Slides
Page 1
Gradient Swatches This is the preferred callout text size and shape. This is an explanation box with emphasis. The typeface is Lato Bold 10.5 pt. Renewals represent 65-75% of monthly lease activity. In non-price-controlled markets, increased retention lowers turnover costs and increases Resident Member satisfaction. Gradient Bars Callout Text Explanation Caption Colour Icons All values are same property as reported. (1) Incentives is a component of rental revenue and represents any suite specific rental discount offered or initial direct costsincurred in negotiating and arranging an operating lease amortized over the term of the operating lease. Average incentive is shown per suite that has incentives. (2) Occupied rent is a component of rental revenue and is calculated for occupied suites as of the first day of each month as theaverage rental revenue, adjusted for other rental revenue items such as fees, specific recoveries and revenue from commercial tenants. (3) Vacancy loss is a component of rental revenue and represents the estimated loss of gross rental revenue from unoccupied suites during the period. Footnotes Lato 6 pt. Q4 2025 Conference Call February 20, 2026 11:00 a.m. MST, 1:00 p.m. EST
Page 2
This conference call presentation contains forward-looking statements and information (collectively, "forward-looking statements") within the meaning of applicable securities laws. These forward-looking statements include, but are not limited to, statements made concerning Boardwalk’s objectives, including, but not limited to, the REIT’s 2026 financial outlook and market guidance, increasing its occupancy rates, joint arrangement developments and future acquisition and development opportunities, and its long-term strategic plan of opportunistic acquisitions and investments, its strategies to achieve those objectives, expectations regarding Boardwalk's vision and its strategies to achieve that vision, expected value enhancements through Boardwalk's branding initiative and suite renovation program, expected demand for housing, the Trust’s ability to provide the optimal return to Unitholders, Boardwalk’s goal of expanding geographically and diversifying its brand, expected increases in property taxes, utilities, and insurance costs, the anticipated impact of inflation and rising interest rates, potential economic contractions as a result of a potential recession, Boardwalk’s goal to decrease incentives implemented to maintain occupancy levels, as well as statements with respect to management of the Trust's beliefs, plans, estimates, assumptions, intentions, and similar statements concerning anticipated future events, results, circumstances, performance, or expectations that are not historical facts. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “outlook”, “objective”, “may”, “will”, “would”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “should”, “plan”, “continue”, or similar expressions suggesting future outcomes or events. Such forward- looking statements reflect management of the Trust's current beliefs and are based on information currently available to management of the Trust at the time such statements are made. Management of the Trust's estimates, beliefs, and assumptions are inherently subject to significant business, economic, competitive and other uncertainties and contingencies regarding future events and as such, are subject to change. All forward-looking statements in this presentation are qualified by these cautionary statements. Forward-looking statements contained in this conference call presentation are not guarantees of future events or performance and, by their nature, are based on Boardwalk’s current estimates and assumptions, which are subject to risks and uncertainties, including those described in Boardwalk REIT's Annual Information Form for the year ended December31, 2025 ("AIF") dated February 19, 2026 under the heading “Challenges and Risks”, which could cause actual events or results to differ materially from the forward-looking statements contained in this presentation. Those risks and uncertainties include, but are not limited to, those related to liquidity in the global marketplace associated with current economic conditions, the imposition of any tariffs, surtaxes or other restrictive trade measures or countermeasures affecting trade between Canada and the United States, real estate industry risks, changes in regulation and applicable law, including rent control regulations, tenant rental rate concessions, occupancy levels, access to debt and equity capital, changes to Canada Mortgage and Housing Corporation ("CMHC") rules regarding mortgage insurance, interest rates, joint arrangements/partnerships, the relative illiquidity of real property, unexpected costs or liabilities related to acquisitions, construction, environmental matters, uninsured perils, legal matters, reliance on key personnel, Unitholder liability, income taxes, and changes to income tax rules that impair the ability of Boardwalk to qualify for the REIT Exemption. This is not an exhaustive list of the factors that may affect Boardwalk’s forward- looking statements. Other risks and uncertainties not presently known to Boardwalk could also cause actual results or events to differ materially from those expressed in its forward-looking statements. Material factors or assumptions that were applied in drawing a conclusion or making an estimate set out in the forward-looking statements may include, but are not limited to, the impact of economic conditions in Canada and globally, the REIT's future growth potential, prospects and opportunities, interest costs, access to equity and debt capital markets to fund (at acceptable costs), the future growth program to enable the Trust to refinance debts as they mature, the availability of purchase opportunities for growth in Canada, the impact of accounting principles under IFRS® Accounting Standards, as issued by the International Accounting Standards Board (“IFRS Accounting Standards”), general industry conditions and trends, changes in laws and regulations including, without limitation, changes in tax laws, increased competition, the availability of qualified personnel, fluctuations in foreign exchange or interest rates, and stock market volatility. Although the forward-looking statements contained in this presentation are based upon what management of the Trust believes are reasonable assumptions, there can be no assurance actual results will be consistent with these forward-looking statements and no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur at all, or if any of them do so, what benefits that Boardwalk will derive from them. As such, undue reliance should not be placed on forward-looking statements. Certain statements included in this presentation may be considered “financial outlook” or "future oriented financial information (“FOFI”) for purposes of applicable securities laws, all of which are subject to the same assumptions, risk factors, limitations and qualifications as set forth above. The actual results of operations of the Trust and the resulting financial results will likely vary from the amounts set forth in this presentation and such variation may be material. Boardwalk REIT and its management believe that the FOFI contained in this presentation has been prepared on a reasonable basis, reflecting management of the Trust's best estimates and judgements. However, because this information is subjective and subject to numerous risks, it should not be relied on as necessarily indicative of future results. FOFI contained in this presentation was made as of the date of this presentation and was provided for the purpose of providing further information about the Trust's anticipated future business operations. Readers are cautioned that the FOFI contained in this presentation should not be used for purposes other than for which it is disclosed herein. Except as required by applicable law, Boardwalk undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise. Non-GAAP Measures Boardwalk REIT (“the Trust”) prepares its consolidated financial statements in accordance with IFRS Accounting Standards and with the recommendations of REALPAC, Canada’s senior national industry association for owners and managers of investment real estate. REALPAC has adopted non-GAAP financial measures that Management of the Trust considers to be meaningful and useful measures of real estate operating performance, however, are not measures defined by IFRS Accounting Standards. The list below outlines these measurements and the other non-GAAP measures used by the Trust in this conference call presentation. These non-GAAP measures are not standardized financial measures under IFRS Accounting Standards and might not be comparable to similar financial measures disclosed by other entities. Non-GAAP measures should not be construed as alternatives to IFRS Accounting Standards defined measures. For more information, including definitions and reconciliations of these non-GAAP measures, please refer to the section titled “Presentation of Non-GAAP Measures” in the Trust’s Management’s Discussion and Analysis for the three and twelve months ended December 31, 2025 and 2024. Non-GAAP Financial Measures Funds From Operations (“FFO”) – The IFRS Accounting Standards measurement most comparable to FFO is profit. Adjusted Funds From Operations (“AFFO”) - Similar to FFO, the IFRS Accounting Standards measurement most comparable to AFFO is profit. Net Asset Value (“NAV”) – The IFRS Accounting Standards measurement most comparable to NAV is Unitholders’ Equity. Non-GAAP Ratios FFO per Unit, FFO Payout Ratio – Includes the non-GAAP financial measure FFO as a component in the calculation. This also includes FFO per Unit Future Financial Guidance. AFFO per Unit – Includes the non-GAAP financial measure AFFO as a component in the calculation. This also includes AFFO per Unit Future Financial Guidance. NAV per Unit – Includes the non-GAAP financial measure NAV as a component in the calculation. Debt to EBITDA is calculated by dividing Adjusted Real Estate Debt, net of Cash by consolidated EBITDA. The Trust uses Debt to EBITDA to understand its capacity to pay off its debt. Debt to Total Assets is calculated by dividing Adjusted Real Estate Debt by Total Assets. The Trust uses Debt to Total Assets to determine the proportion of assets which are financed by debt. Forward Looking Statements & Non-GAAP Measures 2
Page 3
22 2026 Financial Guidance 23 FFO Growth and Distribution 24 Solid Financial Foundation 25-26 Exceptional Value Table of Contents 3 Redefining “BFF” and Strong Results Sam Kolias Chief Executive Officer 4 Our Culture 5 2025 Financial Highlights Market Fundamentals Samantha Kolias-Gunn Senior VP Corporate Development and Governance 6-8 Positioned to Outperform Across Market Conditions Solid Financial Foundation Gregg Tinling Chief Financial Officer 9-13 Key Operational Metrics and Results 14-16 Strong Balance Sheet, Fair Value and ESG Investments Update Samantha Adams Senior VP Investments 17-21 Capital Allocation Track Record of Creating Value James Ha President
Page 4
Boardwalk’s Resident Family Members First 4 We live by a simple premise: Our Leaders put our Team first and our Team puts our Resident Family Members first. Resident Family Members Customer Service Operations Management Executives CEO Boardwalk Family Forever
Page 5
2025 Financial Highlights 5 (1) This is a non-GAAP financial measure. (2) Please refer to the section titled “Non-GAAP Financial Measures” in this conference call presentation for more information. 12 Months Ended December 31 2025 2024 % Change Same Property Rental Revenue $608.9 $575.5 5.8% Same Property Net Operating Income $404.3 $371.0 9.0% Same Property Operating Margin 66.4% 64.5% +190 bps Funds from Operations (FFO) (1)(2) $248.5 $225.8 10.0% FFO per Unit (2) $4.65 $4.18 11.2% Regular Distributions Declared per Unit $1.590 $1.395 14.0% FFO Payout Ratio (2) 34.1% 33.3% +80 bps Profit $196.9 $588.2 -66.5% * $ millions, except per Unit amounts $93.68 $96.23 $4,837 $4,918 Q4 2024 Q4 2025 Net Asset Value per Unit(2) & Unitholders' Equity Net Asset Value per Unit Unitholders' Equity Net Asset Value per Unit: $96.23 NAV per Unit growth: 2.7% since Q4 2024
Page 6
Well-Positioned With Some of the Most Affordable Rents in Canada • Average occupied rent(1) of $1,590 compared to Canadian market rent of $2,245(2) • Affordable product is currently priced well below new supply • Affordable apartments will always be in demand Strategic Moderation and Steady Performance • Stable foundation of Resident focused reputation and above market occupancy • Past strategic moderation allows for stability in ongoing rental adjustments Exceptional Product Quality From Past Repositioning • Enhanced value offering with rebranded buildings and exceptional amenity spaces • Boardwalk provides the best communities within the affordable housing continuum Proven Operating Platform Across All Market Conditions • Boardwalk has consistently outperformed CMHC Occupancy • Fully integrated structure allows for stable margin improvement Long-Term Strategy of Maintaining Occupancy • Focus on further reduction in turnover to maintain stable revenue growth • Non-regulated markets allow for greater operational flexibility • Potential for Alberta to maintain population growth outperformance on a relative basis Operational Stability and our Commitment to Affordability 6 (1) Occupied rent is a component of rental revenue and is calculated for occupied suites as of the first day of each month as the average rental revenue, adjusted for other rental revenue items such as fees, specific recoveries and revenue from commercial tenants. (2) Rentals.ca February 2026 Rent Report 2-bedroom apartment rent. Community, Team, Performance Boardwalk, the first choice in multi-family apartment communities to work, invest and call home with our Boardwalk Family Forever.
Page 7
Exceptional Quality at an Affordable Price 7 Heritage Square (London) Property Average Market Rent(1) $1,689 London Market Rent(2) $2,051 Westridge Estates B (Edmonton) Property Average Market Rent(1) $1,420 Edmonton Market Rent(2) $1,619 Pineridge Apartments (Calgary) Property Average Market Rent(1) $1,688 Calgary Market Rent(2) $1,850 Warwick Apartments (Edmonton) Property Average Market Rent(1) $1,482 Edmonton Market Rent(2) $1,619 Boardwalk has made significant investments in its communities to improve value proposition and leasing performance. Past investments in upgraded fitness facilities, amenity rooms, and outdoor spaces provide high quality communities in the affordable housing market segment. (1) Market rent is community specific as at December 2025 and a component of rental revenue. It is calculated as of the first day of each month as the average rental revenue amount a willing landlord might reasonably expect to receive, and a willing tenant might reasonably expect to pay, for a tenancy, before adjustments for other rental revenue items such as incentives, vacancy loss, fees, specific recoveries, and revenue from commercial tenants. (2) Rentals.ca February 2026 Rent Report 2-bedroom apartment rent.
Page 8
Alberta Maintains Positive Population Growth 8 Source: Statistics Canada Alberta currently has the strongest population growth on an absolute basis due to interprovincial migration, resilient net no n-permanent resident numbers compared to other provinces and a higher natural component (births – deaths). 5,652 1,504 (2,268) 10,802 8,999 33,690 15,399 (10,605) (26,242) (107,280) 11,525 (14,335) (66,888) (208) (725) Alberta British Columbia Ontario Quebec Saskatchewan Q3 2025 Population Growth Natural Interprovincial Permanent Residents Non-Permanent Residents Total Population Growth
Page 9
9 Key Operational Metrics Optimization of Occupancy, Rent & Incentives Leading to Strong Revenue All values are same property as reported. (1) Incentives is a component of rental revenue and represents any suite specific rental discount offered or initial direct costs incurred in negotiating and arranging an operating lease amortized over the term of the operating lease. Average incentive is shown per suite that has incentives. (2) Occupied rent is a component of rental revenue and is calculated for occupied suites as of the first day of each month as the average rental revenue, adjusted for other rental revenue items such as fees, specific recoveries and revenue from commercial tenants. (3) Vacancy loss is a component of rental revenue and represents the estimated loss of gross rental revenue from unoccupied suites during the period. 98.0% 97.8% 97.9% 97.7% 97.6% Q4-2024 Q1-2025 Q2-2025 Q3-2025 Q4-2025 Actual Occupancy $1,524 $1,538 $1,559 $1,582 $1,590 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 Occupied Rent(2) $1,981 $1,740 $1,300 $739 $464 Q4-2024 Q1-2025 Q2-2025 Q3-2025 Q4-2025 Total Incentives ($000’s)(1) $2,797 $2,949 $2,833 $3,052 $3,289 $152,100 $152,000 $154,600 $153,900 $154,600 Q4-2024 Q1-2025 Q2-2025 Q3-2025 Q4-2025 Same Property Rental Revenue & Vacancy Loss(3) ($000's) Vacancy Loss Rental Revenue *Rental Revenue impact QoQ due to Edmonton dispositions * *
Page 10
Feb- 25 Mar- 25 Apr- 25 May- 25 Jun- 25 Jul- 25 Aug- 25 Sep- 25 Oct- 25 Nov- 25 Dec- 25 Jan- 25 Feb- 26 Blended 3.8% 3.5% 3.3% 3.0% 3.4% 4.2% 3.2% 3.3% 2.4% 1.4% 0.9% -0.5% -0.1% Rent Change on New & Renewal Leases 10 Renewals represent 70-80% of monthly lease activity. In non-price-controlled markets, increased retention lowers turnover costs and signifies Resident Member satisfaction. Traditional seasonality in the form of lower traffic during the winter season has returned. The Trust remained focused on maintaining occupancy, taking a flexible approach with Resident Members on leasing spreads. (1) % of total trailing 12-month leases signed 1.1% 0.8% 0.5% -0.1% 1.1% 2.7% 1.9% 2.0% 0.3% -1.7% -3.0% -5.5% -5.3% 5.5% 5.1% 5.1% 4.8% 4.5% 4.9% 4.0% 4.1% 3.6% 3.2% 3.0% 2.9% 3.1% 6.6% 7.7% 9.0% 9.5% 12.1% 9.6% 9.5% 8.6% 7.9% 7.5% 5.8% 6.2% -7.0% -5.0% -3.0% -1.0% 1.0% 3.0% 5.0% 7.0% 9.0% 11.0% 13.0% -7.0% -5.0% -3.0% -1.0% 1.0% 3.0% 5.0% 7.0% 9.0% 11.0% 13.0% Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Volume(1) Leasing Spread Portfolio Rent Change from Prior Lease New Lease (Left) Renewal (Left) % of Leases Completed (Right)
Page 11
Same Property Revenue Growth # of Suites Q4 2025 vs Q3 2025 Q3 2025 vs Q2 2025 Q2 2025 vs Q1 2025 Q1 2025 vs Q4 2024 Edmonton 11,983 1.2% 1.6% 1.3% 1.0% Calgary 6,347 -0.2% 1.6% 0.6% 1.1% Other Alberta 1,936 1.0% 1.4% 1.9% 1.6% Quebec 5,694 1.2% 2.0% 0.8% 0.6% Saskatchewan 3,505 0.5% 1.2% 1.5% 1.1% Ontario 3,019 0.8% 1.2% 0.7% 2.5% British Columbia 238 0.6% 0.3% -0.7% 1.3% 32,722 0.7% 1.5% 1.0% 1.1% 11 Q4 2025 Operating Results Sequential Quarterly Revenue Growth Sequential rental revenue growth of 0.7% in Q4 2025 is a result of continued positive leasing spreads and stable occupancy quarter over quarter. All values are same property as reported. (1) Calgary results include 100% of BRIO effective August 6, 2025. Excluding BRIO altogether, the number of suites in Calgary would be 6,185 and same property revenue growth for Calgary in Q4 2025 vs Q3 2025 is 0.1%; Q3 2025 vs Q2 2025 is 1.1%, (1) (1)
Page 12
12 Q4 2025 Operating Results Same Property NOI Performance • Same property rental revenue growth in Q4 of 4.5% compared to prior year. • Alberta rental revenue growth of 4.4% in Q4. • Total rental expenses decreased by 0.6% in Q4 primarily as a result of lower operating and utility expenses compared to last year. • Same property NOI growth of 7.3% in Q4. All values are same property as reported. Same Property Dec. 31 2025 - 3 M # of Suites % Rental Revenue Growth % Total Rental Expenses Growth % Net Operating Income Growth % of NOI Edmonton 11,983 5.1% -2.4% 10.1% 34.1% Calgary 6,347 3.0% 3.2% 2.9% 24.1% Other Alberta 1,936 6.1% -0.7% 10.4% 5.1% Alberta 20,266 4.4% -0.6% 7.3% 63.3% Quebec 5,694 4.6% 1.5% 6.3% 15.7% Saskatchewan 3,505 4.3% -1.8% 7.5% 11.4% Ontario 3,019 5.2% -3.0% 10.1% 8.2% British Columbia 238 3.0% 5.9% 2.4% 1.4% 32,722 4.5% -0.6% 7.3% 100.0% Same Property Dec. 31 2025 - 12 M # of Suites % Rental Revenue Growth % Total Rental Expenses Growth % Net Operating Income Growth % of NOI Edmonton 11,983 6.5% -1.7% 11.8% 33.9% Calgary 6,347 4.7% 1.8% 6.0% 24.5% Other Alberta 1,936 7.3% 2.0% 11.1% 5.1% Alberta 20,266 5.9% -0.4% 9.4% 63.5% Quebec 5,694 4.8% 3.3% 5.6% 15.6% Saskatchewan 3,505 7.0% -1.2% 11.2% 11.5% Ontario 3,019 5.7% -0.5% 9.5% 8.0% British Columbia 238 3.9% -4.7% 6.1% 1.4% 32,722 5.8% 0.1% 9.0% 100.0%
Page 13
13 Administration Costs Administration Costs & Deferred Unit-Based Compensation • Administration costs decreased $1.5 million as compared to Q3 2025 primarily due to a smaller profit share/bonus accrual. • Administration costs decreased $0.4 million as compared to Q4 2024 due to a smaller profit share/bonus accrual, partially offset by inflationary wage adjustments at the onset of the calendar year and higher severance costs. • Deferred unit-based compensation for Q4 2025 was relatively consistent with Q3 2025. • Deferred unit-based compensation decreased $0.8 million as compared to Q4 2024 due to an $850K one-time true-up adjustment in the prior year to recognize unvested deferred units that would automatically vest if the participants who were eligible were to depart from Boardwalk (e.g. retirement or resignation). (CDN $ thousands) Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Administration $10,668 $12,170 $12,254 $10,768 $11,081 Deferred unit-based compensation $1,281 $1,227 $1,149 $1,086 $2,047
Page 14
14 Mortgage Summary Prudent Balance Sheet Management Reduction in renewal risk and lower-cost financing provided by CMHC insurance. Laddered mortgage maturities to manage interest rate risk. (1) Debt Service Coverage ratio calculated in compliance with the Trust’s credit facility with a third-party lender. (2) Excludes mortgages related to assets held for sale. 96% of principal outstanding is CMHC insured Average term to maturity of debt: 3.4 Years Current CMHC All In Rates: Five 3.45% Ten 4.00% DSC 1.86(1) Interest Coverage Ratio 3.08 $604 $621 $390 $533 $449 $180 $75 $103 $333 $108 $228 2.72% 3.15% 3.81% 3.38% 3.22% 2.87% 4.12% 4.04% 4.52% 4.12% $0 $100 $200 $300 $400 $500 $600 $700 $800 $900 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 + Principal Outstanding ($Millions) Mortgages Principal Schedule Mortgages Renewed and Forward locked ($Millions) Mortgage Principal ($Millions) Weighted Average Interest Rate Current CMHC 5 Year Rate 3.45% (2)
Page 15
5.25% 5.50% 5.75% 6.75% 6.00% 4.75% 6.00% 4.25% 4.50% 4.50% 5.00% 4.00% 4.00% 4.25% 5.00% 4.80% 4.30% 4.50% 4.50% 4.50% 4.85% 5.17% 5.69% 4.78% 4.79% 4.99% Victoria Calgary Edmonton Saskatoon London KWC Montreal Quebec City CBRE Range Cushman Wakefield Range Altus Suburban Avg Bwalk Avg. 15 Fair Value Total Value and Cap Rate Comparison Ranges 0.5%(2) decrease in Q4 2025 fair value from Q3 2025 (including assets held for sale). (1) Fair value of investment properties is a component of investment properties and represent fair value of investment properties excluding the fair value attributable to the right-of-use asset attributable to land leases. (2) 2025-Q3 results inclusive of Terrace Garden Estates, disposed in 2025-Q4. Excluding this property, fair value decreased 0.5% QoQ. Boardwalk Cap Rates utilized are within the ranges published by Altus, CBRE and Cushman Wakefield. Cap Rate Comparison Ranges 5.00% 5.50% 6.25% 5.75% 5.75% 3.75% 4.75% 4.25% 4.50% 4.25% Victoria Calgary Edmonton Saskatoon London KWC Montreal Quebec CityVictoria Calgary Edmonton Saskatoon London Montreal Quebec City KWC $8,167 $8,391 $8,351 $8,771 (2) $8,625$80 $117 $84 2024-Q4 2025-Q1 2025-Q2 2025-Q3 2025-Q4 Fair Value of Investment Properties(1) and Assets Held for Sale (in $MMs) Investment Properties Assets Held For Sale $8,709 $8,468 $8,247
Page 16
16 Recent ESG Highlights Maintained our 15% GHG emissions reduction target through capital investments, operational efficiencies and ongoing performance monitoring. $16.4 million invested in energy efficiency and water efficiency upgrades across our portfolio in 2025. Completed first solar PV installation at a property in Edmonton, Alberta. Installed water conservation devices at over 200 suites advancing progress towards our 15% water use intensity reduction target. Completed water and thermal submetering at 825 suites, and expanded RUBS program to 19 additional communities. Certified four additional buildings under the Certified Rental Building Program. Improved ESG disclosure and performance ratings, achieving higher scores across key external assessments such as GRESB, CDP and CSA scores. Completed a pilot climate scenario analysis of 10 properties supporting a better understanding of physical and transition risks within our portfolio. Delivered measurable progress in our cybersecurity program, including independent assessments to guide targeted enhancements, ongoing phishing simulations and training to strengthen organizational resilience, and improving risk awareness across the business. Advanced sustainable procurement initiatives, including the evaluation of environmentally preferable products and ongoing engagement with vendors to support responsible sourcing and sustainability practice. Supported environmental restoration planting 1,801 trees in partnership with TELUS Environmental Solutions. Achieved a Net Promoter Score of 82 and Associate Net Promoter Score of 76, demonstrating improved Resident Member satisfaction and Associate engagement. Distributed over 350 school supply-filled backpacks to Resident Members through our nomination program. Reduced total recordable injuries from prior year. Achieved 91% completion of mental health training among people leaders in partnership with the Canadian Mental Health Association. We look forward to releasing our 2025 ESG report in May 2026
Page 17
17 Deploying Cash Flow Toward Repositioning & Value-Add Capital(1) Improvements (1) Please refer to the section titled “Review of Cash Flows – Investing Activities – Maintenance of Productive Capacity” in Boardwalk REIT’s MD&A for the three and twelve months ended December 31, 2025 and 2024 for further discussion on value-add capital. (2) Adjusted for dispositions. Rebranding driven by market demand Provide exceptional value at each price point Strategic capital improvement to drive market share Cost effective value-add amenity and common area renovations requiring minimal per suite rental increases Properties receiving common area renovations from 2017 to 2025(2): 68% Renovation projects completed in 2025: 20 Renovation projects planned in 2026: 16 Southgate Tower (Edmonton) Fontana Place (Edmonton) The Pavilion (Edmonton)
Page 18
Disciplined Capital Allocation 18 Q4 2021 Repurchase: 438K Units $54.84 W.A. Price(1) $24M Invested Q1 2022 Repurchase: 138K Units $55.25 W.A. Price $8M Invested Q2 2022 Repurchase: 240K Units $47.02 W.A. Price $11M Invested Q3 2022 Repurchase: 63K Units $44.63 W.A. Price $3M Invested Q4 2023 Equity Issuance: 3,663K Units $68.50 Price $251M Raised(1) Volume-weighted average buyback prices exclude commissions. Q4 2024 Repurchase: 149K Units $67.07 W.A. Price $10M Invested Q1 2025 Repurchase: 475K Units $63.16 W.A. Price $30M Invested Sep - Dec 2025 Repurchase: 423K Units $65.54 W.A. Price $27M Invested YTD 2026 Repurchase: 262K Units $67.63 W.A. Price $18M Invested 2021 FFOpu: $2.94 NAVpu: $66.87 2025 FFOpu: $4.65 NAVpu: $96.23 Compound Annual Growth Rate FFOpu: 12.1% NAVpu: 9.5%
Page 19
19 2025 and 2026 YTD Acquisitions and Dispositions Boardwalk closed on $792M in 2025 and $37M post year-end in a transformational year Opportunistic investments into new assets with strong yields Acquisition Statistics 2025 Closed Acquisitions $551 Million $401,000 per suite Cap Rate 5.0% Suites Acquired 1,376 Disposition Statistics 2025 Closed Dispositions $241 Million $200,000 per suite Cap Rate 5.2% Suites Sold 1,206 Selling non-core assets with higher capital needs assets at attractive Cap Rates Subsequent Disposition Statistics 2026 YTD Closed Dispositions $37 Million $210,000 per suite Announced Dispositions $47 Million $168,000 per suite Cap Rate Sold and Announced 4.8% Suites Sold and Announced 456
Page 20
20 Recent Dispositions – Unlocking Equity in Q4 2025 - Q1 2026 Recent disposition activity involves 5 non-core assets, capitalizing on strong private buyer demand in Montréal and Edmonton. Net proceeds from the sales are being allocated towards Boardwalk’s Unit Repurchase Program. Le Bienville Terrace Garden Estates Tower Hill The PalisadesJardins Viva Q4 2025 - Q1 2026 Dispositions Name Market Closing Date Gross Sales Price Price Per Suite Suites Age Exit Cap Rate Mortgage Balance Interest Rate ($ millions) ($ millions) Le Bienville and Jardins Viva Montréal, QC Feb-26 $47.0 $168,000 280 1974 4.9% $22.8 3.91% Terrace Garden Estates Edmonton, AB Nov-25 $19.5 $171,000 114 1977 5.9% $9.1 2.18% Tower Hill & The Palisades Edmonton, AB Jan-26 $37.0 $210,000 176 1964 4.7% $17.6 1.78% Grand Total/Weighted Average $103.5 $184,000 570 1971 5.0% $49.5 2.82%
Page 21
($24.2) ($175.1) ($136.9) ($14.0) $142.9 $62.5 $70.8 $276.2 $75.0 $75.0 Edmonton Quebec City Boardwalk's Unit Repurchase Program Calgary Saskatchewan Montreal 2025 - 2026 YTD 21 2025 - 2026 YTD Equity Proceeds and Uses Through 2025 and 2026 YTD, Boardwalk has received $175.1M of net equity proceeds from dispositions, deployed $276.2M in equity for acquisitions, and invested $75.0M in Boardwalk’s Unit Repurchase Program. Equity Deployed/(Received) ■Acquisitions ■Dispositions ■Unit Repurchase (1) As of February 18, 2026. (1)
Page 22
Introduction of 2026 Guidance 22 (1) Please refer to section titled “Non-GAAP Measures” in this conference call presentation for more information. (2) Utilizing Maintenance CAPEX of $1,009/suite/year for 2026 guidance and $979/suite/year for 2025 actual. Description 2026 Guidance 2025 Actual Same Property NOI Growth +1.5% to +4.5% 9.0% FFO Per Unit (1) $4.65 to $4.90 $4.65 AFFO Per Unit (1)(2) $3.99 to $4.24 $4.02
Page 23
$1.00 $1.00 $1.00 $1.00 $1.00 $1.07 $1.16 $1.40 $1.59 $1.77 $2.11 $2.21 $2.57 $2.74 $2.94 $3.13 $3.60 $4.18 $4.65 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Annual Funds from Operations per Unit(1) and Distribution per Unit(2)(3) Distribution FFO per Unit 23 FFO per Unit Growth and Distribution Policy of Maximum Cash Flow Retention for Reinvestment and Organic Growth (1) Please refer to the section titled “Non-GAAP Financial Measures” in this conference call presentation for more information. (2) Excludes special non-cash distributions of $1.425 in in 2025 and $0.325 per Trust Unit in 2021. (3) Monthly distribution increased to $0.15 per month (or $1.80 per year) beginning with March 2026 record date. Distributions declared for months up to and including May 2026. Growth in cash flow compounding through organic growth and capital allocation FFO Payout Ratio(1) 12M Dec 2025: 34.1% $4.65 - $4.90 Month Per Unit Annualized Record Date Distribution Date March 2026 $0.15 $1.80 31-Mar-26 15-Apr-26 April 2026 $0.15 $1.80 30-Apr-26 15-May-26 May 2026 $0.15 $1.80 29-May-26 15-Jun-26 11.1% Monthly Distribution Increase beginning March 2026
Page 24
50.8% 47.8% 48.8% 43.2% 40.6% 39.9% 39.6% 41.4% 42.3% 13.3x 13.1x 13.5x 11.0x 10.1x 10.0x 9.8x 10.1x 10.0x 7.0x 8.0x 9.0x 10.0x 11.0x 12.0x 13.0x 14.0x 20.0% 25.0% 30.0% 35.0% 40.0% 45.0% 50.0% 55.0% Q4 2020 Q4 2021 Q4 2022 Q4 2023 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Leverage Metrics Debt / Total Assets Debt / EBITDA Solid Financial Foundation 24 (1) Adjusted Real Estate Debt and Total Assets. (2) Consolidated EBITDA (trailing 12 months ended). (3) Adjusted Real Estate Debt Net of Cash. (4) Unused credit facilities available consists of unused committed revolving credit facility available of $195.8 million and unused demand facility available of $50.0 million. (1) (2)(3) Liquidity Summary ($000s) – December 31, 2025 Cash $97,093 Fundings Subsequent to End of Quarter $123,100 Unused Credit Facilities Available(4) $245,800 Total Available Liquidity $465,993 • Prudent balance sheet management has led to continuous improvement on leverage metrics. • Ample liquidity provides tactical flexibility for incremental growth opportunities. • Laddered mortgage maturity profile and limits interest rate risk in any individual year. • CMHC financing reduces renewal risk and provides cheaper source of funding.
Page 25
25 Exceptional Value – Implied Cap Rate NOI Growth Supportive of Positive Spread vs. Interest Rates on Forward-Looking Basis Implied Cap Rates on trailing 12-month NOI are calculated using BEI.UN trailing 12-month investment property NOI and excludes building acquisitions valued at Level 2 inputs, assets held for sale, right of use assets, and developments. Per suite prices have been rounded to the nearest thousandth. Current Trading Price: $68 Cap Rate on Trailing NOI: 6.2% Cap Rate on Forward NOI: Approx. 6.4%
Page 26
Price Per Suite $188k $201k $204 $221k $237k $247k $253k $270k+ Unit Price $60 $68 $70 $80 $90 $96.23 $100 $110+ Current Trading Price(1) Q4 NAV per Unit (2) Fair Value Cap Rate: 5.19% 26 Exceptional Value Recent Private Transactions In Boardwalk’s Markets In Line With Current NAV Estimate Broker reported transaction Cap Rates vary between in-place, proforma, and stabilized NOI. (1) As February 18, 2026. (2) Please refer to the section titled “Non-GAAP Financial Measures” in this presentation for more information. Lyfe Residences (Calgary) Q1 2025 135 Suites $313k per suite Est. 4.50% – 4.75% Cap Rate Garneau Apartments (Edmonton) Q3 2025 309 Suites $229k per suite Est. 4.75% - 5.00% Cap Rate Edgehill and Panorama (Edmonton) Q2 2024 204 Suites $211k per suite Est. 4.75% - 5.25% Cap Rate Vista Apartments (Calgary) Q2 2025 141 Suites $300k per suite Est. 4.50% - 4.75% Cap Rate David Thompson (Edmonton) Q1 2025 138 Suites $282k per suite Est. 4.50% - 5.00% Cap Rate Vista Apartments (Calgary) Q2 2025 141 Suites $300k per suite Est. 4.50% - 4.75% Cap Rate The Birkenshaw Apartments (Calgary) Q4 2025 216 Suites $273k per suite Est. 5.00% - 5.25% Cap Rate Windsor Place (Calgary) Q4 2025 124 Suites $225k per suite Est. 4.75% - 5.00% Cap Rate David Thompson (Edmonton) Q1 2025 138 Suites $282k per suite Est. 4.50% - 5.00% Cap Rate Lymburn Lane Apartments (Edmonton) Q3 2025 48 Suites $260k per suite Est. 5.25% - 5.50% Cap Rate
Page 27
Appendix – Economic Data 27
Page 28
Positioned in Canada’s Most Affordable Markets 28 Sources: Rentals.ca February 2026 Rent Report, Statistics Canada, Canadian Income Survey (1) Real median total household income (before taxes). (2) Using provincial incomes for Saskatoon, Regina, London, Kitchener, and Victoria. Our communities offer the best value in Canada’s most affordable markets. 20% 22% 33% 27% 22% 23% 24% 28% 38% 46% 36% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% - 20,000 40,000 60,000 80,000 100,000 120,000 Edmonton Calgary Montreal London Regina Saskatoon Quebec City Kitchener Victoria Vancouver Toronto Affordability: Rent Compared to Median Household Income(1)(2) Median HH Income (2023) 30% Median Income Rentals.ca Rent % of Median Income
Page 29
90 100 110 120 130 140 150 160 170 180 1-1-2000 1-1-2001 1-1-2002 1-1-2003 1-1-2004 1-1-2005 1-1-2006 1-1-2007 1-1-2008 1-1-2009 1-1-2010 1-1-2011 1-1-2012 1-1-2013 1-1-2014 1-1-2015 1-1-2016 1-1-2017 1-1-2018 1-1-2019 1-1-2020 1-1-2021 1-1-2022 1-1-2023 1-1-2024 1-1-2025 Total Employed (Index = Jan 2000) 29 Alberta Labour Force Growth Employment Growth Coming from Diverse Industries Source: Statistics Canada. In persons (thousands) (1) Select categories (2) Seasonally adjusted Alberta continues to provide outsized employment growth relative to other Canadian markets while diversifying in recent years . Construction Health care Wholesale & retail trade Professional & scientific Education Oil, mining & forestry Accommodation & food Agriculture AB BC ON QC SK 0 50 100 150 200 250 300 350 400 1-1-2000 1-1-2001 1-1-2002 1-1-2003 1-1-2004 1-1-2005 1-1-2006 1-1-2007 1-1-2008 1-1-2009 1-1-2010 1-1-2011 1-1-2012 1-1-2013 1-1-2014 1-1-2015 1-1-2016 1-1-2017 1-1-2018 1-1-2019 1-1-2020 1-1-2021 1-1-2022 1-1-2023 1-1-2024 1-1-2025 Labour Force Survey Alberta(1)(2)
Page 30
30 Alberta Interprovincial Migration Mapping Alberta seeing record inflows from other regions of Canada. Net Interprovincial Current Trailing 4 Quarters Alberta Total2 = 23,525 Interprovincial Migration Net(1) Source: Statistics Canada (1) Select provinces shown on the map (2) From all provinces and territories BC: 4,385 SK + MB: 6,128 ON + QC: 11,227 Recent interprovincial migration to Alberta has been driven by affordability and job growth in a diverse array of sectors. Prior periods of interprovincial migration were attributable to employment growth in the energy sector.
Page 31
Alberta Permanent Resident Admissions 31 Alberta takes an out-sized proportion of Permanent Resident Admissions. This proportion has been trending upwards more recently. Source: Immigration, Refugee, and Citizenship Canada, Statistics Canada 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0% 20.0% Alberta % of Total Canadian Permanent Resident Admissions
Page 32
Non-Permanent Resident Share of Population 32 Source: Statistics Canada Alberta maintains a smaller population of non-permanent residents. 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 7.00% 8.00% 9.00% - 200,000 400,000 600,000 800,000 1,000,000 1,200,000 1,400,000 British Columbia Ontario Quebec Prince Edward Island Manitoba Alberta Nova Scotia New Brunswick Saskatchewan Newfoundland and Labrador Q3 2025 Provincial Non-Permanent Resident Concentration Non-Permanent Residents Canadian Non-Permanent Resident % of Population Federal Non-Permanent Resident Reduction Target Provincial Non-Permanent Resident % of Population
Page 33
-1000 -500 0 500 1000 0 to 4 years 5 to 9 years 10 to 14 years 15 to 19 years 20 to 24 years 25 to 29 years 30 to 34 years 35 to 39 years 40 to 44 years 45 to 49 years 50 to 54 years 55 to 59 years 60 to 64 years 65 to 69 years 70 to 74 years 75 to 79 years 80 to 84 years 85 to 89 years 90 to 94 years 95 to 99 years 100 years and older British Columbia Net Interprovincial Migration by Age Group -4800 -3800 -2800 -1800 -800 200 0 to 4 years 5 to 9 years 10 to 14 years 15 to 19 years 20 to 24 years 25 to 29 years 30 to 34 years 35 to 39 years 40 to 44 years 45 to 49 years 50 to 54 years 55 to 59 years 60 to 64 years 65 to 69 years 70 to 74 years 75 to 79 years 80 to 84 years 85 to 89 years 90 to 94 years 95 to 99 years 100 years and older Ontario Interprovincial Migration by Age Group The Alberta Advantage 33 Source: Statistics Canada (1) Data from Jul 1, 2024 – Jun 30, 2025 Net interprovincial migrants to Alberta are younger and positioned well to benefit from relatively affordable rents and house prices. 0 1,500 3,000 4,500 6,000 0 to 4 years 5 to 9 years 10 to 14 years 15 to 19 years 20 to 24 years 25 to 29 years 30 to 34 years 35 to 39 years 40 to 44 years 45 to 49 years 50 to 54 years 55 to 59 years 60 to 64 years 65 to 69 years 70 to 74 years 75 to 79 years 80 to 84 years 85 to 89 years 90 to 94 years 95 to 99 years 100 years and older Alberta Net Interprovincial Migration by Age Group
Page 34
Increasing Replacement Costs 34 Source: Statistics Canada Key Components Constraining Supply Response Relative to Demand Escalation in replacement costs over past several years. Higher interest rates. Construction timeframes for larger multi-family assets. Declining home ownership rates. 40 50 60 70 80 90 100 110 120 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Residential Composite Building Price Index Calgary Edmonton
Page 35
Calgary New Home Construction 35 Source: CMHC 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 0 200 400 600 800 1,000 1,200 1,400 1,600 Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21 Jul-21 Oct-21 Jan-22 Apr-22 Jul-22 Oct-22 Jan-23 Apr-23 Jul-23 Oct-23 Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 Jul-25 Oct-25 Jan-26 Under Construction Completions & Starts Homeowner Under Construction Inventory, Completions, and Starts - Calgary CMA Under Construction Inventory Completions Starts 0 2,000 4,000 6,000 8,000 10,000 0 200 400 600 800 1,000 1,200 1,400 Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21 Jul-21 Oct-21 Jan-22 Apr-22 Jul-22 Oct-22 Jan-23 Apr-23 Jul-23 Oct-23 Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 Jul-25 Oct-25 Jan-26 Under Construction Completions & Starts Condo Under Construction Inventory, Completions, and Starts - Calgary CMA Under Construction Inventory Completions Starts 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 0 500 1,000 1,500 2,000 Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21 Jul-21 Oct-21 Jan-22 Apr-22 Jul-22 Oct-22 Jan-23 Apr-23 Jul-23 Oct-23 Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 Jul-25 Oct-25 Jan-26 Under Construction Completions & Starts Rental Under Construction Inventory, Completions, and Starts - Calgary CMA Under Construction Inventory Completions Starts 0 5,000 10,000 15,000 20,000 25,000 30,000 0 500 1,000 1,500 2,000 2,500 3,000 3,500 Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21 Jul-21 Oct-21 Jan-22 Apr-22 Jul-22 Oct-22 Jan-23 Apr-23 Jul-23 Oct-23 Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 Jul-25 Oct-25 Jan-26 Under Construction Completions & Starts Total Under Construction Inventory, Completions, and Starts - Calgary CMA Under Construction Inventory Completions Starts
Page 36
Edmonton New Home Construction 36 Source: CMHC 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 0 200 400 600 800 1,000 1,200 Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21 Jul-21 Oct-21 Jan-22 Apr-22 Jul-22 Oct-22 Jan-23 Apr-23 Jul-23 Oct-23 Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 Jul-25 Oct-25 Jan-26 Under Construction Completions & Starts Homeowner Under Construction Inventory, Completions, and Starts - Edmonton CMA Under Construction Inventory Completions Starts 0 1,000 2,000 3,000 4,000 5,000 6,000 0 100 200 300 400 500 600 Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21 Jul-21 Oct-21 Jan-22 Apr-22 Jul-22 Oct-22 Jan-23 Apr-23 Jul-23 Oct-23 Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 Jul-25 Oct-25 Jan-26 Under Construction Completions & Starts Condo Under Construction Inventory, Completions, and Starts - Edmonton CMA Under Construction Inventory Completions Starts 0 2,000 4,000 6,000 8,000 10,000 12,000 0 200 400 600 800 1,000 1,200 1,400 1,600 Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21 Jul-21 Oct-21 Jan-22 Apr-22 Jul-22 Oct-22 Jan-23 Apr-23 Jul-23 Oct-23 Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 Jul-25 Oct-25 Jan-26 Under Construction Completions & Starts Rental Under Construction Inventory, Completions, and Starts - Edmonton CMA Under Construction Inventory Completions Starts 0 5,000 10,000 15,000 20,000 0 500 1,000 1,500 2,000 2,500 3,000 Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21 Jul-21 Oct-21 Jan-22 Apr-22 Jul-22 Oct-22 Jan-23 Apr-23 Jul-23 Oct-23 Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 Jul-25 Oct-25 Jan-26 Under Construction Completions & Starts Total Under Construction Inventory, Completions, and Starts - Edmonton CMA Under Construction Inventory Completions Starts
Page 37
Saskatoon New Home Construction 37 Source: CMHC 0 200 400 600 800 1,000 1,200 0 50 100 150 200 250 Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21 Jul-21 Oct-21 Jan-22 Apr-22 Jul-22 Oct-22 Jan-23 Apr-23 Jul-23 Oct-23 Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 Jul-25 Oct-25 Jan-26 Under Construction Completions & Starts Homeowner Under Construction Inventory, Completions, and Starts - Saskatoon CMA Under Construction Inventory Completions Starts 0 200 400 600 800 1,000 0 50 100 150 200 250 300 350 400 Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21 Jul-21 Oct-21 Jan-22 Apr-22 Jul-22 Oct-22 Jan-23 Apr-23 Jul-23 Oct-23 Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 Jul-25 Oct-25 Jan-26 Under Construction Completions & Starts Condo Under Construction Inventory, Completions, and Starts - Saskatoon CMA Under Construction Inventory Completions Starts 0 500 1,000 1,500 2,000 2,500 3,000 3,500 0 100 200 300 400 500 600 Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21 Jul-21 Oct-21 Jan-22 Apr-22 Jul-22 Oct-22 Jan-23 Apr-23 Jul-23 Oct-23 Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 Jul-25 Oct-25 Jan-26 Under Construction Completions & Starts Rental Under Construction Inventory, Completions, and Starts - Saskatoon CMA Under Construction Inventory Completions Starts 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 0 100 200 300 400 500 600 700 Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21 Jul-21 Oct-21 Jan-22 Apr-22 Jul-22 Oct-22 Jan-23 Apr-23 Jul-23 Oct-23 Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 Jul-25 Oct-25 Jan-26 Under Construction Completions & Starts Total Under Construction Inventory, Completions, and Starts - Saskatoon CMA Under Construction Inventory Completions Starts
Page 38
Regina New Home Construction 38 Source: CMHC 0 100 200 300 400 500 600 0 20 40 60 80 100 Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21 Jul-21 Oct-21 Jan-22 Apr-22 Jul-22 Oct-22 Jan-23 Apr-23 Jul-23 Oct-23 Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 Jul-25 Oct-25 Jan-26 Under Construction Completions & Starts Homeowner Under Construction Inventory, Completions, and Starts - Regina CMA Under Construction Inventory Completions Starts 0 50 100 150 200 250 300 350 400 0 20 40 60 80 100 120 140 160 180 Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21 Jul-21 Oct-21 Jan-22 Apr-22 Jul-22 Oct-22 Jan-23 Apr-23 Jul-23 Oct-23 Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 Jul-25 Oct-25 Jan-26 Under Construction Completions & Starts Condo Under Construction Inventory, Completions, and Starts - Regina CMA Under Construction Inventory Completions Starts 0 200 400 600 800 1,000 1,200 1,400 0 50 100 150 200 250 300 Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21 Jul-21 Oct-21 Jan-22 Apr-22 Jul-22 Oct-22 Jan-23 Apr-23 Jul-23 Oct-23 Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 Jul-25 Oct-25 Jan-26 Under Construction Completions & Starts Rental Under Construction Inventory, Completions, and Starts - Regina CMA Under Construction Inventory Completions Starts 0 500 1,000 1,500 2,000 2,500 0 50 100 150 200 250 300 350 400 Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21 Jul-21 Oct-21 Jan-22 Apr-22 Jul-22 Oct-22 Jan-23 Apr-23 Jul-23 Oct-23 Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 Jul-25 Oct-25 Jan-26 Under Construction Completions & Starts Total Under Construction Inventory, Completions, and Starts - Regina CMA Under Construction Inventory Completions Starts
Page 39
KWC New Home Construction 39 Source: CMHC 0 500 1,000 1,500 2,000 0 50 100 150 200 250 300 350 Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21 Jul-21 Oct-21 Jan-22 Apr-22 Jul-22 Oct-22 Jan-23 Apr-23 Jul-23 Oct-23 Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 Jul-25 Oct-25 Jan-26 Under Construction Completions & Starts Homeowner Under Construction Inventory, Completions, and Starts - Kitchener - Waterloo - Cambridge CMA Under Construction Inventory Completions Starts 0 1,000 2,000 3,000 4,000 5,000 6,000 0 200 400 600 800 1,000 1,200 Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21 Jul-21 Oct-21 Jan-22 Apr-22 Jul-22 Oct-22 Jan-23 Apr-23 Jul-23 Oct-23 Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 Jul-25 Oct-25 Jan-26 Under Construction Completions & Starts Condo Under Construction Inventory, Completions, and Starts - Kitchener - Waterloo - Cambridge CMA Under Construction Inventory Completions Starts 0 1,000 2,000 3,000 4,000 0 200 400 600 800 1,000 1,200 Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21 Jul-21 Oct-21 Jan-22 Apr-22 Jul-22 Oct-22 Jan-23 Apr-23 Jul-23 Oct-23 Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 Jul-25 Oct-25 Jan-26 Under Construction Completions & Starts Rental Under Construction Inventory, Completions, and Starts - Kitchener - Waterloo - Cambridge CMA Under Construction Inventory Completions Starts 0 2,000 4,000 6,000 8,000 10,000 0 500 1,000 1,500 2,000 Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21 Jul-21 Oct-21 Jan-22 Apr-22 Jul-22 Oct-22 Jan-23 Apr-23 Jul-23 Oct-23 Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 Jul-25 Oct-25 Jan-26 Under Construction Completions & Starts Total Under Construction Inventory, Completions, and Starts - Kitchener - Waterloo - Cambridge CMA Under Construction Inventory Completions Starts
Page 40
London New Home Construction 40 Source: CMHC 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 0 50 100 150 200 250 300 350 400 Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21 Jul-21 Oct-21 Jan-22 Apr-22 Jul-22 Oct-22 Jan-23 Apr-23 Jul-23 Oct-23 Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 Jul-25 Oct-25 Jan-26 Under Construction Completions & Starts Homeowner Under Construction Inventory, Completions, and Starts - London CMA Under Construction Inventory Completions Starts 0 200 400 600 800 1,000 1,200 1,400 1,600 0 50 100 150 200 250 300 350 400 Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21 Jul-21 Oct-21 Jan-22 Apr-22 Jul-22 Oct-22 Jan-23 Apr-23 Jul-23 Oct-23 Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 Jul-25 Oct-25 Jan-26 Under Construction Completions & Starts Condo Under Construction Inventory, Completions, and Starts - London CMA Under Construction Inventory Completions Starts 0 1,000 2,000 3,000 4,000 5,000 6,000 0 200 400 600 800 1,000 1,200 1,400 Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21 Jul-21 Oct-21 Jan-22 Apr-22 Jul-22 Oct-22 Jan-23 Apr-23 Jul-23 Oct-23 Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 Jul-25 Oct-25 Jan-26 Under Construction Completions & Starts Rental Under Construction Inventory, Completions, and Starts - London CMA Under Construction Inventory Completions Starts 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 0 200 400 600 800 1,000 1,200 1,400 Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21 Jul-21 Oct-21 Jan-22 Apr-22 Jul-22 Oct-22 Jan-23 Apr-23 Jul-23 Oct-23 Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 Jul-25 Oct-25 Jan-26 Under Construction Completions & Starts Total Under Construction Inventory, Completions, and Starts - London CMA Under Construction Inventory Completions Starts
Page 41
Montreal New Home Construction 41 Source: CMHC 0 500 1,000 1,500 2,000 2,500 3,000 3,500 0 100 200 300 400 500 600 700 800 Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21 Jul-21 Oct-21 Jan-22 Apr-22 Jul-22 Oct-22 Jan-23 Apr-23 Jul-23 Oct-23 Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 Jul-25 Oct-25 Jan-26 Under Construction Completions & Starts Homeowner Under Construction Inventory, Completions, and Starts - Montreal CMA Under Construction Inventory Completions Starts 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21 Jul-21 Oct-21 Jan-22 Apr-22 Jul-22 Oct-22 Jan-23 Apr-23 Jul-23 Oct-23 Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 Jul-25 Oct-25 Jan-26 Under Construction Completions & Starts Condo Under Construction Inventory, Completions, and Starts - Montreal CMA Under Construction Inventory Completions Starts 0 5,000 10,000 15,000 20,000 25,000 30,000 0 500 1,000 1,500 2,000 2,500 3,000 Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21 Jul-21 Oct-21 Jan-22 Apr-22 Jul-22 Oct-22 Jan-23 Apr-23 Jul-23 Oct-23 Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 Jul-25 Oct-25 Jan-26 Under Construction Completions & Starts Rental Under Construction Inventory, Completions, and Starts - Montreal CMA Under Construction Inventory Completions Starts 0 10,000 20,000 30,000 40,000 50,000 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21 Jul-21 Oct-21 Jan-22 Apr-22 Jul-22 Oct-22 Jan-23 Apr-23 Jul-23 Oct-23 Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 Jul-25 Oct-25 Jan-26 Under Construction Completions & Starts Total Under Construction Inventory, Completions, and Starts - Montreal CMA Under Construction Inventory Completions Starts
Page 42
Quebec City New Home Construction 42 Source: CMHC 0 200 400 600 800 1,000 1,200 0 50 100 150 200 250 300 350 Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21 Jul-21 Oct-21 Jan-22 Apr-22 Jul-22 Oct-22 Jan-23 Apr-23 Jul-23 Oct-23 Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 Jul-25 Oct-25 Jan-26 Under Construction Completions & Starts Homeowner Under Construction Inventory, Completions, and Starts - Quebec City CMA Under Construction Inventory Completions Starts 0 100 200 300 400 500 600 0 50 100 150 200 Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21 Jul-21 Oct-21 Jan-22 Apr-22 Jul-22 Oct-22 Jan-23 Apr-23 Jul-23 Oct-23 Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 Jul-25 Oct-25 Jan-26 Under Construction Completions & Starts Condo Under Construction Inventory, Completions, and Starts - Quebec City CMA Under Construction Inventory Completions Starts 0 2,000 4,000 6,000 8,000 10,000 0 500 1,000 1,500 2,000 2,500 3,000 Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21 Jul-21 Oct-21 Jan-22 Apr-22 Jul-22 Oct-22 Jan-23 Apr-23 Jul-23 Oct-23 Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 Jul-25 Oct-25 Jan-26 Under Construction Completions & Starts Rental Under Construction Inventory, Completions, and Starts - Quebec City CMA Under Construction Inventory Completions Starts 0 2,000 4,000 6,000 8,000 10,000 12,000 0 500 1,000 1,500 2,000 2,500 3,000 3,500 Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21 Jul-21 Oct-21 Jan-22 Apr-22 Jul-22 Oct-22 Jan-23 Apr-23 Jul-23 Oct-23 Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 Jul-25 Oct-25 Jan-26 Under Construction Completions & Starts Total Under Construction Inventory, Completions, and Starts - Quebec City CMA Under Construction Inventory Completions Starts
Page 43
Appendix – Operations 43
Page 44
Revenue, Vacancy Loss & Incentives 44 All values are same property as reported. (1) Net rental revenue is a component of rental revenue and represents rental revenue after adjustments for vacancy loss and ince ntives. Incentives $8,921 Incentives $464 $100,000 $110,000 $120,000 $130,000 $140,000 $150,000 $160,000 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Net Rental Revenue(1), Incentives, Vacancy Loss ($000's) Rental Revenue Incentives Vacancy Loss
Page 45
45 Occupancy Trend Maintaining Occupancy as a Component of Revenue Optimization All values are same property as reported. Same property represents properties which have been owned for a period of 24 months or longer. Occupancy remains strong with slightly higher turnover year-over-year. 88.0% 90.0% 92.0% 94.0% 96.0% 98.0% 100.0% 0 200 400 600 800 1,000 1,200 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan 2023 2024 2025 2026 Rentals Move-Outs & Occupancy Turnover Rentals % Occupancy
Page 46
Reasons for Move-Out & Out of Town Rentals 46 0% 10% 20% 30% 40% 50% 60% Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 Qtr1 Qtr2 Qtr3 Qtr4 2021 2022 2023 2024 2025 Out of Town Rentals Calgary Edmonton Fort McMurray Grande Prairie - 100 200 300 400 500 Transfer / Assignment Moving out of town Purchased Home Work / School Related Suite Size Cost Moving in with Others End of Fixed Term Skip / Eviction Non-compliance Relocation Moving to Care Home Death of Tenant Service Personal Circumstances Community Unknown Fire / Flood Reasons for Move-Out (Q4) 2025 2024 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Moving out of town 313 556 546 388 1,803 318 554 502 375 1,749 Transfer / Assignment 228 303 358 394 1,283 371 436 431 413 1,651 Purchased Home 222 386 412 306 1,326 229 328 370 250 1,177 Cost 237 356 283 271 1,147 230 322 289 191 1,032 Work / School Related 140 241 258 188 827 197 326 257 235 1,015 Suite Size 155 234 226 175 790 165 236 270 192 863 Moving in with Others 139 224 174 143 680 159 199 169 153 680 Skip / Eviction 180 168 225 172 745 175 67 101 106 449 Moving to Care Home 53 63 60 55 231 59 66 74 63 262 Personal Circumstances 70 74 78 78 300 84 86 49 20 239 Total 1,737 2,605 2,620 2,170 9,132 1,987 2,620 2,512 1,998 9,117 2024 2024 Total 2025 2025 Total
Page 47
Mark-to-Market Revenue Gain Statistics – Same Property 47 (1) Market rent is a component of rental revenue and represents same properties only. It is calculated as of the first day of each month as the average rental revenue amount a willing landlord might reasonably expect to receive, and a willing tenant might reasonably expect to pay, for a tenancy, before adjustments for other rental revenue items such as incentives, vacancy loss, fees, specific recoveries, and revenue from commercial tenants. (2) Occupied rent is a component of rental revenue and represents same properties only. It is calculated for occupied suites as of the first day of each month as the average rental revenue, adjusted for other rental revenue items such as fees, specific recoveries, and revenue from commercial tenants. (3) Mark-to-market represents the difference between market rent and occupied rent, or market rent including incentives and occupied rent, where indicated. (4) Market rent including incentives, is market rent as described adjusted for incentives. (5) Saskatchewan market rent includes an increase for cable and internet service. Same Property Dec 2025 Market Rent (1) Dec 2025 Occupied Rent (2) Mark-to- Market Per Month (3) Annualized Mark-to- Market Adjusted for Current Occupancy levels ($000's) Dec 2025 Market Rent, including incentives (4) Dec 2025 Occupied Rent (2) Mark-to- Market Per Month (3) Annualized Mark-to- Market Adjusted for Current Occupancy levels ($000's) Weighted Average Apartment Suites % of Portfolio Edmonton $1,582 $1,545 $37 $5,129 $1,575 $1,545 $30 $3,979 11,983 37.0% Calgary 1,902 1,863 39 2,915 1,899 1,863 36 2,535 6,347 19.0% Other Alberta 1,466 1,419 47 1,079 1,463 1,419 44 1,008 1,936 6.0% Alberta $1,671 $1,632 $39 $9,123 $1,666 $1,632 $34 $7,522 20,266 62.0% Quebec $1,533 $1,435 $98 $6,573 $1,532 $1,435 $97 $6,568 5,694 17.0% Saskatchewan(5) 1,689 1,671 18 730 1,687 1,671 16 603 3,505 11.0% Ontario 1,902 1,438 464 16,541 1,901 1,438 463 16,699 3,019 9.0% British Columbia 2,654 2,507 147 409 2,621 2,507 114 322 238 1.0% Total Portfolio $1,678 $1,590 $88 $33,376 $1,673 $1,590 $83 $31,714 32,722 100.0% Without Incentives With Incentives
Page 48
Appendix – Finance 48
Page 49
Maturity Date Suites Maturing Mortgage Amount Renewed or Fwd Locked to Date New Upfinancing Maturing Rate New Rate Average Term (Yrs) % of Maturing Principal Completed Feb 290 $21,330,000 $21,330,000 $0 2.62% 3.92% 7 100% Mar 440 $35,690,000 $35,690,000 $0 2.65% 3.69% 5 100% Apr 427 $53,340,000 $53,340,000 $0 4.73% 4.10% 1 100% May 375 $37,970,000 $37,970,000 $0 2.56% 3.42% 5 100% Jun 560 $49,470,000 $45,910,000 $29,150,000 2.01% 4.11% 10 100% Jul 589 $49,880,000 $49,880,000 $53,240,000 2.38% 3.75% 5 100% Oct 520 $50,130,000 $50,130,000 $31,930,000 1.83% 3.74% 8 100% Nov 376 $53,770,000 $53,770,000 $29,230,000 1.63% 3.33% 5 100% Dec 487 $54,800,000 $54,800,000 $0 1.99% 3.49% 5 100% Total 4,064 $406,380,000 $402,820,000 $143,550,000 2.48% 3.72% 6 100% New(5) 1,238 $348,960,000 2.33% 4 Sold ($109,500,000) 3.22% 4 Principal ($78,641,000) Grand Total 5,302 $406,380,000 $402,820,000 $304,369,000 3.17% 5 (2) (3) (4) 49 Mortgage Summary 2025 Mortgage Program Complete (1) Includes $45.8 million short-term conventional mortgage which is anticipated to be converted to CMHC mortgage in Q1 2026. (2) Includes $33.8 million which was overheld from May at maturing rate. Paid out 4.4 million of mortgages in June 2025. (3) Includes $27.1 million overheld from Sep. (4) Includes $53.8 million overheld from Aug. (5) Acquisitions, 50% of 45RR, remaining 50% of BRIO. (1)
Page 50
Maturity Date Suites Maturing Mortgage Amount Renewed or Fwd Locked to Date New Upfinancing Maturing Rate New Rate Average Term (Yrs) % of Maturing Principal Completed Jan 881 $95,890,000 $69,210,000 $0 2.43% 3.95% 9 72% Feb 730 $61,070,000 $57,540,000 $53,370,000 4.00% 3.84% 7 94% Mar 1,699 $174,110,000 $101,100,000 $69,740,000 3.07% 3.50% 7 58% Apr 300 $74,260,000 $0 $0 4.50% 0% May 816 $8,050,000 $0 $0 1.71% 0% Jun 618 $67,270,000 $0 $0 2.24% 0% Jul 150 $10,180,000 $0 $0 2.47% 0% Aug 248 $35,340,000 $0 $0 1.78% 0% Sep 847 $81,650,000 $0 $0 1.86% 0% Oct 229 $30,510,000 $0 $0 1.67% 0% Nov 230 $16,700,000 $0 $0 3.13% 0% Dec 1,540 $178,230,000 $0 $0 2.31% 0% Total 8,288 $833,260,000 $227,850,000 $123,110,000 2.72% 3.72% 8 27% 50 Mortgage Summary 2026 Mortgage Program (1) Overholding on $12 million in mortgages and paid out a mortgage for $7 million. (2) Includes $51 million in overheld mortgages from December 2025. Excludes assets held for sale. (3) Includes $101 million in overheld mortgages from December 2025. Well positioned with strong liquidity. (3) (2) (1)
Page 51
51 Secured Financing Analysis Sufficient Access to Additional Mortgage Capital for Opportunities That May Arise Model assumes a conservative 70% LTV on a per property basis. (1) Underwriting values extrapolated using current CMHC criteria. Model assumes a conservative 70% LTV or 1.3 Debt Coverage Ratio. (2) Excludes sold and held for sale properties. (3) Excludes Equity Accounted Investments. Model conservatively utilizes CMHC 2025 city vacancy rates in place of current property vacancy. CMHC Mortgage Valuation Model with December 2025 Revenue and Standardized Costs(1)(2)(3) ($ amounts in 000's) Year Suites Estimated Underwriting Value Projected Maximum Loan Amount (70% LTV or 1.3x Debt Coverage) Period End Balance Potential Net Benefit Loan to CMHC Underwriting Value 2026 8,209 $1,823,496 $1,275,110 $832,256 $442,854 45.6% 2027 6,050 $1,457,644 $1,020,351 $621,216 $400,253 42.6% 2028 4,002 $924,968 $639,914 $390,148 $249,766 42.2% 2029 4,865 $1,195,403 $770,474 $532,776 $302,551 44.6% 2030 3,887 $950,692 $655,602 $448,574 $217,331 47.2% 2031 592 $272,800 $145,452 $179,894 $16,209 65.9% 2032 708 $167,051 $116,936 $74,508 $42,427 44.6% 2033 635 $164,946 $114,224 $102,901 $12,521 62.4% 2034 2,836 $692,355 $482,993 $333,244 $145,649 48.1% 2035 1,080 $219,604 $153,723 $107,953 $50,861 49.2% Unlevered 1,438 $343,375 $238,902 $0 $238,902 0.0% Total 34,302 $8,212,334 $5,613,681 $3,623,470 $2,119,324 44.1%
Page 52
Appendix – Development 52
Page 53
53 Development Pipeline Steady Progress on Value Creating Development Pipeline Under Construction Future Developments – On Hold Project Aspire The Marin Marda Loop Island Highway Location Victoria - View Royal, British Columbia Victoria - Esquimalt, British Columbia Calgary, Alberta View Royal, British Columbia Ownership Interest 100% 100% 100% 100% Description 234 suite 4, 5, and 6 storey buildings located near Victoria General Hospital and a large retail plaza. Land assembly in downtown Esquimalt. Two 5 storey wood frame buildings totaling 198 suites. 1-acre zoned development site in Marda Loop. 6 storey wood frame structure with 16k sqft ground floor retail and 124 residential units. 3-acre land assembly on Island Highway in the heart of View Royal. Anticipate 230 suites in 6 storey build form. Status First occupancy December 1 in Building 1, Building 2 & 3 completion in Q1-2026. DP approved; BP application submitted. DP submitted. Rezoning completed. Development Yield 4.50% - 5.00% TBD TBD TBD
Page 54
Appendix – The Boardwalk Brands 54
Page 55
Brand Diversification 55 Elevate Your Life in Style Your New Adventure Starts Here The Perfect Home For Your Story Our refined Lifestyle communities go above and beyond to provide an elevated experience. Get ready to embrace a life filled with excitement and endless fun in our vibrant communities. With a focus on exceptional security, customer service and affordability, we provide you with a sense of belonging.
Page 56
56 Amenity Spaces Designed for Changing Lifestyles Addressing the Social Needs of Our Resident Members Connected, comfortable workspaces where style and convenience merge Beautifully appointed lounges for leisure and connections Unmatched state-of-the-art fitness facilities Connected, comfortable workspaces where style and convenience merge
Page 57
Lifestyle Brand Showcase 57 Hi Rise 1 – Verdun, QC 45 Railroad – Brampton, ON BRIO – Calgary, AB 45 Railroad – Brampton, ON Broadway Centre – Calgary, AB Broadway Centre – Calgary, AB
Page 58
Lifestyle Brand Showcase 58 Auburn Landing – Calgary, AB Broadway Centre – Calgary, AB BRIO – Calgary, AB Chateau – Calgary, AB Chateau – Calgary, AB Centre Pointe West – Calgary, AB
Page 59
Community Brand Showcase 59 Whitehall Square – Edmonton, AB Whitehall Square – Edmonton, AB Whitehall Square – Edmonton, AB Whitehall Square – Edmonton, AB Whitehall Square – Edmonton, AB Whitehall Square – Edmonton, AB
Page 60
Community Brand Showcase 60 Redwood Court – Edmonton, AB Northwest Pointe – Calgary, AB Northwest Pointe – Calgary, AB Southgate Tower – Edmonton, AB Redwood Court – Edmonton, AB Southgate Tower – Edmonton, AB
Page 61
Living Brand Showcase 61 Fontana Place – Edmonton, AB Fontana Place – Edmonton, AB Habitat Village – Edmonton, AB Breton Manor – Edmonton, AB Fontana Palace – Edmonton, AB Meadowview Manor – Edmonton, AB
Page 62
Living Brand Showcase 62 Valley Ridge Tower– Edmonton, AB Valley Ridge Tower – Edmonton, AB Leewood Village – Edmonton, AB Leewood Village – Edmonton, AB Leewood Village – Edmonton, AB Lord Byron– Edmonton, AB