BOARDWALK REIT PROVIDES OPERATIONAL UPDATE AND ANNOUNCES TIMING OF RELEASE OF ITS 2022 THIRD QUARTER FINANCIAL RESULTS

CALGARY, AB, Oct. 4, 2022 /PRNewswire/ - Boardwalk Real Estate Investment Trust - TSX: BEI.UN

Boardwalk REIT ("Boardwalk, "the Trust", "We") is providing a brief operational update as we continue to focus on providing high-quality and affordable homes to Boardwalk's Resident Members while delivering growth and value for our stakeholders.

Stabilized Portfolio Occupancy

Occupied Rent

Sam Kolias, Chairman and Chief Executive Officer of Boardwalk commented:

"Following a very strong summer leasing season, we continue to see robust demand for rental housing throughout our portfolio heading into the fall. Our largest market in Edmonton continues to improve with availability, or suites available to rent, of 1.2% at the end of September. This metric is a leading indicator of future vacancy. As of early October, our Edmonton portfolio's physical vacancy is sitting at approximately 2.6%. This represents a 4.3% improvement in occupancy since the beginning of March. Our Calgary portfolio is near full occupancy with vacancy at 1.0%. Leasing spreads on both new leases and renewals have continued to strengthen as vacancy has been absorbed since earlier in the year. On the ground, and as supported by the most recent Statistics Canada data, we continue to see increased interprovincial and international migration into Alberta, on the foundation of some of the most affordable rents in the country.

Our team is committed to further optimize our rentals, while finding innovative ways to best manage controllable operating costs during this high inflation period. We are confident that our strong leasing momentum, peak-performing team and unparalleled affordability of our core markets position us well for continued growth in the months to come."

Accretive Capital Allocation

During the fourth quarter of 2021, the Trust announced that it received approval from the Toronto Stock Exchange (the "TSX") to commence a normal course issuer bid ("NCIB"). The Trust continues to view its own portfolio as offering un-paralleled value in the multi-family sector and believes its current unit price represents an attractive opportunity for re-investment. During the third quarter, the Trust re-purchased 62,500 Trust Units at a volume-weighted average price of $44.63 for a total price of approximately $2.8 million.

Timing of Boardwalk REIT's Third Quarter Financial Results

Boardwalk REIT's financial results for the three-month period ended September 30, 2022, will be released the evening of November 8, 2022.

We invite you to participate in the teleconference to be held to discuss these results the following day (Wednesday, November 9, 2022) at 11:00 am (Mountain),1:00 pm (Eastern). Senior Management will speak to the results and provide a financial and operational update. Presentation and supplemental materials will be made available on our website prior to the call (please visit: www.bwalk.com/investors ).

Teleconference:

The telephone numbers for the conference are toll-free 1-888-664-6383 (within North America) and 416-764-8650 (International).

Note: Please provide the operator with the below Conference Call ID or Topic when dialing in to the call.

Conference ID: 50233156

Topic: Boardwalk Real Estate Investment Trust, 2022 Third Quarter Results.

Webcast:

Investors will also be able to listen to the call and view the slide presentation by visiting www.bwalk.com/investors on the morning of the call. An information page will be provided for any software and system requirements. The live webcast will also be available by clicking below:

Boardwalk REIT Third Quarter Results Webcast Link

Corporate Profile:

Boardwalk REIT strives to provide Canada's friendliest communities, where love always livesTM, and currently owns and operates more than 200 communities with over 33,000 residential units totaling over 28 million net rentable square feet. Boardwalk's principal objectives are to provide its Residents with the best quality communities and superior customer service, while providing Unitholders with enhanced returns by increasing the value of its Trust Units through selective acquisitions, dispositions, development, and effective management of its residential multi-family communities. Boardwalk REIT is vertically integrated and is Canada's leading owner/operator of multi-family communities bringing Residents home to properties located in Alberta, Saskatchewan, Ontario, Quebec, and British Columbia.

Boardwalk REIT's Trust Units are listed on the Toronto Stock Exchange, trading under the symbol BEI.UN. Additional information about Boardwalk REIT can be found on the Trust's website at www.bwalk.com/investors.

CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING STATEMENTS

Information in this news release that is not current or historical factual information may constitute forward-looking statements and information (collectively, "forward-looking statements") within the meaning applicable of securities laws. The use of any of the words "expect", "anticipate", "may", "will", "should", "believe", "intend" and similar expressions are intended to identify forward-looking statements. Implicit in these forward-looking statements, particularly in respect of Boardwalk's objectives for its current and future periods, Boardwalk's strategies to achieve those objectives, as well as statements with respect to management's beliefs, plans, estimates, assumptions, intentions, and similar statements concerning anticipated future events, results, circumstances, performance or expectations are estimates and assumptions subject to risks and uncertainties which could cause Boardwalk's actual results to differ materially from the forward-looking statements contained in this news release. Specifically, Boardwalk has made assumptions surrounding the impact of economic conditions in Canada and globally including as a result of the COVID-19 pandemic, Boardwalk's future growth potential, prospects and opportunities, the rental environment compared to several years ago, relatively stable 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, general industry conditions and trends, changes in laws and regulations including, without limitation, changes in tax laws, mortgage rules and other temporary legislative changes in light of the COVID-19 pandemic, increased competition, the availability of qualified personnel, fluctuations in foreign exchange or interest rates, and stock market volatility. These assumptions, although considered reasonable by the Trust at the time of preparation, may prove to be incorrect.

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SOURCE Boardwalk Real Estate Investment Trust