BOARDWALK REIT PROVIDES OPERATIONAL UPDATE AND ANNOUNCES TIMING OF SECOND QUARTER RESULTS

Boardwalk Real Estate Investment Trust - TSX: BEI.UNBoardwalk REIT ("Boardwalk", "the Trust", "We", "Our") is providing an update highlighting its recent leasing performance and capital allocation initiatives.Sam Kolias, Chairman and Chief Executive Officer commented:"As we move through our summer leasing season with occupancy at approximately 97%, we continue to see the resilience of affordable housing and the strength of our operating platform which is built to outperform across various market conditions. Against the backdrop of more balanced housing fundamentals compared to a couple of years ago, we are seeing strong retention rates and ongoing positive lease renewals which represent the majority of our leasing volume. While we have seen increased competition resulting from new supply deliveries at the higher price points, we have seen housing starts decline significantly this year as compared to 2025.The outlook for our largest market in Alberta continues to strengthen as the province leads the country in economic growth and affordability. Momentum for additional investment in Alberta is building as seen most recently by the positive final investment decision for the $4.6 billion Greenlight Electricity Centre outside of Edmonton. We are also encouraged by ongoing collaboration between both our federal and provincial governments and industry partners, as evidenced by Alberta's West Coast Pipeline submission to Canada's Major Projects Office.Our team remains active recycling capital from dispositions at private market valuations, which are in line with our IFRS values, for disciplined reinvestment into accretive initiatives, while improving our balance sheet over time. Year-to-date in 2026, we have prioritized redeployment into our Normal Course Issuer Bid ("NCIB") which is currently providing an exceptional counter-cyclical opportunity to purchase our own high-quality portfolio at a significant discount to Net Asset Value ("NAV").We remain focused on continuing to provide the best service, quality and experience in housing to Canadians at an affordable price point, while improving our free cash flow per unit and steadily improving our balance sheet over time."Same Property Portfolio Occupancy Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Same Property Portfolio Occupancy 1 97.9 % 98.0 % 97.8 % 97.7 % 97.6 % 97.9 % Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 97.8 % 97.7 % 97.5 % 97.5 % 97.3 % 97.2 % Apr-26 May-26 Jun-26 Jul-26 97.1 % 97.1 % 96.9 % 96.9 % 1 Preliminary occupancy as of the first day of each month Occupied Rent – Quarterly Simple Average Q2 2025 Q3 2025 Q4 2025 Q1 2026 April - May 2026 Occupied Rent – Quarterly Simple Average 2 $1,554 $1,579 $1,588 $1,598 $1,607 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. June 2026 figure to be announced with Q2 Results. Capital Allocation UpdateIn addition to its own internally generated free cash flow, The Trust continues to source incremental capital for re-investment through its disposition program. Subsequently to reporting its Q1 2026 financial results, the Trust has closed on the previously announced dispositions of its Capital View Tower and Kingsway Tower communities in Edmonton for a gross sales price of $40.0 million and The Edge, Lockwood Arms Apartments and Lawson Village, in Edmonton, Regina and Saskatoon for a gross sales price of $77.0 million. A full breakdown of the Trust's disposition activity to date in 2026 is provided below. 2026 Dispositions Name Market Closing Date Gross Sales Price ($MM)(1) Price Per Suite (rounded) Suites WA Age Exit Cap Rate Mortgage Assumed/Payout ($MM) WA Interest Rate Previously Disclosed Capital View Tower/Kingsway Tower Edmonton, AB May 2026 $40.0 $212,000 189 1966 5.0 % $18.7 2.61 % The Edge/Lockwood Arms Apartments/Lawson Village Edmonton, AB/ Regina, SK Saskatoon, SK May 2026 $77.0 $206,000 374 1995 6.0 % $36.3 3.42 % Valley Ridge Tower Edmonton, AB May 2026 $8.0 $163,000 49 1963 5.9 % n/a n/a Place Charlesbourg/ Place Chamonix/Place Samuel de Champlain Québec City, QC April 2026 $97.0 $200,000 484 1970 5.2 % $51.9 3.32 % Jardins Viva/ Le Bienville Longueuil/ Brossard, QC February 2026 $47.0 $168,000 280 1974 4.9 % $22.8 3.91 % Tower Hill/The Palisades Edmonton, AB January 2026 $37.0 $210,000 176 1964 4.7 % $17.6 1.78 % Total Dispositions – YTD 2026 $306.0 $197,000 1,552 1975 5.3 % $147.4 3.16 % The Trust continues to be active on its NCIB, capitalizing on the wide disconnect between its unit price, which has been trading well below the intrinsic value of the Trust's portfolio, and real estate transactions in the private market. Year-to-date in 2026, the Trust has reinvested approximately $176.6 million into its NCIB. Period Trust Units Repurchased Weighted Average Price Invested Capital ($MM, excluding commissions) January 2026 164,400 $67.45 $11.1 February 2026 306,400 $66.87 $20.5 March 2026 535,000 $64.39 $34.5 Subtotal - Q1 2026 1,005,800 $65.65 $66.0 April 2026 545,600 $66.43 $36.2 May 2026 471,200 $64.81 $30.5 June 2026 677,200 $64.62 $43.8 Subtotal - Q2 2026 1,694,000 $65.25 $110.5 Year-to-Date 2026 2,699,800 $65.40 $176.6 The Trust will continue to be active on its disposition program and disciplined in re-deploying capital toward the most accretive uses.Timing of Boardwalk REIT's Second Quarter Financial ResultsBoardwalk REIT's financial results for the three-month period ended June 30, 2026, will be released after markets close on July 28, 2026.We invite you to participate in the teleconference to be held to discuss these results the following day (Wednesday, July 29, 2026) at 11:00 am (Mountain), 1:00 pm (Eastern). Senior management will speak to the results and provide a financial and operational update. The presentation will be made available on our website prior to the call (please visit: www.bwalk.com/investors).Teleconference:To join the conference call without operator assistance, you may register and enter your phone number at https://emportal.ink/4xQ9WQY to receive an instant automated call back.You can also dial direct to be entered to the call by an operator using the traditional conference call instructions below.The telephone numbers for the conference are toll-free 1-888-510-2154 (within North America) and 1-437-900-0527 (International).Note: Please provide the operator with the below Conference Call ID or Topic when dialing in to the call.Conference ID: 10348Topic: Boardwalk Real Estate Investment Trust, 2026 Second 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 Second Quarter Results Webcast LinkCorporate Profile:Boardwalk REIT strives to be Canada's friendliest community provider and the first choice in multi-family communities to work, invest, and call home with our Boardwalk Family Forever. Providing homes in more than 200 communities, with approximately 34,000 residential suites totaling 30 million net rentable square feet, Boardwalk has a proven long-term track record of building better communities, where love always livesTM. Our three-tiered and distinct brands: Boardwalk Living, Boardwalk Communities, and Boardwalk Lifestyle, cater to a large diverse demographic and have evolved to capture the life cycle of all Resident Family Members. Boardwalk's disciplined approach to capital allocation, acquisition, development, purposeful re-positioning, and management of apartment communities allows the Trust to provide its brand of community across Canada creating exceptional Resident Family Member experiences. Differentiated by its peak performance culture, Boardwalk is committed to delivering exceptional service, product quality and experience to our Resident Family Members who reward us with high retention and market leading operating results, which in turn, lead to higher free cash flow and investment returns, stable monthly distributions, and value creation for all our stakeholders.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 STATEMENTSInformation 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, 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, 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. For more exhaustive information on the risks and uncertainties in respect of forward-looking statements you should refer to Boardwalk's Management's Discussion & Analysis and Annual Information Form for the year ended December 31, 2025 under the headings "Risks and Risk Management" and "Challenges and Risks", respectively, which are available at www.sedarplus.ca. Forward-looking statements contained in this news release are made as of the date of this news release and are based on Boardwalk's current estimates, expectations and projections, which Boardwalk believes are reasonable as of the current date. You should not place undue importance on forward-looking statements and should not rely upon forward-looking statements as of any other date. Except as required by applicable law, Boardwalk undertakes no obligation to publicly update or revise any forward-looking statement, whether a result of new information, future events, or otherwise.SOURCE Boardwalk Real Estate Investment Trust

BOARDWALK REIT PROVIDES OPERATIONAL UPDATE AND ANNOUNCES TIMING OF SECOND QUARTER RESULTS

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