Boardwalk REIT Q3 FFO Falls 1.6% as Property Taxes Bite
Image
CALGARY – November 03, 2026 -- Boardwalk Real Estate Investment Trust (TSX: BEI.UN) reported Q3 2026 Funds From Operations of $1.21 per Unit, down 1.6% from Q3 2025. Higher property taxes outweighed modest revenue growth, while the Trust cut leverage to 9.02x Debt to EBITDA through asset sales and unit buybacks.
Property taxes trim Q3 margin by 100 basis points
Same Property Net Operating Income (NOI) fell 1.1% to $98.2 million, even as Same Property rental revenue rose 0.9% and occupancy held at 97.0%. Total NOI declined 2.0% to $106.2 million. Operating margin slipped 100 basis points to 66.4%, which the Trust attributed mainly to year-over-year property tax increases.