Declared Dividend • Jun 16
Dividend of CA$0.15 announced Shareholders will receive a dividend of CA$0.15. Ex-date: 30th June 2026 Payment date: 15th July 2026 Dividend yield will be 2.6%, which is lower than the industry average of 3.1%. Live News • May 17
Boardwalk REIT Delivers Higher Q1 FFO With $105 Million Property Sales and Raised Asset Target Boardwalk REIT reported Q1 2026 Funds From Operations of $44.1 million, which was 8.5% higher year over year, with Net Operating Income up 10.0%.
The trust sold four apartment properties in Quebec City and Edmonton for $105 million, with plans to redeploy the capital into new investments.
Management raised its 2026 asset sale target to a range of $400 to $500 million and now expects same property NOI growth in a range of 1.0% to 3.5%, while keeping its monthly distribution at $0.15 per unit through August 2026.
The combination of higher FFO and NOI, increased asset sales, and ongoing unit buybacks points to a focus on recycling capital and supporting cash flow from a more concentrated portfolio.
Investors will likely watch how quickly proceeds from the $105 million of sales and the larger $400 to $500 million disposal program are put to work in new opportunities, and how that interacts with the current distribution level and payout ratio. Declared Dividend • May 17
Dividend of CA$0.15 announced Shareholders will receive a dividend of CA$0.15. Ex-date: 29th May 2026 Payment date: 15th June 2026 Dividend yield will be 2.6%, which is lower than the industry average of 3.1%. Buy Or Sell Opportunity • May 11
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 4.5% to CA$64.91. The fair value is estimated to be CA$82.55, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.4% over the last 3 years. Earnings per share has declined by 32%. Announcement • May 09
Boardwalk Real Estate Investment Trust announces Monthly dividend, payable on July 15, 2026 Boardwalk Real Estate Investment Trust announced Monthly dividend of CAD 0.1500 per share payable on July 15, 2026, ex-date on June 30, 2026 and record date on June 30, 2026. New Risk • May 06
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 74% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.8x net interest cover). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (8.9% net profit margin). Reported Earnings • May 06
First quarter 2026 earnings released First quarter 2026 results: Revenue: CA$163.8m (up 5.7% from 1Q 2025). Net loss: CA$5.51m (down 104% from profit in 1Q 2025). Revenue is forecast to grow 3.7% p.a. on average during the next 2 years, compared to a 4.1% growth forecast for the Residential REITs industry in Canada. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Declared Dividend • Apr 16
Dividend of CA$0.15 announced Shareholders will receive a dividend of CA$0.15. Ex-date: 30th April 2026 Payment date: 15th May 2026 Dividend yield will be 2.5%, which is lower than the industry average of 3.1%. Announcement • Apr 07
Boardwalk Real Estate Investment Trust to Report Q1, 2026 Results on May 05, 2026 Boardwalk Real Estate Investment Trust announced that they will report Q1, 2026 results After-Market on May 05, 2026 Declared Dividend • Mar 26
Dividend of CA$0.15 announced Shareholders will receive a dividend of CA$0.15. Ex-date: 30th April 2026 Payment date: 15th May 2026 Dividend yield will be 2.4%, which is lower than the industry average of 3.1%. Announcement • Mar 25
Boardwalk Real Estate Investment Trust announces Monthly dividend, payable on May 15, 2026 Boardwalk Real Estate Investment Trust announced Monthly dividend of CAD 0.1500 per share payable on May 15, 2026, ex-date on April 30, 2026 and record date on April 30, 2026. Announcement • Feb 24
Boardwalk Real Estate Investment Trust, Annual General Meeting, May 04, 2026 Boardwalk Real Estate Investment Trust, Annual General Meeting, May 04, 2026. Reported Earnings • Feb 22
Full year 2025 earnings released: FFO per share: CA$5.1 (vs CA$4.57 in FY 2024) Full year 2025 results: FFO per share: CA$5.1 (up from CA$4.57 in FY 2024). Revenue: CA$635.9m (up 3.2% from FY 2024). Funds from operations (FFO): CA$248.5m (up 10.0% from FY 2024). FFO margin: 39% (up from 37% in FY 2024). Revenue is forecast to grow 4.2% p.a. on average during the next 2 years, compared to a 3.4% growth forecast for the Residential REITs industry in Canada. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Declared Dividend • Feb 17
Dividend of CA$0.14 announced Shareholders will receive a dividend of CA$0.14. Ex-date: 27th February 2026 Payment date: 16th March 2026 Dividend yield will be 2.5%, which is lower than the industry average of 3.1%. Declared Dividend • Jan 16
Dividend of CA$0.14 announced Shareholders will receive a dividend of CA$0.14. Ex-date: 30th January 2026 Payment date: 16th February 2026 Dividend yield will be 2.3%, which is lower than the industry average of 3.1%. Announcement • Jan 07
Boardwalk Real Estate Investment Trust to Report Q4, 2025 Results on Feb 19, 2026 Boardwalk Real Estate Investment Trust announced that they will report Q4, 2025 results After-Market on Feb 19, 2026 Recent Insider Transactions Derivative • Dec 24
Chairman & CEO exercised options to buy CA$3.2m worth of stock. On the 16th of December, Sam Kolias exercised options to buy 50k shares at a strike price of around CA$62.09, costing a total of CA$3.1m. This transaction amounted to 20% of their direct individual holding at the time of the trade. Since December 2024, Sam's direct individual holding has increased from 230.00k shares to 305.00k. Company insiders have collectively bought CA$4.8m more than they sold, via options and on-market transactions, in the last 12 months. Declared Dividend • Dec 16
Dividend of CA$0.14 announced Shareholders will receive a dividend of CA$0.14. Ex-date: 31st December 2025 Payment date: 15th January 2026 Dividend yield will be 2.6%, which is lower than the industry average of 3.1%. Declared Dividend • Nov 19
Dividend of CA$0.14 announced Shareholders will receive a dividend of CA$0.14. Ex-date: 28th November 2025 Payment date: 15th December 2025 Dividend yield will be 2.5%, which is lower than the industry average of 3.1%. Reported Earnings • Nov 06
Third quarter 2025 earnings released: FFO per share: CA$1.3 (vs CA$1.24 in 3Q 2024) Third quarter 2025 results: FFO per share: CA$1.3 (up from CA$1.24 in 3Q 2024). Revenue: CA$157.2m (up 2.5% from 3Q 2024). Funds from operations (FFO): CA$65.9m (up 9.6% from 3Q 2024). FFO margin: 42% (up from 39% in 3Q 2024). Revenue is forecast to grow 3.9% p.a. on average during the next 3 years, compared to a 3.6% growth forecast for the Residential REITs industry in Canada. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Declared Dividend • Oct 16
Dividend of CA$0.14 announced Shareholders will receive a dividend of CA$0.14. Ex-date: 31st October 2025 Payment date: 17th November 2025 Dividend yield will be 2.4%, which is lower than the industry average of 3.1%. Announcement • Oct 07
Boardwalk Real Estate Investment Trust to Report Q3, 2025 Results on Nov 04, 2025 Boardwalk Real Estate Investment Trust announced that they will report Q3, 2025 results After-Market on Nov 04, 2025 Declared Dividend • Sep 16
Dividend of CA$0.14 announced Shareholders will receive a dividend of CA$0.14. Ex-date: 29th September 2025 Payment date: 15th October 2025 Dividend yield will be 2.1%, which is lower than the industry average of 3.1%. Declared Dividend • Aug 17
Dividend of CA$0.14 announced Shareholders will receive a dividend of CA$0.14. Ex-date: 29th August 2025 Payment date: 15th September 2025 Dividend yield will be 2.2%, which is lower than the industry average of 3.1%. Recent Insider Transactions • Aug 14
Chairman & CEO recently sold CA$9.5m worth of stock On the 12th of August, Sam Kolias sold around 135k shares on-market at roughly CA$70.83 per share. This transaction amounted to 35% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Sam has been a net seller over the last 12 months, reducing personal holdings by CA$9.9m. Reported Earnings • Jul 30
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: CA$157.3m (up 5.7% from 2Q 2024). Net income: CA$76.3m (down 52% from 2Q 2024). Profit margin: 49% (down from 107% in 2Q 2024). Revenue is forecast to grow 3.7% p.a. on average during the next 3 years, compared to a 2.0% growth forecast for the Residential REITs industry in Canada. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has increased by 16% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • Jul 16
Dividend of CA$0.14 announced Shareholders will receive a dividend of CA$0.14. Ex-date: 31st July 2025 Payment date: 15th August 2025 Dividend yield will be 2.1%, which is lower than the industry average of 3.1%. Announcement • Jul 07
Boardwalk Real Estate Investment Trust to Report Q2, 2025 Results on Jul 29, 2025 Boardwalk Real Estate Investment Trust announced that they will report Q2, 2025 results After-Market on Jul 29, 2025 Recent Insider Transactions • Jun 30
Chairman & CEO recently sold CA$369k worth of stock On the 23rd of June, Sam Kolias sold around 5k shares on-market at roughly CA$71.00 per share. This transaction amounted to 1.3% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Sam's only on-market trade for the last 12 months. Recent Insider Transactions Derivative • Jun 24
Chairman & CEO exercised options to buy CA$11m worth of stock. On the 16th of June, Sam Kolias exercised options to buy 165k shares at a strike price of around CA$70.19, costing a total of CA$12m. This transaction amounted to 72% of their direct individual holding at the time of the trade. Since December 2024, Sam's direct individual holding has decreased from 230.00k shares to 0. Company insiders have collectively bought CA$16m more than they sold, via options and on-market transactions, in the last 12 months. Declared Dividend • Jun 17
Dividend of CA$0.14 announced Shareholders will receive a dividend of CA$0.14. Ex-date: 30th June 2025 Payment date: 15th July 2025 Dividend yield will be 2.2%, which is lower than the industry average of 3.1%. Board Change • Jun 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 3 experienced directors. 4 highly experienced directors. President & Director James Ha was the last director to join the board, commencing their role in 2025. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Declared Dividend • May 16
Dividend of CA$0.14 announced Shareholders will receive a dividend of CA$0.14. Ex-date: 30th May 2025 Payment date: 16th June 2025 Dividend yield will be 2.2%, which is lower than the industry average of 3.1%. New Risk • May 07
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 66% Last year net profit margin: 135% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (6.5% operating cash flow to total debt). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (66% net profit margin). Reported Earnings • May 07
First quarter 2025 earnings released: FFO per share: CA$1.2 (vs CA$1.09 in 1Q 2024) First quarter 2025 results: FFO per share: CA$1.2 (up from CA$1.09 in 1Q 2024). Revenue: CA$155.0m (up 7.2% from 1Q 2024). Funds from operations (FFO): CA$56.7m (up 11% from 1Q 2024). FFO margin: 37% (up from 35% in 1Q 2024). Revenue is forecast to grow 4.0% p.a. on average during the next 2 years, compared to a 1.5% growth forecast for the Residential REITs industry in Canada. Over the last 3 years on average, earnings per share has increased by 9% per year whereas the company’s share price has increased by 12% per year. Declared Dividend • Apr 16
Dividend of CA$0.14 announced Shareholders will receive a dividend of CA$0.14. Ex-date: 30th April 2025 Payment date: 15th May 2025 Dividend yield will be 2.4%, which is lower than the industry average of 3.1%. Declared Dividend • Mar 18
Dividend of CA$0.14 announced Shareholders will receive a dividend of CA$0.14. Ex-date: 31st March 2025 Payment date: 15th April 2025 Dividend yield will be 2.2%, which is lower than the industry average of 3.1%. Announcement • Feb 24
Boardwalk Real Estate Investment Trust, Annual General Meeting, May 05, 2025 Boardwalk Real Estate Investment Trust, Annual General Meeting, May 05, 2025. Location: alberta, calgary Canada Reported Earnings • Feb 21
Full year 2024 earnings released Full year 2024 results: Revenue: CA$603.3m (up 11% from FY 2023). Net income: CA$588.2m (down 12% from FY 2023). Profit margin: 98% (down from 122% in FY 2023). Revenue is forecast to grow 6.5% p.a. on average during the next 2 years, compared to a 1.6% growth forecast for the Residential REITs industry in Canada. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Announcement • Feb 21
Boardwalk Real Estate Investment Trust Announces Cash Distribution for the Months of March, April and May 2025, Payable on April 15, 2024, May 15, 2024 and June 16, 2024, Respectively Boardwalk Real Estate Investment Trust confirmed cash distribution of $0.1350 per unit for the months of March, April and May 2025. Record date is March 31, 2024, April 30, 2024 and May 30, 2024, respectively. Distribution Date is April 15, 2024, May 15, 2024 and June 16, 2024, respectively. Declared Dividend • Feb 18
Dividend of CA$0.12 announced Shareholders will receive a dividend of CA$0.12. Ex-date: 28th February 2025 Payment date: 17th March 2025 Dividend yield will be 2.3%, which is lower than the industry average of 3.1%. Declared Dividend • Jan 16
Dividend of CA$0.12 announced Shareholders will receive a dividend of CA$0.12. Ex-date: 31st January 2025 Payment date: 17th February 2025 Dividend yield will be 2.3%, which is lower than the industry average of 3.1%. Announcement • Jan 06
Boardwalk Real Estate Investment Trust to Report Q4, 2024 Results on Feb 20, 2025 Boardwalk Real Estate Investment Trust announced that they will report Q4, 2024 results on Feb 20, 2025 Declared Dividend • Dec 17
Dividend of CA$0.12 announced Shareholders will receive a dividend of CA$0.12. Ex-date: 31st December 2024 Payment date: 15th January 2025 Dividend yield will be 2.1%, which is lower than the industry average of 3.1%. New Risk • Dec 16
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 7.4% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.8x net interest cover). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Shareholders have been diluted in the past year (7.4% increase in shares outstanding). New Risk • Nov 27
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 7.4% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.8x net interest cover). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Shareholders have been diluted in the past year (7.4% increase in shares outstanding). Significant insider selling over the past 3 months (CA$1.1m sold). New Risk • Nov 26
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 7.4% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.8x net interest cover). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Shareholders have been diluted in the past year (7.4% increase in shares outstanding). Significant insider selling over the past 3 months (CA$1.1m sold). Declared Dividend • Nov 17
Dividend of CA$0.12 announced Shareholders will receive a dividend of CA$0.12. Ex-date: 29th November 2024 Payment date: 16th December 2024 Dividend yield will be 2.0%, which is lower than the industry average of 3.1%. Reported Earnings • Nov 06
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: CA$153.4m (up 11% from 3Q 2023). Net income: CA$55.4m (up 41% from 3Q 2023). Profit margin: 36% (up from 29% in 3Q 2023). Revenue is forecast to grow 7.4% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Residential REITs industry in Canada. New Risk • Oct 21
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 7.4% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.8x net interest cover). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Shareholders have been diluted in the past year (7.4% increase in shares outstanding). Significant insider selling over the past 3 months (CA$1.1m sold). Declared Dividend • Oct 16
Dividend of CA$0.12 announced Shareholders will receive a dividend of CA$0.12. Ex-date: 31st October 2024 Payment date: 15th November 2024 Dividend yield will be 1.7%, which is lower than the industry average of 3.1%. Announcement • Oct 03
Boardwalk Real Estate Investment Trust to Report Q3, 2024 Results on Nov 05, 2024 Boardwalk Real Estate Investment Trust announced that they will report Q3, 2024 results on Nov 05, 2024 Declared Dividend • Sep 29
Dividend of CA$0.12 announced Shareholders will receive a dividend of CA$0.12. Ex-date: 31st October 2024 Payment date: 15th November 2024 Dividend yield will be 1.6%, which is lower than the industry average of 3.1%. Upcoming Dividend • Sep 20
Upcoming dividend of CA$0.12 per share Eligible shareholders must have bought the stock before 27 September 2024. Payment date: 15 October 2024. Trailing yield: 1.6%. Lower than top quartile of Canadian dividend payers (5.8%). Lower than average of industry peers (2.8%). Buy Or Sell Opportunity • Sep 19
Now 21% undervalued Over the last 90 days, the stock has risen 29% to CA$88.21. The fair value is estimated to be CA$111, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.3% over the last 3 years. Meanwhile, the company has become profitable. New Risk • Sep 16
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 7.3% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.8x net interest cover). Minor Risks Large one-off items impacting financial results. Shareholders have been diluted in the past year (7.3% increase in shares outstanding). Significant insider selling over the past 3 months (CA$1.1m sold). Recent Insider Transactions • Sep 12
President recently sold CA$710k worth of stock On the 9th of September, James Ha sold around 8k shares on-market at roughly CA$87.60 per share. This transaction amounted to 100% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was James' only on-market trade for the last 12 months. New Risk • Sep 10
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 7.3% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.8x net interest cover). Minor Risks Large one-off items impacting financial results. Shareholders have been diluted in the past year (7.3% increase in shares outstanding). Declared Dividend • Sep 01
Dividend of CA$0.12 announced Shareholders will receive a dividend of CA$0.12. Ex-date: 27th September 2024 Payment date: 15th October 2024 Dividend yield will be 1.5%, which is lower than the industry average of 3.1%. New Risk • Aug 26
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 7.3% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.8x net interest cover). Minor Risks Large one-off items impacting financial results. Shareholders have been diluted in the past year (7.3% increase in shares outstanding). Upcoming Dividend • Aug 23
Upcoming dividend of CA$0.12 per share Eligible shareholders must have bought the stock before 30 August 2024. Payment date: 16 September 2024. Trailing yield: 1.7%. Lower than top quartile of Canadian dividend payers (6.2%). Lower than average of industry peers (3.0%). Reported Earnings • Aug 01
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: CA$149.1m (up 11% from 2Q 2023). Net income: CA$159.2m (down 31% from 2Q 2023). Revenue is forecast to grow 9.8% p.a. on average during the next 3 years, compared to a 6.0% growth forecast for the Residential REITs industry in Canada. Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 24
Upcoming dividend of CA$0.12 per share Eligible shareholders must have bought the stock before 31 July 2024. Payment date: 15 August 2024. Trailing yield: 1.8%. Lower than top quartile of Canadian dividend payers (6.3%). Lower than average of industry peers (3.1%). Announcement • Jul 06
Boardwalk Real Estate Investment Trust to Report Q2, 2024 Results on Jul 30, 2024 Boardwalk Real Estate Investment Trust announced that they will report Q2, 2024 results at 4:00 PM, US Eastern Standard Time on Jul 30, 2024 Declared Dividend • Jun 30
Dividend of CA$0.12 announced Shareholders will receive a dividend of CA$0.12. Ex-date: 31st July 2024 Payment date: 15th August 2024 Dividend yield will be 1.8%, which is lower than the industry average of 3.1%. New Risk • Jun 11
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 7.3% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.6x net interest cover). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Shareholders have been diluted in the past year (7.3% increase in shares outstanding). Declared Dividend • Jun 02
Dividend of CA$0.12 announced Shareholders will receive a dividend of CA$0.12. Ex-date: 28th June 2024 Payment date: 15th July 2024 Dividend yield will be 1.8%, which is lower than the industry average of 3.1%. Upcoming Dividend • May 24
Upcoming dividend of CA$0.12 per share Eligible shareholders must have bought the stock before 31 May 2024. Payment date: 17 June 2024. Trailing yield: 2.0%. Lower than top quartile of Canadian dividend payers (6.5%). Lower than average of industry peers (3.4%). Buy Or Sell Opportunity • May 24
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 7.1% to CA$70.71. The fair value is estimated to be CA$88.87, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.4% over the last 3 years. Meanwhile, the company has become profitable. Reported Earnings • May 08
First quarter 2024 earnings released First quarter 2024 results: Revenue: CA$145.2m (up 12% from 1Q 2023). Net income: CA$307.7m (up 39% from 1Q 2023). Revenue is forecast to grow 9.2% p.a. on average during the next 2 years, compared to a 5.8% growth forecast for the Residential REITs industry in Canada. Declared Dividend • Apr 30
Dividend of CA$0.12 announced Shareholders will receive a dividend of CA$0.12. Ex-date: 31st May 2024 Payment date: 17th June 2024 Dividend yield will be 1.7%, which is lower than the industry average of 3.1%. Upcoming Dividend • Apr 22
Upcoming dividend of CA$0.12 per share Eligible shareholders must have bought the stock before 29 April 2024. Payment date: 15 May 2024. Trailing yield: 2.0%. Lower than top quartile of Canadian dividend payers (6.5%). Lower than average of industry peers (3.4%). Announcement • Apr 03
Boardwalk Real Estate Investment Trust to Report Q1, 2024 Results on May 07, 2024 Boardwalk Real Estate Investment Trust announced that they will report Q1, 2024 results on May 07, 2024 Buy Or Sell Opportunity • Apr 01
Now 20% undervalued Over the last 90 days, the stock has risen 9.9% to CA$76.80. The fair value is estimated to be CA$96.20, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.3% over the last 3 years. Meanwhile, the company has become profitable. 
