EarningsQ2 2026 Earnings Report
BOWFF Q2 2026 EPS Results
Actual EPS-$0.20
Consensus EPS―
Beat/Miss―
One Year Ago EPS$1.09
BOWFF Q2 2026 Revenue Results
Actual Revenue$112.81M
Expected Revenue$114.23M
Beat/MissMissed by -$1.43M
YoY Revenue Growth+2.30%
Earnings Announcement Details
QuarterQ2 2026
Date07/28/2026
TimeAfter Close
Conference CallTuesday, July 28, 2026
BOWFF Upcoming Earnings
Boardwalk REIT's next earnings date is estimated for November 10, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
BOWFF Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call emphasized operational resilience and strategic capital allocation: high occupancy (97%), positive same-property revenue and NOI growth (+1.7% YOY), accretive NCIB activity ($204M repurchased) and a significant institutional co-ownership with Desjardins that validates portfolio quality. Management reiterated guidance and highlighted improved liquidity and mortgage execution. Challenges noted include a slight decline in absolute FFO due to disposals, a decrease in total fair value to $8.4B, rising specific operating costs (rents, repairs, bad debt, property taxes), increased vacancy loss/incentives and moderately elevated leverage (debt-to-EBITDA 9.3x). Overall, positive operational momentum and disciplined capital deployment appear to outweigh the headwinds.Company Guidance
Same-Property Revenue and NOI Growth
Same-property rental revenue increased 1.7% year-over-year and same-property net operating income increased 1.7% year-over-year, reflecting resilient operating results and fundamentals.
High Occupancy and Attractive Rents
Occupancy remained high at 97%; average occupied two-bedroom rent was $1,612, materially below the Canadian average of $2,159, supporting demand for affordable housing.
Strong Operating Margin
Operating margin reported at 67.6%, demonstrating efficient operations and margin stability despite a more balanced rental market.
FFO per Unit and Distribution Track Record
FFO per unit increased by 2.6% (driven in part by NCIB activity and strategic capital allocation). The Trust has compounded distribution growth at an annual rate of ~12% since 2021 and confirmed monthly distributions of $0.15 for Sep–Nov 2026.
Disciplined Capital Recycling and NCIB Activity
YTD sales of $492M (completed/announced) are expected to generate approximately $272M in net proceeds and reduce near-term capex by ~$26M. The Trust repurchased $204M of units under the NCIB at a weighted average price of $65.51, viewed as accretive versus private market cap rates (4.75%–5.25%) and implied public cap rate >6%.
Strategic Co-ownership with Institutional Partner
Entered a 50/50 co-ownership with Desjardins Global Asset Management on a seed portfolio implied at $292M (~$446,000 per suite). Boardwalk retains 50% ownership, will manage assets and earn a 4.25% property management/administrative fee (expected ~25 bps yield improvement on proportionate share).
Balance Sheet Liquidity and Mortgage Execution
Trust liquidity near $375M at end of Q2; debt-to-EBITDA improved to 9.3x from ~10x in Q4 2025. Of $815M maturing in 2026 mortgages, $457M has been renewed/forward-locked at an average rate of 3.78% for ~6 years, and ~99% of mortgage balance carries CMHC NHA insurance.
ESG and Repositioning Progress
2025 GRESB score of 72, up 7.5% vs prior year. Over $1B invested since 2017 in rebrand/repositioning; 16 value-add projects planned for 2026 (6 completed/nearing completion) focused on cost-effective amenity and common-area upgrades to support retention and affordability.
Guidance Reiterated
Management reiterated 2026 guidance: same-property NOI growth target of 1.0%–3.5% and FFO per unit guidance of $4.60–$4.80 for the year.
BOWFF Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed