Boardwalk REIT (BEI.UN) AI Stock Analysis

• Market Cap: $3.65B
• Dividend Yield: 2.24%
• Average Volume (3M): 94.91K
• Price to Earnings (P/E): 10.3
• Beta (1Y): 0.88
• Revenue Growth: 8.12%
• EPS Growth: -50.95%
• Country: CA
• Employees: 1,558
• Sector: Real Estate
• Sector Strength: 53
• Industry: REIT - Residential
• EPS (TTM): 1.56
• Shares Outstanding: 49,116,608
• 10 Day Avg. Volume: 96,156
• 30 Day Avg. Volume: 94,910
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): N/A
• P/FCF Ratio: N/A
• Enterprise Value/Market Cap: 1.83
• Enterprise Value/Revenue: 10.73
• Enterprise Value/Gross Profit: 16.68
• Enterprise Value/Ebitda: 14.85
• 1Y Price Target: $84.01
• Price Target Upside: 22.73% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 8

• Rating: 76 Outperform
• Price Target: C$79.00 ▲(15.41% Upside)

Boardwalk REIT's strong financial performance and positive earnings call are the most significant factors contributing to the high score. The company's robust profitability, efficient operations, and strategic growth initiatives are key strengths. While technical indicators suggest some short-term bearish trends, the stock's attractive valuation and solid dividend yield provide additional support. Overall, the company is well-positioned in the residential REIT sector, with a favorable outlook despite some market challenges.

Positive Factors

Strong Financial Performance

The increase in rental revenues and net operating income demonstrates Boardwalk REIT's effective property management and operational efficiency, which are crucial for sustained profitability and growth in the residential REIT sector.

High Occupancy Rates

Maintaining high occupancy rates ensures steady rental income, which is essential for cash flow stability and supports the company's ability to invest in property improvements and strategic growth initiatives.

Improved 2025 Guidance

The upward revision in guidance reflects management's confidence in future performance, driven by strategic initiatives and market conditions, which supports long-term investor confidence and potential for value appreciation.

Negative Factors

Increased Vacancy and Competitive Market

Increased vacancy and reduced leasing spreads indicate competitive pressures and potential challenges in maintaining revenue growth, which could impact profitability if not addressed through strategic adjustments.

Administrative Cost Increase

Rising administrative costs can erode profit margins and reduce operational efficiency, necessitating careful cost management to maintain financial health and competitive advantage in the long term.

Calgary Market Supply Challenges

New supply in the Calgary market could lead to increased competition and pressure on rental rates, potentially affecting occupancy and revenue, highlighting the need for strategic market positioning and differentiation.

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. 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 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.

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.

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.

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

• Technical Analysis Sentiment: Negative
• Last Price: 68.45
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• 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 68.45 is below the 20-day moving average (MA) of 70.86, below the 50-day MA of 70.78, and above the 200-day MA of 66.47, indicating a neutral trend. The MACD of -0.29 indicates Positive momentum. The RSI at 36.36 is Neutral, neither overbought nor oversold. The STOCH value of 5.32 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
BEI.UN	76 Outperform	$3.65B	10.30	6.62%	2.24%	8.12%	-50.95%
KMP.UN	76 Outperform	2.15B	3.80	17.52%	4.04%	5.82%	83.08%
MEQ	75 Outperform	1.73B	5.67	17.98%	0.08%	14.29%	144.57%
MI.UN	68 Neutral	494.18M	7.11	5.67%	3.84%	-0.69%	―
CAR.UN	61 Neutral	6.38B	79.98	0.91%	3.78%	-2.56%	―
IIP.UN	58 Neutral	1.86B	-10.75	-8.02%	2.95%	1.56%	-9446.15%
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%

Boardwalk REIT Corporate Events

Boardwalk REIT Reports Strong Q2 2025 Financial Performance

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.

Boardwalk REIT Announces Strategic Portfolio Expansion and Strong Leasing Performance

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.