BOARDWALK REIT REPORTS STRONG RESULTS FOR Q1 2023 WITH HIGHEST SAME PROPERTY NET… – Press Release

CALGARY, AB, May 9, 2023 /PRNewswire/ – Boardwalk Real Estate Investment Trust BEI

SUMMARY HIGHLIGHTS FOR THE THREE-MONTH PERIOD ENDED MARCH 31, 2023

• STRONG FINANCIAL PERFORMANCE
• Profit of $221.4 million
• Funds From Operations (“FFO”) of $0.79 per Unit⁽¹⁾⁽²⁾; an increase of 16.2% from Q1 2022
• Net Operating Income (“NOI”) of $75.8 million; an increase of 16.8% from Q1 2022
• Same Property⁽³⁾ Net Operating Income (“Same Property NOI”) of $74.7 million; an increase of 13.7% from Q1 2022
• SOLID OPERATIONAL RESULTS DRIVEN BY STRONG SAME PROPERTY RENTAL REVENUE GROWTH IN Q1 2023
• Sequential quarterly rental revenue growth of 1.6% from the prior quarter
• Rental revenue growth of 8.5% from a year ago, a continued acceleration year-over-year compared to prior quarters
• Occupancy of 98.1%; an increase of 257 basis points from last year
• Incentives declined 32.6% and market rents increased by 6.0% from a year ago
• Occupied rent increased to $1,292 in March of 2023, a $75 improvement from March 2022
• 269 basis point improvement in Operating Margin year-over-year
• CONTINUED LEASING STRENGTH
• Occupancy remains near-full in the latter part of the spring
• May 2023 preliminary occupancy of 98.3%, an increase of 169 basis points from May 2022
• New leasing spreads accelerating to 14.8% in Alberta in April 2023, with growing market rental rates
• Renewal leasing spreads of 8.9% in Alberta in April 2023
• Despite recent strong leasing spreads, rents in Alberta relative to income levels remain some of the most affordable in Canada and remain well below inflation adjusted levels since 2014
• STRONG AND FLEXIBLE FINANCIAL POSITION
• Approximately $244.0 million of total available liquidity at the end of the quarter
• 96% of Boardwalk’s mortgages carry CMHC-insurance
• Unitholders’ Equity of $3.7 billion
• Fair value capitalization rate of 4.92%
• The Trust’s current fair value capitalization rate remains at a positive spread to interest rates
• Net Asset Value increase, primarily a result of higher market rental rates, to $75.85 per Unit

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