BOARDWALK REIT REPORTS STRONG RESULTS FOR Q1 2023 WITH HIGHEST SAME PROPERTY NET OPERATING INCOME GROWTH SINCE 2007.

CALGARY, AB: Boardwalk Real Estate Investment Trust (TSX: BEI.UN)

SUMMARY HIGHLIGHTS FOR THE THREE-MONTH PERIOD ENDED MARCH 31, 2023

STRONG FINANCIAL PERFORMANCE

Profit of $221.4 million

Funds From Operations ("FFO") of $0.79 per Unit(1)(2); an increase of 16.2% from Q1 2022

Net Operating Income ("NOI") of $75.8 million; an increase of 16.8% from Q1 2022

Same Property(3) Net Operating Income ("Same Property NOI") of $74.7 million; an increase of 13.7% from Q1 2022

SOLID OPERATIONAL RESULTS DRIVEN BY STRONG SAME PROPERTY RENTAL REVENUE GROWTH IN Q1 2023

Sequential quarterly rental revenue growth of 1.6% from the prior quarter

Rental revenue growth of 8.5% from a year ago, a continued acceleration year-over-year compared to prior quarters

Occupancy of 98.1%; an increase of 257 basis points from last year

Incentives declined 32.6% and market rents increased by 6.0% from a year ago

Occupied rent increased to $1,292 in March of 2023, a $75 improvement from March 2022

269 basis point improvement in Operating Margin year-over-year

CONTINUED LEASING STRENGTH

Occupancy remains near-full in the latter part of the spring

May 2023 preliminary occupancy of 98.3%, an increase of 169 basis points from May 2022

New leasing spreads accelerating to 14.8% in Alberta in April 2023, with growing market rental rates

Renewal leasing spreads of 8.9% in Alberta in April 2023

Despite recent strong leasing spreads, rents in Alberta relative to income levels remain some of the most affordable in Canada and remain well below inflation adjusted levels since 2014

STRONG AND FLEXIBLE FINANCIAL POSITION

Approximately $244.0 million of total available liquidity at the end of the quarter

96% of Boardwalk's mortgages carry CMHC-insurance

Unitholders' Equity of $3.7 billion

Fair value capitalization rate of 4.92%

The Trust's current fair value capitalization rate remains at a positive spread to interest rates

Net Asset Value increase, primarily a result of higher market rental rates, to $75.85 per Unit(1)(2)

ACCRETIVE AND STRATEGIC CAPITAL ALLOCATION

Strengthened portfolio in Greater Victoria Region with immediately accretive acquisition of the The Vue, a newly constructed 124-unit apartment community in Langford, British Columbia

UPDATE TO 2023 FINANCIAL GUIDANCE

Tightened and increased FFO per Unit(1)(2) estimate to revised range of $3.30 to $3.46

Tightened and increased Same Property NOI growth range to +9.5% to +13.0%

DISTRIBUTION OF $1.17 PER TRUST UNIT ON AN ANNUALIZED BASIS CONFIRMED FOR THE MONTHS OF JUNE, JULY AND AUGUST

(1) Please refer to the section titled "Presentation of Non-GAAP Measures" in this news release for more information.

(2) Boardwalk REIT's units (the "Trust Units") trade on the Toronto Stock Exchange ("TSX") under the trading symbol 'BEI.UN'. Additionally, the Trust has 4,475,000 special voting units issued to holders of "Class B Units" of Boardwalk REIT Limited Partnership ("LP Class B Units" and, together with the Trust Units, the "Units"), each of which also has a special voting unit in the REIT.

(3) Same property figures exclude un-stabilized properties (properties which have been owned for less than 24 months) and sold assets.

Boardwalk Real Estate Investment Trust ("Boardwalk", the "REIT" or the "Trust") today announced its financial results for the first quarter of 2023.

Sam Kolias; Chairman and Chief Executive Officer of Boardwalk REIT commented:

"We are pleased to report on another solid quarter, with our highest same property net operating income growth since 2007. In our largest markets of Edmonton and Calgary, we continue to see large international and interprovincial inflows as individuals search for economic opportunities, an attractive lifestyle and affordable places to call home.

As of the beginning of May, same property portfolio occupancy has reached 98.3%. Positive market rent adjustments are being implemented in communities reflecting near full occupancy across our portfolio. All of our regions are seeing strong demand on new leases, while our measured approach on lease renewals continues to promote high Resident Member satisfaction and provide coverage for expense inflation, ensuring financial sustainability for all stakeholders.

Higher interest rates and expense inflation continue to provide a challenge for community providers so far in 2023. However, rental housing fundamentals remain strong in our core markets and we are confident that our team's Resident focused approach, commitment to innovation and peak performance culture will deliver strong organic growth in the quarters and years to come."

FIRST QUARTER FINANCIAL HIGHLIGHTS

$ millions, except per Unit amounts

Highlights of the Trust's First Quarter 2023 Financial Results

3 Months

Mar. 31, 2023

3 Months

Mar. 31, 2022

% Change

Operational Highlights

Rental Revenue

$

130.5

$

118.3

10.4

%

Same Property Rental Revenue

$

126.8

$

116.9

8.5

%

Net Operating Income (NOI)

$

75.8

$

64.9

16.8

%

Same Property NOI

$

74.7

$

65.7

13.7

%

Operating Margin (1)

58.1

%

54.9

%

Same Property Operating Margin

58.9

%

56.2

%

Financial Highlights

Funds From Operations (FFO) (2)(3)

$

39.6

$

34.5

14.8

%

Adjusted Funds From Operations (AFFO) (2)(3)

$

31.7

$

26.4

20.1

%

Profit

$

221.4

$

69.4

218.9

%

FFO per Unit (3)

$

0.79

$

0.68

16.2

%

AFFO per Unit (3)

$

0.63

$

0.52

21.2

%

Regular...