05:17 PM EDT, 04/03/2025 (MT Newswires) -- Boardwalk Real Estate Investment Trust (BEI-UN.TO) after close of trade Thursday provided an update highlighting the "ongoing demand for affordable housing and resilience of its portfolio" heading into the spring.

The REIT maintained strong occupancy throughout the first quarter while occupied rents rose to an average $1,530 in January, up from $1,404 in February of last year.

In addition, the Trust has closed on the acquisition of Elbow 5 Eight, a 255-suite, newly built wood frame community in central Calgary's Windsor Park neighborhood for $93 million (approximately $365,000 per suite).

"As we progress into our spring leasing season, we are encouraged by the performance and resilience of our communities so far in 2025," chief executive Sam Kolias said. "The quality of our portfolio, as a result of our past investments and continuous commitment to positive resident member experience, is evidenced in our strong ongoing occupancy and results.

Boardwalk units closed down $0.58 to $66.51 on the Toronto Stock Exchange.