Mr. Sam Kolias reports

BOARDWALK REIT AND DGAM CANADIAN PRIVATE REAL ESTATE FUND, L.P. ANNOUNCE STRATEGIC CO-OWNERSHIP TO EXPAND WESTERN CANADIAN MULTIFAMILY PLATFORM AND INITIAL $292 MILLION SEED PORTFOLIO

Boardwalk Real Estate Investment Trust and DGAM Canadian Private Real Estate Fund LP, managed by Desjardins Global Asset Management (DGAM Real Estate Fund), have formed a strategic co-ownership, establishing a long-term institutional capital partnership focused on acquiring and owning high-quality multifamily communities across Western Canada. The co-ownership launches with an initial portfolio value of approximately $292-million ($173-million net of existing mortgages). The transaction represents a significant milestone in Boardwalk's capital allocation strategy, providing access to long-term institutional investment capital while preserving operational control, generating recurring management income and creating a scalable platform for future growth opportunities. The initial portfolio consists of BRIO and Elbow 5 Eight in Calgary, Alta., and The Vue and Aurora in Victoria, B.C. DGAM Real Estate Fund will acquire a 50-per-cent interest in the portfolio for approximately $146-million ($86.5-million net of existing mortgages assumed), implying a gross portfolio value of $292-million or approximately $446,000 per suite. The portfolio is being seeded at an implied cap rate of approximately 4.7 per cent with an occupancy of 96.9 per cent as of late July 2026.

The intent of both parties is to build a long-term partnership that is expected to grow through future core plus acquisitions similar to the communities acquired in the initial transaction. It is understood by both parties that future transactions will be dependent on market conditions.

The co-ownership combines Boardwalk's proven operating platform and local market knowledge with DGAM Real Estate Fund's long-term investment capital and commitment to the Western Canadian multifamily sector. The co-ownership is expected to enhance the ability of both parties to pursue attractive acquisition opportunities to their mutual benefit, while retaining capital allocation flexibility for both partners.

Transaction highlights:

• Formation of a new multifamily co-ownership between Boardwalk and DGAM Real Estate Fund to pursue acquisitions of high-quality apartment communities in major Western Canadian markets with an initial focus on Alberta and British Columbia;
• Initial portfolio value of approximately $292-million through DGAM Real Estate Fund's acquisition of a 50-per-cent interest in four apartment communities located in Calgary and Victoria. Valuation provides institutional validation of asset values, which are in line with the trust's IFRS (international financial reporting standards) values for the seed portfolio assets;
• Boardwalk retains 50-per-cent ownership interest while continuing to manage day-to-day operations through its proven operating platform;
• Boardwalk will earn a property management and administrative fee equal to 4.25 per cent of effective gross income, providing Boardwalk with an approximately 25-basis-point yield improvement on its proportionate investments;
• The co-ownership expands Boardwalk's access to institutional capital while maintaining financial flexibility and preserving the trust's disciplined approach to capital allocation;
• DGAM Real Estate Fund gains access to Boardwalk's best-in-class operating platform, local market expertise and proven multifamily investment capabilities;
• Mutual right to participate in new multiresidential acquisitions located within a one-kilometre radius of the seed portfolio properties;
• The co-ownership structure is founded on alignment of interests and future collaboration rather than exclusivity, preserving strategic flexibility for both organizations.

Strategic rationale

The co-ownership further advances Boardwalk's strategy of maximizing long-term value creation through disciplined capital allocation, operational excellence and strategic partnerships.

The co-ownership combines Boardwalk's vertically integrated operating platform, deep market knowledge and proven acquisition capabilities with DGAM Real Estate Fund's long-term institutional investment capital. Together, the parties intend to pursue attractive multifamily investment opportunities in markets characterized by strong demographic growth, attractive affordability relative to home ownership and resilient economic fundamentals.

Importantly, the co-ownership provides Boardwalk with an additional source of growth capital while preserving balance sheet flexibility and creating recurring fee-based income streams through property management and administrative services.

DGAM Real Estate Fund initially approached Boardwalk with investment objectives closely aligned with the trust's established acquisition philosophy and long-term investment framework, resulting in a partnership founded on shared objectives, mutual alignment and a commitment to long-term value creation.

Sam Kolias, chairman and chief executive officer of Boardwalk REIT, commented:

"This partnership represents a strong endorsement of Boardwalk's operating platform, our communities and our long-term approach to capital allocation. We are delighted to partner with the DGAM Real Estate Fund, one of Canada's most respected institutional investors, to establish a platform designed for long-term growth.

"Canada's multifamily sector continues to benefit from compelling long-term fundamentals, including affordability relative to home ownership, population growth and increasing demand for high-quality rental housing. Through this partnership, Boardwalk gains an additional source of growth capital while maintaining the financial flexibility and disciplined capital allocation that have been hallmarks of our success.

"Most importantly, this co-ownership allows us to continue doing what we do best, creating better communities for our resident family members, generating attractive returns for our unitholders and building long-term value for all stakeholders."

Richard Dansereau, managing director and head of real estate, Desjardins Global Asset Management, commented:

"This transaction reflects our approach to investing in high-quality real estate assets in major markets across Canada and partnering with best-in-class operators. We are delighted to work alongside Boardwalk in building a scalable partnership for future growth of our open-ended core fund. We thank Desjardins Capital Markets for their expertise and serving as exclusive adviser to DGAM Real Estate Fund throughout the transaction process."

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 33,000 residential suites totalling 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 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 the trust's stakeholders.

Boardwalk REIT's trust units are listed on the Toronto Stock Exchange, trading under the symbol BEI.UN.

About Desjardins Global Asset Management Canadian Private Real Estate Fund

DGAM Canadian Private Real Estate Fund is an open-ended fund seeking to achieve favourable risk-adjusted returns over the long term by investing directly in a diversified core real estate portfolio in Canada, focusing on value creation while maintaining a disciplined capital preservation.