Boardwalk Real Estate Investment Trust BEI_u

Real EstateResidential & Commercial REITsCanada

Last close 63.21 CAD on Nov 2, 2026, +0.3% year to date

Quant rating

Quant rating B Rank 15 of 38 in Real Estate

Growth B 12 of 38
Valuation C 25 of 38
Quality C 19 of 38
Revisions A 2 of 38
Momentum D 28 of 38

Wall Street consensus Buy (2.40)Average target 78.25 CAD +23.8%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 2.9B
Enterprise value: 6.3B
52-week range: 59.93 – 70.12
3-year range: 59.93 – 91.33
Dividend yield: 2.84%
Beta (5 years): 0.78
Shares outstanding: 45.1M
Next earnings: Nov 3, 2026

About the company

Boardwalk Real Estate Investment Trust is a Canada-based open-ended real estate investment trust. The Company's principal objectives are to provide Resident Members with superior quality rental communities and the best tenant/customer service, provide its holders (Unitholders) of Trust Units with stable monthly cash distributions, and to increase the value of the Trust Units through the effective management of its residential multi-family revenue producing properties, renovations and upgrades to its current portfolio, and the acquisition and/or development of additional, accretive properties or interests therein. The Company provides homes in more than 200 communities, with approximately 34,000 residential suites totaling over 29 million net rentable square feet. Its three-tiered brands are Boardwalk Living, Boardwalk Communities, and Boardwalk Lifestyle. Its property portfolio is located in the provinces of British Columbia, Alberta, Saskatchewan, Ontario, and Quebec.

Growth and profitability

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	639	603	546	495	471	–
Revenue growth	5.9%	10.6%	10.3%	5.2%	1.1%	6.5%
EPS (basic, normalized)	3.68	10.41	14.54	5.23	9.59	–
EPS growth	−64.6%	−28.4%	178.0%	−45.5%	–	–
Gross margin	74.0%	72.6%	70.8%	68.7%	68.8%	71.0%
Net margin	30.8%	97.5%	122.1%	57.2%	94.8%	80.5%
ROE	4.0%	12.8%	17.1%	8.4%	14.6%	11.4%

Balance sheet, last quarter
Cash & short-term investments (mil)	129
Current ratio	0.16x
Long-term debt (mil)	2,951
Net debt (mil)	3,468
Total equity (mil)	4,681
Net debt / equity	0.74x
Net debt / EBITDA	9.34x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	639	+5.9%	9.9x	371	+10.3%	17.0x	3.68	−64.6%	17.2x
2026	647	+1.2%	9.8x	376	+1.1%	16.8x	1.98	−46.2%	31.9x
2027	655	+1.3%	9.6x	378	+0.8%	16.7x	4.66	+135.4%	13.6x
2028	684	+4.4%	9.2x	394	+4.1%	16.0x	4.93	+5.8%	12.8x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	647	0.0%	0.0%	−2.8%	1.98	0.0%	0.0%	−38.9%
2027	655	0.0%	0.0%	−3.3%	4.66	0.0%	0.0%	−0.9%
2028	684	0.0%	0.0%	–	4.93	0.0%	0.0%	–

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
	FQ-9	FQ-8	FQ-7	FQ-6	FQ-5	FQ-4	FQ-3	FQ-2	FQ-1	FQ0
Sales reported (mil)	145	149	153	156	156	157	161	165	164	161
Sales mean (mil)	147	148	153	155	156	158	159	164	104	133
Surprise	−1.2%	+0.4%	+0.4%	+0.1%	−0.1%	−0.6%	+1.1%	+0.8%	+57.2%	+21.0%
EPS reported	–	–	–	–	–	–	–	–	–	–
EPS mean	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–

FQ0 is the most recent reported quarter, FQ-1 the one before, and so on.

Peer comparison Residential & Commercial REITs

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
BEI_u Boardwalk Real Estate Investment Trust	2.9B	9.34x	30.8%	0.68x	31.9x	13.6x	16.8x	16.7x
VMRK Vivmark Residential	67.3B	4.55x	36.2%	2.22x	47.4x	39.1x	21.6x	14.6x
ESS Essex Property Trust, Inc.	23.9B	4.95x	35.5%	3.22x	46.8x	42.3x	18.6x	17.8x
SUI Sun Communities Inc	19.5B	2.94x	−3.0%	2.59x	136.1x	38.2x	15.9x	17.2x
MAA Mid-America Apartment Communities Inc	19.2B	4.80x	20.1%	2.59x	31.6x	38.0x	15.7x	15.5x
ELS Equity LifeStyle Properties Inc	16.5B	4.67x	25.4%	6.71x	29.8x	27.9x	19.7x	18.9x
Mean		5.21x	24.2%	3.00x	53.9x	33.2x	18.1x	16.8x
Median		4.74x	28.1%	2.59x	39.4x	38.1x	17.7x	16.9x

Technical analysis

1M+4.7%
3M−3.9%
1Y+0.4%
3Y−2.6%

Financial statements in millions of CAD

Income statement in millions of CAD, fiscal years

Income statement, Boardwalk Real Estate Investment Trust, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	639	603	546	495	471	466
Cost of revenue	166	166	160	155	147	145
Gross profit	472	438	386	340	324	320
Selling, general & administrative expenses	105	106	97.6	87.5	85.3	90.5
Research & development	–	–	–	–	–	–
Depreciation/amortization	8.9	8.3	7.9	7.8	7.8	8.2
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	–	–	–	–	–	–
Other operating expenses	0	0	0	0	0	0
Operating income	358	324	281	244	231	222
Net interest income (expense)	−144	271	397	40.5	224	−416
Gain (loss) on sale of assets	−9.9	0	−0.9	0	−2.0	−1.1
Other non-operating income (expense)	−7.7	−6.8	−10.2	−1.8	−7.0	−2.3
Net income before taxes	197	588	666	283	446	−197
Provision for taxes	0	0.1	0.1	0.1	−0.1	−0.1
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	197	588	666	283	446	−197
Extraordinary items	–	–	–	–	–	–
Net income	197	588	666	283	446	−197
EBIT, normalized	358	324	281	244	231	222
EBITDA, normalized	367	332	288	252	239	230
Basic EPS, normalized	3.68	10.41	14.54	5.23	9.59	–

Balance sheet in millions of CAD, fiscal years

Balance sheet, Boardwalk Real Estate Investment Trust, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	97.1	122	331	52.8	64.3	53.0
Receivables	10.5	67.6	4.9	5.0	6.9	11.8
Total inventory	7.0	6.0	6.9	7.8	8.0	6.4
Prepaid expenses	13.2	13.1	15.7	16.0	6.5	6.2
Other current assets	97.5	92.2	9.8	8.6	7.8	7.6
Total current assets	225	301	369	90.1	93.5	85.0
Property, plant & equipment	35.1	33.6	30.6	31.4	29.9	32.2
Goodwill	–	–	–	–	–	–
Intangibles	–	–	–	–	–	–
Long-term investments	8,734	8,291	7,742	6,945	6,536	5,986
Note receivable	–	–	–	0	0.3	3.8
Other long-term assets	0.7	0.7	0.8	0.9	0.9	0.8
Total assets	8,995	8,626	8,142	7,067	6,661	6,108
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	89.3	83.0	74.1	49.8	59.8	59.6
Accrued expenses	–	–	–	–	–	–
Short-term debt	72.4	1.5	0	0	0	0
Current portion of long-term debt	890	628	503	508	533	469
Other current liabilities	346	340	349	26.8	13.8	12.1
Total current liabilities	1,398	1,053	927	585	606	541
Long-term debt	2,676	2,734	2,892	2,786	2,547	2,533
Minority interest	–	–	–	–	–	–
Other liabilities	2.6	3.0	3.4	229	254	158
Total liabilities	4,077	3,790	3,822	3,600	3,407	3,231
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	534	458	452	212	215	203
Additional paid-in capital	–	–	–	–	–	–
Retained earnings (accumulated deficit)	4,384	4,379	3,868	3,255	3,038	2,674
Treasury stock	–	–	–	–	–	–
Other equity	0	0	0	0	0	0
Total equity	4,918	4,837	4,320	3,467	3,253	2,876
Total liabilities & shareholders' equity	8,995	8,626	8,142	7,067	6,661	6,108

Cash flow statement in millions of CAD, fiscal years

Cash flow statement, Boardwalk Real Estate Investment Trust, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	197	588	666	283	446	−197
Depreciation, depletion & amortization	8.9	8.3	7.9	7.8	7.8	8.2
Deferred taxes	–	–	–	–	–	–
Non-cash items	170	−247	−380	−36.5	−213	422
Changes in working capital	−116	−108	−94.7	−93.5	−78.8	−91.7
Cash from operations	260	241	200	161	162	141
Investing activities
Capital expenditures	–	−9.0	–	−5.5	–	−5.0
Other investing cash flows	−160	−343	−155	−192	−138	−212
Cash from investing	−160	−352	−155	−197	−138	−217
Financing activities
Financing cash flow items	−14.1	−3.7	−15.0	−18.3	−10.0	−14.3
Cash dividends paid	−77.2	−67.8	−52.5	−48.6	−46.6	−46.6
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−34.1	−26.9	301	91.6	44.0	155
Cash from financing	−125	−98.4	233	24.7	−12.6	93.7
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	−25.3	−209	278	−11.5	11.3	17.8
Free cash flow	260	232	200	155	162	136

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.