Boardwalk Real Estate Investment Trust (TSE:BEI.UT)
OTHER OTC:BEI.UT
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Boardwalk REIT
(OTC:BEI.UT)
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Rating:58Neutral
Price Target:
C$66.00
▼(-3.25% Downside)
Action:Reiterated
Date:06/04/26
The score is driven primarily by solid underlying financial performance (revenue growth and de-leveraging) but is held back by weak cash-flow quality and volatile net income. Technicals are notably bearish (below key moving averages with negative MACD), while valuation is reasonable with a moderate P/E and a ~2.5% dividend yield.
Positive Factors
Consistent, accelerating revenue growth
Sustained top-line growth indicates durable demand for rental suites and effective asset/portfolio management. Accelerating revenue supports NOI expansion, funds reinvestment in properties, and provides a structural tailwind for distributions and debt coverage over the next several quarters.
Negative Factors
Weak cash conversion from net income
Persistent divergence between net income and operating cash flow raises concern about the quality of reported earnings. Poor cash conversion limits free cash available for debt servicing, distributions, and discretionary capex, increasing financial fragility in stress periods.
Read all positive and negative factors
Positive Factors
Negative Factors
Consistent, accelerating revenue growth
Sustained top-line growth indicates durable demand for rental suites and effective asset/portfolio management. Accelerating revenue supports NOI expansion, funds reinvestment in properties, and provides a structural tailwind for distributions and debt coverage over the next several quarters.
Read all positive factors
Boardwalk REIT (BEI.UT) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$3.27B
Dividend Yield2.46%
Average Volume (3M)147.44K
Price to Earnings (P/E)16.8
Beta (1Y)0.64
Revenue Growth5.38%
EPS Growth-85.85%
CountryCA
Employees1,558
SectorReal Estate
Sector Strength53
IndustryREIT - Residential
Share Statistics
EPS (TTM)4.02
Shares Outstanding46,776,310
10 Day Avg. Volume133,407
30 Day Avg. Volume147,439
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$77.90Price Target Upside14.19% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering5
EPS Forecast (FY)4.61
Revenue Forecast (FY)C$655.87M
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 by renting residential suites in its apartment communities. Its core revenue stream is residential rental income collected from tenants under lease agreements, which is influenced by occupancy levels, ach...
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
68.22
Price Trends
65.12
Negative
65.14
Negative
64.66
Positive
Market Momentum
-0.05
Negative
52.74
Neutral
31.50
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:BEI.UT, the sentiment is Positive. The current price of 68.22 is above the 20-day moving average (MA) of 64.31, above the 50-day MA of 65.12, and above the 200-day MA of 64.66, indicating a neutral trend. The MACD of -0.05 indicates Negative momentum. The RSI at 52.74 is Neutral, neither overbought nor oversold. The STOCH value of 31.50 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:BEI.UT.
Boardwalk REIT Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
66 Neutral | C$2.29B | -93.35 | -0.71% | 4.42% | 4.79% | -103.92% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
62 Neutral | C$1.56B | 8.43 | 10.42% | 0.09% | 6.33% | -23.45% | |
59 Neutral | C$1.81B | 385.37 | 0.20% | 3.01% | >-0.01% | ― | |
58 Neutral | C$3.27B | 16.76 | 3.97% | 2.46% | 5.38% | -85.85% | |
54 Neutral | C$5.33B | 1,153.00 | 0.08% | 4.20% | -8.46% | -97.03% | |
52 Neutral | C$640.71M | -3.01 | -39.64% | 3.87% | -0.32% | -340.85% |
* Real Estate Sector Average
TSE:BEI.UT
Boardwalk REIT
64.86
-0.91
-1.39%
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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.