Canada's Boardwalk REIT Q2 FFO per unit rises

Overview

• Canada apartment landlord's Q2 FFO per unit rose 2.6% yr/yr, NOI up 2.9%

• Company invested C$203.5 mln YTD in unit repurchases under NCIB program

• Boardwalk reaffirmed 2026 guidance as demand for affordable rentals remains resilient

Outlook

• 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

Result Drivers

• AFFORDABLE HOUSING DEMAND - Co said demand remains strongest at affordable price points, especially in Alberta, supporting occupancy and revenue growth

• HIGH OCCUPANCY RETENTION - Boardwalk attributed high Q2 occupancy to focus on resident retention and strategic rent adjustments

• CAPITAL RECYCLING UNIT REPURCHASES - Asset sales and reinvestment into unit buybacks cited as supporting cash flow per unit and portfolio quality

Company press release: ID:nCNWFtFXVa

Key Details

Analyst Coverage

• 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 vs. a P/E of 14 three months ago

Reuters Recommended Reads

• July 27 - Canada's First Capital REIT Q2 net income plunges on impairment, credit losses

• July 27 - COPT Defense Properties Q2 net income beats estimates, raises FFO guidance

• July 28 - Extra Space Storage lifts 2026 outlook as Q2 Core FFO per share rises

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)