Boardwalk REIT (BEI.UN) AI Stock Analysis

• Market Cap: C$3.30B
• Dividend Yield: 2.46%
• Average Volume (3M): 120.58K
• Price to Earnings (P/E): 16.1
• Beta (1Y): 0.60
• 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: 48,597,744
• 10 Day Avg. Volume: 142,675
• 30 Day Avg. Volume: 120,584
• PEG Ratio: -0.24
• Price to Book (P/B): 0.64
• Price to Sales (P/S): 4.95
• P/FCF Ratio: 39.63
• 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$79.90
• Price Target Upside: 28.03% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 7
• EPS Forecast (FY): 4.64
• Revenue Forecast (FY): C$668.18M

• Rating: 66 Neutral
• Price Target: C$71.00 ▲(13.76% Upside)
• Action: Downgraded Date: 03/04/26
• Date: Action: Downgraded 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.

High occupancy

Near-98% occupancy provides stable rental revenue and lowers vacancy-related volatility. Persistent high occupancy reduces the need for aggressive concessions, supports predictable leasing cash flows and retention-focused strategies that preserve long-term FFO and portfolio cash generation.

Balance sheet & capital recycling

Active capital recycling plus lower leverage (debt/equity ~0.74) demonstrates portfolio management discipline. Selling and buying to optimize yield helps redeploy capital into higher-return assets, supports deleveraging and funds growth without relying solely on external financing.

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.

Earnings volatility

Volatile net income, with non-recurring spikes and a prior loss, undermines predictability of underlying returns. This reduces confidence in sustainable profitability and complicates long-range planning for dividends, growth capex and debt capacity in varying market conditions.

Rising costs & softer leasing spreads

Higher recurring property tax assessments directly compress NOI, while moderating/leaky leasing spreads limit achievable rental rate gains. Together these structural headwinds can slow margin expansion and FFO growth, pressuring cash returns over multiple quarters.

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

Steady revenue growth and strong operating profitability support fundamentals, and leverage has improved meaningfully since 2020. Offsetting this, net income has been volatile and operating/free cash flow have not tracked reported earnings well, with a notable free-cash-flow decline in 2025—raising concerns about cash conversion and consistency.

Income Statement

Revenue has grown steadily each year (from 2020 to 2025), with the latest annual growth accelerating meaningfully. Profitability is generally strong with healthy gross and EBITDA margins in 2024–2025, supporting resilient earnings power for a residential REIT. However, net income is volatile year-to-year (loss in 2020 and unusually high net margins in 2021–2024 that look non-recurring), which reduces confidence in the durability of reported bottom-line results despite solid top-line momentum.

Balance Sheet

Leverage appears reasonable for the sector, with debt-to-equity improving from above 1.0 (2020) to ~0.74 (2025), alongside a rising equity base and growing assets—signs of strengthening balance sheet capacity. Returns on equity were strong in 2021–2024 but fell sharply in 2025, indicating weaker recent profitability on the capital base. Overall, the balance sheet looks stable, but still meaningfully levered and somewhat sensitive to earnings swings.

Cash Flow

Operating cash flow has trended upward over time, which is constructive, but it remains low relative to reported net income in every year shown, implying earnings are not translating cleanly into cash. Free cash flow is positive but inconsistent, including a sharp decline in 2025 versus 2024, pointing to higher spending or working-capital drag. Cash generation is a key watch item given the business’s leverage and the variability in reported earnings.

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

• Technical Analysis Sentiment: Negative
• Last Price: 62.41
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• 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 Negative. The current price of 62.41 is below the 20-day moving average (MA) of 65.05, below the 50-day MA of 66.72, and below the 200-day MA of 65.96, indicating a bearish trend. The MACD of -0.87 indicates Positive momentum. The RSI at 35.23 is Neutral, neither overbought nor oversold. The STOCH value of 15.62 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
MEQ	69 Neutral	C$1.63B	8.83	17.29%	0.09%	10.61%	43.64%
BEI.UN	66 Neutral	C$3.30B	16.05	3.97%	2.46%	6.52%	-54.45%
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
CAR.UN	62 Neutral	C$5.47B	29.80	0.65%	4.20%	-6.51%	-81.28%
KMP.UN	61 Neutral	C$1.92B	69.28	0.93%	4.42%	6.19%	79.98%
IIP.UN	60 Neutral	C$1.86B	27.54	0.81%	3.01%	1.55%	-401.05%
MI.UN	60 Neutral	C$637.78M	-3.53	7.26%	3.87%	-1.21%	―

Boardwalk REIT Corporate Events

Boardwalk REIT Lifts Payout as Strong 2025 Results Underpin 2026 Outlook

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 benefit from robust demand for affordable housing, particularly in Alberta, and modest rent increases even as occupancy eased slightly to 97.6%.

The REIT raised its annualized distribution by 11.1% to $1.80 per unit and introduced 2026 guidance calling for stable to growing FFO and NOI, signaling confidence in its cash flow outlook. Management continued to recycle capital by selling non-core assets and acquiring newer communities in key Western Canadian and Québec markets, while maintaining a strong liquidity position and modestly improving leverage metrics, which together support its growth strategy and income profile for unitholders.

The most recent analyst rating on ($TSE:BEI.UN) stock is a Buy with a C$76.00 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 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.