Boardwalk REIT Q4 FFO Climbs 11.1% to $1.20, Raises Distribution 11.1%
Boardwalk Real Estate Investment Trust reported Q4 2025 funds from operations of $1.20 per unit, up 11.1%, and net operating income of $108.5 million, up 9.5%. The trust raised its annualized distribution by 11.1% to $1.80 and set 2026 guidance for FFO of $4.65–$4.90 with 1.5%–4.5% same-property NOI growth.
1. Strong Q4 and Full-Year Financial Results
Boardwalk reported Q4 2025 FFO of $1.20 per unit, an 11.1% increase from Q4 2024, and net operating income of $108.5 million, up 9.5%. For full-year 2025 it delivered FFO of $4.65 per unit (+11.2%), NOI of $417.6 million (+9.2%) and same-property NOI of $404.3 million (+9.0%), generating $196.9 million in profit.
2. Rental Revenue and Occupancy Trends
Same-property rental revenue grew 4.5% year-over-year in Q4 and 0.7% sequentially, driven by a return to winter leasing seasonality and occupied rent rising to $1,590 in December. Q4 occupancy was 97.6%, down 41 basis points, with preliminary February occupancy at 97.3%.
3. Capital Deployment and Balance Sheet
The trust completed dispositions of 1,382 non-core suites for gross proceeds of $277.6 million and subsequent sales of 280 suites for $47.0 million. It acquired 1,376 suites for $551.5 million gross, repurchased $75.0 million under its NCIB, and ended the quarter with $466.0 million in available liquidity and unitholders’ equity of $4.9 billion.
4. 2026 Guidance and Distribution Increase
Boardwalk introduced 2026 guidance for FFO of $4.65–$4.90 per unit and same-property NOI growth of 1.5%–4.5%. It also increased its regular monthly distribution by 11.1% to an annualized $1.80 per unit for March through May 2026.