, and management of residential rental properties. The company operates in the multifamily housing sector, providing quality living spaces across Canada, with a portfolio that includes apartments and rental communities. Boardwalk REIT aims to enhance the value of its properties through effective management and strategic investments in its assets to deliver high-quality living experiences for its residents.

How the Company Makes Money

Boardwalk REIT generates revenue primarily through rental income from its residential properties. This income is derived from leasing units to tenants, with rental rates influenced by market conditions, property location, and amenities offered. The company also benefits from property management efficiencies and cost control measures that enhance its profitability. Additionally, Boardwalk REIT may engage in value-add strategies such as property renovations or upgrades, which can increase rental income potential. The company's earnings are further supported by its strategic partnerships with local service providers that enhance tenant satisfaction and retention, ultimately contributing to stable cash flows.

Boardwalk REIT Financial Statement Overview

Summary

Boardwalk REIT demonstrates solid financial health with strong revenue growth, efficient operations, and a stable balance sheet. While profitability has seen some fluctuations, the company remains well-positioned with strong cash flow generation and moderate leverage. Continued focus on managing debt levels and improving cash flow growth could bolster its financial standing further.

Income Statement

The income statement indicates a healthy revenue growth trajectory with a significant increase in total revenue over the years. The TTM data shows a Gross Profit Margin of 63.35% and an EBIT Margin of 47.74%, demonstrating strong operational efficiency. However, the Net Profit Margin has decreased to 67.50% from the previous year, suggesting a decline in profitability. Despite this, the company maintains robust EBITDA margins of 75.07%, indicating strong cash-generating capabilities.

Balance Sheet

The balance sheet reflects a stable financial position with a Debt-to-Equity Ratio of 0.68, which is relatively moderate for a REIT. The Equity Ratio stands at 56.68%, indicating a solid equity base. Return on Equity (ROE) is high at 8.41%, highlighting effective utilization of equity. However, the increase in total debt over time could pose leverage-related risks if not managed properly.

Cash Flow

Cash flow analysis reveals a strong Operating Cash Flow to Net Income Ratio of 0.56 and a Free Cash Flow to Net Income Ratio of 0.29, indicating good conversion of profit into cash flow. The Free Cash Flow Growth Rate stands at 9.77%, which is positive but could be improved further to ensure better cash availability for investments and debt servicing.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	621.99M	603.29M	545.66M	496.36M	470.53M	465.57M
Gross Profit	399.97M	382.33M	332.99M	278.98M	274.34M	269.14M
EBITDA	449.29M	361.23M	282.80M	267.92M	130.79M	231.87M
Net Income	331.40M	588.22M	666.10M	283.10M	446.27M	-197.28M
Balance Sheet
Total Assets	8.77B	8.63B	8.14B	7.07B	6.66B	6.11B
Cash, Cash Equivalents and Short-Term Investments	25.62M	122.41M	331.20M	52.82M	64.30M	52.96M
Total Debt	3.29B	3.65B	3.40B	3.29B	3.08B	3.00B
Total Liabilities	3.78B	3.79B	3.82B	3.60B	3.41B	3.23B
Stockholders Equity	4.99B	4.84B	4.32B	3.47B	3.25B	2.88B
Cash Flow
Free Cash Flow	151.24M	107.77M	73.82M	31.55M	34.86M	136.12M
Operating Cash Flow	232.41M	241.20M	199.80M	160.90M	161.86M	141.08M
Investing Cash Flow	-194.76M	-351.63M	-154.83M	-197.06M	-137.88M	-217.04M
Financing Cash Flow	-131.99M	-98.37M	233.43M	24.67M	-12.64M	93.75M

Boardwalk REIT Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 70.99
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

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 70.99 is below the 20-day moving average (MA) of 71.62, above the 50-day MA of 70.41, and above the 200-day MA of 66.50, indicating a neutral trend. The MACD of 0.26 indicates Positive momentum. The RSI at 49.77 is Neutral, neither overbought nor oversold. The STOCH value of 12.01 is Positive, 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
MEQ	80 Outperform	C$1.90B	6.16	19.75%	0.08%	14.29%	144.57%
BEI.UN	79 Outperform	$3.75B	10.60	6.62%	2.13%	8.12%	-50.95%
KMP.UN	70 Outperform	C$2.12B	3.79	19.03%	4.07%	5.82%	83.08%
MI.UN	68 Neutral	C$497.22M	5.60	9.03%	3.79%	-0.29%	―
IIP.UN	67 Neutral	C$1.85B	―	-7.49%	2.97%	1.56%	-9446.15%
CAR.UN	64 Neutral	C$6.65B	83.52	0.88%	3.63%	-2.56%	―
Sector *	63 Neutral	$6.82B	13.38	-0.62%	7.30%	3.67%	-27.09%

Boardwalk REIT Corporate Events

Boardwalk REIT Reports Strong Q2 2025 Financial Performance

Boardwalk REIT reported strong financial results for Q2 2025, with significant increases in Funds From Operations (FFO) and Net Operating Income (NOI). The company achieved an 11.5% increase in FFO per Unit and a 9.0% rise in NOI compared to Q2 2024, reflecting its robust operating platform and strategic market positioning. The Trust’s occupancy rate reached 97.9%, and it continues to benefit from regional population growth and affordable rental markets. Boardwalk’s balance sheet remains strong, with substantial liquidity and a decrease in debt ratios, while the company also made strategic property transactions to enhance its portfolio.

The most recent analyst rating on ($TSE:BEI.UN) stock is a Hold with a C$85.00 price target. To see the full list of analyst forecasts on Boardwalk REIT stock, see the TSE:BEI.UN Stock Forecast page.

Boardwalk REIT Announces Strategic Portfolio Expansion and Strong Leasing Performance

Boardwalk REIT has reported strong leasing performance and progress in its capital upcycling initiatives, maintaining high occupancy rates and increasing rents during the peak leasing season. The company has sold its Imperial Tower community in Edmonton and acquired a three-community portfolio in Saskatchewan, enhancing its presence in key rental markets and demonstrating strategic growth through reinvestment and portfolio expansion.

The most recent analyst rating on ($TSE:BEI.UN) stock is a Hold with a C$85.00 price target. To see the full list of analyst forecasts on Boardwalk REIT stock, see the TSE:BEI.UN Stock Forecast page.