Boardwalk REIT (TSE:BEI.UN)
TSX:BEI.UN
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Boardwalk REIT
(TSX:BEI.UN)
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Rating:66Neutral
Price Target:
C$71.00
▲(9.23% Upside)
Action:DowngradedDate:03/04/26
The score is led by constructive earnings-call guidance and strong operating metrics (NOI/FFO growth and high occupancy), supported by an attractive income profile (4.558% yield) and reasonable P/E. This is tempered by weaker financial quality signals—particularly inconsistent cash conversion and volatile net income—and a relatively neutral-to-soft technical setup (slightly negative MACD and below short-term moving averages).
Positive Factors
Operating profitability
Sustained same-property revenue and NOI growth indicates durable operating leverage in its portfolio. Higher NOI and a 220bp operating-margin improvement support recurring FFO growth, strengthen cash flow coverage for distributions, and improve resilience to cyclical rent cycles.
Negative Factors
Weak cash conversion
FFO and reported earnings are not consistently translating into cash, reducing financial flexibility. Inconsistent free cash flow and a notable 2025 decline constrain the REIT's ability to fund capex, service debt or sustain distributions during stress, increasing refinancing sensitivity.
Read all positive and negative factors
Positive Factors
Negative Factors
Operating profitability
Sustained same-property revenue and NOI growth indicates durable operating leverage in its portfolio. Higher NOI and a 220bp operating-margin improvement support recurring FFO growth, strengthen cash flow coverage for distributions, and improve resilience to cyclical rent cycles.
Read all positive factors
Boardwalk REIT (BEI.UN) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$3.41B
Dividend Yield2.46%
Average Volume (3M)128.40K
Price to Earnings (P/E)16.1
Beta (1Y)0.62
Revenue Growth6.52%
EPS Growth-54.45%
CountryCA
Employees1,558
SectorReal Estate
Sector Strength53
IndustryREIT - Residential
Share Statistics
EPS (TTM)0.77
Shares Outstanding48,299,090
10 Day Avg. Volume106,190
30 Day Avg. Volume128,395
Financial Highlights & Ratios
PEG Ratio-0.24
Price to Book (P/B)0.64
Price to Sales (P/S)4.95
P/FCF Ratio39.63
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$80.00Price Target Upside23.07% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering7
EPS Forecast (FY)4.64
Revenue Forecast (FY)C$668.37M
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 p...
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 ...
Boardwalk REIT Earnings Call Summary
Earnings Call Date:Nov 04, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:May 05, 2026
Earnings Call Sentiment Positive
The earnings call presents a generally positive outlook for Boardwalk REIT, with strong financial performance, high occupancy rates, and effective capital recycling. However, challenges such as anticipated increases in property taxes and moderated leasing spreads were noted. Overall, the highlights significantly outweigh the lowlights.Positive Updates
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%.
Negative Updates
Increased Property Taxes Expected
Boardwalk anticipates higher property taxes next year due to increased assessments in multifamily apartments.
Read all updates
Q3-2025 Updates
Positive
Negative
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%.
Read all positive updates
Company Guidance
During the Boardwalk Real Estate Investment Trust Third Quarter 2025 Earnings Conference Call, several key metrics were highlighted. The Trust reported a 5.1% increase in same-property rental revenue and an 8.6% surge in same-property net operating income compared to the same quarter last year. The operating margin improved by 220 basis points, and funds from operations (FFO) per unit increased by 10.8%. Occupancy remained high, just below 98%, with average occupied rents for a 2-bedroom apartment at $1,582, significantly lower than the Canadian average of $2,279. The Trust's strategic initiatives led to a 1.5% sequential quarterly rental revenue growth and a continued focus on maintaining high occupancy and resident retention, supported by strong leasing spreads, particularly in Alberta where renewal spreads reached 3.7% in September. The Trust also reported a significant increase in the estimated fair value of its investment properties, totaling $8.8 billion as of September 30, 2025, up from $8.2 billion at the end of 2024, driven by new acquisitions and rental rate growth. Additionally, the Trust's GRESB score improved by 7.5% to 72, reflecting its ongoing commitment to ESG initiatives.Boardwalk REIT Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
68
Positive
Cash Flow
54
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 638.64M | 603.29M | 545.66M | 496.36M | 470.53M |
| Gross Profit | 396.81M | 382.33M | 332.99M | 278.98M | 274.34M |
| EBITDA | 324.17M | 361.23M | 772.90M | 267.92M | 130.79M |
| Net Income | 196.87M | 588.22M | 666.10M | 283.10M | 446.27M |
Balance Sheet | |||||
| Total Assets | 8.99B | 8.63B | 8.14B | 7.07B | 6.66B |
| Cash, Cash Equivalents and Short-Term Investments | 97.09M | 122.41M | 331.20M | 52.82M | 64.30M |
| Total Debt | 3.64B | 3.65B | 3.40B | 3.29B | 3.08B |
| Total Liabilities | 4.07B | 3.79B | 3.82B | 3.60B | 3.41B |
| Stockholders Equity | 4.92B | 4.84B | 4.32B | 3.47B | 3.25B |
Cash Flow | |||||
| Free Cash Flow | 79.74M | 107.77M | 73.82M | 31.55M | 34.86M |
| Operating Cash Flow | 259.83M | 241.20M | 199.80M | 160.90M | 161.86M |
| Investing Cash Flow | -159.73M | -351.63M | -154.83M | -197.06M | -137.88M |
| Financing Cash Flow | -125.41M | -98.37M | 233.43M | 24.67M | -12.64M |
Boardwalk REIT Technical Analysis
Positive
65.00
Price Trends
65.49
Negative
64.65
Positive
65.60
Negative
Market Momentum
-0.04
Negative
53.82
Neutral
76.17
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 65 is above the 20-day moving average (MA) of 63.87, below the 50-day MA of 65.49, and below the 200-day MA of 65.60, indicating a neutral trend. The MACD of -0.04 indicates Negative momentum. The RSI at 53.82 is Neutral, neither overbought nor oversold. The STOCH value of 76.17 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
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
69 Neutral | C$1.69B | 8.83 | 17.29% | 0.09% | 10.61% | 43.64% | |
66 Neutral | C$3.41B | 16.05 | 3.97% | 2.46% | 6.52% | -54.45% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
62 Neutral | C$5.58B | 29.80 | 2.22% | 4.20% | -6.51% | -81.28% | |
61 Neutral | C$2.01B | 69.28 | 0.93% | 4.42% | 6.19% | 79.98% | |
60 Neutral | C$1.87B | 27.54 | 0.81% | 3.01% | 1.55% | -401.05% | |
57 Neutral | C$648.77M | -3.53 | 7.26% | 3.87% | -1.21% | ― |
* Real Estate Sector Average
TSE:BEI.UN
Boardwalk REIT
65.00
6.48
11.08%
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Boardwalk REIT Corporate Events
Business Operations and StrategyDividendsFinancial Disclosures
Boardwalk REIT Lifts Payout as Strong 2025 Results Underpin 2026 Outlook
Positive
Feb 20, 2026
Boardwalk REIT reported strong 2025 results, with funds from operations per unit rising 11.2% to $4.65 and net operating income up 9.2%, supported by higher same property NOI and improved operating margins. The trust’s portfolio continued to...
Business Operations and StrategyStock BuybackFinancial Disclosures
Boardwalk REIT Boosts Liquidity and Buys Back Units as Occupancy Holds Near 98%
Positive
Jan 7, 2026
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 strateg...
Business Operations and StrategyStock BuybackFinancial Disclosures
Boardwalk REIT Boosts Liquidity and Buybacks as Occupancy Holds Near 97.5%
Positive
Jan 7, 2026
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. ...
DividendsFinancial Disclosures
Boardwalk REIT Declares Special Non-Cash Distribution Tied to 2025 Asset Sales
Positive
Dec 22, 2025
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 2...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.