Page 1

Boardwalk REIT Continues its Strong Growth , With a 5.6 % Increase in Second Quarter Funds From Operations Per Unit SUMMARY HIGHLIGHTS FOR THE THREE AND SIX - MONTH PERIODS ENDED JUNE 30 , 2021 • CONTINUED SOLID FFO PERFORMANCE FOR THE 3 MONTH PERIOD ENDED JUNE 30 , 2021 o Funds From Operations ( FFO ) of $ 0.75 per Trust Unit ; an increase of 5.6 % from Q2 2020 . • Reported FFO includes $ 0.02 per Trust Unit of retirement costs incurred in Q2 2021 . FOR THE 6 MONTH PERIOD ENDED JUNE 30 , 2021 o Funds From Operations of $ 1.40 per Trust Unit ; an increase of 5.3 % from the same period a year ago . • Reported FFO includes $ 0.02 per Trust Unit of retirement costs incurred in Q2 2021 . • SOLID OPERATIONAL PERFORMANCE Sequential quarterly revenue growth of 0.8 % . O August 2021 stabilized portfolio occupancy of 96.1 % , a 130 - basis point increase from the beginning of the year . • Q2 2021 same - property occupancy of 95.9 % , a sequential increase of 100 basis points from Q1 2021 o Continued sustainable reduction of incentives on lease renewals . o Continued disciplined approach to cost management . • STRONG AND FLEXIBLE FINANCIAL POSITION O • Approximately $ 251.9 million of liquidity . • Further reduction of interest expense on CMHC - insured mortgage renewals . o 98 % of Boardwalk's mortgages carry CMHC - insurance . • Net Asset Value ( NAV ) of $ 59.35 per Trust Unit , equating to approximately $ 176,000 per door . • ACCRETIVE CAPITAL RECYCLING • Sale of non - core assets in Edmonton , AB at values in line with or above the Trust's IFRS Fair Value for net proceeds of $ 14.9M providing a source of capital for re - deployment toward accretive opportunities . • Current trading price of approximately $ 45.00 per Trust Unit implies a per door valuation of $ 154,000 and an approximate 5.30 % cap rate on the Trust's actual trailing twelve - month net operating income ( NOI ) . • 2021 FINANCIAL GUIDANCE • Second - half 2021 same - property NOI growth guidance range of : 0.0 % to + 4.0 % • Full - year 2021 same - property NOI growth guidance range of : -2.0 % to + 1.0 % • FFO per unit guidance range of : $ 2.80 to $ 2.92 • AFFO per unit guidance range of : $ 2.15 to $ 2.27 • DISTRIBUTION OF $ 1.00 PER TRUST UNIT ON AN ANNUALIZED BASIS CONFIRMED FOR THE MONTHS OF AUGUST , SEPTEMBER , AND OCTOBER 2021 CALGARY , AB , Aug. 12 , 2021 / CNW / - Boardwalk Real Estate Investment Trust ( TSX : BEI.UN ) Boardwalk Real Estate Investment Trust ( " Boardwalk " , the " REIT " or the " Trust " ) today announced its financial results for the second quarter of 2021 . Sam Kolias ; Chairman and Chief Executive Officer of Boardwalk REIT commented : " We are pleased to report on another solid quarter with growth in FFO per Trust Unit of 5.6 % compared to the same period a year ago . Boardwalk's continued track record of resilient and strong financial performance is the result of our entire team's contribution and commitment through all market conditions . As our economies begin to emerge from the pandemic , housing fundamentals in our core markets are positioned for supply and demand moving toward balance . Our stabilized portfolio occupancy of 96.1 % has positioned our self - regulated and high - affordability markets to optimize revenues by sustainably reducing incentives creating a significant organic growth opportunity . Recent private market transactions in our core market of Edmonton have compared favourably to our current estimated NAV on both a cap rate and per door basis . Continued low interest rates , the resiliency of the multi - family asset class , and the opportunity of self - regulated revenue growth on the foundation of high affordability have lowered capitalization ( cap ) rates for assets in Western Canada . In addition , recent market transactions in our target geographic expansion markets of Kitchener / Waterloo , Victoria , and Greater Toronto Area have seen further cap rate compression , providing Boardwalk's diverse portfolio , an organic NAV growth opportunity going forward . Through this busy summer leasing season , we continue to see strong demand for our Boardwalk brand of service , quality , and affordable housing . Incentives continue to be sustainably reduced on our lease renewals , and like our Saskatchewan market , are positioned to begin seeing the reduction of incentives on new leases as we reach our target occupancy of over 97 % in our self - regulated markets . With the easing of pandemic related restrictions in most of our markets , we believe the visibility on our growth trajectory has improved . As such , the Trust is providing financial guidance for the remainder of the year with anticipated same property NOI growth for the second half of the year of up to 4 % . Additionally , the Trust anticipates a continuation of our track record of FFO growth in 2021 . The Trust continues to see value and opportunity in expanding our platform to other high - growth housing markets . Our recent acquisition in Victoria has already seen market capitalization rates decline since our purchase in April . Boardwalk continues to remain active in creating value by sourcing accretive acquisition and deve ent opportunities in our tar markets and recycling capital thro the sale of non - core assets . We look forward to sharing further ates as opportunities arise . " SECOND QUARTER & FIRST SIX - MONTHS FINANCIAL HIGHLIGHTS Operational Highlights Total Rental Revenue Same Property Total Rental Revenue * Net Operating Income ( NOI ) Same Property NOI * Operating Margin Same Property Operating Margin * Financial Highlights Funds From Operations ( FFO ) Adjusted Funds From Operations ( AFFO ) Profit ( Loss ) for the Period ** FFO per Unit AFFO per Unit Net Asset Value $ millions , except per unit amounts Highlights of the Trust's Second Quarter 2021 Financial Results 3 Months 3 Months 6 Months Jun 30 , 2020 % Change Jun 30 , 2021 $ 116.8 0.7 % $ 233.4 115.9 -0.8 % $ 228.9 $ 70.5 -1.2 % $ 133.5 71.6 $ -3.2 % $ 133.8 TOYOT 60.4 % 57.2 % 61.8 % 58.4 % $ 36.2 5.4 % $ 71.4 $ 27.5 8.2 % $ 243.5 % 5.6 % Jun 30 , 2021 $ 117.6 $ 114.9 69.6 $ 69.4 59.2 % 60.4 % $ 38.2 $ 29.8 $ 50.6 $ 0.75 $ 0.58 $ ( 35.3 ) $ 0.71 S 0.54 7.4 % $ 54.5 79,6 $ 1.40 $ 1.07 6 Months Jun 30 , 2020 % Change $ 232.8 $ 231.0 $ 135.2 $ 137.6 LA LA LA LA LA 58.1 % 59.6 % $ 67.7 50.3 22.6 $ 1.33 $ 0.99 0.2 % -0.9 % -1.2 % -2.8 % 5.4 % 8.3 % 252.2 % 5.3 % 8.1 %