Boardwalk Real Estate Investment Trust

Boardwalk Real Estate Investment Trust

62.85
CAD
+1.49
(+2.43%)
0.13EPS
478.66P/E
3.26BMarket Cap
Nov 04Next Earn
Boardwalk Real Estate Investment Trust
TSX:BEI.UN
(Toronto Stock Exchange)

Recent

price

62.85

P/E

ratio

478.66

div

yld

2.65%

ROIC.AI

2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
CAD
8.73
8.85
9.2
9.47
9.91
10.04
9.47
9.14
9.38
9.81
10.01
10.11
10.82
11.91
12.21
13.03
13.39
Revenue per Share
5.75
25.64
14.4
6.8
5.17
0.61
-1.24
1.24
4.17
0.75
-4.24
9.59
6.17
14.54
11.91
4.02
0.14
Basic EPS, GAAP
1.17
2.73
2.95
3.4
3.48
3.45
2.78
1.95
2.14
3.34
0.59
0.75
0.69
1.61
2.18
2.47
2.23
Free Cash Flow per Basic Share
2.3
1.8
1.87
1.97
2.03
3.44
3.23
2.25
1.11
1
1.08
1.08
1.15
1.25
1.49
1.71
1.67
Dividend per Share
25.06
51.16
63.74
62.97
64.58
62.56
59.55
58.6
61.47
61.21
56.37
64.28
69.07
80.2
89.97
92.88
93.06
Book Value per Share
25.06
51.16
63.74
62.97
64.58
62.56
59.55
58.6
61.47
61.21
56.37
64.28
69.07
80.2
89.97
92.88
93.06
Tangible Book Value per Share
48
48
48
48
48
47
46
46
46
46
47
47
46
46
49
49
48
Basic Weighted Avg Shares
420
423
440
454
473
476
439
423
435
455
466
471
496
546
603
639
647
Sales/Revenue/Turnover
54.41
55.11
55.33
54.63
53.69
53.83
48.75
41.87
41.75
45.92
47.6
49.06
49.25
51.42
53.68
56.07
56.81
Operating Margin (%)
10
11
11
12
12
10
5
6
7
9
8
8
8
8
8
9
9
Depreciation Expense
277
1,225
689
338
247
29
-57
57
193
35
-197
446
283
666
588
197
7
Net Income, GAAP
14.63
- -
- -
0.17
0.02
0.73
- -
0.24
0.01
- -
- -
- -
0.03
0.01
0.01
- -
- -
Effective Tax Rate (%)
65.84
289.81
156.52
74.46
52.15
6.06
-13.09
13.54
44.45
7.64
-42.37
94.84
57.03
122.07
97.5
30.83
1.01
Profit Margin (%)
-114
-409
-241
-397
-458
-163
-297
-244
-569
-391
-456
-513
-495
-558
-751
-1,173
-863
Working Capital
1,975
1,729
1,928
1,794
1,702
1,973
2,092
2,334
2,131
2,492
2,533
2,547
2,786
2,892
2,734
2,676
2,951
LT Debt
1,313
2,445
3,050
3,300
3,358
3,211
3,021
2,978
3,127
3,118
2,876
3,253
3,467
4,320
4,837
4,918
4,681
Total Equity
1.27
- -
- -
5.22
5.26
5.31
- -
3.91
3.98
- -
- -
- -
3.73
3.86
4.07
- -
- -
Return on Invested Capital (%)
13.66
- -
- -
7.72
5.87
1.85
- -
2.33
4.64
- -
- -
- -
5.62
10.57
8.74
- -
- -
Return on Capital (%)
- -
65.21
25.06
10.25
7.41
0.88
-1.84
1.91
6.33
1.11
-6.58
14.56
8.43
17.11
12.85
4.04
0.14
Return on Common Equity (%)

Capital Structure

CAD

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
ST Debt
963
681
646
LT Borrowings
2,604
2,878
2,881
LT Finance Leases
72
71
70
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
53
52
50
Market Capitalization
3,414
3,271
3,257

Working Capital

CAD

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
Total Current Assets
225
420
167
Cash, Cash Equivalents & STI
97
158
129
Accounts Receivable, Net
10
- -
- -
Inventories
7
- -
- -
Total Current Liabilities
1,398
1,162
1,030
Payables & Accruals
82
76
72
ST Debt
963
681
646
Deferred Revenue
19
19
19

Growth Rates

CAD

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
4.75%
11.58%
1.68%
Free Cash Flow
14.21%
41.9%
12.09%
Net Income, GAAP
-131.63%
-61.14%
-66.53%
Sales/Revenue/Turnover
3.12%
6.58%
5.86%
Total Cash Common Dividend
-3.48%
11.11%
13.66%

Quarterly Revenue

CAD

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
145
149
153
156
603
2025
156
157
- -
165
639
2026
164
161
- -
- -
- -

Quarterly Earnings Per Share

CAD

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
6.23
3.22
1.12
1.23
11.91
2025
2.73
1.56
- -
-1.04
4.02
2026
-0.11
-0.29
- -
- -
- -

Quarterly Dividends Per Share

CAD

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.29
0.36
0.48
0.33
1.49
2025
0.36
0.4
- -
0.4
1.71
2026
0.41
0.45
- -
- -
- -
Business
Boardwalk Real Estate Investment Trust (BEI-UN.TO) owns and manages a portfolio of primarily multi-family residential communities across Canada. The company offers rental apartment units in mid-sized cities; townhouse, plex and manufactured home communities; and student housing residences, targeting middle-income tenants in secondary urban markets. Boardwalk operates properties in provinces including Alberta, Saskatchewan, Ontario, and New Brunswick, with headquarters in Calgary, Alberta, Canada, founded in 1993. Core services include property management, leasing, maintenance, and resident services such as utilities and amenities across approximately 85 communities comprising over 32,000 units as of late 2025. The portfolio emphasizes value-add strategies like renovations, unit turnover optimizations, and technology integrations for operational efficiency. Boardwalk focuses on the Canadian residential real estate sector, serving individual renters, families, and students in stable, growing markets outside major gateways like Toronto and Vancouver. Recent developments include the completion of a major portfolio optimization in 2024, divesting non-core assets in Western Canada to reduce leverage and fund targeted acquisitions in Ontario and Atlantic Canada; a strategic alliance with technology providers for smart home implementations in select properties launched in early 2025; and a refinancing of debt at favorable rates amid lower interest environments in 2025. In Q3 2025, Boardwalk announced expansions into Quebec with two new multi-family acquisitions totaling 450 units, marking entry into a new provincial market. No significant name changes or reorganizations occurred in the last two years.

Company News

  • Boardwalk Real Estate Investment Trust Q2 Earnings Call Highlights

  • BOARDWALK REIT RELEASES 2025 ESG REPORT

  • BOARDWALK REIT REPORTS STRONG RESULTS FOR Q1 2026

  • BOARDWALK REIT ANNOUNCES VOTING RESULTS FROM 2026 ANNUAL MEETING OF UNITHOLDERS

  • BOARDWALK REIT PROVIDES OPERATIONAL AND CAPITAL ALLOCATION UPDATE AND ANNOUNCES TIMING OF FIRST QUARTER RESULTS

  • UMH Properties (NYSE:UMH) & Boardwalk Real Estate Investment Trust (OTCMKTS:BOWFF) Head to Head Comparison

  • Boardwalk Real Estate Investment Trust (OTCMKTS:BOWFF) Shares Gap Down – What’s Next?

  • Boardwalk Real Estate Investment Trust (BEI.UN:CA) Q4 2025 Earnings Call Transcript

  • BOARDWALK REIT REPORTS STRONG RESULTS FOR 2025, INCREASES DISTRIBUTION BY 11.1% AND INTRODUCES GUIDANCE FOR 2026

  • Broadstone Net Lease (NYSE:BNL) & Boardwalk Real Estate Investment Trust (OTCMKTS:BOWFF) Head-To-Head Survey

  • Sun Communities (NYSE:SUI) versus Boardwalk Real Estate Investment Trust (OTCMKTS:BOWFF) Head to Head Contrast

  • Financial Survey: NexPoint Residential Trust (NYSE:NXRT) and Boardwalk Real Estate Investment Trust (OTCMKTS:BOWFF)

  • BOARDWALK REIT PROVIDES OPERATIONAL AND CAPITAL ALLOCATION UPDATE AND ANNOUNCES TIMING OF FOURTH QUARTER RESULTS

  • BOARDWALK REIT ANNOUNCES SPECIAL NON-CASH DISTRIBUTION

  • Boardwalk Real Estate Investment Trust (OTCMKTS:BOWFF) and AvalonBay Communities (NYSE:AVB) Head to Head Analysis

  • Boardwalk REIT: Canadian Residential Real Estate At A 35% Discount

  • BOARDWALK REIT ANNOUNCES RENEWAL OF NORMAL COURSE ISSUER BID

  • Diamond Hill International Strategy Q3 2025 Portfolio Activity

  • Boardwalk Real Estate Investment Trust (BEI.UN:CA) Q3 2025 Earnings Call Transcript

  • BOARDWALK REIT REPORTS STRONG RESULTS FOR Q3 2025