Boardwalk REIT (BEI.UN) AI Stock Analysis

• Market Cap: C$3.64B
• Dividend Yield: 2.46%
• Average Volume (3M): 101.22K
• Price to Earnings (P/E): 10.9
• Beta (1Y): 0.74
• 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: 73,248
• 30 Day Avg. Volume: 101,219
• 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$80.62
• Price Target Upside: 17.48% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 4
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 74 Outperform
• Price Target: C$77.00 ▲(12.20% 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 ~98% occupancy underpins predictable rental cash flows and low vacancy costs, supporting stable FFO and distributions. High occupancy also strengthens pricing power in core assets and reduces downside revenue volatility across economic cycles, aiding long-term cash generation.

Improving Operating Performance

Material same-property NOI and margin gains, plus double-digit FFO/unit growth, reflect durable operational leverage and efficient cost control. These improvements enhance the REIT's ability to fund reinvestment, maintain payouts, and absorb future cost pressures, supporting long-term profitability.

Active Capital Recycling

Proactive capital recycling indicates disciplined portfolio management: selling lower-return assets and redeploying into accretive acquisitions. This behavior can sustainably raise portfolio quality, boost NAV growth and optimize yield on invested capital over multiple years.

Negative Factors

Negative Free Cash Flow Growth

Declining FCF growth constrains internal funding for maintenance capex, development and distributions, increasing reliance on external financing. Over time this can limit investment flexibility, pressure payout sustainability and elevate refinancing risk if market conditions tighten.

Declining Return on Equity

A falling ROE signals deteriorating capital efficiency and potential yield compression on equity investments. Persistently low ROE can impede book value growth and make it harder to generate attractive returns for unitholders unless asset yields or leverage strategy improve.

Rising Taxes and Moderating Leasing Spreads

Expected property tax increases and softer leasing spreads reduce future NOI and margin expansion potential. Combined with isolated negative lease spreads, these structural cost and pricing headwinds could compress FFO and slow rent-driven value appreciation over the medium term.

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: Positive
• Last Price: 68.63
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• STOCH: Negative

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 68.63 is above the 20-day moving average (MA) of 65.42, above the 50-day MA of 64.25, and above the 200-day MA of 66.79, indicating a bullish trend. The MACD of 1.34 indicates Negative momentum. The RSI at 73.59 is Negative, neither overbought nor oversold. The STOCH value of 93.01 is Negative, 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	C$3.64B	10.93	6.23%	2.46%	6.52%	-54.45%
KMP.UN	71 Outperform	C$2.13B	3.92	18.10%	4.42%	6.19%	79.98%
MEQ	70 Outperform	C$1.66B	5.78	17.29%	0.09%	10.61%	43.64%
MI.UN	70 Outperform	C$646.57M	8.64	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$6.08B	100.85	0.65%	4.20%	-6.51%	-81.28%
IIP.UN	47 Neutral	C$1.87B	-18.70	-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.