Boardwalk REIT (BEI.UN) AI Stock Analysis

• Market Cap: C$3.38B
• Dividend Yield: 2.46%
• Average Volume (3M): 98.48K
• Price to Earnings (P/E): 9.5
• Beta (1Y): 0.87
• Revenue Growth: 8.12%
• EPS Growth: -50.95%
• Country: CA
• Employees: 1,558
• Sector: Real Estate
• Sector Strength: 53
• Industry: REIT - Residential
• EPS (TTM): 0.77
• Shares Outstanding: 49,115,833
• 10 Day Avg. Volume: 85,066
• 30 Day Avg. Volume: 98,485
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): N/A
• P/FCF Ratio: N/A
• 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: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 74 Outperform
• Price Target: C$71.00 ▲(10.57% Upside)

Boardwalk REIT's strong financial performance and positive earnings call are the primary drivers of its score. The low P/E ratio and reasonable dividend yield add to its attractiveness. However, technical indicators suggest bearish momentum, which tempers the overall score.

Positive Factors

Strong Financial Performance

The increase in rental revenue and net operating income indicates effective management and operational efficiency, supporting long-term profitability.

High Occupancy Rates

Sustained high occupancy rates demonstrate strong demand for Boardwalk's properties, ensuring steady rental income and cash flow stability.

Successful Capital Recycling

Effective capital recycling through strategic acquisitions and dispositions enhances portfolio quality and long-term growth potential.

Negative Factors

Increased Property Taxes Expected

Rising property taxes can pressure margins and reduce profitability, impacting cash flow and financial flexibility over time.

Slight Negative New Lease Spreads in Calgary

Negative lease spreads in key markets like Calgary could signal competitive pressures, potentially affecting revenue growth and market positioning.

Moderation in Leasing Spreads

Moderating leasing spreads suggest a more competitive market environment, which may limit future rental income growth and margin expansion.

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 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. Overall, the financial statements reflect a well-managed company with a solid growth trajectory in the residential REIT sector.

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	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: Negative
• Last Price: 64.21
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Positive

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 64.21 is below the 20-day moving average (MA) of 65.67, below the 50-day MA of 68.24, and below the 200-day MA of 66.65, indicating a bearish trend. The MACD of -1.22 indicates Positive momentum. The RSI at 29.07 is Positive, neither overbought nor oversold. The STOCH value of 15.90 is Positive, 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
KMP.UN	78 Outperform	C$2.07B	3.69	19.03%	4.21%	5.82%	83.08%
BEI.UN	74 Outperform	C$3.38B	9.54	6.62%	2.46%	8.12%	-50.95%
MEQ	74 Outperform	C$1.73B	5.63	19.75%	0.09%	14.29%	144.57%
MI.UN	71 Outperform	C$486.85M	7.04	5.89%	3.91%	-0.69%	―
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
CAR.UN	61 Neutral	C$5.93B	74.79	0.88%	4.09%	-2.56%	―
IIP.UN	58 Neutral	C$1.87B	-10.78	-7.49%	2.97%	1.56%	-9446.15%

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.

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.

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.

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.

Boardwalk REIT Expands Montreal Portfolio with Strategic Acquisition

Boardwalk REIT announced a significant transaction involving the sale of two older communities in Edmonton for $24.1 million and the acquisition of Central Parc 1, 2, and 3 in Laval, Québec for $249.0 million. This move is part of their capital upcycling program and expands their presence in the Greater Montreal area, a market known for its strength and affordability. The acquisition is expected to increase the company’s Funds from Operations per Unit, highlighting a strategic shift towards more modern, amenity-rich properties that offer affordable luxury to residents.

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.