Boardwalk Real Estate Investment Trust : Q2 – Quarterly Report (BWALK 2026 Q1 RGB F2 FULL BOOK)

FLOW MADE
FRICTIONLESS

Corporate Profile

Boardwalk REIT (“Boardwalk”, the “Trust”) 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 over

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 has 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 https://www.bwalk.com/investors.

Letter to Unitholders

Dear Boardwalk Family Forever,

We are pleased to have delivered another strong quarter, with Funds From Operations of $1.15 per Unit, up 8.5% year-over-year, and Net Operating Income of $106.2 million, up 10.0% from Q1 2025. These results reflect the resilience of affordable housing and the strength of our vertically integrated operating platform, which continues to perform across market conditions and drive meaningful operating margin improvement. In a more competitive leasing environment, our occupancy remains high at 97.1%, as of the beginning of May, while our average occupied rent of

$1,601 provides great value for the quality and service within our portfolio.

Demand continues to be strongest at our more affordable price points, and our teams remain focused on retention and maximizing our value proposition and experience for our Resident Family Members. We are compounding the cash flow resulting from our significant investments in our communities over the last number of years to further improve our communities, while leveraging technology to improve the flow of our processes, enabling a seamless experience for our Resident Family Members and Associates.

1

Alberta is expected to lead the country in economic and population growth while providing exceptional affordability and lifestyle and is well positioned to capitalize on global demand for secure and affordable energy, underscored by recent geopolitical events.

We are committed to retaining a strong and flexible balance sheet and are pleased to have taken strides this quarter on further improving our Debt to EBITDA ratio. Our investments team remains active on sourcing additional capital for re-deployment from non-core sales, as highlighted in our capital allocation discussion. Our financial strength gives us the flexibility to fund our value-add program through internal cash flow while allocating proceeds from sales opportunistically to maximize risk-adjusted returns for our Unitholders. The Trust continues to actively re-invest in our own undervalued portfolio through our Normal Course Issuer Bid, while retaining optionality to capitalize on external growth opportunities that may present in a more competitive leasing environment.

We are well positioned for the remainder of 2026 and are firmly focused on delivering strong operating results, maintaining financial flexibility, and creating long-term value for all our Boardwalk Family Forever.

FIRST QUARTER FINANCIAL HIGHLIGHTS

Highlights of the Trust’s First Quarter 2026 Financial Results

3 Months

3 Months

($ millions, except per Unit amounts)	Mar. 31, 2026	Mar. 31, 2025	% Change
Operational Highlights
Rental Revenue	$ 163.8	$ 155.7	5.2%
Same Property Rental Revenue	$ 154.0	$ 149.7	2.8%
Net Operating Income (“NOI”)	$ 106.2	$ 96.5	10.0%
Same Property NOI	$ 101.4	$ 95.0	6.8%
Operating Margin (1)	64.8%	62.0%
Same Property Operating Margin	65.8%	63.5%
Financial Highlights
Funds From Operations (“FFO”) (2)(3)	$ 60.5	$ 56.7	6.7%
Adjusted Funds From Operations (“AFFO”) (2)(3)	$ 51.9	$ 48.2	7.6%
(Loss) Profit	$ (5.5)	$ 133.8	(104.1)%
FFO per Unit (3)	$ 1.15	$ 1.06	8.5%
AFFO per Unit (3)	$ 0.98	$ 0.90	8.9%
Distributions
Regular Distributions Declared (Trust Units & LP Class B Units)	$ 22.0	$ 20.0	10.0%
Regular Distributions Declared Per Unit (Trust Units & LP Class B Units)	$ 0.420	$ 0.375	12.0%
FFO Payout Ratio (3)	36.4%	35.3%
Suite Count
Same Property Apartment Suites	32,561	33,332
Non-Same Property Apartment Suites (4)	1,559	938
Total Apartment Suites	34,120	34,270

1. Operating margin is calculated by dividing NOI by rental revenue allowing management to assess the percentage of rental revenue which generated profit.

2. This is a non-GAAP financial measure.

3. Please refer to the section titled “Presentation of Non-GAAP Measures” in this MD&A for more information.

4. Includes 183 suites related to the Trust’s joint venture in Brampton, Ontario which is accounted for as an equity accounted investment

   In Q1 2026, same property operating margin increased compared to the same period in the prior year as the Trust’s same property rental revenue growth continued to outpace expenses, which decreased during the quarter compared to same period prior year. The Trust continues to target further operating margin improvement as a result of revenue growth, execution of various cost containment initiatives, and lower utility costs due to the removal of the federal carbon charge.

   Continued Highlights of the Trust’s First Quarter 2026 Financial Results	Mar. 31, 2026	Dec. 31, 2025
   Equity
   Unitholders’ equity	$ 4,826,305	$ 4,918,159
   Net Asset Value
   Net asset value (1)(2)	$ 5,000,603	$ 5,108,421
   Net asset value (“NAV”) per Unit (2)	$ 95.93	$ 96.23
   Liquidity and Debt
   Cash and cash equivalents	$ 157,597
   Subsequent committed/funded financing	31,471
   Unused credit facilities	245,800
   Total Available Liquidity	$ 434,868
   Total mortgage principal outstanding	$ 3,614,658	$ 3,623,470
   Debt to EBITDA (2)	9.73	9.99
   Debt to Total Assets (2)	43.2%	42.3%
   Interest Coverage Ratio (Rolling 4 quarters)	3.04	3.08

   1. This is a non-GAAP financial measure.

   2. Please refer to the section titled “Presentation of Non-GAAP Measures” in this MD&A for more information.

   The Trust’s fair value of its investment properties as at March 31, 2026, decreased from year end, primarily attributable to a decrease in market rents in Calgary, a slight increase to cap rates and the Trust’s dispositions activity. The Trust’s stabilized capitalization rate (“Cap Rate”) increased to 5.26% for Q1 2026 compared to 5.19% at year end. The Cap Rate ranges utilized continue to be in line with recently published third party quarterly Cap Rate reports.

   SOLID OPERATIONAL RESULTS
   Portfolio Highlights for the First Quarter of 2026	Mar. 2026	Mar. 2025
   Average Occupancy (Quarter Average) (1)	97.29%	97.83%
   Average Monthly Rent (Period Ended)	$ 1,557	$ 1,506
   Average Market Rent (Period Ended) (2)	$ 1,688	$ 1,665
   Average Occupied Rent (Period Ended) (3)	$ 1,601	$ 1,538
   Mark-to-Market Revenue Gain (Period Ended) ($ millions)	$ 34.7	$ 50.1
   Mark-to-Market Revenue Gain Per Unit (Period Ended)	$ 0.66	$ 0.94

   1. Average occupancy is adjusted to be on a same property basis.

   2. Market rent is a component of rental revenue and is calculated as of the first day of each month as the average rental revenue amount a willing landlord might reasonably expect to receive, and a willing tenant might reasonably expect to pay, for a tenancy, before adjustments for other rental revenue items such as incentives, vacancy loss, fees, specific recoveries, and revenue from commercial tenants.

   3. Occupied rent is a component of rental revenue and 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.

May	Jun.	Jul.	Aug.	Sep.	Oct.	Nov.	Dec.	Jan.	Feb.	Mar.	Apr.	May
2025	2025	2025	2025	2025	2025	2025	2025	2026	2026	2026	2026	2026

Same Property Portfolio

Occupancy – As Reported 98.0% 97.8% 97.7% 97.6% 97.9% 97.8% 97.7% 97.5% 97.5% 97.3% 97.2% 97.1% 97.1%

The Trust retained high occupancy during Q1 2026 by focusing on retention and by leveraging its vertically-integrated operating platform to limit the time to complete unit turnovers. The Trust’s approach to strategically moderate its lease renewal rates over the last number of years, while markets were heavily undersupplied, also contributes to maintaining higher occupancy in a more balanced market. Positive market rent adjustments were implemented in some communities where rental market fundamentals were strong. In other communities, market rents were adjusted downward in pockets that have experienced higher deliveries of new supply and where rents were on the higher end of the price spectrum. Overall, demand remains strong for affordable housing. Average occupied rent increased sequentially, and when compared to the same period a year ago. The Trust continues to focus on maintaining high occupancy, reducing or eliminating past incentives on lease renewals, leasing at market rents for new leases and adjusting market rents in communities where appropriate.

For the first quarter of 2026, same property rental revenue increased 2.8% while same property total rental expense decreased by 4.1%, resulting in same property NOI growth of 6.8% in comparison to the same quarter in the prior year. Same property rental revenue increased due to higher in-place occupied rents and lower incentives, partially offset by a higher vacancy loss.

In Edmonton, NOI growth was 11.0% for the first quarter of 2026 compared to the same period in the prior year. The overall growth was driven by lower utilities, insurance premiums and property tax expense. The overall positive increase was partially offset by higher building repairs and maintenance.

Saskatchewan’s market continues to be strong with the Trust’s portfolio in the region realizing 5.6% same property NOI growth in the first quarter of 2026 versus the same period last year. The NOI improvement is a result of strong same property revenue growth due to lower incentives as well as market rent increases, coupled with low operating expenses.

In Ontario, NOI growth was 7.4% in the first quarter of 2026 compared to the first quarter of 2025. The mark-to-market opportunity on turnover contributed to same property rental revenue growth of 3.4% coupled with decreases in utilities, which was partially offset by increases in property taxes.

In Quebec, NOI growth was 6.5% compared to the same quarter in the prior year. The overall growth was driven by increases in occupied rents as well as lower wages and salaries, partially offset by higher building repairs and maintenance, and bad debt expense.

In British Columbia, decreases in rental revenue of 2.7% and total rental expenses decreases of 9.8%, resulted in a decrease in same property NOI of 1.1% in the first quarter of 2026 compared to the first quarter of 2025.

As shown in our updated guidance further in this letter, Boardwalk remains positioned to deliver positive NOI growth in 2026.

% Rental

% Total Rental

% Net Operating

Same Property Mar. 31, 2026 – 3 M	# of Suites	Revenue Growth	Expenses Growth	Income Growth	% of NOI
Edmonton	11,807	3.0%	(8.8)%	11.0%	34.1%
Calgary	6,642	0.9%	(3.1)%	2.6%	25.3%
Other Alberta	1,936	4.8%	0.9%	7.4%	5.0%
Alberta	20,385	2.3%	(6.1)%	7.3%	64.4%
Quebec	5,414	4.5%	1.3%	6.5%	14.6%
Saskatchewan	3,505	3.6%	(0.5)%	5.6%	11.5%
Ontario	3,019	3.4%	(2.8)%	7.4%	8.1%
British Columbia	238	(2.7)%	(9.8)%	(1.1)%	1.4%
	32,561	2.8%	(4.1)%	6.8%	100.0%

STRONG LIQUIDITY POSITION

In the first quarter of 2026, Boardwalk renewed $300.9 million of its maturing mortgages at a weighted average interest rate of 3.76% while extending the term of these mortgages by an average of 7.1 years. The Trust paid out a mortgage of $3.5 million during the quarter and three additional mortgages subsequently to quarter end totaling $59.5 million (excluding mortgages that were associated with assets held for sale at the end of the quarter). The four mortgages had a combined weighted average interest rate of 4.74%. Three of the four mortgages were conventional mortgages.

For the remainder of 2026, the Trust anticipates $491.5 million of mortgages payable maturing with an average in-place interest rate of 2.51% and will continue to renew these mortgages as they mature. Current market five and 10-year CMHC financing rates are estimated to be approximately 3.90% and 4.30%, respectively. To date, the Trust has renewed or forward-locked the interest rate on

$345.5 million of its maturing mortgages in 2026 at an average interest rate of 3.75% and an average term of 6.8 years. When combined with mortgages paid out to date, this represents 49.2% of the Trust’s maturing mortgages in 2026. The Trust remains well positioned with a laddered maturity schedule within its mortgage program, a disciplined capital allocation program and continued use of CMHC funding, which decreases the renewal risk on its existing mortgages.

STRATEGIC CAPITAL ALLOCATION

The Trust remains active sourcing additional capital from asset sales to re-deploy toward opportunities that will enhance the Trust’s cash flows per unit and maximize risk-adjusted returns.

During the first quarter and subsequently to quarter end, the Trust has closed on eight previously announced sales comprising 989 suites in Edmonton (Valley Ridge Tower, Tower Hill, The Palisades), Québec City (Place Charlesbourg, Place Chamonix, Place Samuel de Champlain), and Montréal (Jardins Viva/Le Bienville) for a combined gross sales price of $189.0 million.

Subsequent to the quarter end, the Trust has finalized the sale of five additional communities in Edmonton (Capital View Tower, Kingsway Tower, The Edge), Regina (Lockwood Arms Apartments) and Saskatoon (Lawson Village) for a combined gross sales price of

$117.0 million. The five communities are being sold to two separate purchasers and the sales are anticipated to close in May 2026.

Gross Sales Price

Price Per Suite

Exit Cap

Mortgage Assumed/ Payout

WA

Interest

Name	Market	Closing Date	($millions)(1)	(rounded)	Suites	WA Age	Rate	($millions)	Rate
Newly Announced
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/	Edmonton, AB/ Regina, SK
Lawson Village Saskatoon, SK		May 2026	$ 77.0	$ 206,000	374	1995	6.0%	$ 36.3	3.42%
Previously Disclosed 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%

1. Excludes transaction costs and other customary adjustments.

At its current valuation, the Trust is prioritizing the repurchase of Trust Units through the Trust’s Normal Course Issuer Bid (“NCIB”) program. Year-to-date through April, the Trust has invested $102.3 million into the repurchase and cancellation of 1,551,400

Trust Units at a weighted average price of $65.92. With the Trust’s significant liquidity available and increased target for asset sales through the remainder of 2026, the Trust continues to invest in its own undervalued portfolio while retaining optionality to capitalize on external growth opportunities that may present in a more competitive leasing environment.

Trust Units

Weighted

Invested Capital ($millions,

Period	Repurchased (1)	Average Price	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
Q1 2026	1,005,800	$ 65.65	$ 66.0
April 2026	545,600	$ 66.43	$ 36.2
January – April 2026	1,551,400	$ 65.92	$ 102.3

1. Based on trading date.

UPDATE TO 2026 FINANCIAL GUIDANCE

Boardwalk’s outlook for the remainder of 2026 is for positive same property NOI growth across its portfolio as demand for affordable multi-family housing remains resilient. The Trust anticipates inflationary positive blended leasing spreads overall throughout the remainder of 2026. The Trust has updated its guidance to incorporate increased property tax expectations resulting mainly from the higher provincial education levy in Alberta, as well as higher assessed values in the Trust’s Western markets.

The Trust has also factored in the net impact of increased sales activity and the active redeployment of the proceeds announced to date. With Q1 finalized, the Trust is updating and tightening its guidance range as follows:

	Q1 2026 Updated Guidance	2026 Original Guidance	2025 Actual
Same Property NOI Growth	+1.0% to +3.5%	+1.5% to +4.5%	9.0%
FFO Per Unit (1)	$4.60 to $4.80	$4.65 to $4.90	$4.65
AFFO Per Unit (1)(2)	$3.94 to $4.14	$3.99 to $4.24	$4.02

1. Please refer to the section titled “Presentation of Non-GAAP Measures” in this MD&A for more information.

2. Utilizing a Maintenance CAPEX expenditure of $1,009/suite/year in 2026 and $979/suite/year in 2025.

The Trust is anticipating further asset sales throughout the remainder of the year and is increasing its target for the full year to

$400-$500 million of total asset sales.

The reader is cautioned that this information is forward-looking and actual results may vary from those forecasted. The Trust reviews the assumptions used to derive its forecast quarterly, and based on this review, may adjust its outlook accordingly.

EXCEPTIONAL VALUE

The Trust’s current trading price represents exceptional value relative to the quality of the underlying real estate and replacement costs.

Recent private market sales transactions of apartment buildings in our core markets have occurred at prices in line with or above Boardwalk’s fair value of its assets of approximately $247,000 per suite, when adjusted for suite mix and asset quality. This valuation represents approximately a trailing 5.1% cap rate on Boardwalk’s most recent 12 months of NOI.

At the current unit price of $66 per Trust Unit, Boardwalk’s implied value is approximately $199,000 per suite and represents an attractive 6.3% cap rate on trailing NOI.

FIRST QUARTER REGULAR MONTHLY DISTRIBUTION ANNOUNCEMENT

The Trust has confirmed its monthly cash distribution for the months of June, July, and August 2026 as follows:

Month	Per Unit	Annualized	Record Date	Distribution Date
June 2026	$ 0.15	$ 1.80	June 30, 2026	July 15, 2026
July 2026	$ 0.15	$ 1.80	July 31, 2026	August 17, 2026
August 2026	$ 0.15	$ 1.80	August 31, 2026	September 15, 2026

In line with Boardwalk’s distribution policy of maximum re-investment, the Trust’s payout ratio remains conservative at 36.4% of Q1 2026 FFO; and 34.4% of the last 12 months FFO, excluding non-cash distributions.

Boardwalk’s regular monthly distribution provides a stable and attractive yield for the Trust’s Unitholders.

IN CONCLUSION

Boardwalk remains committed to extending its track record of delivering a win-win outcome for all our stakeholders. Our strategy statement reflects this commitment by positioning Boardwalk as the first choice in multi-family apartment communities to work, invest and call home with our Boardwalk Family Forever. Grounded in our purpose, Bringing you Home to Love Always, and guided by our values, we believe this approach supports operating excellence, strengthens our communities and underpins disciplined capital allocation delivering resilient performance.

Thank you to our Unitholders for your support, as we remain focused on delivering strong and sustainable results.

Thank you to our Team and all our partners for your invaluable efforts and dedication in creating exceptional communities for our Resident Family Members.

And lastly, thank you to our Resident Family Members for making Boardwalk your home. With our love always,

sam kolias,

Chairman of the Board and Chief Executive Officer

Management’s Discussion and Analysis

For the Three Months Ended, March 31, 2026 and 2025

GENERAL AND FORWARD-LOOKING STATEMENTS ADVISORY

General

The terms “Boardwalk”, “Boardwalk REIT”, the “REIT”, the “Trust”, “we”, “us” and “our” in the following Management’s Discussion and Analysis (“MD&A”) refer to Boardwalk Real Estate Investment Trust. Financial data, including related historical comparatives, provided in this MD&A has been prepared in accordance with IFRS® Accounting Standards, as issued by the International Accounting Standards Board (“IFRS Accounting Standards”). This MD&A is current as of May 4, 2026, unless otherwise stated, and should be read in conjunction with Boardwalk’s unaudited condensed consolidated interim financial statements for the three months ended March 31, 2026 and 2025, as well as Boardwalk’s audited annual consolidated financial statements for the years ended December 31, 2025 and 2024, which have also been prepared in accordance with IFRS Accounting Standards, together with this MD&A, copies of which have been filed electronically with securities regulators in Canada through the System for Electronic Document Analysis and Retrieval (“SEDAR+”) and may be accessed through the SEDAR+ website at https://www.sedarplus.ca. Historical results and percentage relationships contained in the unaudited condensed consolidated interim financial statements, audited annual consolidated financial statements, and this MD&A, including trends, should not be read as indicative of future operations.

Provided all of the Trust’s income each year is paid or made payable to Unitholders (as defined below), then the Trust itself would generally not be subject to income tax. Boardwalk intends to distribute or allocate all of its taxable income of the Trust to its Unitholders and to deduct these distributions for income tax purposes. The Income Tax Act (Canada) (the “Tax Act”) contains legislation affecting the tax treatment of publicly traded trusts (the “SIFT Legislation”), which if applicable, would tax the Trust in a manner similar to a corporation and tax certain distributions from such trusts as taxable dividends from a taxable Canadian corporation. A trust which qualifies under the Tax Act as a real estate investment trust is not subject to tax under SIFT Legislation (the “REIT Exemption”). Boardwalk qualified for the REIT Exemption and intends to continue to qualify for the REIT Exemption on an ongoing basis. Further discussion of this is contained in this MD&A.

Certain information contained in this MD&A concerning the economy generally and relating to the industry in which the Trust operates has been obtained from publicly and/or industry available information from third party sources, including both the Bank of Canada’s April 2026 Monetary Policy Report and the Royal Bank of Canada’s March 2026 Provincial Report. The Trust has not verified the accuracy or completeness of any information contained in such publicly available information. In addition, the Trust has not determined if there has been any omission by any such third party to disclose any facts, information, or events which may have occurred prior to or subsequent to the date as of which any such information contained in such publicly available information has been furnished or which may affect the significance or accuracy of any information contained in any such information and summarized herein.

Unless otherwise indicated, all amounts are expressed in Canadian dollars.

Forward-Looking Statements Advisory

Certain information included in this MD&A contains forward-looking statements and information (collectively “forward-looking statements”) within the meaning of applicable securities laws. These forward-looking statements relate to, among other things, Boardwalk’s objectives, including, but not limited to, the REIT’s 2026 financial outlook and market guidance, the expectation that Boardwalk will continue to qualify for the REIT Exemption, increasing and maintaining its occupancy rates, environmental, social and governance (“ESG”) initiatives and objectives, and future acquisition and development opportunities, including its plans for land in Victoria, British Columbia and its long-term strategic plan of opportunistic acquisitions and investments, the anticipated timing to close the sale of non-core assets in Edmonton, Alberta, Saskatoon, Saskatchewan, and Regina, Saskatchewan, its strategies to achieve objectives and business optimization, expectations regarding Boardwalk’s vision and its strategies to achieve that vision, expected value enhancements through Boardwalk’s branding initiative and suite renovation program, expected demand for housing and expected occupancy rates, the Trust’s ability to provide the optimal return to Unitholders and payment of all of the REIT’s taxable income to Unitholders, the Trust’s intention to redeploy capital towards long-term value creation and maintain consistent and sustainable distributions while optimizing capital allocation, Boardwalk’s goal of expanding geographically and diversifying its brand, expected increases in property taxes, utilities, and insurance costs, the anticipated impact of

inflation and higher interest rates and fluctuations related thereto, the possibility of economic contractions as a result of a potential recession, Boardwalk’s goal to offer select incentives implemented to maintain occupancy levels, Boardwalk’s operational sensitivities, Boardwalk’s focus on optimizing performance measures, the competitive nature of the real estate industry, Boardwalk’s competitive status and strategies to remain competitive, the Trust’s plans with respect to adjustment of rental rates, real estate trends and the seasonality of the industry, depreciation adjustments, the Trust’s intention to dispute the notices of reassessment with Canada Revenue Agency (“CRA”) Appeals Division, plans for capital improvement projects, maintenance, capital expenditure, and investment properties, changes in Boardwalk’s community classifications, financing costs, conversion of

short-term mortgages to long-term, use, review and alteration of critical accounting policies and IFRS Accounting Standards, factors impacting the Trust’s ability to manage economic rental revenue, as well as statements with respect to management of the Trust’s beliefs, plans, estimates, assumptions, intentions, and similar statements concerning anticipated future events, results, circumstances, performance, or expectations that are not historical facts. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “outlook”, “objective”, “may”, “will”, “would”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “should”, “plan”, “continue”, or similar expressions suggesting future outcomes or events. Such forward-looking statements reflect management of the Trust’s current beliefs and are based on information currently available to management of the Trust at the time such statements are made. Management of the Trust’s estimates, beliefs, and assumptions are inherently subject to significant business, economic, competitive and other uncertainties and contingencies regarding future events and as such, are subject to change. All forward-looking statements in this MD&A are qualified by these cautionary statements.

Forward-looking statements are not guarantees of future events or performance and, by their nature, are based on Boardwalk’s current estimates and assumptions, which are subject to risks and uncertainties, including those described in Boardwalk REIT’s Annual Information Form for the year ended December 31, 2025, (“AIF”) dated February 18, 2026, under the heading “Challenges and Risks”, which could cause actual events or results to differ materially from the forward-looking statements contained in this MD&A. Those risks and uncertainties include, but are not limited to, those related to liquidity in the global marketplace associated with current economic conditions, the imposition of any tariffs, surtaxes or other restrictive trade measures or countermeasures affecting trade between Canada and the United States, real estate industry risks, changes in regulation and applicable law, including rent control regulations, tenant rental rate concessions, occupancy levels, access to debt and equity capital, changes to Canada Mortgage and Housing Corporation (“CMHC”) rules regarding mortgage insurance, interest rates, joint arrangements/partnerships, the relative illiquidity of real property, unexpected costs or liabilities related to acquisitions, construction, environmental matters, climate-related risks, competition in the real estate industry, ground lease interruption, fluctuation in cash distributions, cyber incidents, availability of workforce, credit risk respecting tenants, supply and demand fluctuations, utility and tax expenses, increased costs of materials used in construction including increased costs as a result of increased or new tariffs imposed by local or foreign governments, uninsured perils, legal matters, reliance on key personnel, Unitholder liability, income taxes, limitations on interest deductibility and changes to income tax rules that impair the ability of Boardwalk to qualify for the REIT Exemption. This is not an exhaustive list of the factors that may affect Boardwalk’s forward-looking statements. Other risks and uncertainties not presently known to Boardwalk could also cause actual results or events to differ materially from those expressed in its forward-looking statements. Material factors or assumptions that were applied in drawing a conclusion or making an estimate set out in the forward-looking statements may include, but are not limited to, the impact of economic conditions in Canada and globally, the REIT’s future growth potential, prospects and opportunities, 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, the timing to deploy equity proceeds, the impact of accounting principles under IFRS Accounting Standards, general industry conditions and trends, changes in laws and regulations including, without limitation, changes in tax laws, increased competition, the availability of qualified personnel, fluctuations in foreign exchange or interest rates, and stock market volatility. Although the forward-looking statements contained in this MD&A are based upon what management of the Trust believes are reasonable assumptions, there can be no assurance actual results will be consistent with these forward-looking statements and no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur at all, or if any of them do so, what benefits that Boardwalk will derive from them. As such, undue reliance should not be placed on forward-looking statements. Certain statements included in this MD&A may be considered “financial outlook” or “future oriented financial information (FOFI)” for purposes of applicable securities laws, all of which are subject to the same assumptions, risk factors, limitations and qualifications as set forth above. The actual results of operations of the Trust and the resulting financial results will likely vary from the amounts set forth in this MD&A and such variation may be material. Boardwalk REIT and its management believe that the FOFI contained in this MD&A has been prepared on a reasonable basis, reflecting management of the Trust’s best estimates and judgements. However, because this information is subjective and subject to numerous risks, it should not be relied on as necessarily indicative of future results. FOFI contained in this MD&A was made as of the date of this MD&A and was provided for the purpose of providing further information about the Trust’s anticipated future business operations. Readers are cautioned that the FOFI contained in this MD&A should not be used for purposes other than for which it is disclosed herein.

Except as required by applicable law, Boardwalk undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

Executive Summary

BUSINESS OVERVIEW

Boardwalk REIT is an unincorporated, open-ended real estate investment trust created pursuant to a Declaration of Trust, dated January 9, 2004, as amended and restated on various dates between May 3, 2004, and May 6, 2024 (the “Declaration of Trust” or “DOT”), under the laws of the Province of Alberta. Boardwalk REIT was created to provide affordable multi-family homes where love always lives, investing in multi-family residential properties, or interests, initially through the acquisition of assets and operations of Boardwalk Equities Inc. (the “Corporation”).

Boardwalk REIT’s units (the “Trust Units”) trade on the Toronto Stock Exchange (“TSX”) under the trading symbol ‘BEI.UN’. Additionally, the Trust has 4,200,000 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. Boardwalk REIT’s principal objectives are to provide Resident Family Members (as defined herein) with superior quality rental communities and the best tenant/customer service, provide its holders (“Unitholders”) of Trust Units with stable monthly cash distributions, and to increase the value of the Trust Units through the effective management of its residential multi-family revenue producing properties, renovations and upgrades to its current portfolio, and the acquisition and/or development of additional, accretive properties or interests therein. As at March 31, 2026, Boardwalk REIT owned and operated in excess of 200 properties, comprised of approximately 34,000 residential suites, and totaling approximately 30 million net rentable square feet. At the end of the first quarter of 2026, Boardwalk REIT’s property portfolio was located in the provinces of British Columbia, Alberta, Saskatchewan, Ontario, and Quebec.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE OVERVIEW

The Trust is committed to ESG objectives and initiatives, including working towards reducing greenhouse gas emissions as well as electricity and natural gas consumption, water conservation, waste minimization, Resident Family Member satisfaction and a continued focus on governance and oversight. As part of its 2025 annual reporting, the Trust will be publishing its ESG Report in May 2026, which will be available on the Trust’s website at https://www.bwalk.com/en-ca/investors/esg. The ESG Report does not form a part of this MD&A.

MD&A OVERVIEW

This MD&A focuses on key areas from the unaudited condensed consolidated interim financial statements for the three months ended March 31, 2026 and 2025, and pertains to major known risks and uncertainties relating to the real estate industry, in general, and the Trust’s business, in particular. This discussion should not be considered all-inclusive as it excludes changes that may occur in general economic, political, and environmental conditions. Additionally, other elements may or may not occur, which could affect the organization in the future. Please refer to the section titled “General and Forward-Looking Statements Advisory – Forward-Looking Statements Advisory” in this MD&A. To ensure that the reader is obtaining the best overall perspective, this discussion should be read in conjunction with material contained in the unaudited condensed consolidated interim financial statements for the three months ended March 31, 2026 and 2025, Boardwalk REIT’s 2025 Annual Report, the audited annual consolidated financial statements for the years ended December 31, 2025 and 2024, and the AIF, each of which are available under the REIT’s profile on https://www.sedarplus.ca.

OUTLOOK

The Bank of Canada’s April 2026 Monetary Policy report, released on April 29, indicates that the Canadian economy is growing at a modest pace while adjusting to persistent U.S. tariffs and heightened global uncertainty stemming from the war in the Middle East. Economic growth is being supported by consumer and government spending, while exports, business investment, and housing activity remain weak due to trade restrictions, affordability challenges, and softer external demand. Inflation, which had been near the 2% target, has increased temporarily, largely reflecting higher energy prices, and is expected to peak in April at about 3% before returning to the 2% target in early 2027, assuming oil prices decline as projected. Looking ahead, the Bank of Canada expects economic growth to strengthen gradually as trade conditions improve, investment recovers, productivity benefits from increased

adoption of artificial intelligence are realized, and excess capacity in the economy is absorbed. However, the Bank of Canada remains cautious and emphasizes that the outlook is highly dependent to the outcome of the U.S. trade negotiations and the severity of the impacts from the Middle East conflict.

The Royal Bank of Canada (“RBC”) March 2026 Provincial Report noted that Canada’s economy has remained more resilient than anticipated, despite ongoing global uncertainty, slowdown in population growth, and lingering trade-related risks. While overall growth remains modest, per-capita GDP expanded for the first time in several years, supported by stabilizing trade conditions, improving labour dynamics, and earlier interest rate cuts from the Bank of Canada. The majority of Canadian exports continue to benefit from tariff exemptions under Canadian-United States-Mexico Agreement (“CUSMA”), cushioning the impact from tariffs introduced in 2025. Unemployment rates have also gradually declined as the labour demand remains firm relative to labour supply. These improvements are partially offset by higher energy prices driven by the Middle East conflict, adding to affordability pressures for Canadian households.

At the provincial level, RBC anticipates the economic outlook across Canadian provinces to vary due to the sectoral exposure of each province to the ongoing challenging global environment and trade tensions. Oil producing provinces are positioned to outperform, with Alberta leading due to elevated energy prices, higher production and increased investments, which has improved RBC’s outlook on Alberta’s real GDP growth forecast from 2.3% to 2.5%. Saskatchewan is also benefiting from higher commodity prices, with real GDP growth revised upward from 2.1% to 2.3%, reflecting strength in energy and resource driven sectors. In contrast, British Columbia, Ontario, and Quebec face more challenging conditions. Slowing population growth is dampening domestic growth in British Columbia and Ontario, where non-permanent residents account for a larger share of the population. RBC continues to anticipate Quebec and Ontario’s GDP growth to be constrained as the manufacturing sectors remain more exposed to U.S. tariff trade disruptions. As a result, RBC has lowered its 2026 growth forecast for Ontario from 1.1% to 0.9%, and from 1.2% down to 0.8% for Quebec, which remain at the back of the provincial growth ranking alongside British Columbia.

On November 27, 2025, the Government of Canada and the Government of Alberta signed a Memorandum of Understanding (“MOU”) to boost production, exports, infrastructure, and economic growth while working toward net-zero emissions by 2050. The MOU commits to cooperation on major projects, including an oil pipeline that may serve Asian markets with Indigenous co-ownership and economic benefits, the world’s largest carbon capture and storage network, expanded electricity generation, AI data-centre infrastructure, and streamlined regulatory approvals and coordinated carbon pricing. The federal government has also agreed to suspend certain federal emissions regulations and recognize Alberta’s industrial carbon pricing framework. Together, these measures seek to unlock and fully harness Western Canada’s resources, positioning Canada as a global energy leader. As Prime Minister Mark Carney has previously stated, “Canada has a tremendous opportunity to be the world’s leading energy superpower, in both clean and conventional energy”. Upon signing of the MOU, he further observed that the agreement “sets the stage for an industrial transformation. At the core of the agreement…is a priority to have a pipeline to Asia. That’s going to make Canada stronger, more independent, more resilient, more sustainable.”

In January 2026, to forge a new Canada-China partnership, Prime Minister Carney undertook an official visit to China, the first by a Canadian Prime Minister since 2017. The new strategic partnership announced includes agreements to expand two-way energy collaboration, attract new investment in Canada’s manufacturing and clean energy sectors, and deepen collaboration in areas such as public safety, security, multilateral cooperation, culture and tourism. The partnership is also set to reduce tariffs on certain Canadian agricultural exports, including a reduction in tariffs on canola seed from roughly 85% to 15%, effectively reopening access to China’s $4.0 billion canola seed market. Tariffs on canola meal, lobsters, crabs, and peas will also be removed. Collectively, these measures will help unlock nearly $3.0 billion in export orders for Canadian workers and businesses, while Canada aims to increase exports to China by 50% by 2030.

On November 4, 2025, the Government of Canada announced its 2026-2028 Immigration Levels Plan (“Immigration Levels Plan”), aimed at recalibrating the immigration system to enable sustainable long-term development and growth. This plan introduces controlled targets for both temporary residents, such as international students and foreign workers, and permanent residents. The Government of Canada acknowledged the vital role that immigration plays in the economy and is prioritizing economic immigration to support the Government’s commitment to attract top talent and fill labour gaps in high-demand occupations, while alleviating pressure on housing, infrastructure, and social services. The Immigration Levels Plan outlines targets for temporary residents of 385,000 in 2026 and 370,000 in 2027 and 2028, with a goal of reducing the temporary population to less than 5% of the total population by the end of 2027. Permanent resident admissions will stabilize at 380,000 from 2026 to 2028, with a focus on attracting skilled workers while addressing distinct regional labour market needs. Management of the Trust is monitoring the Carney

Government’s immigration policies relative to the Immigration Levels Plan announced by the previous government. Although moderate levels of immigration may affect demand in the Trust’s markets, the impact is expected to be managed by the fact that the majority of the Trust’s portfolio is affordable housing in regions where demand remains strong relative to other regions in Canada. Relative to other provinces, Alberta is expected to be less impacted by the new Immigration Levels Plan due to its strong interprovincial migration and lower concentration of non-permanent residents as a percentage of the population. However, there can be no assurance that these portfolio characteristics or regional dynamics will offset reduced immigration levels, and any sustained decline in population growth could have a material adverse effect on the Trust’s business, financial condition, results of operations, and its ability to make distributions.

When considering rent as compared to median renter household income, the Trust’s core, non-price controlled markets remain among the most affordable in the country, continuing to attract migrants and bolster demand, positioning the REIT for stable organic growth. In addition to affordability, demand is further driven by quality of life. For example, Calgary remains in the top 20 most livable cities in the world according to the 2025 Economist Intelligence Unit’s Global Liveability Index. Lastly, economic resilience continues to underpin performance in our core markets. Diversification across regional economies and the financial strengthening of resource companies have enhanced stability, supporting Alberta and Saskatchewan’s position as the top provinces in Canada by GDP per capita. Together these three key factors – affordability, high liveability, and economic resilience – indicate the strength of the markets in which we operate.

The real estate industry may also be negatively impacted by evolving geopolitical tensions and trade uncertainty, ongoing actual or threatened tariffs, surtaxes or other restrictive trade measures or countermeasures affecting trade between Canada and the United States, and specifically the goods and materials used in construction. The formal review of CUSMA, under which most Canadian exports to the United States are exempt, is set to begin July 1, 2026. There remains significant uncertainty regarding the outcome of that review and the nature of restrictive trade measures or countermeasures that may be implemented. Such measures could result in, among other things, a high degree of both cost and price volatility. The Trust continues to monitor these developments and take proactive measures; however, the measures implemented, if any, as well as their scope, impact and duration remain uncertain at this time.

Boardwalk’s Strategy

Community, Team, Performance. Boardwalk, the first choice in multi-family apartment communities to work, invest and call home with our Boardwalk Family Forever. Providing consistent strong total shareholder return through a strategy of operational excellence, innovation, and effective capital allocation.

Driven by our dynamic culture and performance-focused team, Boardwalk is dedicated to creating the best multi-family communities across diverse, affordable, growing housing markets. This is our purpose: to build better communities, where love always lives. Our initiatives include strategic acquisitions in targeted, high-growth markets with limited price-controls, high-return new development, tactical re-investment in the Trust’s high quality portfolio through its normal course issuer bid, dispositions of non-core assets and accretively redeploying capital. Our investment principles prioritize sustainable, long-term growth in funds from operations (“FFO”) and Net Asset Value (“NAV”) per Unit. Please refer to the section titled “Presentation of Non-GAAP Measures” in this MD&A for more information on FFO and NAV. Built into this strategic plan is Boardwalk’s brand diversification through common area upgrades, building improvements, and suite renovations to ensure long-term value for Unitholders and stakeholders.

Resilient rental apartment housing fundamentals in most of Boardwalk’s core markets, paired with the Trust’s proven platform, positions Boardwalk for optimized cash flow growth. Management of the Trust believes that reinvesting maximum cash flow and maintaining a strong balance sheet enables the Trust to pursue external growth opportunities, develop communities in undersupplied markets, enhance value through capital investments, and, when appropriate, invest in our own portfolio through the purchase and cancellation of Trust Units through the REIT’s normal course issuer bid (“NCIB”) implemented in both 2026 and 2025. Management of the Trust continues to review all available options to provide the optimal return to Unitholders.

Brand Diversification

The medium to long-term goal of the Trust is to not only expand geographically, but also diversify its product offering through its three distinct brands.

The Canadian rental housing market has evolved in recent years, with rental demand evident across the price spectrum, from affordability to affordable high-end luxury. In this context, the ability to offer a diverse product offering will allow us to attract and retain a broader demographic to the Boardwalk brand. We believe that our long-term success is closely linked to the vitality of the communities in which we operate. Accordingly, we pursue a multi-brand approach and undertake community renovation and reinvestment programs designed to build communities where our Resident Family Members can feel at home.

Our Multi-brand Strategy

Boardwalk Lifestyle: Our refined Lifestyle communities go above and beyond to provide an elevated experience. Situated in central neighbourhoods, our buildings offer the perfect blend of elegance and convenience, granting Resident Family Members access to the best shopping, dining, and entertainment options. Resident Family Members can immerse themselves in upscale amenities, including fully equipped fitness centres, inviting BBQ patios, spacious Wi-Fi lounges and multi-use community rooms.

Boardwalk Communities: Our vibrant Boardwalk Communities provide our Resident Family Members with excitement and endless fun. These spacious and affordable homes are the perfect backdrop for unforgettable adventures and making lifelong memories. Resident Family Members are able to connect with neighbours at events and find a community where they truly belong.

45%

Living

45%

Communities

10%

Lifestyle

Boardwalk Living: The perfect home for our Resident Family Members’ stories. With a focus on exceptional security, customer

service, and affordability, we aim to provide our Resident Family Members with a sense of belonging. At our Living communities, our Resident Family Members are cherished members of our family.

Boardwalk’s Branding Initiative and Suite Renovation Program

Boardwalk has invested $25.5 million in capital assets for the three months ended March 31, 2026 (three months ended March 31, 2025 –

$22.3 million), including $16.9 million in value-add capital (three months ended March 31, 2025 – $13.8 million), focusing on building improvements, energy efficiency projects, upgrading common areas, and suite renovations. Please refer to the section titled “Financial Condition – Review of Cash Flows – Investing Activities – Maintenance of Productive Capacity” in this MD&A for further discussion on value-add capital. Each of the three brands have different renovation specifications depending on needs and anticipated returns. Market rents are adjusted upward based on an expected rate of return on the strategic investment. Management of the Trust believes these renovations and upgrades will continue to achieve future upward excess market rent adjustments, increased occupancy, as well as cost savings on turnovers. Historic investment in our assets and brands has resulted in a diversified product mix to match varying demand while allowing us to gain and maintain market share with increasing choice for existing and new Resident Family Members.

Boardwalk’s most affordable brand, ‘Boardwalk Living’, receives suite enhancements on an as needed basis, with the focus being on providing affordable suites to this demographic segment. ‘Boardwalk Communities’, the Trust’s core brand, conveys enhanced value and receives major suite upgrades based on need as well as upgrades to existing common areas. ‘Boardwalk Lifestyle’, which exemplifies upgraded, luxury suites, receives the highest level of overall renovations, including significant upgrades to suites and common areas. Additional amenities such as upgraded fitness facilities, Wi-Fi lounges and concierge services may be added when appropriate. In determining a brand that a particular rental community will represent, the Trust looks at a number of criteria, including the building’s location, proximity to existing amenities, suite size, and suite layout. Once renovations are completed, Boardwalk adjusts the rents on these individual suites with the goal of achieving an 8% return on investment. Overall, Boardwalk has and continues to achieve more than its targeted rate of return.

While management of the Trust believes these investments will enhance long-term value, we also recognize the short-term effects of this program, such as temporary higher vacancies and incentives. Rebranding and repositioning communities will take time.

Construction causes disruption to existing Resident Family Members and, depending on the level of investment, may result in higher turnover. Boardwalk continues to reduce the vacancy loss associated with suites being renovated by reducing the time to completion while still lowering the cost ofthe renovations.

DECLARATION OF TRUST

The investment guidelines and operating policies of the Trust are outlined in the DOT, a copy of which is available on request to all Unitholders and is also available under the REIT’s profile on https://www.sedarplus.ca. A more detailed summary of the DOT can also be located in the AIF. Some of the main financial guidelines and operating policies set out in the DOT are as follows:

Investment Guidelines

1. Acquire, hold, develop, maintain, improve, lease, and manage multi-family residential properties and ancillary real estate ventures; and

2. No investment will be made that would disqualify Boardwalk REIT as a “mutual fund trust” or a “registered investment” as defined in the Tax Act.

Operating Policies

1. Interest Coverage Ratio of at least 1.5 to 1;

2. No guaranteeing of third-party debt unless related to direct or indirect ownership or acquisition of real property, including potential joint arrangement partner structures;

3. Third-party surveys of structural and environmental conditions are required prior to the acquisition of a multi-family asset; and

4. Commitment to expending at least 8.5% of its gross consolidated annual rental revenue generated from properties that have been insured by CMHC on on-site maintenance compensation to the employees of the Trust (“Associates”), repairs and maintenance, as well as capital upgrades.

Distribution Policy

Boardwalk REIT may distribute to holders of Trust Units and LP Class B Units on or about each distribution date such percentage of FFO for the calendar month then ended as the Trust’s board of trustees (the “Board of Trustees”) determines in its discretion.

Distributions will not be less than Boardwalk REIT’s taxable income, unless the Board of Trustees, in its absolute discretion, determines another amount. The Board of Trustees reviews the distributions on a quarterly basis and takes into consideration distribution sustainability and whether there are more attractive alternatives to the Trust’s current capital allocation strategy, such as its value-add capital renovation program, brand diversification initiative, acquisitions, repurchases of Trust Units and new construction of multi-family communities in supply-constrained markets.

Compliance with DOT

As at March 31, 2026, the Trust was in compliance with all investment guidelines and operating policies as stipulated in the DOT. More details are provided later in this MD&A with respect to certain detailed calculations.

For the trailing 12-month period ended March 31, 2026, Boardwalk REIT’s interest coverage ratio of consolidated EBITDA (i.e. Earnings Before Interest, Taxes, Depreciation and Amortization) to consolidated interest expense was 3.04 (year ended December 31, 2025 – 3.08). Further details of the Trust’s interest coverage ratio can be found in NOTE 15 to the unaudited condensed consolidated interim financial statements for the three months ended March 31, 2026 and 2025, which are available under the Trust’s profile at https://www.sedarplus.ca.

PRESENTATION OF FINANCIAL INFORMATION

Financial results, including related historical comparatives, contained in this MD&A are based on the Trust’s unaudited condensed consolidated interim financial statements for the three months ended March 31, 2026 and 2025, unless otherwise specified.

PRESENTATION OF NON-GAAP MEASURES

Non-GAAP Financial Measures

Boardwalk REIT prepares its consolidated financial statements in accordance with IFRS Accounting Standards and with the recommendations of REALPAC, Canada’s senior national industry association for owners and managers of investment real estate. REALPAC has adopted non-GAAP financial measures called FFO and Adjusted Funds From Operations (“AFFO”) to supplement operating income and profits as measures of operating performance, as well as a cash flow metric called Adjusted Cash Flow From Operations (“ACFO”). These non-GAAP financial measures are considered to be meaningful and useful measures of real estate operating performance, however, are not measures defined by IFRS Accounting Standards. The discussion below outlines these measurements and the other non-GAAP financial measures used by the Trust. Non-GAAP financial measures are not standardized financial measures under IFRS Accounting Standards and might not be comparable to similar financial measures disclosed by other entities. Non-GAAP financial measures should not be construed as alternatives to IFRS Accounting Standards defined measures.

Funds From Operations

The IFRS Accounting Standards measurement most comparable to FFO is profit. Boardwalk REIT considers FFO to be an appropriate measurement of the performance of a publicly listed multi-family residential entity as it is the most widely used and reported measure of real estate investment trust performance. Profit includes items such as fair value changes of investment property that are subject to market conditions and capitalization rate fluctuations which are not representative of recurring operating performance. Consistent with REALPAC, we define FFO as profit adjusted for fair value gains or losses, distributions on the LP Class B Units, gains or losses on the sale of the Trust’s investment properties, depreciation, deferred income tax, and certain other non-cash adjustments, if any, but after deducting the principal repayment on lease liabilities. Management of the Trust believes that such income is volatile and unpredictable and would significantly dilute the relevance of FFO as a measure of performance. Excluding gains or losses in the calculation of FFO is consistent with the REALPAC definition of FFO. Under IFRS Accounting Standards, the LP Class B Units are considered financial instruments in accordance with IFRS 9 – Financial Instruments. As a result of this classification, their corresponding distribution amounts are considered “financing costs” under IFRS Accounting Standards. REALPAC recognizes this classification, however, adds the distributions that were treated as an interest expense back when calculating FFO, which suggests these puttable instruments are similar to equity. Management of the Trust agrees these distribution payments, are similar to equity, as these amounts are only payable if the Trust declares distributions, and only for the amount of any distributions declared, both of which are at the discretion of the Board of Trustees as outlined in the DOT. Therefore, these distributions are excluded from the calculation of FFO, consistent with the treatment of distributions paid to all other Unitholders. The reconciliation from profit under IFRS Accounting Standards to FFO can be found under the section titled “Performance Review – FFO and AFFO Reconciliations” in this MD&A. The Trust uses FFO to assess operating performance and its distribution paying capacity, determine the level of Associate incentive-based compensation, and decisions related to investment in capital assets. To facilitate a clear understanding of the combined historical operating results of Boardwalk REIT, management of the Trust believes FFO should be considered in conjunction with profit as presented in the unaudited condensed consolidated interim financial statements for the three months ended March 31, 2026 and 2025.

Adjusted Funds From Operations

Similar to FFO, the IFRS Accounting Standards measurement most comparable to AFFO is profit. Boardwalk REIT considers AFFO to be an appropriate measurement of a publicly listed multi-family residential entity as it measures economic performance after deducting for maintenance capital expenditures to the existing portfolio of investment properties. AFFO is determined by taking the amounts reported as FFO and deducting what is commonly referred to as “Maintenance Capital Expenditures” or “Maintenance CAPEX”.

Maintenance Capital Expenditures are expenditures that, by standard accounting definition, are accounted for as capital in that the expenditure itself has a useful life in excess of the current financial year and maintains the value of the related assets. The reconciliation of AFFO can be found under the section titled “Performance Review – FFO and AFFO Reconciliations” in this MD&A. The Trust uses AFFO to assess operating performance and its distribution paying capacity, and decisions related to investment in capital assets. A more detailed discussion is provided under the section titled “Review of Cash Flows – Investing Activities -Maintenance of Productive Capacity” in this MD&A.

Adjusted Cash Flow From Operations

The IFRS Accounting Standards measurement most comparable to ACFO is cash flow from operating activities. ACFO is a non-GAAP financial measure of sustainable economic cash flow available for distributions. ACFO should not be construed as an alternative to cash flow from operating activities as determined under IFRS Accounting Standards. A reconciliation of ACFO to cash flow from operating activities as shown in the Trust’s Consolidated Statements of Cash Flows is also provided under the section titled “Review of Cash Flows – Operating Activities” in this MD&A, along with added commentary on the sustainability of Trust Unit distributions. The Trust uses ACFO to assess its distribution paying capacity.

Boardwalk REIT’s presentation of FFO, AFFO, and ACFO are materially consistent with the definitions provided by REALPAC. These measurements are not, however, necessarily indicative of cash that is available to fund cash needs and should not be considered alternatives to cash flow as a measure of liquidity. FFO, AFFO, and ACFO do not represent earnings or cash flow from operating activities as defined by IFRS Accounting Standards. FFO and AFFO should not be construed as an alternative to profit determined in accordance with IFRS Accounting Standards as indicators of Boardwalk REIT’s performance. In addition, Boardwalk REIT’s calculation methodology for FFO, AFFO, and ACFO may differ from that of other real estate companies and trusts.

Adjusted Real Estate Assets

The IFRS Accounting Standards measurement most comparable to Adjusted Real Estate Assets is investment properties. Adjusted Real Estate Assets is comprised of investment properties, equity accounted investment, investment properties related to assets held for sale, loan receivable, and cash and cash equivalents. Adjusted Real Estate Assets is useful in summarizing the real estate assets owned by the Trust and it is used in the calculation of NAV, which management of the Trust believes is a useful measure in estimating the entity’s value. The reconciliation from Investment Properties under IFRS Accounting Standards to Adjusted Real Estate Assets can be found under the section titled “Capital Structure and Liquidity – Net Asset Value Per Unit” in this MD&A.

Adjusted Real Estate Debt

The IFRS Accounting Standards measurement most comparable to Adjusted Real Estate Debt is total mortgage principal outstanding. Adjusted Real Estate Debt is comprised of total mortgage principal outstanding, mortgage principal outstanding related to assets held for sale, total lease liabilities attributable to land leases, and construction loan payable. It is useful in summarizing the Trust’s debt which is attributable to its real estate assets and is used in the calculation of NAV, which management of the Trust believes is a useful measure in estimating the entity’s value. The reconciliation from total mortgage principal outstanding under IFRS Accounting Standards to Adjusted Real Estate Debt can be found under the section titled “Capital Structure and Liquidity – Net Asset Value per Unit” in this MD&A.

Adjusted Real Estate Debt, net of Cash

Adjusted Real Estate Debt, net of Cash, is most directly comparable to the IFRS Accounting Standards measure of total mortgage principal outstanding. Adjusted Real Estate Debt, net of Cash is comprised of the sum of total mortgage principal outstanding, mortgage principal outstanding related to assets held for sale, total lease liabilities attributable to land leases, and construction loan payable, then reduced by cash and cash equivalents. It is useful in summarizing the Trust’s debt which is attributable to its real estate assets and is used in the calculation of Debt to EBITDA. The reconciliation from total mortgage principal outstanding under IFRS Accounting Standards to Adjusted Real Estate Debt, net of Cash can be found under the section titled “Capital Structure and Liquidity -Debt to EBITDA” in this MD&A.

Net Asset Value

The IFRS Accounting Standards measurement most comparable to NAV is Unitholders’ Equity. With real estate entities, NAV is the total value of the entity’s investment properties, equity accounted investment, investment properties related to assets held for sale, loan receivable, and cash and cash equivalents minus the total value of the entity’s debt. The Trust determines NAV by taking Adjusted Real Estate Assets and subtracting Adjusted Real Estate Debt, which management of the Trust believes is a useful measure in estimating the entity’s value. The reconciliation from Unitholders’ Equity under IFRS Accounting Standards to NAV can be found under the section titled “Capital Structure and Liquidity – Net Asset Value per Unit” in this MD&A.

Non-GAAP Ratios

The discussion below outlines the non-GAAP ratios used by the Trust. Each non-GAAP ratio has a non-GAAP financial measure as one or more of its components, and, as a result, does not have a standardized meaning prescribed by IFRS Accounting Standards and therefore may not be comparable to similar financial measurements presented by other entities. Non-GAAP financial measures should not be construed as alternatives to IFRS Accounting Standards defined measures.

FFO per Unit, AFFO per Unit, ACFO per Unit, and NAV per Unit

FFO per Unit includes the non-GAAP financial measure FFO as a component in the calculation. The Trust uses FFO per Unit to assess operating performance on a per Unit basis, as well as determining the level of Associate incentive-based compensation.

AFFO per Unit includes the non-GAAP financial measure AFFO as a component in the calculation. The Trust uses AFFO per Unit to assess operating performance on a per Unit basis and its distribution paying capacity.

ACFO per Unit includes the non-GAAP financial measure ACFO as a component in the calculation. The Trust uses ACFO per Unit to assess its distribution paying capacity.

FFO per Unit, AFFO per Unit, and ACFO per Unit are calculated by taking the non-GAAP ratio’s corresponding non-GAAP financial measure and dividing by the weighted average Trust Units outstanding for the period on a fully diluted basis, which assumes conversion of the LP Class B Units and vested deferred units determined in the calculation of diluted per Trust Unit amounts in accordance with IFRS Accounting Standards.

NAV per Unit includes the non-GAAP financial measure NAV as a component in the calculation. Management of the Trust believes it is a useful measure in estimating the entity’s value on a per Unit basis, which an investor can compare to the entity’s Trust Unit price which is publicly traded to help with investment decisions.

NAV per Unit is calculated as NAV divided by the Trust Units outstanding as at the reporting date on a fully diluted basis which assumes conversion of the LP Class B Units and vested deferred units outstanding.

Debt to EBITDA

Debt to EBITDA is calculated by dividing Adjusted Real Estate Debt, net of Cash by consolidated EBITDA. The Trust uses Debt to EBITDA to understand its capacity to pay off its debt.

Debt to Total Assets

Debt to Total Assets is calculated by dividing Adjusted Real Estate Debt by Total Assets. The Trust uses Debt to Total Assets to determine the proportion of assets which are financed by debt.

FFO per Unit Future Financial Guidance

FFO per Unit Future Financial Guidance is calculated as FFO Future Financial Guidance divided by the estimated weighted average Trust Units and LP Class B Units outstanding throughout the year. Boardwalk REIT considers FFO per Unit Future Financial Guidance to be an appropriate measurement of the estimated future financial performance based on information currently available to management of the Trust at the date of this MD&A.

AFFO per Unit Future Financial Guidance

AFFO per Unit Future Financial Guidance is calculated as AFFO Future Financial Guidance divided by the estimated weighted average Trust Units and LP Class B Units outstanding throughout the year. Boardwalk REIT considers AFFO per Unit Future Financial Guidance to be an appropriate measurement of the estimated future profitability based on information currently available to management of the Trust at the date of this MD&A.

FFO Payout Ratio, AFFO Payout Ratio, and ACFO Payout Ratio

FFO Payout Ratio, AFFO Payout Ratio, and ACFO Payout Ratio represent the REIT’s ability to pay distributions. These non-GAAP ratios are computed by dividing regular distributions paid on the Trust Units and LP Class B Units by the non-GAAP financial measure of FFO, AFFO, and ACFO, respectively. Management of the Trust use these non-GAAP ratios to assess its distribution paying capacity.

PERFORMANCE REVIEW

Boardwalk REIT generates revenues, cash flows, and earnings from two separate sources: primarily rental operations and also the sale of “non-core” real estate properties.

Boardwalk REIT’s most consistent and largest source of income comes from its rental operations. Income from this source is derived from leasing individual suites to customers (referred to as “Resident Family Members”). Periodically, Boardwalk REIT has

generated additional income from the sale of selective non-core real estate properties and utilized the equity for the acquisition and/ or development of new rental properties and/or for the purchase for cancellation of Trust Units pursuant to its NCIB. The Trust, however, will only proceed with the sale of non-core real estate properties if market conditions justify the dispositions and Boardwalk has an alternative use for the net proceeds generated.

Performance Measures

The Trust intends to continue to pay out, at a minimum, all taxable income to Unitholders in the form of monthly distributions, unless the Board of Trustees, in its absolute discretion, determines a different amount. For 2026, the Board of Trustees approved an increase to the distribution to $0.15 per Trust Unit on a monthly basis (or $1.80 on an annualized basis) beginning March 2026. This was an increase of $0.0150 per Trust Unit from the monthly $0.1350 per Trust Unit distributed for January and February 2026. The Trust intends to continue to redeploy its capital towards long-term value creation, including its suite renovation program, brand diversification initiative, repurchases of Trust Units, and acquisition and development of new multi-family suites in supply-constrained markets.

For the three months ended March 31, 2026 and 2025, the Trust declared regular distributions of $22.0 million and $20.0 million (inclusive of distributions paid to holders of the LP Class B Units), respectively, and recorded a loss of $5.5 million and profit of

$133.8 million, respectively. The FFO Payout Ratio for the three months ended March 31, 2026 was 36.4% (three months ended

March 31, 2025 – 35.3%). Please refer to the section titled “Presentation of Non-GAAP Measures” in this MD&A for more information on FFO Payout Ratio. The overall operating performance of the first and fourth quarters tends to generate the highest payout ratio, mainly due to the high seasonality in total rental expenses. In particular, these quarters tend to be the highest demand periods for natural gas, a major operational cost for the Trust. It is, therefore, important to not simply annualize the reported results of a particular quarter. On a quarterly basis, the Board of Trustees reviews the current level of distributions and determines if any adjustments to the distributed amount is warranted. On an overall basis, the Trust aims to maintain a consistent and sustainable payout ratio while optimizing its capital allocation strategy, and reviews this with its Board of Trustees.

FFO per Unit Reconciliations from 2025 to 2026

The following table shows reconciliations of changes in FFO per Unit from March 31, 2025, to March 31, 2026. As previously noted, we define the calculation of FFO as profit before fair value adjustments, distributions on the LP Class B Units, gains or losses on the sale of the Trust’s investment properties, depreciation, deferred income taxes, and certain other non-cash items. A more detailed disclosure of the calculation of FFO is included later in this MD&A.

FFO per Unit Reconciliation 3 Months

FFO per Unit (1) – Mar. 31, 2025 $ 1.06

Same Property Net Operating Income (“NOI”) (2) 0.12

Non-same Property NOI (2) 0.12

NOI attributable to Sold Properties (0.04)

Financing Costs (0.11)

Interest Income (0.02)

Unit Buyback 0.02

FFO per Unit – Mar. 31, 2026 $ 1.15

1. Please refer to the section titled “Presentation of Non-GAAP Measures” in this MD&A for more information.

2. The definition of same property and non-same property can be found in the section titled “Same Property Results” in this MD&A.

FFO and AFFO Reconciliations

In the following table, Boardwalk REIT provides a reconciliation of FFO to Profit, the most comparable related financial statement measurement, for the three months ended March 31, 2026 and 2025.

FFO Reconciliation

(In $000’s, except per Unit amounts)

3 Months

Mar. 31, 2026

3 Months

Mar. 31, 2025 % Change

(Loss) profit $ (5,509) $ 133,750

Adjustments

Transaction costs on sale of assets 4,644 2,291

Fair value losses (gains), net 50,575 (83,089)

Fair value loss from equity accounted investment 7,785 877

LP Class B Unit distributions 1,764 1,656

Deferred tax expense 35 50

Depreciation 2,090 2,019

Principal repayments on lease liabilities (890) (866)

FFO (1)(2)	$ 60,494	$ 56,688	6.7%
FFO per Unit (2)	$ 1.15	$ 1.06	8.5%
This is a non-GAAP financial measure. Please refer to the section titled “Presentation of Non-GAAP Measures” in this MD&A for more information.

The following table is the calculation of the fully diluted weighted average Trust Units used to calculate the FFO per Unit, AFFO per Unit, and ACFO per Unit amounts within this MD&A and includes all items that can be convertible into Trust Units.

3 Months 3 Months

Fully Diluted Trust Units	Mar. 31, 2026	Mar. 31, 2025
Weighted average Trust Units outstanding – basic	48,399,427	49,018,074
Conversion of LP Class B Units	4,200,000	4,415,000
Unexercised vested deferred units	138,937	124,012
Weighted average Trust Units outstanding – fully diluted	52,738,364	53,557,086

For the first quarter of 2026, the Trust incurred a loss of $5.5 million, which is a decrease of $139.3 million compared to the same period in the prior year. The decrease is primarily due to a fair value loss on investment properties compared to a fair value gain for the same period in the prior year, partially offset by a fair value gain on the LP Class B Units compared to a fair value loss recorded for the same period in the prior year. The fair value loss on investment properties was due to higher cap rates in select markets. In Calgary, cap rates increased to reflect incoming supply and competitive pressure on market rents. In Ontario, cap rates increased in response to more moderate lease spreads. In Victoria, cap rates increased due to increased pressure on market rents, and in Alberta, cap rates increased in the Trust’s secondary markets (Fort McMurray, Grand Prairie, Spruce Grove, and Red Deer) to reflect slightly higher risk fundamentals. The fair value gain on the LP Class B Units reflects the lower public trading price of the Trust Units compared to a year ago. The first quarter of 2026 has shown continued demand for affordable housing that has resulted in further growth in market rents within certain markets. The weighted average capitalization rates for the Trust were 5.26% and 5.12% as at March 31, 2026, and March 31, 2025, respectively. For more information on the Trust’s capitalization rates, please refer to the section titled “Review of Cash Flows – Investing Activities – Investment Properties” in this MD&A.

Overall, Boardwalk REIT earned FFO of $60.5 million for the first quarter of 2026 compared to $56.7 million for the same period in 2025. FFO, on a per Unit basis, for the quarter ended March 31, 2026, increased approximately 8.5% compared to the same quarter in the prior year from $1.06 to $1.15. The increases were mainly due to improved rental revenue from higher occupied rents, combined with lower incentives and utilities, partially offset by an increase in vacancy loss, operating expenses, property taxes, financing costs, and lower interest income.

The following table provides a reconciliation of FFO to AFFO:

3 Months 3 Months

(000’s)	Mar. 31, 2026	Mar. 31, 2025
FFO (1)(2)	$ 60,494	$ 56,688
Maintenance Capital Expenditures (3)	8,630	8,508
AFFO (1)(2)	$ 51,864	$ 48,180
FFO per Unit (2)	$ 1.15	$ 1.06
AFFO per Unit (2)	$ 0.98	$ 0.90
Regular Distributions	$ 22,010	$ 20,010
FFO Payout Ratio (2)	36.4%	35.3%
AFFO Payout Ratio (2)	42.4%	41.5%
(Loss) Profit	$ (5,509)	$ 133,750

1. This is a non-GAAP financial measure.

2. Please refer to the section titled “Presentation of Non-GAAP Measures” in this MD&A for more information.

3. Details of the calculation of Maintenance Capital Expenditures can be found in the section titled “Review of Cash Flows – Investing Activities – Value-add Capital and Maintenance Capital Expenditures” in this MD&A.

REVIEW OF RENTAL OPERATIONS

Boardwalk REIT’s NOI strategy includes a rental revenue strategy that focuses on enhancing overall rental revenue by balancing market rents, rental incentives, turnovers, and occupancy gains. The application of this rental revenue strategy is ongoing, on a market-by-market basis, with the focus on obtaining the optimal balance of these variables given existing market conditions. In addition, the NOI strategy focuses on minimizing expenses.

3 Months 3 Months

(In $000’s, except number of suites)	Mar. 31, 2026	Mar. 31, 2025	% Change
Rental revenue	$ 163,833	$ 155,708	5.2%
Expenses Operating expenses	28,796	27,242	5.7%
Utilities	14,796	18,314	(19.2)%
Property taxes	14,019	13,608	3.0%
Total rental expenses	$ 57,611	$ 59,164	(2.6)%
Net operating income	$ 106,222	$ 96,544	10.0%
Operating margin (1)	64.8%	62.0%
Number of suites at March 31 (2)	33,937	34,087

1. Operating margin is calculated by dividing NOI by rental revenue allowing management to assess the percentage of rental revenue which generated profit.

2. Excludes 183 suites related to the Trust’s joint venture in Brampton, Ontario.

3 Months 3 Months

(In $000’s, except number of suites)	Mar. 31, 2026	Mar. 31, 2025	% Change
Gross rental revenue (1)	$ 169,677	$ 161,685	4.9%
Vacancy loss (2)	(5,286)	(4,213)	25.5%
Incentives (3)	(558)	(1,764)	(68.4)%
Rental revenue	$ 163,833	$ 155,708	5.2%

1. Gross rental revenue is a component of rental revenue and represents rental revenue based on 100% occupancy before adjustments for vacancy loss and incentives.

2. Vacancy loss is a component of rental revenue and represents the estimated loss of gross rental revenue from unoccupied suites during the period.

3. Incentives is a component of rental revenue and represents any suite specific rental discount offered or initial direct costs incurred in negotiating and arranging an operating lease amortized over the term of the operating lease.

Boardwalk REIT’s rental operations for the three months ended March 31, 2026, reported higher results compared to the same period in the prior year, with rental revenue increasing 5.2%. For the three months ended March 31, 2026, the increase in rental revenue was primarily due to higher in-place occupied rents and lower incentives, partially offset by higher vacancy loss. As outlined in the table above, the Trust was able to reduce incentives by 68.4% year-over-year. The Trust intends to continue to offer selective incentives in certain communities to maintain occupancy levels, with an overall goal of limiting incentives on new leases and decreasing incentives altogether. Vacancy loss increased due to increased competition from new supply of multi-family suites and a decrease in immigration.

For the three months ended March 31, 2026, total rental expense decreased by 2.6% compared to the same period in the prior year. The decrease was mainly attributable to lower utilities, partially offset by higher operating expenses and property taxes.

The Trust continues to track, in detail, the actual work performed by our onsite Associates to assist in the operating effectiveness of its overall operations. This program results in overall lower costs while allowing the Trust greater control over the timing of its capital improvement projects, compared to contracting these same projects out to third parties. The Trust has been able to utilize our Associates to maintain quality customer services as well as to continue normal operations for both our repairs and maintenance as well as capital improvement projects. As with other estimates used by the Trust, key assumptions applied in estimating capitalized salaries and wages are reviewed regularly and, based on this review, management of the Trust will adjust the amount allocated to more accurately reflect the level of internal resources directed towards specific capital improvements.

For the three months ended March 31, 2026, overall operating expenses increased by 5.7% compared to the same period in the prior year mainly attributable to higher building repairs and maintenance, and to a lesser extent, higher wages and salaries and increased advertising, partially offset by lower insurance premiums upon renewal in July 2025.

Utility costs decreased by 19.2% for the three months ended March 31, 2026, compared to the same period in 2025 primarily due to the removal of the federal carbon tax on April 1, 2025, and to a lesser extent, lower water and sewer costs, partially offset by higher electricity and natural gas costs. Fixed price physical commodity contracts have helped to partially or fully mitigate the Trust’s exposure to fluctuating natural gas and electricity prices. Further details regarding the contracts on natural gas, as well as electricity prices in Alberta, can be found in NOTE 14 to the unaudited condensed consolidated interim financial statements for the three months ended March 31, 2026 and 2025.

Property taxes increased by 3.0% for the three months ended March 31, 2026, compared to the same period in the prior year. The increase in property taxes is due to higher property tax assessments. The Trust routinely reviews property tax assessments and related charges and, where management of the Trust believes appropriate, will appeal all or a portion of the related assessment. It is not uncommon for the Trust to receive property tax refunds and adjustments; however, due to the uncertainty of the amount and timing of the refunds and adjustments, these amounts are only reported when they are received.

Overall, operating margin for the three months ended March 31, 2026, was 64.8%, a 280 basis point (“bps”) increase from 62.0% for the same period in 2025.

Boardwalk REIT closely monitors and individually manages the performance of each of its rental properties. For the reader’s convenience, we have provided the following summary of our operations on a province-by-province basis.

SEGMENTED OPERATIONAL REVIEWS

Alberta Rental Operations (Total)

3 Months 3 Months

(In $000’s, except number of suites)	Mar. 31, 2026	Mar. 31, 2025	% Change
Rental revenue	$ 101,498	$ 100,090	1.4%
Expenses Operating expenses	17,289	16,683	3.6%
Utilities	8,249	11,501	(28.3)%
Property taxes	8,452	8,723	(3.1)%
Total rental expenses	$ 33,990	$ 36,907	(7.9)%
Net operating income	$ 67,508	$ 63,183	6.8%
Operating margin	66.5%	63.1%
Number of suites at March 31	20,879	21,325

Alberta Rental Operations (Same Property)

3 Months

3 Months

(In $000’s, except number of suites)	Mar. 31, 2026	Mar. 31, 2025	% Change
Rental revenue	$ 98,469	$ 96,215	2.3%
Expenses Operating expenses	16,881	16,011	5.4%
Utilities	8,084	11,004	(26.5)%
Property taxes	8,188	8,303	(1.4)%
Total rental expenses	$ 33,153	$ 35,318	(6.1)%
Net operating income	$ 65,316	$ 60,897	7.3%
Operating margin	66.3%	63.3%
Number of suites at March 31	20,385	20,385

Alberta is Boardwalk’s largest operating segment, representing 63.6% of total reported NOI for the three months ended March 31, 2026. In addition, Alberta represents 61.5% of total suites. Boardwalk REIT’s Alberta operations for three months ended March 31, 2026, reported a NOI increase of 6.8%. The positive NOI growth is partially attributable to the acquisitions in 2025 of two investment properties in Calgary, Alberta, consisting of 413 suites in total, as well as the acquisition of the other 50% interest of the joint operation multi-residential rental property consisting of 162 suites known as BRIO. The Trust also disposed of ten non-core assets in Edmonton, Alberta, throughout 2025 and the first quarter of 2026, totaling 1,076 suites. Please refer to the section titled “Review of Cash Flows – Investing Activities – Property Dispositions” in this MD&A for more information.

Boardwalk REIT’s Alberta same property operations for three months ended March 31, 2026, reported a 2.3% increase in rental revenue compared to the same period in the prior year mainly due to higher in-place occupied rents and lower incentives, partially offset by higher vacancy loss.

For the three months ended March 31, 2026, same property total rental expenses decreased by 6.1%, compared to the same period in the prior year primarily due to lower utilities, and to a lesser extent, lower property taxes, partially offset by higher operating expenses.

Overall same property operating expenses for the three months ended March 31, 2026 increased by 5.4%, compared to the same period in the prior year. Higher building repairs and maintenance, wages and salaries, and advertising costs were partially offset by lower bad debt expense and insurance premiums upon renewal in July 2025.

Utilities for same property for the three months ended March 31, 2026 decreased by 26.5%, compared to the same period in the prior year. The decrease was primarily driven by the removal of carbon levies and, to a lesser extent, lower water and sewer costs.

Currently, the Trust has three outstanding natural gas contracts to mitigate the price of its natural gas usage. The Trust also has two outstanding electricity contracts with two utility retailers to supply the Trust with its electrical power needs. More details can be found in NOTE 14 to the unaudited condensed consolidated interim financial statements for the three months ended March 31, 2026 and 2025.

On a same property basis, property taxes for the three months ended March 31, 2026, decreased by 1.4%, compared to the same period in the prior year. The decrease is a result of the Trust’s proactive efforts to review and appeal property tax assessments and successfully obtaining revised valuations at lower amounts.

Alberta’s same property operating margin for the three months ended March 31, 2026, was 66.3%, which is 300 bps higher compared to the same period in 2025.

British Columbia Rental Operations (Total and Same Property)

3 Months

3 Months

(In $000’s, except number of suites)	Mar. 31, 2026	Mar. 31, 2025	% Change
Rental revenue	$ 1,714	$ 1,764	(2.7)%
Expenses Operating expenses	105	116	(9.5)%
Utilities	81	77	5.2%
Property taxes	120	146	(17.8)%
Total rental expenses	$ 306	$ 339	(9.8)%
Net operating income	$ 1,408	$ 1,425	(1.1)%
Operating margin	82.1%	80.8%
Number of suites at March 31	238	238

British Columbia operations consist of two rental buildings in Victoria, with a total of 238 suites. Overall, net operating income for the three months ended March 31, 2026, decreased 1.2%, when compared to the same period in the prior year.

Operating expenses decreased 9.5% for the three months ended March 31, 2026, compared to the same period in the prior year, mainly attributable to lower wages and salaries and insurance premiums, partially offset by higher building repairs and maintenance and increased advertising spend.

Utilities increased 5.2% for the three months ended March 31, 2026, compared to the same period in the prior year. The increase is mainly due to increased natural gas costs, along with increased water and sewer expenses, partially offset by lower carbon levies.

Property taxes decreased 17.8% for the three months ended March 31, 2026, compared to the same period in the prior year due to a reassessment performed on one of the properties in the prior year that resulted in a one-time property tax adjustment.

British Columbia’s operating margin for the three months ended March 31, 2026, was 82.1%, which is 130 bps higher compared to the same period in 2025.

Saskatchewan Rental Operations (Total)

3 Months 3 Months

(In $000’s, except number of suites)	Mar. 31, 2026	Mar. 31, 2025	% Change
Rental revenue	$ 19,162	$ 16,665	15.0%
Expenses Operating expenses	2,828	2,438	16.0%
Utilities	1,820	2,061	(11.7)%
Property taxes	1,367	1,097	24.6%
Total rental expenses	$ 6,015	$ 5,596	7.5%
Net operating income	$ 13,147	$ 11,069	18.8%
Operating margin	68.6%	66.4%
Number of suites at March 31	3,846	3,505

Saskatchewan Rental Operations (Same Property)

3 Months

3 Months

(In $000’s, except number of suites)	Mar. 31, 2026	Mar. 31, 2025	% Change
Rental revenue	$ 17,258	$ 16,665	3.6%
Expenses Operating expenses	2,661	2,438	9.1%
Utilities	1,722	2,061	(16.4)%
Property taxes	1,185	1,097	8.0%
Total rental expenses	$ 5,568	$ 5,596	(0.5)%
Net operating income	$ 11,690	$ 11,069	5.6%
Operating margin	67.7%	66.4%
Number of suites at March 31	3,505	3,505

Boardwalk REIT’s Saskatchewan operations reported a NOI increase of 18.8% for the three months ended March 31, 2026, compared to the same period in the prior year, primarily due to new acquisitions since the first quarter of 2025, where the Trust acquired a total of 341 suites in its Saskatoon and Regina markets.

For the three months ended March 31, 2026, Saskatchewan same property rental revenue increased by 3.6% compared to the same period in the prior year due to higher in-place occupied rents coupled with lower incentives, partially offset by higher vacancy loss. For the three months ended March 31, 2026, overall same property total rental expenses remained consistent compared with the same period in the prior year, as lower utility costs were largely offset by higher operating expenses and increased property taxes.

Same property operating expenses for the three months ended March 31, 2026, increased by 9.1% compared to the same period in prior year. The increase was primarily attributable to higher building repairs and maintenance and wages and salaries, partially offset by lower insurance premiums.

Same property utilities for the three months ended March 31, 2026, decreased by 16.4% compared to the same period in the prior year, primarily due to lower carbon levies. The Trust has one outstanding fixed price contract to mitigate its natural gas price for its Saskatchewan natural gas usage. Details of the contract can be found in NOTE 14 to the unaudited condensed consolidated interim financial statements for the three months ended March 31, 2026 and 2025.

Property taxes for Saskatchewan’s same property for the three months ended March 31, 2026 increased 8.0%, compared to the same period in the prior year, due to higher municipal property tax rates.

Saskatchewan’s reported same property operating margin for the three months ended March 31, 2026, was 67.7%, a 130 bps increase compared to 66.4% for the same period in prior year.

Ontario Rental Operations (Total and Same Property)

3 Months 3 Months

(In $000’s, except number of suites)	Mar. 31, 2026	Mar. 31, 2025	% Change
Rental revenue	$ 12,935	$ 12,506	3.4%
Expenses Operating expenses	2,084	2,119	(1.7)%
Utilities	1,251	1,431	(12.6)%
Property taxes	1,369	1,291	6.0%
Total rental expenses	$ 4,704	$ 4,841	(2.8)%
Net operating income	$ 8,231	$ 7,665	7.4%
Operating margin	63.6%	61.3%
Number of suites at March 31 (1)	3,019	3,019
(1) Excludes 183 suites related to the Trust’s joint venture in Brampton, Ontario.

Boardwalk REIT’s Ontario operations for the three months ended March 31, 2026, reported a 3.4% increase in rental revenue compared to the same period in the prior year due to higher in-place occupied rents. Total rental expenses decreased by 2.8% for the three months ended March 31, 2026, compared to the same period in the prior year due to lower utilities and operating expenses, partially offset by higher property taxes.

Operating expenses for the three months ended March 31, 2026, decreased by 1.7% compared to the same period in the prior year due to lower wages and salaries, coupled with lower insurance premiums, partially offset by higher building repairs and maintenance and increased advertising costs.

Utilities for the three months ended March 31, 2026, decreased by 12.6% compared to the same period in the prior year primarily due to lower carbon levies and water and sewer costs, partially offset by higher natural gas and electricity costs. The Trust has one outstanding fixed price natural gas contract for approximately 69% of price risk for London natural gas usage. Details of the contract can be found in NOTE 14 to the unaudited condensed consolidated interim financial statements for the three months ended March 31, 2026 and 2025.

Property taxes increased 6.0% for the three months ended March 31, 2026, compared to the same period in the prior year due to higher municipal property tax rates .

Ontario’s reported operating margin for the three months ended March 31, 2026, was 63.6%, a 230 bps increase compared to 61.3% operating margin for the same period in prior year.

Quebec Rental Operations (Total)

(In $000’s, except number of suites)	3 Months Mar. 31, 2026	3 Months Mar. 31, 2025	% Change
Rental revenue	$ 27,919	$ 24,412	14.4%
Expenses
Operating expenses	4,300	3,861	11.4%
Utilities	3,274	3,119	5.0%
Property taxes	2,644	2,309	14.5%
Total rental expenses	$ 10,218	$ 9,289	10.0%
Net operating income	$ 17,701	$ 15,123	17.0%
Operating margin	63.4%	61.9%
Number of suites at March 31	5,955	6,000
Quebec Rental Operations (Same Property)
(In $000’s, except number of suites)	3 Months Mar. 31, 2026	3 Months Mar. 31, 2025	% Change
Rental revenue	$ 23,579	$ 22,570	4.5%
Expenses
Operating expenses	3,676	3,585	2.5%
Utilities	2,957	2,981	(0.8)%
Property taxes	2,142	2,100	2.0%
Total rental expenses	$ 8,775	$ 8,666	1.3%
Net operating income	$ 14,804	$ 13,904	6.5%
Operating margin	62.8%	61.6%
Number of suites at March 31	5,414	5,414

Boardwalk REIT’s Quebec operations reported a NOI increase of 17.0% for the three months ended March 31, 2026, compared to the same period in the prior year. Contributing to Quebec’s strong growth is the property acquired by the Trust in September 2025, located in Laval, Quebec, consisting of 541 suites. The Trust also disposed of four non-core assets in Quebec, of which, two non-core assets compromised of 306 units in total were sold in August 2025, and two non-core assets compromised of 280 suites in total were sold in February 2026.

Same property operations reported a rental revenue increase of 4.5% for the three months ended March 31, 2026, compared to the same period in the prior year, mainly due to higher in-place occupied rents, partially offset by increased vacancy loss. Same property total rental expenses for the three months ended March 31, 2026, increased 1.3% as slightly lower utilities were offset by higher property taxes and operating expenses.

For the three months ended March 31, 2026, same property operating expenses increased by 2.5%, compared to the same period in 2025, due to higher building repairs and maintenance, bad debt expense, and increased advertising costs to maintain high occupancy. The overall increase was partially offset by lower wages and salaries, paired with reduced insurance premiums upon renewal in

July 2025.

For the three months ended March 31, 2026, same property utilities remained relatively flat compared to the same period in 2025. The Trust has one outstanding fixed price natural gas contract to mitigate approximately 75% of the price risk for Nun’s Island natural gas usage. The details of the natural gas contract are reported in NOTE 14 to the unaudited condensed consolidated interim financial statements for the three months ended March 31, 2026 and 2025.

Property taxes for same property in Quebec increased 2.0% for the three months ended March 31, 2026, compared to the same period in the prior year due to higher property tax assessments.

Reported operating margin for Quebec’s same property for the three months ended March 31, 2026, is 62.8%, a 120 bps increase from 61.6% for the same period in the prior year.

OPERATIONAL SENSITIVITIES

Net Operating Income Optimization

Boardwalk continues to focus on optimizing its NOI. This approach requires the Trust to actively manage both revenue and related operating costs, with both considered in determining its service and pricing model. Lowering overall turnover while maintaining competitive lease rental rates and a strong focus on service quality has consistently delivered the most stable and long-term income source to date. This strategy is region specific and responsive to changing market conditions.

In competitive markets, the Trust takes a more proactive approach by increasing the use of suite-specific rental incentives and, where appropriate, adjusting reported market rents. The increased use of these incentives, particularly in Alberta, was intended to keep occupancy levels above the overall market. With the undersupply of housing over the last several years, the Trust has generally reduced the use of these incentives while increasing market rents. This is evidenced in the current quarter with incentives decreasing 68.4% for the three months ended March 31, 2026, when compared to the same period in the prior year. It has been our experience that this proactive approach has resulted in optimizing NOI.

In addition, in these competitive, non-price controlled markets, the Trust actively seeks to renew leases prior to term maturity. In select markets, the Trust may also forward-lock future rentals, whereby a suite is leased in advance of a resident’s move-in date. For example, a suite may be leased in December, with occupancy not commencing until the following year. Although the suite is rented, it will not generate revenue until the Resident Family Member takes possession, which typically corresponds to the next fiscal period. Accordingly, reported occupancy levels (see table on the following page) represent only those occupied suites generating revenue for the period noted. The Trust also closely monitors ‘apartment availability’, which represents unoccupied suites not generating revenue for the period, adjusted for forward-committed leases. Although occupancy rates provide a useful measure of current revenue, apartment availability is a more relevant indicator of future potential revenue. Due to recent acquisitions and newer developments, portfolio occupancy is presented on a same property basis.

Management of the Trust believes that combining the NOI optimization strategy with our strategic investment program will result in a more diverse product offering for our Resident Family Members and greater overall value creation for the Trust. The Trust recognizes that the implementation and execution of these strategies may have some short-term impacts, as the timing of capital enhancements can result in longer periods of time that suites are unavailable for rent, leading to temporary increases in vacancy losses. However, renovation activity has slowed in response to the current higher occupancy levels, and the Trust will selectively pursue renovation opportunities as they arise. Management believes that a focus on longer-term value creation is in the best interest of all stakeholders.

Boardwalk regularly reviews its existing programs, evaluating them against resident demand, viability and expected return, and refines them as appropriate.

Boardwalk REIT’s Portfolio Occupancy (Same Property):

City	Q1 2026	Q1 2025
Brampton	97.49%	97.59%
Calgary	97.00%	97.29%
Cambridge	96.42%	97.13%
Edmonton	97.01%	97.39%
Fort McMurray	97.44%	95.83%
Grande Prairie	98.03%	98.60%
Kitchener	98.33%	97.46%
London	98.00%	98.88%
Montreal	98.75%	99.11%
Quebec City	97.31%	98.95%
Red Deer	98.18%	99.47%
Regina	96.30%	96.52%
Saskatoon	97.39%	98.56%
Verdun	98.00%	99.13%
Victoria	94.54%	98.54%
Waterloo	98.89%	93.33%
Portfolio	97.29%	97.83%

In Q1 2026, the Trust reported a decrease of 54 bps in its overall same property occupancy rate compared to the same quarter in the prior year, a decrease from 97.83% to 97.29%. Despite recent new supply entering the market, overall occupancy remains high in Alberta, driven by record net migration into the province in 2024, and strong migration (by historical standards) continuing into 2025 and 2026, as the province continues to attract newcomers due to the affordability, growing economy, and favourable lifestyle opportunities. In Calgary, new supply entering the market contributed to the slight decrease of 29 bps in occupancy rate when comparing Q1 2026 to the same period in the prior year. The Trust increased advertising spend and adjusted occupied rents to align with current market conditions, to maintain high occupancy levels. In Edmonton, markets remain steady as the Trust reported a slight decrease in overall occupancy of 38 bps from 97.39% to 97.01% due to a decrease in international students and immigration as a result of policy changes announced by the federal government, and increased competition and supply in the market. In Fort McMurray, occupancy increased by 161 bps year-over-year as occupancy levels normalized following the decline previously experienced from the 2024 wildfires.

In Quebec, Ontario, Saskatchewan and British Columbia, overall occupancy levels remained relatively high. Increased competition, additional market supply, and moderating population growth, resulted in a slight decreases in select markets. As overall markets stabilize, we expect some up and down movements in occupancy as the Trust aims to maintain occupancy near current levels.

Rentals, Turnover and Impact on Reported Occupancy (Same Property):

Rentals, Turnover & Occupancy(1)

1,200

1,000

800

600

400

200

Turnover Rentals % Occupancy

100%

98%

96%

94%

92%

90%

0 Jan

Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Jan

Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Jan Feb Mar Apr

88%

(1) Occupancy shown is as of the 1st of each stated month, turnovers are the move-outs shown for each stated month, and rentals are the number of rentals signed in each stated month.

Demand and supply, as with any industry, is an essential performance indicator for multi-family real estate. The above chart shows the turnover or total move-outs (supply) compared to total rentals (demand) and the resulting impact on reported occupancy relating to our portfolio. The cumulative impact of demand exceeding supply, or vice versa, is the primary driver in the reported occupancy rate. In recent years, Boardwalk focused on maintaining high occupancy levels while optimizing turnover costs. Adjusting market rental rates is an ongoing process for the Trust and is consistent with its overall NOI optimization strategy accordingly, the Trust expects to adjust rents upward or downward as market conditions warrant.

Occupancy Sensitivity

As with all real estate rental operators, Boardwalk REIT’s financial performance is sensitive to occupancy rates. Based on the current reported market rents, a 1% annualized change in reported occupancy is estimated to impact overall rental revenue by approximately

$6.3 million, or $0.12 per Trust Unit on a fully diluted basis.

SAME PROPERTY RESULTS

Boardwalk defines same property as one that has been owned by the Trust for a period of 24 months or more from the reporting date. Boardwalk REIT’s overall percentage of same properties was 95.9% of its total rental suite portfolio as at March 31, 2026, or a total of 32,561 suites. The tables below provide a regional breakdown on these properties for the three months ended March 31, 2026, compared to the same period in 2025.

% Rental

% Total Rental

% Net Operating

Same Property Mar. 31, 2026 – 3 M	# of Suites	Revenue Growth	Expenses Growth	Income Growth	% of NOI
Edmonton	11,807	3.0%	(8.8)%	11.0%	34.1%
Calgary	6,642	0.9%	(3.1)%	2.6%	25.3%
Other Alberta	1,936	4.8%	0.9%	7.4%	5.0%
Alberta	20,385	2.3%	(6.1)%	7.3%	64.4%
Quebec	5,414	4.5%	1.3%	6.5%	14.6%
Saskatchewan	3,505	3.6%	(0.5)%	5.6%	11.5%
Ontario	3,019	3.4%	(2.8)%	7.4%	8.1%
British Columbia	238	(2.7)%	(9.8)%	(1.1)%	1.4%
	32,561	2.8%	(4.1)%	6.8%	100.0%

Same property rental revenue increased by 2.8% for the three months ended March 31, 2026, compared to the same period in the prior year. Total rental expenses decreased by 4.1% for the three months ended March 31, 2026, compared to the same period in 2025, resulting in a NOI increase of 6.8%. The increase in reported rental revenue was driven by the higher in-place occupied rents for the majority of the Trust’s portfolio, as well as continued decreases in incentives in the Alberta and Saskatchewan markets, partially offset by higher vacancy loss. The positive gains in rental revenue have led to same property NOI growth in Alberta of 7.3% for the three months ended March 31, 2026, compared to the same period in the prior year.

Edmonton, the Trust’s largest portfolio, continued to outperform, delivering 11.0% year-over-year same property NOI growth for the three months ended March 31, 2026. Edmonton’s strong results were driven by lower utility expense, paired with costs savings from reduced property taxes and insurance premiums. These savings were partially offset by higher building repairs and maintenance while occupancy remained stable at 97%. Calgary showed same property NOI growth of 2.6% for the three months ended March 31, 2026. Rental revenue growth in Calgary was slightly positive amid increased market supply, and benefited from lower rental expenses due to lower utilities, bad debt expenses, and insurance. Same property NOI in the Trust’s Other Alberta markets increased by 7.4% year-over-year for the three months ended March 31, 2026, driven primarily by higher occupied rents and lower incentives, as well as lower utilities costs.

Same property NOI for Saskatchewan showed growth of 5.6% for the three months ended March 31, 2026. The increase is mainly due to rental revenue growth while rental expenses remained flat due to higher operating expenses and property taxes being largely offset by utilities.

In Quebec and Ontario, same property NOI growth increased by 6.5% and 7.4%, respectively, for the three months ended March 31, 2026, compared to the same period in 2025. In Quebec, the increase is primarily attributable to rental revenue growth resulting from higher in-place occupied rents, coupled with cost savings from lower insurance premiums, partially offset by higher building repairs and maintenance, bad debt expense, and higher advertising spend. Ontario markets benefited from costs savings with the removal of the federal carbon levies, resulting in a total rental expense decrease.

Q1 2026			Q1 2026	Q1 2026	Q1 2026
Same Property Rental Revenue Growth	# of Suites	vs Q4 2025	vs Q3 2025	vs Q2 2025	vs Q1 2025
Edmonton	11,807	(1.0)%	0.1%	1.7%	3.0%
Calgary	6,642	(1.1)%	(1.3)%	0.2%	0.9%
Other Alberta	1,936	0.4%	1.4%	2.8%	4.8%
Quebec	5,414	0.5%	1.7%	3.7%	4.5%
Saskatchewan	3,505	0.3%	0.8%	2.1%	3.6%
Ontario	3,019	0.8%	1.6%	2.7%	3.4%
British Columbia	238	(2.9)%	(2.3)%	(2.0)%	(2.7)%
	32,561	(0.4)%	0.2%	1.8%	2.8%

On a sequential basis, same property rental revenue reported in the first quarter of 2026 decreased by 0.4% over Q4 2025, increased by 0.2% compared to Q3 2025, increased by 1.8% compared to Q2 2025, and increased by 2.8% compared to Q1 2025. The change over each quarter is a reflection of Boardwalk’s ongoing strategy to balance market rents, rental incentives, and occupancy levels in support of its NOI optimization strategy. For Edmonton and Calgary markets, the negative sequential growth when comparing Q1 2026 to Q4 2025 was the result of increased competition and supply in the market and reduced immigration, signaling that the market is more balanced. The Trust is actively monitoring the market conditions and strives toward balancing the optimum level of market rents, rental incentives, and occupancy rates in order to achieve its net operating income optimization strategy.

Estimated Mark-to-Market Revenue Gain Calculation

Boardwalk REIT’s projected mark-to-market revenue gain, representing the difference between estimated market rents and actual occupied rents in March 2026, and adjusted for current occupancy levels, totaled approximately $33.1 million on an annualized basis, representing $0.63 per Unit (Trust Units and LP Class B Units). In general, Boardwalk REIT’s rental lease agreements have terms of no more than 12 months. By managing market rents and providing suite-specific incentives to our Resident Family Members, the Trust and all its stakeholders continue to benefit from lower turnover, reduced expenses, and high occupancy. Estimated mark-to-market revenue gain is measured at a point in time and is not intended to depict expected future financial performance. Reported market rents can be very seasonal and, as such, will vary from quarter to quarter. The significance of this change could materially affect Boardwalk REIT’s “estimated mark-to-market revenue gain” amount. The importance of this estimate, however, is that it can be an indicator of future rental performance, assuming continuing economic conditions and trends. It would take significant time for these market rents to be recognized by the Trust due to internal and external limitations on its ability to charge these new market-based rents in the short term, particularly on renewals.

Same Property	Mar. 2026 Market Rent (1)	Without Incentives Mar. 2026 Mark-to-Occupied Market Per Rent (2) Month (3)		Annualized Mark-to-Market Adjusted for Current Occupancy Levels ($000’s)	Mar. 2026 Market Rent, Including Incentives (4)	With Incentives Mark-to- Mar. 2026 Market Occupied Per Rent (2) Month (3)		Annualized Mark-to-Market Adjusted for Current Occupancy Levels ($000’s)	Weighted Average Apartment Suites	% of Portfolio
Edmonton	$ 1,596	$ 1,549	$ 47	$ 6,447	$ 1,591	$ 1,549	$ 42	$ 5,550	11,807	36%
Calgary	1,883	1,847	36	2,774	1,879	1,847	32	2,408	6,642	20%
Other Alberta	1,490	1,435	55	1,254	1,487	1,435	52	1,181	1,936	6%
Alberta	$ 1,679	$ 1,635	$ 44	$ 10,475	$ 1,675	$ 1,635	$ 40	$ 9,139	20,385	62%
Quebec	$ 1,558	$ 1,467	$ 91	$ 5,789	$ 1,556	$ 1,467	$ 89	$ 5,671	5,414	17%
Saskatchewan (5)	1,733	1,673	60	2,435	1,731	1,673	58	2,285	3,505	11%
Ontario	1,898	1,455	443	15,740	1,895	1,455	440	15,880	3,019	9%
British Columbia	2,643	2,548	95	256	2,594	2,548	46	119	238	1%
Total Portfolio	$ 1,692	$ 1,601	$ 91	$ 34,695	$ 1,688	$ 1,601	$ 87	$ 33,094	32,561	100%

1. Market rent is a component of rental revenue and represents same properties only. It is calculated as of the first day of each month as the average rental revenue amount a willing landlord might reasonably expect to receive, and a willing tenant might reasonably expect to pay, for a tenancy, before adjustments for other rental revenue items such as, incentives, vacancy loss, fees, specific recoveries, and revenue from commercial tenants.

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.

3. Mark-to-market represents the difference between market rent and occupied rent, or market rent including incentives and occupied rent, where indicated.

4. Market rent including incentives is market rent, as described, adjusted for incentives.

5. Saskatchewan market rent includes an increase for cable and internet service.

The increase in the mark-to-market revenue gain for our portfolio, from $31.7 million at December 2025, to $33.1 million at March 2026, was due primarily to higher market rents in Edmonton and Saskatchewan. Included in the mark-to-market revenue gain calculation of $33.1 million is approximately $4 per suite per month of incentives, representing the difference of the mark-to-market calculated excluding incentives and the mark-to-market calculated including incentives, resulting in potential additional revenue of approximately $1.6 million per annum or a total mark-to-market opportunity of $34.7 million.

In the first quarter of 2026, as with prior periods, Boardwalk REIT continued to focus on the optimization of all rental revenue, with attention to appropriate levels of market rents and certain occupancy level targets, as well as suite-selective incentives when warranted.

Vacancy Loss and Incentives

Vacancy loss and rental incentives are key indicators of current and future revenue performance. Depending on prevailing market conditions, achieving an appropriate balance between rental incentives and vacancy loss is essential to effectively managing overall economic rental revenue. On a quarterly basis, the chart below presents a comparison of rental incentives offered and vacancy loss on a same property basis. Incentives continue to be selectively used in the Alberta and Saskatchewan markets to maintain and increase occupancy levels. However, both incentives and vacancy loss in these markets have been trending downward, as noted previously in the “Segmented Operational Reviews” section of this MD&A. This reflects a reduction in incentives on lease renewals and minimal to no incentives being offered on new leases. Boardwalk REIT remains focused on maximizing overall revenues through the management of three key revenue variables, namely, market rents, occupancy levels, and suite-specific incentives.

Rental Revenue, Incentives, Vacancy Loss ($000s)

Rental Revenue

Incentives

Vacancy Loss

$160,000

$150,000

$140,000

$130,000

$120,000

$110,000

$100,000

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

Q3 Q4 Q1 Q2

Q3 Q4 Q1

2021

2022

2023

2024

2025

2026

FINANCING COSTS

Financing costs, including interest expense on the Trust’s secured mortgages and lease obligations for the three months ended March 31, 2026, increased from the same period in the prior year, from $30.8 million to $35.9 million. At March 31, 2026, the reported weighted average interest rate for mortgages payable of 3.44% was up from the weighted average interest rate of 3.35% at December 31,

2025. Boardwalk REIT has continued to refinance and renew certain mortgages with a focus on balancing the renewing interest rate as well as staggering the mortgage maturity curve. The average term to maturity of the Trust’s mortgage portfolio is approximately

3.9 years.

Boardwalk REIT concentrates on multi-family residential real estate which makes it eligible to obtain government-backed insurance through the NHA (as defined herein) program, administered by CMHC. The benefits of purchasing this insurance are:

1. CMHC insurance allows Boardwalk REIT to obtain mortgages with lower interest rate spreads on its property financing compared to other financing alternatives in either the residential or any other real estate class, leading to lower overall cost of debt, after including the cost of the NHA insurance; and,

2. CMHC insurance lowers Boardwalk REIT’s overall renewal risk. Once insurance is obtained on the related mortgage, the insurance is transferable and follows the mortgage for the complete amortization period, typically between 25 and 40 years, depending on the type of asset being insured. With the insurance being transferable between approved lenders, it lowers the overall risk of Boardwalk REIT not being able to refinance the asset on maturity.

This government-backed mortgage insurance program administered by CMHC provides significant benefits to the Trust, which in turn improves quality and affordability for the Trust’s Resident Family Members. Despite periods of volatility in the broader credit markets, the Trust has been able to maintain access to multiple mortgage lenders willing to assume, or underwrite, additional mortgages under this program.

At March 31, 2026, approximately 96% of Boardwalk REIT’s mortgages were backed by this NHA insurance, with a weighted average amortization period of approximately 32 years.

As the LP Class B Units are classified as financial liabilities in accordance with IFRS Accounting Standards, the corresponding distributions paid to the Unitholders are classified as financing costs under IFRS Accounting Standards. In its definition of FFO, REALPAC notes that puttable instruments are classified as financial liabilities and distributions are therefore treated as interest expense, however, adds the distributions that were treated as interest expense back when calculating FFO, which suggests those puttable instruments are similar to equity. The total amount of distributions paid to the holders of LP Class B Units for the three months ended March 31, 2026, which have been recorded as financing costs, was $1.8 million (three months ended March 31, 2025 –

$1.7 million). Based on this rationale, these amounts have been added back into the calculation of FFO.

Amortization of Deferred Financing Costs

The amortization of deferred financing costs relates primarily to the amortization of CMHC premiums, which are paid as part of mortgage financing. If Boardwalk REIT replaces an existing mortgage with a new mortgage, all costs associated with the original mortgage, including the unamortized balance of the CMHC premium, are required to be charged to income in the period that this occurs. As a result, and due to the variable timing and strategy of each mortgage at maturity, the amounts reported will vary. Rather than refinance the entire mortgage on term maturity to a higher amount, Boardwalk REIT takes advantage of supplementing, rather than extinguishing, the original mortgage to increase its leverage.

Boardwalk reviews its amortization estimates on an ongoing basis and, if warranted, will adjust these estimates prospectively.

The total amortization of deferred financing costs for the three months ended March 31, 2026, was $1.9 million, which was consistent with the $1.8 million recorded for the same period in the prior year. Amortization of deferred financing costs is included in financing costs.

Interest Rate Sensitivity

Although Boardwalk REIT manages its financing risk in a variety of ways, significant interest rate changes could still impact the Trust as a whole. Due to the size of Boardwalk’s overall mortgage portfolio, it has been prudent to spread out the maturity of these mortgages over a number of years. For the remainder of fiscal 2026, the Trust anticipates having approximately $521.9 million of secured mortgages maturing with a weighted average rate of 2.65%. If we were to renew these mortgages today with a five-year term, the Trust estimates, based upon interactions with possible lenders, the new rate would be approximately 3.90% (as of May 2026).

To date, the Trust has renewed or forward-locked the interest rate on $345.5 million of its maturing mortgages in 2026 at an average interest rate of 3.75% and an average term of 6.8 years. When combined with mortgages paid out to date, this represents 49.2% of the Trust’s maturing mortgages in 2026.

ADMINISTRATION

Included in administration expenses are costs associated with Boardwalk REIT’s centralized administrative functions. The amount reported for the three months ended March 31, 2026, which relates to corporate administration, was $11.0 million, compared to

$10.8 million for the same period in the prior year, an increase of approximately 2% for the quarter. For the three months ended March 31, 2026, the increase was mainly attributable to higher administrative wages.

DEPRECIATION

Depreciation recorded on the unaudited Condensed Consolidated Interim Statements of Comprehensive (Loss) Income is made up of the depreciation of property, plant and equipment.

The Trust has elected to use the cost model under IAS 16 – Property, Plant and Equipment to value its property, plant and equipment, and, as a result of this method, depreciation expense is a charge taken against earnings to reflect the estimated depreciation that has occurred to these assets as a result of their use during the reporting period in question.

Boardwalk reviews its key depreciation estimates on an ongoing basis and, if warranted, will adjust these estimates on a prospective basis.

The total amount reported as depreciation for the three months ended March 31, 2026, was $2.1 million, which was consistent with the $2.0 million recorded for the same period in the prior year.

OTHER INCOME AND EXPENSES

Income Tax Expense

Boardwalk REIT qualifies as a “mutual fund trust” as defined in the Tax Act. The Tax Act also contains legislation affecting the tax treatment of publicly traded trusts and the criteria for qualifying for the REIT Exemption, which would exempt Boardwalk REIT from income tax under the SIFT Legislation. For 2025 and 2026 to date, the Trust qualified for the REIT Exemption.

Although Boardwalk REIT is exempted from income taxes provided it distributes all of its taxable income to its Unitholders, this exemption does not apply to its corporate subsidiaries, which are subject to income taxes.

Boardwalk REIT has received notices of reassessment dated February 28, 2024, from the CRA increasing the Trust’s taxable income by $5.6 million, $20.6 million, $14.1 million, and $0.06 million for its taxation years ended December 31, 2011, 2012, 2013, and 2014, respectively, on the basis that the Trust did not report deemed taxable capital gains in each of those taxation years resulting from alleged negative adjusted cost base in the Trust’s units of Top Hat Operating Trust, a trust 100% owned by Boardwalk REIT. Management of the Trust assessed the implications of the CRA notices of reassessment and filed an objection on May 24, 2024, with the CRA Appeals Division as it disagrees with the CRA’s proposed assessment. It is the opinion of the Trust that it will not be required to pay any amount to the CRA in order to dispute this matter. Furthermore, it is the Trust’s opinion that should these reassessments be upheld on appeal, given the Trust is not a taxable entity, it will not be required to pay any income taxes payable as the Trust distributes all taxable income to its Unitholders. It is difficult to estimate the amount of time it could take to resolve the dispute with

the CRA Appeals Division and it is possible that an appeal to the Tax Court of Canada could be required in order to resolve this dispute. Please refer to the section titled “Risks and Risk Management – Certain Tax Risks – Change of Tax Laws” in the MD&A included in the 2025 Annual Report for more information.

LP Class B Units and the Deferred Unit Compensation Plan

The LP Class B Units are non-transferable, except under certain circumstances, but are exchangeable, on a one-for-one basis, into Trust Units at any time at the option of the holder. The LP Class B Units and the deferred unit-based compensation plan are recorded at their fair value at each reporting date. As at March 31, 2026, the Trust used a price of $62.95 based on the closing price of the Trust Units on the TSX to determine the fair value of these liabilities at that date. The total fair value of the LP Class B Units recorded on

the unaudited Condensed Consolidated Interim Statements of Financial Position at March 31, 2026, was $264.4 million (December 31, 2025 – $270.8 million), and a corresponding fair value gain of $6.4 million (three months ended March 31, 2025 – fair value loss of

$12.6 million) was recorded on the unaudited Condensed Consolidated Interim Statements of Comprehensive (Loss) Income for the three months ended March 31, 2026.

The deferred unit-based compensation plan had a fair value of $19.2 million (December 31, 2025 – $17.3 million), and a corresponding fair value loss of $1.1 million (three months ended March 31, 2025 – fair value loss of $2.9 million) was recorded on the unaudited Condensed Consolidated Interim Statements of Comprehensive (Loss) Income for the three months ended March 31, 2026.

REVIEW OF CASH FLOWS

Operating Activities

Cash flow from operating activities increased by 33.8% from $46.1 million for the three months ended March 31, 2025, to $61.7 million for the three months ended March 31, 2026. For the three months ended March 31, 2026, Boardwalk REIT reported ACFO of

$51.9 million, or $0.98 per Unit. This represented an increase of approximately 7.6%, compared to the $48.2 million, or $0.90 per Unit, reported for three months ended March 31, 2025. The increase in cash flow from operating activities was mainly the result of higher rental revenue and lower utilities, partially offset by higher interest paid on secured debt (mortgages payable) due to higher interest rates, higher operating expenses, higher property taxes, higher administration costs, and lower interest income. The increase in ACFO was primarily due to higher rental revenue from higher occupied rent and lower incentives, partially offset by higher interest paid.

A reconciliation of ACFO to cash flow from operating activities as shown in the unaudited Condensed Consolidated Interim Statements of Cash Flows prepared in accordance with IFRS Accounting Standards is highlighted below.

ACFO Reconciliation

(In $000’s, except per Unit amounts)

3 Months

Mar. 31, 2026

3 Months

Mar. 31, 2025 % Change

Cash flow from operating activities $ 61,661 $ 46,098

Adjustments

Net change in operating working capital 777 12,486

Loss from equity accounted investment (7,365) (694)

Fair value loss from equity accounted investment 7,785 877

Deferred unit-based compensation (1,115) (1,086)

LP Class B Unit distributions 1,764 1,656

Government grant amortization 95 95

Interest paid 33,729 28,957

Financing costs (35,947) (30,835)

Principal repayments on lease liabilities (890) (866)

Maintenance Capital Expenditures (1)	(8,630)	(8,508)
ACFO (2)(3)	$ 51,864	$ 48,180	7.6%
ACFO per Unit (3)	$ 0.98	$ 0.90	8.9%

1. Details of the calculation of Maintenance Capital Expenditures can be found in the section titled, “Review of Cash Flows – Investing Activities – Value-add Capital and Maintenance Capital Expenditures” in this MD&A.

2. This is a non-GAAP financial measure.

3. Please refer to the section titled “Presentation of Non-GAAP Measures” in this MD&A for more information.

For the current quarter, the FFO Payout Ratio and ACFO Payout Ratio were 36.4% and 42.4%, respectively, compared to 35.3% and 41.5%, respectively, for the same period in the prior year.

ACFO, in the longer term, is indicative of the Trust’s ability to pay distributions to its Unitholders. ACFO Payout Ratio is a non-GAAP ratio. Please refer to the section titled “Presentation of Non-GAAP Measures” in this MD&A for more information on ACFO Payout Ratio. As regular distributions are funded by the Trust’s liquidity, cash flow from operating activities, and mortgage upfinancings tied to investment property capital appreciation (when needed), these distributions are reviewed on a quarterly basis by the Board of Trustees to assess whether they are sustainable. As a result of the review at the beginning of 2026, the Board of Trustees approved distributions of $1.80 per Trust Unit on an annualized basis effective March 2026.

Investing Activities

Capital Improvements

Boardwalk has a continuous capital improvement program across its investment properties and as part of its brand diversification strategy. The program is designed to extend the useful lives of properties, improve operating efficiency, enhance property appeal, maintain and grow earnings capacity, meet Resident Family Members’ expectations, and ensure compliance with health and safety regulations.

For the three months ended March 31, 2026, Boardwalk REIT invested $25.5 million in capital assets (comprised of $23.6 million on its investment properties and $1.9 million on property, plant and equipment) back into its properties in the form of equipment and project enhancements to upgrade existing suites, common areas, and building exteriors and systems, compared to the $22.3 million ($20.4 million on its investment properties and $1.9 million on property, plant and equipment) invested for the three months ended March 31, 2025.

A significant part of Boardwalk’s capital improvement relates to projects performed by Boardwalk Associates through its internal capital program, which was initiated in 1996 as a way to create more value for the Trust. The Trust recognizes the efficiencies and economies of scale achieved by performing

2026 Three Month Investment in Capital Assets

33%

Building Improvements

certain capital projects in-house, including faster execution,

greater project control, and elimination of third-party contractor profit margins. The Trust focuses its internal resources on projects with the largest opportunity for value creation, like flooring and painting. Over the last few years, the Trust has increased its emphasis on performing capital projects internally rather than outsourcing these services. Included in investment in capital assets is approximately

$9.0 million of on-site wages and salaries incurred in connection with these projects, compared to $8.5 million for the same period in 2025.

27%

Internal Capital

Program

6%

Other (incl. Equipment) 7%

Elevators/Boilers/Mechanical

20%

Suite Improvements

2%

5% Hallway Improvements Appliances

Maintenance of Productive Capacity

The Trust invests capital in its residential buildings through two areas: Maintenance CAPEX and value-add capital investments.

Maintenance CAPEX over the longer term is funded from cash flow from operating activities. These expenditures are deducted from FFO in order to estimate a sustainable amount, AFFO, which can be distributed to Unitholders. Maintenance CAPEX includes those expenditures that, while capital in nature, are not considered betterments, as they relate more to maintaining the existing earnings capacity of our property portfolio, while also extending the useful life of the asset. In contrast, value-add capital investments are more discretionary in nature and focus on increasing the productivity of the property, with the goal of increasing NOI through revenue growth and/or decreased operating expenses. Management of the Trust believes that significant judgement is required to determine whether a capital expenditure is needed to maintain the earning capacity of an asset or to increase it. In addition, the Trust invests funds in its portfolio in the form of ongoing repairs and maintenance as well as on-site maintenance Associates. These expenditures are designed to maintain the operating capacity of our assets.

Value-add Capital and Maintenance Capital Expenditures

As discussed above, value-add capital investments include building improvements, suite upgrades, technology initiatives, and other investments which support NOI growth. Building improvements include investments which improve energy efficiency, enhance building envelopes, increase curb appeal of the property, as well as renovations of common areas and amenity spaces. Suite upgrades included in value-add capital result in revenue growth above market growth. In addition, internal capital required to complete building improvements and suite upgrades is considered value-add capital.

Maintenance CAPEX are expenditures which relate to sustaining and maintaining the existing asset. Boardwalk’s determination of Maintenance CAPEX is based on an estimated reserve amount per suite using a three-year average of the capital invested to maintain and sustain the existing properties. The allocations on the following page were the result of a detailed review of the Trust’s historical capital investment. As previously discussed, significant judgement was required to allocate capital between value-add and Maintenance CAPEX. Capital budget amounts for 2026, revised, if necessary, based on actual expenditures for the year, are initially used to calculate Maintenance CAPEX for the three-year rolling average. For 2025, the three-year rolling average is based on actual expenditures invested from 2023 to 2025.

The Trust’s calculation of standardized Maintenance CAPEX per suite is outlined in the following table:

2026 Budgeted Capital Category Expenditures ($000’s)		2025 Capital Expenditures ($000’s)	2024 Capital Expenditures ($000’s)	2023 Capital Expenditures ($000’s)
Building Exterior, Grounds & Parking	$ 50,667	$ 39,304	$ 40,077	$ 36,136
Hallways & Lobbies	9,179	9,642	8,151	8,999
Elevators	3,400	3,344	3,273	3,605
Mechanical & Electrical	9,407	8,721	10,654	9,023
Other – Information Technology	4,500	4,663	4,906	3,978
Site Equipment & Vehicles	2,100	1,498	2,478	2,204
Total Common Area	$ 79,253	$ 67,172	$ 69,539	$ 63,945
Paint & General	$ 9,420	$ 9,817	$ 8,140	$ 6,575
Flooring	9,263	9,650	8,469	8,512
Cabinets & Counters	6,695	6,986	5,931	5,495
Appliances	5,101	5,871	4,704	4,419
Suite Mechanical	1,607	1,675	1,376	1,287
Furniture, Fixtures & Equipment	1,090	1,161	911	980
Total Suites	$ 33,176	$ 35,160	$ 29,531	$ 27,268
Internal Capital Program	$ 36,321	$ 35,977	$ 33,329	$ 33,810
Subtotal	$ 148,750	$ 138,309	$ 132,399	$ 125,023
Corporate Capital Expenditures	–	716	1,028	949
Investment in Capital Assets	$ 148,750	$ 139,025	$ 133,427	$ 125,972
Cash Flow used in Investing Activities
Improvements to Investment Properties	$ 142,150	$ 131,089	$ 124,395	$ 119,012
Additions to Property, Plant & Equipment	6,600	7,936	9,032	6,960
Investment in Capital Assets	$ 148,750	$ 139,025	$ 133,427	$ 125,972
Number of suites	34,393	34,393	34,222	33,846
Value-add Capital Investment
Building Improvements	$ 48,094	$ 38,855	$ 41,002	$ 34,786
Common Area Renovations	9,179	9,642	8,151	8,999
Suite Upgrades	24,942	26,570	22,054	20,749
Internal Capital	29,205	28,929	27,137	27,873
Other – Information Technology	1,125	1,166	1,227	996
	$ 112,545	$ 105,161	$ 99,571	$ 93,403
Maintenance CAPEX	36,205	33,864	33,856	32,569
Investment in Capital Assets	$ 148,750	$ 139,025	$ 133,427	$ 125,972
Maintenance CAPEX per Suite	$ 1,053	$ 985	$ 989	$ 962
Three-year Rolling Average Reserve
2024	$ 989
2025	$ 985
2026	$ 1,053
2026 Maintenance CAPEX Per Suite	$ 1,009
Three-year Rolling Average Reserve
2023		$ 962
2024		$ 989
2025		$ 985
2025 Maintenance CAPEX Per Suite		$ 979

Using the three-year rolling average reserve, Boardwalk’s 2026 estimate of Maintenance CAPEX is $34.9 million, or $1,009 per suite, for the year. For 2025, Boardwalk’s estimate of Maintenance CAPEX, using the three-year average reserve, was $33.6 million, or $979 per suite, for the year. The increase in the three-year rolling average reserve of $979 per suite in 2025 to $1,009 per suite in 2026 is due to a higher Maintenance CAPEX per suite in part due to rising costs from inflationary increases experienced over the past year.

The following table provides management of the Trust’s estimate of these expenditure categories for the three months ended March 31, 2026 and 2025.

3 Months 3 Months

(In $000’s, except for per suite amounts)	Mar. 31, 2026	Per Suite	Mar. 31, 2025	Per Suite
Maintenance CAPEX	$ 8,630	$ 252	$ 8,508	$ 249
Value-add capital	16,873	493	13,803	405
Investment in capital assets	$ 25,503	$ 745	$ 22,311	$ 654

Management of the Trust has estimated that for the first quarter of fiscals 2026 and 2025, the amount allocated to maintenance capital was approximately $8.6 million, or $252 per suite, and $8.5 million, or $249 per suite, respectively, with investment in value-add capital expenditures to its investment properties totaling $16.9 million and $13.8 million, respectively, or $493 and

$405 per suite, respectively.

Investment Properties

The Trust has elected to use the fair value model in accordance with IAS 40 – Investment Properties to report the value of its investment properties at each reporting date.

External valuations were obtained from third-party appraisers (the “Appraisers”) based on a cross section of properties from different geographical locations and markets across the Trust’s rental portfolio, as determined by management, to corroborate the Trust’s internal fair value calculation for its entire investment property portfolio. Appraisals were obtained as follows:

Number

Aggregate

Percentage of Portfolio

Date	of Properties	Fair Value	as of that Date
March 31, 2026	7	$ 247,677	2.9%
December 31, 2025	4	$ 926,687	10.7%
September 30, 2025	5	$ 323,025	3.7%
June 30, 2025	5	$ 174,938	2.1%
March 31, 2025	5	$ 274,860	3.3%

The fair value of the Trust’s investment property portfolio was determined internally by the Trust using the same assumptions and valuation techniques used by the Appraisers. In addition to performing a valuation on a selection of the Trust’s properties (and not performing a valuation on all of the Trust properties) to compare to the Trust’s internal valuation, the Appraisers provided the Trust with a summary of the major assumptions and market data by city in order for the Trust to complete its internal valuations.

The key valuation metrics for the Trust’s investment properties using the stabilized approach are set out in the following table:

As at Mar. 31, 2026 Dec. 31, 2025

Forecasted Total Forecasted Total

Capitalization Rate Weighted Average

Stabilized Net Operating Income

Capitalization Rate Weighted Average

Stabilized Net Operating Income

Alberta 5.21% $ 268,789 5.14% $ 267,234

British Columbia 4.50% 5,551 4.50% 5,601

Saskatchewan 5.68% 45,229 5.68% 45,669

Ontario 5.03% 34,989 4.81% 34,385

Quebec 5.08% 12,297 5.07% 17,029

5.23% 366,855 5.16% 369,918

Land Leases 5.50% 42,288 5.50% 42,282

Total 5.26% $ 409,143 5.19% $ 412,200

Overall portfolio weighted average stabilized capitalization rate (“Cap Rate”) was 5.26% as at March 31, 2026, and 5.19% as at December 31, 2025, using a forecasted stabilized NOI.

The “Overall Capitalization Rate” method requires a forecasted stabilized NOI be divided by a Cap Rate to determine a fair value. As such, fluctuations in both NOI and Cap Rates could significantly alter the fair value. Generally, an increase in NOI will result in an increase to the fair value of an investment property. An increase in Cap Rate will result in a decrease to the fair value of an investment property. When the Cap Rate is applied to NOI to calculate fair value, there is a significant impact whereby the lower the Cap Rate, the larger the impact. The tables below summarize the sensitivity impact of changes in both Cap Rates and forecasted stabilized NOI on the Trust’s fair value of its investment properties (excluding building acquisitions valued at Level 2 inputs, developments, and the right-of-use assets related to lease liabilities) as at March 31, 2026, and December 31, 2025:

As at Mar. 31, 2026 Stabilized Net Operating Income

		-3%	-1%	As Forecasted	+1%	+3%
Cap Rate		$ 396,869	$ 405,052	$ 409,143	$ 413,234	$ 421,417
-0.25%	5.01%	$ 143,546	$ 307,003	$ 388,732	$ 470,460	$ 633,918
Cap Rate As Reported	5.26%	(233,524)	(77,841)	7,784,138	77,841	233,524
+0.25%	5.51%	(576,353)	(427,739)	(353,432)	(279,125)	(130,511)

As at Dec. 31, 2025 Stabilized Net Operating Income

		-3%	-1%	As Forecasted	+1%	+3%
Cap Rate		$ 399,834	$ 408,078	$ 412,200	$ 416,322	$ 424,566
-0.25%	4.94%	$ 151,774	$ 318,708	$ 402,175	$ 485,643	$ 652,577
Cap Rate As Reported	5.19%	(238,336)	(79,445)	7,944,533	79,445	238,336
+0.25%	5.44%	(592,580)	(440,994)	(365,200)	(289,407)	(137,820)

Investment properties with a fair value of $837.9 million as at March 31, 2026 (December 31, 2025 – $839.5 million) are situated on land held under ground (or land) leases.

Investment properties with a fair value of $1.1 billion as at March 31, 2026 (December 31, 2025 – $1.1 billion) are pledged as security against the Trust’s credit facility, which includes a committed revolving credit facility and demand revolving credit facility (collectively, the “Credit Facility”). In addition, investment properties with a fair value of $8.0 billion as at March 31, 2026 (December 31, 2025 – $8.0 billion) are pledged as security against the Trust’s mortgages payable.

For the three months ended March 31, 2026, the Trust capitalized $23.6 million in improvements to investment properties (and

$5.7 million in development of investment properties) and recorded a fair value loss of $55.9 million on its financial statements as a result of changes in the fair value of investment properties. For the year ended December 31, 2025, the Trust capitalized $131.8 million in improvements to investment properties (and $41.1 million in development of investment properties) and recorded a fair value loss of $22.5 million. Capitalized building improvements represent expenditures that provide future benefits to the Trust for a period greater than 12 months, some of which may not be immediately reflected in the fair value of the investment properties, under

IFRS Accounting Standards, for the current reporting period.

Joint Arrangements

In 2020, Boardwalk completed its first joint venture development project known as BRIO, located in Calgary, Alberta. BRIO is an amenity-rich affordable luxury 12-storey tower with approximately 130,000 square feet of residential space, consisting of 162 suites, and 10,000 square feet of retail space. The property provides premium rental housing at a desirable location that is along the Calgary Light Rail Transit Line, and in close proximity to the University of Calgary, Foothills Hospital, and McMahon Stadium. The joint venture was structured as an equal 50% interest between each partner, with Boardwalk managing the residential component and the other partner managing the retail component, each on a cost basis. On August 6, 2025, the Trust acquired the other 50% interest in BRIO in an off-market transaction, for a purchase price of $37.4 million (including transaction costs). The Trust now has 100% ownership

of BRIO.

Boardwalk has a 50:50 joint venture partnership, with a private partner, through which it developed a 365-suite multi-residential, purpose-built rental complex, located near downtown Brampton, Ontario. The project is a rental complex with approximately 10,700 square feet of retail space, above and underground parking, and 380,000 square feet of residential space over two concrete

high-rise towers. Construction of the project was completed on time and on the low end of the budget for a total of $203 million. During the fourth quarter of 2022, one of the high-rise towers, which includes 176 residential suites, was substantially completed and during the fourth quarter of 2023, the second high-rise tower, which includes 189 residential suites, was substantially completed. The partnership had committed to a construction facility loan for 60% of the budgeted costs to construct. In September 2025, the joint venture received

$146.8 million in proceeds from mortgage financings. The joint venture used the proceeds to repay the outstanding loan receivable balance to the Trust of $58.2 million, repay the revolving construction facility loan of $58.2 million, and made a return of capital of

$11.4 million to each joint venture partner. The mortgage has a maturity date of October 1, 2030, and bears interest at 3.28%. For the three months ended March 31, 2026, the joint venture made a return of capital of $0.9 million to each joint venture partner.

Development

Boardwalk’s development opportunities include additional projects to be built on the Trust’s excess land density, as well as new land that was acquired in Victoria, British Columbia. These developments are in various stages of market analysis, planning and approval, and will further add newly constructed assets to the Trust’s portfolio when timing is appropriate.

For the three months ended March 31, 2026, the Trust expended $5.7 million on development of investment properties compared to

$11.4 million for the same period in the prior year. Interest costs of $0.5 million were capitalized to properties under development for the three months ended March 31, 2026 (three months ended March 31, 2025 – $0.8 million).

Aspire is a purpose built, multi-tower residential development located in a well-situated area of Victoria, British Columbia, offering residents convenient access to key amenities and urban conveniences. The community features a rich suite of modern resident amenities designed to support an elevated living experience. In December 2025, the Trust completed development of the first tower and welcomed Resident Family Members, marking the commencement of lease up at the property, with tower two completed in late February 2026 and tower three completed in April 2026.

It is our intention to continue to investigate further development opportunities, however, each future opportunity will require a separate analysis and, depending on the analysis and economic conditions, the Trust will determine if additional development projects are warranted and if continued development is appropriate due to current market conditions. Historically, one of the biggest risks to real estate valuations is the building of oversupply in a particular market, which results in significant corrections of property values market-wide.