2022-07-06 | TSX:BEI.UN | Press release

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CALGARY, Alta., July 6, 2022 /PRNewswire/ – Boardwalk Real Estate Investment Trust – TSX: BEI.UN

Boardwalk REIT (“Boardwalk, “the Trust”, “We”) provides a brief operational update as we continue to focus on our essential service of providing affordable, high-quality housing for resident Boardwalk members while delivering growth and value to our stakeholders.

Stabilized portfolio occupancy

Jul-21

21st of August

Sep 21

21st of October

Nov-21

December 21

Stabilized portfolio

Occupancy 1

95.9%

96.1%

96.2%

96.1%

95.7%

95.7%

Jan-22

February 22

March 22

Apr-22

May-22

Jun-22

95.6%

95.5%

95.4%

95.8%

96.6%

96.9%

Jul-22

97.0%

1 Preliminary occupancy from the first day of each month

Occupied rent

May 21

Jun-21

Jul-21

21st of August

Sep 21

21st of October

Occupied Rent 2

$1,189

$1,191

$1,191

$1,196

$1,195

$1,198

Nov-21

December 21

Jan-22

February 22

March 22

Apr-22

$1,201

$1,203

$1,204

$1,206

$1,217

$1,221

May-22

$1,224

2 Occupied rent is a component of rental income calculated in accordance with IFRS and represents stabilized buildings

only. It is calculated for occupied units on the first day of each month as the average rental income, corrected for other

elements of rental income such as royalties, specific recoveries and income from commercial tenants.

Sam KoliasChairman and CEO of Boardwalk said:

“After a strong rental season in the spring, we continue to see strong demand for rental properties across our portfolio heading into the summer. Edmonton and Calgary have narrowed significantly with Edmonton to around 4.25% vacancy in early July, representing a 2.75% improvement in occupancy since early March. Vacancy in our Calgary portfolio is less than 1.50% with a strengthening of rental spreads on both new leases and renewals. On the ground, and as confirmed by the most recent data from Statistics Canada, we continue to observe an increase in interprovincial migration towards albertabased on some of the most affordable rents in the country.

Our team is committed to further optimizing our rentals, while finding innovative ways to best manage controllable operating costs during a time of high inflation and continue to provide affordable housing.

We are confident that our strong leasing momentum, successful team and unparalleled affordability in our core markets position us well for continued growth in the months ahead. »

Accretive capital allocation

During the fourth quarter of 2021, the Trust announced that it had received approval from the Toronto Stock Exchange (the “TSX”) to launch a normal course issuer bid (“NCIB”). The Trust continues to view its own portfolio as offering unparalleled value in the multifamily sector and believes that its current unit price represents an attractive opportunity for reinvestment. During the second quarter, the Trust redeemed 240,000 Trust Units at a volume weighted average price of $47.01 for a total price of approx. $11.3 million.

Boardwalk REIT’s Second Quarter Financial Results Schedule

Boardwalk REIT Financial Results for the Three-Month Period Ended June 30, 2022will come out the evening of August 9, 2022.

We invite you to participate in the conference call to be held to discuss these results the following morning (Wednesday, August 10, 2022) at 11:00 (Mountain),1:00 p.m. (East). Senior management will discuss the results and provide a financial and operational update. The presentation and additional materials will be made available on our website prior to the call (please visit: www.bwalk.com/investors).

Teleconference:

Telephone numbers for the conference are toll-free 1-888-664-6383 (in North America) and 416-764-8650 (International).

Note: Please provide the operator with the conference call ID or subject below when connecting to the call.

Conference ID: 45545020

Subject: Boardwalk Real Estate Investment Trust, second quarter 2022 results.

Webcast:

Investors can also listen to the call and view the slideshow by visiting www.bwalk.com/investors the morning of the call. An information page will be provided for any software and system requirements. The live webcast will also be available by clicking below:

Link to Boardwalk REIT’s second quarter results webcast

Company profile:

Boardwalk REIT strives to provide from Canada the friendliest communities, where love still livesMT, and currently owns and operates over 200 communities with over 33,000 residential units totaling over 28 million net leasable square feet. Boardwalk’s primary objectives are to provide its residents with the highest quality communities and superior customer service, while providing unitholders with enhanced returns by increasing the value of its trust units through selective acquisitions, dispositions , development and effective management of its multi-family residential communities. . Boardwalk REIT is vertically integrated and is from Canada leading owner/operator of multi-family communities bringing residents home to properties located in alberta, Quebec, Ontario, Saskatchewanand British Columbia.

Boardwalk REIT’s trust units are listed on the Toronto Stock Exchange under the symbol BEI.UN. Additional information about Boardwalk REIT is available on the Trust’s website at www.bwalk.com/investors.

CAUTION REGARDING FORWARD-LOOKING STATEMENTS

Information contained in this press release that is not current or historical factual information may constitute forward-looking statements and information (collectively, “forward-looking statements”) within the meaning of applicable securities laws. The use of any of the words “expect”, “anticipate”, “may”, “will”, “should”, “believe”, “intend”, and similar expressions are intended to identify forward-looking statements. Implied in these forward-looking statements, particularly with respect to Boardwalk’s objectives for its current and future periods, Boardwalk’s strategies for achieving those objectives, as well as statements regarding beliefs, plans, estimates, assumptions, intentions and similar statements of management regarding anticipated future events, results, circumstances, performance or expectations are estimates and assumptions subject to risks and uncertainties that could cause Boardwalk’s actual results to differ materially from the forward-looking statements. contained in this press release. Specifically, Boardwalk has made assumptions about the impact of economic conditions in Canada and globally, including as a result of the COVID-19 pandemic, Boardwalk’s future growth potential, prospects and opportunities, rental environment compared to several years ago, rental costs relatively stable interest rates, access to equity and debt markets to fund (at acceptable costs) the future growth program to allow the Trust to refinance debts as they come due, availability of purchase opportunities for growth in Canada, general industry conditions and trends, changes in laws and regulations, including but not limited to changes in tax laws, mortgage rules and other temporary legislative changes in light of the coronavirus pandemic. COVID-19, increased competition, availability of qualified personnel, fluctuations in foreign exchange or interest rates and stock market volatility. These assumptions, although considered reasonable by the Trust at the time of preparation, may prove to be incorrect.

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SOURCE Boardwalk Real Estate Investment Trust

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