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

Boardwalk Real Estate Investment Trust (TSX: BEI.UN)Boardwalk REIT ("Boardwalk", "the Trust", "We", "Our") is providing an update highlighting its recent leasing performance and progress on its capital allocation initiatives.Sam Kolias, Chairman and Chief Executive Officer commented:"Strong leasing activity toward the end of the summer has translated into a pickup in occupancy in September and October, demonstrating the resilience of demand for our communities and the strength of our operating platform.Boardwalk is in the right place at the right time as Canada pursues its ambition to become a global energy superpower. The recent designation of the Pacific Link pipeline as a project of national interest reinforces the importance of energy as a foundational input to the Canadian economy and supports Alberta's relative strength in investment and employment over the medium term. Collaboration between different levels of government, industry and various stakeholders is resulting in policies that encourage investment and prosperity for all Canadians. This momentum, combined with the continued affordability of rents in our largest markets, provides a supportive backdrop for continued positive migration into Alberta.We continue to capitalize on strong private market demand for our non-core communities that we are selling at prices in line with our IFRS values, and redeploying proceeds into our own high-quality portfolio through our Normal Course Issuer Bid ("NCIB") at attractive implied yields and a significant discount to the underlying value. Most recently, we are pleased to have completed the sale of our Northern Lights Portfolio in Grande Prairie in September, while retaining exposure to positive tailwinds in the region through the remainder of our communities in the area.Our focus remains on delivering exceptional experience, quality, and value in housing for Canadians while enhancing free cash flow per unit and continuing to strengthen our balance sheet over time through disciplined capital allocation."Update on Presentation of Total Portfolio and Same Property Operating MetricsIn order to improve disclosure, the Trust is updating the presentation of our operating metrics below to include occupancy and occupied rents for its total portfolio.Same property results below are reflective of properties that have been wholly-owned by the Trust for a period of 24 months or more as of September 30, 2026. Comparative periods have been updated for the same portfolio.Total Portfolio Occupancy 1,2 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 96.6 % 96.5 % 96.8 % 96.8 % 96.7 % 96.7 % Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 96.6 % 96.6 % 96.6 % 96.5 % 96.6 % 96.4 % Jul-26 Aug-26 Sep-26 Oct-26 96.6 % 96.6 % 97.0 % 97.1 % Same Property Occupancy 1,3 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 97.6 % 97.6 % 97.8 % 97.7 % 97.6 % 97.5 % Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 97.4 % 97.3 % 97.2 % 97.0 % 97.0 % 96.9 % Jul-26 Aug-26 Sep-26 Oct-26 96.9 % 96.8 % 97.2 % 97.2 % 1 Preliminary occupancy as of the first day of each month. 2 Includes all properties on a proportionate consolidation basis at each date. 3 Reflective of properties that have been wholly-owned by the Trust for a period of 24 months or more as of September 30, 2026. Comparative periods have been updated for the same portfolio. Total Portfolio Occupied Rent – Quarterly Simple Average 1,2 Q3 2025 Q4 2025 Q1 2026 Q2 2026 July - August 2026 $1,586 $1,616 $1,624 $1,645 $1,653 Same Property Occupied Rent – Quarterly Simple Average 1,3 Q3 2025 Q4 2025 Q1 2026 Q2 2026 July - August 2026 $1,585 $1,595 $1,597 $1,600 $1,609 1 Occupied rent is a component of rental revenue. 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. September 2026 figure to be announced with Q3 Results. 2 Includes all properties on a proportionate consolidation basis at each date. 3 Reflective of properties that have been wholly-owned by the Trust for a period of 24 months or more as of September 30, 2026. Comparative periods have been updated for the same portfolio. 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 Q2 2026 financial results, the Trust has closed on the disposition of eight communities in Grande Prairie ("Northern Lights Portfolio") for a gross sales price of $30.2 million. The sale allows the Trust to capitalize on strong private buyer interest in the Grande Prairie market, while retaining upside to the market through its other communities in the region. In addition, in September the Trust closed on the previously announced sales of its Sandford Apartments and Noel Meadows communities in London, Ontario and the seed portfolio for its strategic co-ownership with DGAM Canadian Private Real Estate Fund, L.P. managed by Desjardins Global Asset Management ("DGAM Real Estate Fund"). A full breakdown of the Trust's disposition activity to date in 2026 is provided below. 2026 Sales Name Market Closing Date Gross Sales Price ($MM)1 Price Per Suite Suites WA Age Exit Cap Rate Mortgage Assumed /Payout ($MM) WA Interest Rate Newly Announced Northern Lights Portfolio 2 Grande Prairie, AB September 2026 $30.2 $144k 210 1972 7.4 % $16.5 4.18 % Previously Disclosed DGAM Real Estate Fund Co-Ownership Seed Portfolio - Elbow 5 Eight (50%)/BRIO (50%)/Aurora (50%)/The Vue (50%) Calgary, AB/ Calgary, AB/Victoria, BC/Victoria, BC September 2026 $146.0 $446k 328 2022 4.7 % $59.5 3.50 % Sandford Apartments/Noel Meadows London, ON September 2026 $40.0 $199k 201 1971 4.5 % $13.5 4.84 % Capital View Tower/Kingsway Tower Edmonton, AB May 2026 $40.0 $212k 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 $206k 374 1995 6.0 % $36.3 3.42 % Valley Ridge Tower Edmonton, AB May 2026 $8.0 $163k 49 1963 5.9 % n/a n/a Place Charlesbourg/ Place Chamonix/Place Samuel de Champlain Québec City, QC April 2026 $97.0 $200k 484 1970 5.2 % $51.9 3.32 % Jardins Viva/ Le Bienville Longueuil/ Brossard, QC February 2026 $47.0 $168k 280 1974 4.9 % $22.8 3.91 % Tower Hill/The Palisades Edmonton, AB January 2026 $37.0 $210k 176 1964 4.7 % $17.6 1.78 % Total Sales – YTD 2026 $522.2 $228k 2,291 1981 5.2 % $236.9 3.41 % 1 Excludes transaction costs and other customary adjustments. 2 Northern Lights Portfolio includes eight properties – Avondale, Bear Ridge Manor, Bear Ridge Place, Collegeview, Eagle Place, Grande Pointe, Hillcrest Heights, and McKenzie Pointe. During September, the Trust completed its current NCIB through the purchase of 4,018,000 trust units since November 2025. Since its last renewal, the Trust has invested approximately $262.2 million into the NCIB at an approximate 30% discount to the underlying value of its portfolio. Period Trust Units Repurchased Weighted Average Price Invested Capital ($MM, excluding commissions) January 2026 164,400 $67.45 $11.1 February 2026 316,400 $66.86 $21.2 March 2026 535,000 $64.39 $34.5 Subtotal - Q1 2026 1,015,800 $65.65 $66.7 April 2026 520,800 $66.46 $34.6 May 2026 471,200 $64.81 $30.5 June 2026 677,200 $64.62 $43.8 Subtotal - Q2 2026 1,669,200 $65.25 $108.9 July 2026 545,600 $66.20 $36.1 August 2026 471,200 $64.61 $30.4 September 2026 44,200 $61.68 $2.7 Subtotal – Q3 2026 1,061,000 $65.30 $69.3 Year-to-Date 2026 3,746,000 $65.37 $244.9 Since NCIB Renewal 1 4,018,000 $65.26 $262.2 1 NCIB period runs from November 24, 2025 to November 23, 2026. Throughout the latter part of the year, the Trust will continue to take a balanced, opportunistic approach to deploying proceeds from dispositions, including through potential reinvestment in the Trust's own units and attractive acquisition opportunities that will allow the Trust to add incremental value through its platform while improving its overall portfolio quality and maintaining a strong balance sheet over time.Timing of Boardwalk REIT's Third Quarter Financial ResultsBoardwalk REIT's financial results for the three-month period ended September 30, 2026, will be released after markets close on November 3, 2026.We invite you to participate in the teleconference to be held to discuss these results the following day (Wednesday, November 4, 2026) at 12:00 pm Alberta Time (ABT), 1:00 pm Eastern Standard Time (EST). 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/4xh4lBB 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: 53686Topic: Boardwalk Real Estate Investment Trust, 2026 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 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 33,000 residential suites totaling 29 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 STATEMENTSRead More

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

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