Canada · Delayed Price · Currency is CAD Boardwalk Real Estate Investment Trust Earnings Call Transcripts
Fiscal Year 2026
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Q1 2026 delivered strong NOI and FFO growth, high occupancy, and disciplined capital allocation, despite a non-cash reduction in net asset value and higher property taxes. Guidance was modestly revised for 2026, with continued focus on affordable housing and value creation.
Fiscal Year 2025
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Q4 2025 saw strong year-over-year growth in rental revenue, NOI, and FFO per unit, with high occupancy and disciplined capital allocation. 2026 guidance projects continued NOI and FFO growth, increased distributions, and a focus on affordable housing and unit buybacks.
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Q3 2025 saw strong year-over-year growth in rental revenue, NOI, and FFO per unit, with high occupancy and disciplined expense management. The outlook for 2025 has improved, with guidance raised for NOI and FFO per unit, and significant capital allocated to acquisitions, renovations, and unit buybacks.
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Q2 2025 saw strong year-over-year growth in NOI (9.8%) and revenue (6.2%), with high occupancy and disciplined expense management. Guidance for 2025 was raised, and significant capital recycling supported acquisitions and buybacks, maintaining a robust balance sheet.
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Q1 2025 delivered strong revenue and NOI growth, driven by high occupancy and demand for affordable housing, especially in Alberta. Guidance for 2025 was raised, with continued focus on disciplined capital allocation, selective development, and maintaining a robust balance sheet.
Fiscal Year 2024
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Q4 2024 saw strong revenue and NOI growth, high occupancy, and margin expansion, driven by affordability and reinvestment. 2025 guidance anticipates continued NOI and FFO growth, with a 12.5% distribution increase and ongoing asset recycling.
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Q3 2024 saw strong year-over-year growth in rental revenue and NOI, with high occupancy and disciplined cost control. Alberta led regional performance, and updated 2024 guidance reflects continued strength. Capital allocation remains focused on value-add improvements and prudent leverage.
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Q2 2024 saw strong NOI and FFO growth, driven by high occupancy, robust leasing spreads, and disciplined cost control. Alberta and Saskatchewan remain key growth markets, with continued rent growth and low turnover. Guidance for 2024 was tightened, and capital recycling supports future acquisitions.