Mr. Sam Kolias reports

BOARDWALK REIT PROVIDES OPERATIONAL UPDATE, REPORTS ADVANCEMENT OF CAPITAL UPCYCLING INITIATIVES AND ANNOUNCES TIMING OF SECOND QUARTER RESULTS

Boardwalk Real Estate Investment Trust is providing an update highlighting its recent leasing performance and progress on its capital upcycling initiatives. The trust has maintained strong occupancy throughout the second quarter while occupied rents continue to steadily improve during the trust's higher volume late spring and early summer leasing season.

Accretive capital upcycling

In July, the trust finalized the disposition of its Imperial Tower community consisting of 138 suites in Edmonton for a gross sales price of $28.75-million, excluding transaction costs and closing adjustments. The sales price equates to approximately $208,000 per suite, which represents a slight premium to its Q1 2025 IFRS (international financial reporting standards) value for this community. The existing mortgage carries a balance of approximately $10.7-million at an interest rate of 4.49 per cent. The sale of Imperial Tower is anticipated to close in August.

The trust is pleased to announce the acquisition of a three-community portfolio in Saskatchewan (North Prairie townhomes) totalling 235 suites of newer townhomes in Saskatoon and Regina for an aggregate purchase price of $71.1-million. The purchase price equates to approximately $303,000 per suite and a going-in cap rate of 5.2 per cent. In conjunction with the acquisition, the trust will assume $19.1-million of conventional mortgages with an in-place interest rate of 2.35 per cent. On average, the existing mortgages have a remaining term of approximately 2.2 years. The North Prairie townhomes are being purchased in an off-market transaction with closing anticipated in July, 2025.

The three communities, Bravo and Kingspoint in Saskatoon, as well as Parkplace in Regina, were completed between 2019 and 2022, and offer modern, spacious units and a variety of unit types. Each community is well located near the trust's existing communities offering operating efficiencies while increasing the trust's presence in Saskatoon and Regina, two of the strongest rental markets in Canada.

Sam Kolias, chairman and chief executive officer, commented:

"As we move through our summer leasing season, we continue to see strong demand for affordable, quality housing. Across our markets, we have seen a return to more balanced conditions overall compared to the previous couple of years as government policy has taken strides to better align population growth with infrastructure and housing needs. Our past investments into our communities, our team's resident-friendly approach and historical strategic moderation of lease renewals is evidenced in our occupancy rates and positive referrals from existing resident members.

"We are thrilled with the addition of our Bravo, Kingspoint and Parkplace communities in Saskatchewan. We look forward to welcoming new resident members to our Boardwalk family forever. The acquisition of these exciting communities allows us to expand our Boardwalk platform while creating value for unitholders through accretive upcycling of proceeds from dispositions into newer communities. The trust's maximum cash flow retention strategy and track record of deleveraging over the last number of years provides the trust with flexibility to execute on attractive opportunities to strengthen our portfolio when they become available. The trust continues to take a balanced, opportunistic approach to use of proceeds from dispositions between attractive acquisitions and reinvestment in the trust's own units through its normal course issuer bid, while maintaining a strong balance sheet over time."

Timing of Boardwalk REIT's second quarter financial results

Boardwalk REIT's financial results for the three-month period ended June 30, 2025, will be released after markets close on July 29, 2025.

The trust invites you to participate in the teleconference to be held to discuss these results the following day (Wednesday, July 30, 2025) 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 the trust'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 (local and international).

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

Conference ID:  12767

Topic:  Boardwalk Real Estate Investment Trust, 2025 second quarter results

Webcast

Investors will also be able to listen to the call and view the slide presentation by visiting the Boardwalk 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 REIT 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 over 29 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 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 member experiences. Differentiated by its peak performance culture, Boardwalk is committed to delivering exceptional service, product quality and experience to its resident members who reward it 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 the trust's stakeholders.

We seek Safe Harbor.