Boardwalk REIT Update
Boardwalk REIT Maintains 97% Occupancy, Executes Strategic Capital Redeployment
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Boardwalk REIT is navigating its summer leasing season with occupancy sitting at roughly 97%, according to Newswire. The Canadian apartment trust is leaning hard into buying back its own units, calling it a rare chance to pick up high-quality real estate at a steep discount to what its portfolio is actually worth.
The company also just closed two separate property sales in Western Canada totaling $117 million. The deals mark a clear shift in how Boardwalk is choosing to use its cash, according to PR Newswire.
Alberta Leads Canada in Growth, Fueling Boardwalk's Confidence
Boardwalk's biggest market is Alberta, and the province is firing on all cylinders right now. Newswire reports that Alberta is leading the country in both economic growth and housing affordability. That combination gives Boardwalk a strong tailwind heading into the back half of the year.
The trust says the outlook for Alberta keeps getting better. Strong in-migration and a healthy job market are pushing demand for rental apartments higher. Boardwalk operates thousands of units across the province, making it one of the biggest direct beneficiaries of that trend.
New Supply Arrives, But Housing Starts Are Already Falling
Boardwalk does face some short-term headwinds. New rental buildings are arriving in its markets, and they are coming at higher price points. That is creating more competition for tenants, according to PR Newswire.
But that pressure may be short-lived. Housing starts have dropped significantly in 2026 compared to 2025. Fewer new builds starting now means less new supply hitting the market in one to two years. That sets up tighter conditions — and more pricing power — for existing landlords like Boardwalk down the road.
$117 Million in Property Sales Completed Across Three Cities
Boardwalk closed two batches of property sales. The first deal sold Capital View Tower and Kingsway Tower, both in Edmonton, for $40 million. The second deal was larger — $77 million — covering three properties: The Edge in Edmonton, Lockwood Arms Apartments in Regina, and Lawson Village in Saskatoon, according to Newswire.
These were not distressed sales. Boardwalk had announced both deals in advance and closed them on schedule. The proceeds free up capital that the trust can now direct toward buying back its own units at a discount, which it says is the better use of money right now.
Buyback Program Seen as a Bet on Boardwalk's Own Undervalued Units
Boardwalk is doubling down on its Normal Course Issuer Bid — a program that lets a company buy back its own publicly traded units. The trust says its units are trading well below Net Asset Value, which is an estimate of what its properties are truly worth per unit. Buying back units at that discount is, in effect, buying real estate on sale.
The trust called it "an exceptional counter-cyclical opportunity." In plain terms, that means: prices are down now, so buy. Boardwalk plans to release its second quarter financial results soon, which will give investors a fuller picture of how this strategy is playing out, according to PR Newswire.
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