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Boardwalk REIT Reaffirms 2026 Guidance, Forms C$292 Million Co-Ownership

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Boardwalk Real Estate Investment Trust (BEI-UN.TO) reported second quarter funds from operations of C$1.19 per unit, compared to C$1.16 per unit a year earlier.

Rental Revenue for the quarter ended June 30 was C$160.9 million, compared to C$157.3 million a year earlier, Boardwalk added after markets closed Tuesday.

Boardwalk also re-iterated its 2026 financial guidance.

Additionally, Boardwalk announced the formation of a co-ownership with DGAM Canadian Private Real Estate Fund, L.P., managed by Desjardins Global Asset Management, with an initial portfolio valued at approximately C$292 million.

The long-term partnership will focus on acquiring "high-quality multifamily communities" across Western Canada, Boardwalk said after markets closed Tuesday.

DGAM Real Estate Fund will acquire a 50% interest in four apartment communities in Calgary, Alberta and Victoria, British Columbia totaling 328 suites for approximately C$146 million, it said. Boardwalk will retain 50% ownership interest, it added.

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