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

Sam Kolias, Chairman and Chief Executive Officer of Boardwalk REIT

“Strong leasing activity toward the end of the summer has translated into a pickup in occupancy in September and October, demonstrating the resilience of demand for our communities and the strength of our operating platform.”

Sam Kolias, Chairman and Chief Executive Officer of Boardwalk REIT

“Boardwalk is in the right place at the right time as Canada pursues its ambition to become a global energy superpower.”

Sam Kolias, Chairman and Chief Executive Officer of Boardwalk REIT

“The recent designation of the Pacific Link pipeline as a project of national interest reinforces the importance of energy as a foundational input to the Canadian economy and supports Alberta's relative strength in investment and employment over the medium term.”

Sam Kolias, Chairman and Chief Executive Officer of Boardwalk REIT

“Collaboration between different levels of government, industry and various stakeholders is resulting in policies that encourage investment and prosperity for all Canadians.”

Sam Kolias, Chairman and Chief Executive Officer of Boardwalk REIT

“This momentum, combined with the continued affordability of rents in our largest markets, provides a supportive backdrop for continued positive migration into Alberta.”

Sam Kolias, Chairman and Chief Executive Officer of Boardwalk REIT

“We continue to capitalize on strong private market demand for our non-core communities that we are selling at prices in line with our IFRS values, and redeploying proceeds into our own high-quality portfolio through our Normal Course Issuer Bid ("NCIB") at attractive implied yields and a significant discount to the underlying value.”

Sam Kolias, Chairman and Chief Executive Officer of Boardwalk REIT

“Most recently, we are pleased to have completed the sale of our Northern Lights Portfolio in Grande Prairie in September, while retaining exposure to positive tailwinds in the region through the remainder of our communities in the area.”

Sam Kolias, Chairman and Chief Executive Officer of Boardwalk REIT

“Our focus remains on delivering exceptional experience, quality, and value in housing for Canadians while enhancing free cash flow per unit and continuing to strengthen our balance sheet over time through disciplined capital allocation.”