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Boardwalk REIT (TSE:BEI.UN)
TSX:BEI.UN
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Boardwalk REIT
(TSX:BEI.UN)
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Rating:79Outperform
Price Target:
C$81.00
â–²(13.81% Upside)
Boardwalk REIT's strong financial performance and attractive valuation are the most significant factors contributing to its high score. The technical analysis supports a positive trend, although short-term weakness is possible. The earnings call provided a positive outlook, reinforcing the company's strategic position despite some market challenges.
Positive Factors
Negative Factors
Boardwalk REIT (BEI.UN) vs. iShares MSCI Canada ETF (EWC)
Market Cap
$3.80B
Dividend Yield2.16%
Average Volume (3M)98.00K
Price to Earnings (P/E)10.7
Beta (1Y)0.86
Revenue Growth8.12%
EPS Growth-50.95%
CountryCA
Employees1,558
SectorReal Estate
Sector Strength53
IndustryREIT - Residential
Share Statistics
EPS (TTM)1.56
Shares Outstanding49,116,608
10 Day Avg. Volume89,063
30 Day Avg. Volume97,997
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)N/A
P/FCF RatioN/A
Enterprise Value/Market Cap1.76
Enterprise Value/Revenue10.73
Enterprise Value/Gross Profit16.68
Enterprise Value/Ebitda14.85
Forecast
1Y Price Target
$84.00Price Target Upside18.03% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering8
Boardwalk REIT Business Overview & Revenue Model
Company DescriptionBoardwalk 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 MoneyBoardwalk 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 Earnings Call Summary
Earnings Call Date:Jul 29, 2025
(Q2-2025)
| % Change Since: |
Next Earnings Date:Nov 11, 2025
Earnings Call Sentiment Positive
The earnings call emphasizes Boardwalk's strong financial performance, strategic acquisitions, and high occupancy rates, while acknowledging challenges from increased vacancy and market competition. The company appears well-positioned financially, and the positive aspects slightly outweigh the challenges discussed.Q2-2025 Updates
Positive Updates
Strong Financial Performance
Same-property rental revenues increased 6.2%, and same-property net operating income rose 9.8%. Operating margin improved by 220 basis points, with funds from operations per unit up by 11.5%.
High Occupancy and Affordable Offering
Occupancy remains high at just below 98%, with average occupied rents of $1,559, which is significantly lower than the Canadian average of $2,221.
Strategic Rebranding and Acquisitions
Boardwalk completed rebranding of 74% of communities and announced significant acquisitions totaling $294 million, including new assets in Calgary and townhomes in Saskatoon and Regina.
Improved 2025 Guidance
The guidance for same-property NOI growth was adjusted to 8% to 10%, and FFO per unit outlook increased to $4.48 to $4.63.
Solid Liquidity Position
Boardwalk reported approximately $325 million in liquidity, providing a flexible financial position.
Negative Updates
Increased Vacancy and Competitive Market
Vacancy loss increased, and leasing spreads on new and renewed leases have decreased due to new supply, particularly affecting higher-priced products.
Administrative Cost Increase
Administration costs rose by $1.5 million due to higher profit share and bonus accruals.
Calgary Market Supply Challenges
The Arch acquisition in Calgary faces near-term supply challenges with significant new supply expected in the submarket.
Company Guidance
During the Boardwalk Real Estate Investment Trust's Second Quarter 2025 Earnings Call, several key metrics and guidance were highlighted. The Trust reported a 6.2% increase in same-property rental revenues and a 9.8% rise in same-property net operating income compared to the previous year. The operating margin improved by 220 basis points, and funds from operations per unit saw an 11.5% increase. The Trust's occupancy remained high, just below 98%, with average occupied rents at $1,559 for a 2-bedroom apartment, significantly lower than the Canadian average. In Alberta, renewal spreads were 4.2% as of June 2025, and overall blended spreads for Alberta were 2.7%, with a portfolio-wide spread of 3.4%. The Trust has adjusted its 2025 guidance, projecting same-property NOI growth between 8% to 10% and raising the FFO per unit outlook to $4.48 to $4.63. Additionally, the estimated fair value of investment properties increased to $8.4 billion, and the Trust holds approximately $325 million in liquidity, supporting its strategic initiatives.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.85
Very Positive
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.78
Positive
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.72
Positive
| 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
Positive
71.17
Price Trends
70.96
Positive
69.44
Positive
66.44
Positive
Market Momentum
0.26
Positive
51.74
Neutral
20.70
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 71.17 is above the 20-day moving average (MA) of 70.79, above the 50-day MA of 70.96, and above the 200-day MA of 66.44, indicating a bullish trend. The MACD of 0.26 indicates Positive momentum. The RSI at 51.74 is Neutral, neither overbought nor oversold. The STOCH value of 20.70 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
Overall Rating
UnderperformOutperform
Sector (65)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | $3.80B | 10.68 | 6.62% | 2.16% | 8.12% | -50.95% | |
78 Outperform | 2.18B | 3.87 | 17.52% | 3.99% | 5.82% | 83.08% | |
75 Outperform | 1.77B | 5.83 | 17.98% | 0.08% | 14.29% | 144.57% | |
68 Neutral | 506.27M | 7.31 | 5.67% | 3.74% | -0.69% | 0.00% | |
61 Neutral | 6.51B | 82.02 | 0.91% | 3.70% | -2.56% | 0.00% | |
58 Neutral | 1.86B | -10.76 | -8.02% | 2.95% | 1.56% | -9446.15% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% |
* Real Estate Sector Average
Performance Comparison
TSE:BEI.UN
Boardwalk REIT
71.17
-13.91
-16.35%
TSE:CAR.UN
Canadian Apartment
41.30
-11.91
-22.38%
TSE:IIP.UN
InterRent REIT Un
13.35
0.96
7.75%
TSE:KMP.UN
Killam Apartment REIT Un
17.98
-2.33
-11.47%
TSE:MEQ
Mainstreet Equity
189.73
-2.12
-1.11%
TSE:MI.UN
Minto Apartment Real Estate Investment Trust
13.82
-2.46
-15.11%
Boardwalk REIT Corporate Events
Business Operations and StrategyFinancial Disclosures
Boardwalk REIT Reports Strong Q2 2025 Financial Performance
Positive
Jul 29, 2025
Boardwalk REIT reported strong financial results for Q2 2025, with significant increases in Funds From Operations (FFO) and Net Operating Income (NOI). The company achieved an 11.5% increase in FFO per Unit and a 9.0% rise in NOI compared to Q2 2024, reflecting its robust operating platform and strategic market positioning. The Trust’s occupancy rate reached 97.9%, and it continues to benefit from regional population growth and affordable rental markets. Boardwalk’s balance sheet remains strong, with substantial liquidity and a decrease in debt ratios, while the company also made strategic property transactions to enhance its portfolio.
The most recent analyst rating on ($TSE:BEI.UN) stock is a Hold with a C$85.00 price target. To see the full list of analyst forecasts on Boardwalk REIT stock, see the TSE:BEI.UN Stock Forecast page.
M&A TransactionsBusiness Operations and Strategy
Boardwalk REIT Announces Strategic Portfolio Expansion and Strong Leasing Performance
Positive
Jul 7, 2025
Boardwalk REIT has reported strong leasing performance and progress in its capital upcycling initiatives, maintaining high occupancy rates and increasing rents during the peak leasing season. The company has sold its Imperial Tower community in Edmonton and acquired a three-community portfolio in Saskatchewan, enhancing its presence in key rental markets and demonstrating strategic growth through reinvestment and portfolio expansion.
The most recent analyst rating on ($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.
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.