Affordable housing demand - Company said demand remains strongest at affordable price points, especially in Alberta, supporting occupancy and revenue growth.
High occupancy and retention - Boardwalk attributed high Q2 occupancy to focus on resident retention and strategic rent adjustments.
Capital recycling and unit repurchases - Asset sales and reinvestment into unit buybacks were cited as supporting cash flow per unit and portfolio quality.
Q2 FFO per unit and NOI rose
Canada apartment landlord's Q2 FFO per unit rose 2.6% yr/yr, and NOI increased 2.9%.
Company invested C$203.5 mln year-to-date in unit repurchases under its NCIB program.
Boardwalk reaffirmed 2026 guidance as demand for affordable rentals remains resilient.
Key figures and analyst coverage
Metric
Actual
Q2 Rental Revenue
C$160.9 mln
Q2 Adjusted FFO
C$52.5 mln
Q2 FFO
C$60.9 mln
Q2 FFO Per Share
C$1.19
Q2 Operating Income
C$107.2 mln
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 7 "strong buy" or "buy", 4 "hold" and no "sell" or "strong sell".
The average consensus recommendation for the residential REITs peer group is "buy".
Wall Street's median 12-month price target for Boardwalk Real Estate Investment Trust is C$80.00, about 23.4% above its July 27 closing price of C$64.85.
The stock recently traded at 16 times the next 12-month earnings versus a P/E of 14 three months ago.
2026 outlook reaffirmed
Boardwalk REIT re-iterates 2026 FFO per unit guidance of C$4.60 to C$4.80.
Company maintains 2026 same-property NOI growth forecast of +1.0% to +3.5%.
Boardwalk expects demand for affordable multi-family housing to remain resilient in 2026.
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