Overview

* Boardwalk REIT Q3 adjusted FFO rises 11.2% yr/yr

* Funds From Operations per Unit rises 10.8% yr/yr

* Company reports Net Operating Income growth of 8.1% yr/yr

Outlook

* Boardwalk REIT revises 2025 FFO guidance to C$4.58-C$4.65 per unit

* Company expects 2025 Same Property NOI growth of 8.5%-10%

* Boardwalk anticipates strong demand for affordable multi-family housing in 2025

Result Drivers

* RENTAL REVENUE GROWTH - Same property rental revenue increased by 5.1% yr/yr, driven by higher in-place occupied rents and reduced incentives, especially in Alberta and Saskatchewan

* HIGH OCCUPANCY - Maintained high occupancy at 97.7% by focusing on retention and strategic lease renewals

* STRATEGIC CAPITAL ALLOCATION - Closed acquisitions and dispositions totaling C$419.5 mln and C$141.2 mln respectively, executing capital upcycling strategy

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q3 C$160.80

Rental mln

Revenue

Q3 C$57.40

Adjusted mln

FFO

Q3 FFO C$65.90

mln

Q3 C$1.07

Adjusted

FFO Per

Share

Q3 FFO C$1.23

Per

Share

Q3 C$108.30

Operatin mln

g Income

Analyst Coverage

* The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 7 "strong buy" or "buy", 3 "hold" and no "sell" or "strong sell"

* The average consensus recommendation for the residential reits peer group is "hold."

* Wall Street's median 12-month price target for Boardwalk Real Estate Investment Trust is C$85.00, about 24.9% above its November 3 closing price of C$63.87

* The stock recently traded at 9 times the next 12-month earnings vs. a P/E of 11 three months ago

Press Release:

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)