Mr. Sam Kolias reports

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

Boardwalk Real Estate Investment Trust has provided an update highlighting its recent leasing performance and capital allocation initiatives.

Sam Kolias, chairman and chief executive officer, commented: "As we enter our spring leasing season with occupancy above 97 per cent, our team remains focused on providing the best service, quality and experience to our resident family members. While we continue to see more choice at the higher price points, our significant reinvestment in our communities over the last several years provides an exceptional value proposition to our stakeholders. The trust remains well positioned with our largest market of Alberta leading the country in economic growth, having the lowest debt-to-GDP [gross domestic product] and having some of the best affordability in the country.

"Our team remains active sourcing capital from dispositions at private market valuations, which are in line with our IFRS [international financial reporting standards] values, for reinvestment into accretive initiatives. We are pleased to announce the disposition of four additional communities, three in Quebec City and one in Edmonton, for a total consideration of $105-million. Throughout the first quarter of 2026, we have prioritized redeployment into our normal course issuer bid (NCIB), which is currently providing an exceptional opportunity to purchase our own high-quality portfolio at a significant discount to net asset value (NAV).

"As we look forward, we remain focused on continuing to provide the best homes for Canadians at an affordable price point while improving our free cash flow per unit and steadily improving our balance sheet over time."

Capital allocation update

In addition to its own internally generated free cash flow, the trust continues to source incremental capital for redeployment through its disposition program. Subsequently to reporting its Q4 2025 financial results, the trust has finalized the sale of three additional communities in Quebec City (Place Charlesbourg, Place Chamonix and Place Samuel de Champlain) for combined gross sales proceeds of $97-million and one community in Edmonton (Valley Ridge Tower) for gross proceeds of $8-million. The Quebec City and Edmonton dispositions were sold to two separate purchasers. A full breakdown of the trust's disposition activity to date in 2026 is provided below.

The trust continues to be active on its NCIB, capitalizing on the wide disconnect between its unit price, which has been trading well below the intrinsic value of the trust's portfolio, and real estate transactions in the private market. During the first quarter of 2026, the trust reinvested approximately $66-million into its NCIB.

The trust will continue to be active on its disposition program and redeployment initiatives and will update its formal guidance with its first quarter financial results.

Timing of Boardwalk's first quarter financial results

Boardwalk's financial results for the three-month period ended March 31, 2026, will be released after markets close on May 5, 2026.

The trust invites you to participate in the teleconference to be held to discuss these results the following day (Wednesday, May 6, 2026) at 11 a.m. Mountain Time (1 p.m. Eastern Time). Senior management will speak to the results and provide a financial and operational update. The presentation will be made available on Boardwalk's website prior to the call.

Teleconference

To join the conference call without operator assistance, you may register and enter your phone number on-line to receive an instant automated callback.

You can also dial direct to be entered to the call by an operator using the traditional conference call instructions below.

The telephone numbers for the conference are toll-free 1-888-510-2154 (within North America) and 1-437-900-0527 (international).

Note: Please provide the operator with the below conference call ID or topic when dialling in to the call.

Conference ID:  85498

Topic:  Boardwalk Real Estate Investment Trust 2026 first quarter results

Webcast

Investors will also be able to listen to the call and view the slide presentation by visiting Boardwalk's website on the morning of the call. An information page will be provided for any software and system requirements.

About Boardwalk Real Estate Investment Trust

Boardwalk strives to be Canada's friendliest community provider and the first choice in multifamily communities to work, invest and call home with its Boardwalk Family Forever. Providing homes in more than 200 communities, with approximately 34,000 residential suites totalling 30 million net rentable square feet, Boardwalk has a proven long-term record of building better communities, where love always lives. Boardwalk's three-tiered and distinct brands (Boardwalk Living, Boardwalk Communities and Boardwalk Lifestyle) cater to a large diverse demographic and have evolved to capture the life cycle of all resident family members. Boardwalk's disciplined approach to capital allocation, acquisition, development, purposeful repositioning and management of apartment communities allows the trust to provide its brand of community across Canada, creating exceptional resident family member experiences. Differentiated by its peak performance culture, Boardwalk is committed to delivering exceptional service, product quality and experience to its resident family members, who reward the trust with high retention and market-leading operating results, which, in turn, lead to higher free cash flow and investment returns, stable monthly distributions, and value creation for all of Boardwalk's stakeholders.

We seek Safe Harbor.