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Boardwalk REIT
(TSX:BEI.UN)
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Rating:66Neutral
Price Target:
C$72.00
â–²(15.07% Upside)
Action:Reiterated
Date:07/30/26
The score is driven primarily by solid financial performance (steady revenue growth, strong property-level profitability, and improving cash flow) and a generally positive earnings-call backdrop with reiterated guidance and high occupancy. These positives are tempered by volatile reported earnings (TTM net loss), elevated leverage/coverage sensitivity, and a challenging valuation signaled by the high P/E, while technicals are mildly supportive based on moving averages but lack confirming momentum indicators.
Positive Factors
High occupancy & affordable rents
Sustained 97% occupancy and below-market average rents point to persistent demand and pricing resilience in the Trust's core markets. High occupancy supports steady rental cash flows, lowers vacancy-driven volatility, and underpins durable revenue stability and resident retention over the medium term.
Negative Factors
Elevated leverage and modest interest coverage
High debt-to-EBITDA and sub-3x interest coverage increase sensitivity to higher rates or weaker cash flow. Even with staggered maturities and insurance, elevated leverage constrains capital allocation, raises refinancing risk on maturities, and reduces shock-absorbing capacity over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
High occupancy & affordable rents
Sustained 97% occupancy and below-market average rents point to persistent demand and pricing resilience in the Trust's core markets. High occupancy supports steady rental cash flows, lowers vacancy-driven volatility, and underpins durable revenue stability and resident retention over the medium term.
Read all positive factors
Boardwalk REIT (BEI.UN) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$3.01B
Dividend Yield2.8%
Average Volume (3M)103.57K
Price to Earnings (P/E)―
Beta (1Y)0.58
Revenue Growth4.56%
EPS Growth-110.12%
CountryCA
Employees1,590
SectorReal Estate
Sector Strength53
IndustryREIT - Residential
Share Statistics
EPS (TTM)-0.67
Shares Outstanding45,062,336
10 Day Avg. Volume116,181
30 Day Avg. Volume103,570
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$80.00Price Target Upside27.86% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering4
EPS Forecast (FY)3.24
Revenue Forecast (FY)C$645.88M
Boardwalk REIT Business Overview & Revenue Model
Company Description
Boardwalk Real Estate Investment Trust (REIT) is dedicated to fostering Canada's most welcoming residential communities. As a prominent owner and operator, it oversees more than 200 properties, comprising over 33,000 housing units and spanning upw...
How the Company Makes Money
Boardwalk REIT makes money primarily by renting residential suites in its multi-family properties. Its core revenue stream is rental income collected from residents under lease agreements, which is influenced by occupied suite count, monthly renta...
Boardwalk REIT Earnings Call Summary
Earnings Call Date:Jul 28, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 10, 2026
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.Positive Updates
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.
Negative Updates
FFO and Profit Impacted by Asset Sales and Fair Value Adjustments
Absolute funds from operations were down slightly as a result of recent asset sales; profit declined due to a non-cash reduction in IFRS net asset value. Investment properties fair value decreased to $8.4B from $8.6B as of Dec 31, 2025 (driven by sales and a fair value loss adjustment).
Read all updates
Q2-2026 Updates
Positive
Negative
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.
Read all positive updates
Company Guidance
Boardwalk reiterated 2026 guidance with anticipated same‑property NOI growth of 1.0%–3.5% and FFO per unit of $4.60–$4.80, and confirmed a regular monthly distribution of $0.15 per unit (annualized $1.80) for September–November 2026; management said same‑property revenue is tracking toward the lower end of prior estimates while expense growth outlook has improved despite larger H2 property taxes. Supporting metrics cited on the call included Q2 same‑property rental revenue +1.7% y/y and same‑property NOI +1.7% y/y, 97% occupancy, a 67.6% operating margin, average occupied two‑bed rent $1,612 (Canadian average $2,159), investment property fair value $8.4B (~$243k per door), debt‑to‑EBITDA 9.3x (from ~10x at Q4 2025), debt‑to‑assets ~43%, liquidity just under $375M, interest coverage 2.97, YTD sales of $492M (≈$272M net proceeds), NCIB repurchases of $204M at a $65.51 weighted average, and $457M of the $815M 2026 mortgage maturities renewed/forward‑locked at an average ~3.78% for ~6 years.Boardwalk REIT Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
66
Positive
Cash Flow
71
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 650.37M | 638.64M | 603.29M | 545.66M | 496.36M | 470.53M |
| Gross Profit | 413.57M | 396.81M | 382.33M | 332.99M | 278.98M | 274.34M |
| EBITDA | 133.58M | 324.17M | 361.23M | 772.90M | 267.92M | 130.79M |
| Net Income | -32.16M | 196.87M | 588.22M | 666.10M | 283.10M | 446.27M |
Balance Sheet | ||||||
| Total Assets | 8.66B | 8.99B | 8.63B | 8.14B | 7.07B | 6.66B |
| Cash, Cash Equivalents and Short-Term Investments | 128.99M | 97.09M | 122.41M | 331.20M | 52.82M | 64.30M |
| Total Debt | 3.60B | 3.64B | 3.65B | 3.40B | 3.29B | 3.08B |
| Total Liabilities | 3.98B | 4.07B | 3.79B | 3.82B | 3.60B | 3.41B |
| Stockholders Equity | 4.68B | 4.92B | 4.84B | 4.32B | 3.47B | 3.25B |
Cash Flow | ||||||
| Free Cash Flow | 97.56M | 79.74M | 107.77M | 73.82M | 31.55M | 34.86M |
| Operating Cash Flow | 279.57M | 259.83M | 241.20M | 199.80M | 160.90M | 161.86M |
| Investing Cash Flow | 160.13M | -159.73M | -351.63M | -154.83M | -197.06M | -137.88M |
| Financing Cash Flow | -336.32M | -125.41M | -98.37M | 233.43M | 24.67M | -12.64M |
Boardwalk REIT Technical Analysis
Negative
62.57
Price Trends
63.42
Negative
63.87
Negative
64.32
Negative
Market Momentum
-0.66
Negative
41.94
Neutral
36.22
Neutral
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 62.57 is above the 20-day moving average (MA) of 61.75, below the 50-day MA of 63.42, and below the 200-day MA of 64.32, indicating a bearish trend. The MACD of -0.66 indicates Negative momentum. The RSI at 41.94 is Neutral, neither overbought nor oversold. The STOCH value of 36.22 is Neutral, 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
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
66 Neutral | C$3.01B | -91.84 | -0.66% | 2.80% | 4.56% | -110.12% | |
66 Neutral | C$1.53B | 8.69 | 9.49% | 0.17% | 5.14% | -43.08% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
58 Neutral | C$2.08B | 291.33 | 0.25% | 4.12% | 4.80% | -99.27% | |
52 Neutral | C$4.85B | -37.24 | -1.53% | 4.90% | -7.18% | -270.79% |
* Real Estate Sector Average
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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.