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Boardwalk REIT Continues to Deliver Strong Results with Third Quarter Funds from Operations Per Unit Growth of 6.8 % SUMMARY HIGHLIGHTS FOR THE THREE AND NINE - MONTH PERIODS ENDED SEPTEMBER 30 , 2021 • CONTINUED SOLID FFO PERFORMANCE FOR THE 3 MONTH PERIOD ENDED SEPTEMBER 30 , 2021 • Funds From Operations ( FFO ) of $ 0.79 per Trust Unit ; an increase of 6.8 % from Q3 2020 . 。 3.0 % same - property net operating income growth . 。 Return to positive same - property net operating income growth in Alberta . 。 Achieved same - property occupancy of 96.1 % , including an 83 - basis point increase in Alberta and 97 - basis point increase in Edmonton from Q2 2021 FOR THE 9 MONTH PERIOD ENDED SEPTEMBER 30 , 2021 。 Funds From Operations of $ 2.19 per Trust Unit ; an increase of 5.8 % 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 ° Quarterly sequential revenue growth of 0.8 % . ° ° Continued sustainable reduction of incentives on lease renewals . Disciplined approach to cost management . • STRONG AND FLEXIBLE FINANCIAL POSITION • Approximately $ 278 million of liquidity . • Continued interest expense reduction on CMHC - insured mortgage renewals . 。 98 % of Boardwalk's mortgage financing benefit from the security of CMHC - insurance . 。 Net Asset Value ( NAV ) increase to $ 64.29 per Trust Unit , equating to approximately $ 185,000 per door . • ACCRETIVE CAPITAL RECYCLING • Boardwalk has entered into an agreement to divest its 50 % interest in its Sandalwood development in Mississauga , which is expected to close on November 26 , 2021 . 。 The Trust intends to apply to the Toronto Stock Exchange ( the " TSX " ) for approval of a normal course issuer bid 。 Current trading price of approximately $ 53.00 per Trust Unit implies a per door valuation of $ 168,000 and an approximate 4.9 % cap rate on the Trust's actual trailing twelve - month net operating income ( NOI ) . ⚫ INCREASE TO 2021 FINANCIAL GUIDANCE ° Upward revised H2 2021 same - property NOI growth range to : + 2.0 % to + 4.5 % . ° Upward revised full - year 2021 same - property NOI growth range of : -0.5 % to + 1.0 % . 。 FFO per unit range of : $ 2.89 to $ 2.95 . 。 AFFO per unit range of : $ 2.24 to $ 2.30 . ⚫ DISTRIBUTION OF $ 1.00 PER TRUST UNIT ON AN ANNUALIZED BASIS CONFIRMED FOR THE MONTHS OF NOVEMBER , DECEMBER 2021 AND JANUARY 2022 CALGARY , AB , Nov. 11 , 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 third quarter 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 6.8 % compared to the same period a year ago . Boardwalk's continued strong financial performance is the result of improvement in apartment fundamentals in our core markets , and our entire team's contribution and commitment in serving our Resident Members with the best quality communities across Canada . In turn , our Residents have rewarded us with strong performance in occupancy , retention , and positive leasing spreads . Housing fundamentals in our core markets continue to improve with employment growth and the resumption of international immigration which have both increased housing demand . Our unregulated and high affordability Western Canadian markets have seen increased optimism with the strong economic backdrop of higher commodity prices , and increased investment in clean energy such as carbon capture and hydrogen , as well as continued growth in the technology industry . Our stable Eastern Canadian markets continue to benefit from suite turnovers allowing for a mark - to - market in rental rates . Our portfolio of assets is well positioned to continue on our track record of the highest FFO per unit growth amongst our peers . The Trust has increased the estimated value of its assets to account for improved apartment fundamentals . Recent private market transactions continue to reflect lower cap rates and increased apartment valuations . Continued low interest rates , the resiliency of the multi - family asset class , and revenue growth on the foundation of high affordability have increased apartment valuations in Western Canada . In addition , our recent acquisitions in our target markets of Victoria , and Kitchener - Waterloo have performed above our expectations , further validating our recent investments in those markets . Boardwalk is focused on opportunistically sourcing acquisition and development opportunities in our core and target markets while also recycling capital through the sale of non - core assets at prices at or above our IFRS fair value . As a component of the Trust's capital allocation strategy , the Trust intends to apply to the TSX for approval of a normal course issuer bid to re - deploy equity proceeds from non - core asset sales toward an investment in Boardwalk's own high - quality portfolio on an accretive basis . We look forward to sharing further updates . " THIRD QUARTER & FIRST NINE - 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 ) ** $ millions , except per unit amounts Highlights of the Trust's Third Quarter 2021 Financial Results 9 Months 3 Months Sep 3 Months Sep 30 , 2021 30 , 2020 % Change Sep 30 , 2021 9 Months Sep 30 , 2020 % Change SSSS 118.4 $ 116.2 1.9 % 115.3 $ 115.2 0.1 % 71.8 $ 68.2 5.2 71.1 $ 69.1 3.0 de de de de SSSS SSSS 60.6 58.7 % 61.7 % 60.0 % 351.8 $ 349.0 0.8 % 343.3 $ 345.2 -0.5 % 205.3 $ 203.4 0.9 % 204.6 $ 206.3 -0.8 % 58.4 58.3 % 59.6 % 59.8 % 40.5 $ 37.8 7.2 % Adjusted Funds From Operations ( AFFO ) ** $ 32.2 $ 29.1 10.5 % Profit ( Loss ) for the Period *** 235.5 S ( 31.4 ) 849.1 % FFO per Uhit $ 0.79 $ 0.74 6.8 % AFFO per Uhit 0.63 $ 0.57 10.5 % de de de de de SSSS SA $ 111.9 86.7 $ 315.1 $ $ 2.19 1.70 $ SSSSA A 105.5 6.1 79.5 9.1 % ( 8.8 ) 3,663.2 % $ 2.07 5.8 % 1.56 9.0 % de de de de de Net Asset Value IFRS Asset Value per Diluted Unit ( Trust & LP Class B Units ) , period end $ 125.57 $ 120.01