Boardwalk Real Estate Investment Trust Q2 Earnings Call Summary
Boardwalk Real Estate Investment Trust (TSE:BEI.UN) reported stable second-quarter performance, with same-property rental revenue and net operating income each rising by 1.7% year over year in the second quarter of 2026. Occupancy reached 97%, while funds from operations per unit increased by 2.6%. Despite a decline in total FFO due to asset sales, management maintained its full-year guidance for same-property NOI growth between 1% and 3.5% and an FFO per unit range of C$4.60 to C$4.80. The company completed or announced C$492 million in asset sales during the first half of 2026, with most proceeds used for a C$204 million buyback program under its normal course issuer bid. Management viewed these repurchases as more accretive than new property acquisitions at current valuations. Boardwalk also confirmed monthly distributions of C$0.15 per unit and aims to raise occupancy toward 97.5% to 98%. CFO Gregg Tinling noted that average occupied rent increased year over year, with leasing spreads remaining positive despite a more balanced rental market.
Topics: financial performance occupancy rates real estate reits