Conference Call August 14, 2020 9:00am MT / 11:00am ET Forward - - PowerPoint PPT Presentation

Q2 2020 Conference Call

August 14, 2020 9:00am MT / 11:00am ET

Forward Looking Statements & Non-GAAP Measures

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Forward-Looking Statements This conference call presentation contains forward-looking statements and information (collectively, "forward-looking statements") within the meaning of applicable securities laws. These statements include, but are not limited to, statements made in this conference call presentation, and other statements concerning Boardwalk’s objectives and corporate strategy, including, but not limited to, increasing its occupancy rates, joint venture developments and construction activities, future acquisition and development opportunities, the ongoing suite renovation and rebranding program, and real estate technology ventures, its strategies to achieve those objectives, as well as statements with respect to management’s beliefs, plans, estimates, and intentions, and similar statements concerning anticipated future events, results, circumstances, performance or expectations that are not historical facts, including, but not limited to, maintenance capital expenditure estimates, secured financing analysis, anticipated mortgage maturities, provincial economic forecast summaries, as well as anticipated vacancy and rent, for Alberta and Saskatchewan and anticipated population increase in the Peel Region. Forward-looking statements generally can be identified by the use

• f 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’s current beliefs and are based on information currently available to management. All forward-looking statements in this conference call presentation are qualified by these cautionary statements. Certain material factors, estimates or assumptions were applied in drawing a conclusion or making a forecast or projection as reflected in these statements and actual results could differ materially from such conclusions, forecasts or projections. Specifically, Boardwalk has made assumptions surrounding the impact of economic conditions in Canada and globally including as a result of the novel strain coronavirus (COVID-19) pandemic, Boardwalk's future growth potential, prospects and opportunities, the rental environment compared to several years ago, relatively stable interest costs, access to equity and debt capital markets to fund (at acceptable costs or at all), the future growth program to enable Boardwalk to refinance debts as they mature, the availability of purchase

• pportunities for growth in Canada, general industry conditions and trends, changes in laws and regulations including, without limitation, changes in tax laws, mortgage rules and other temporary legislative changes in light of the COVID-19 pandemic,

increased competition, the availability of qualified personnel, fluctuations in foreign exchange or interest rates, and stock market volatility. These assumptions, although considered reasonable by Boardwalk at the time of preparation, may prove to be

• incorrect. Those risks and uncertainties that could cause our actual results to differ materially from the forward-looking statements contained herein include, but are not limited to, those related to liquidity in the global marketplace associated with current

economic conditions, tenant rental rate concessions, occupancy levels, access to debt and equity capital, changes to Canada Mortgage and Housing Corporation rules regarding mortgage insurance, interest rates, joint ventures/partnerships, the relative illiquidity of real property, unexpected costs or liabilities related to acquisitions, construction, environmental matters, uninsured perils, legal matters, reliance on key personnel, unitholder liability, income taxes and changes to income tax rules. Of particular note, beginning in 2020, the world and Canada have been impacted by, and continue to be impacted by, the COVID-19 pandemic. In an attempt to slow down the spread of this virus, the various levels of government in Canada and throughout the world have enacted emergency measures. These measures, which include the implementation of travel bans, self-imposed quarantine periods and social distancing, have caused material disruption to businesses globally resulting in an economic slowdown and unprecedented unemployment levels. As of Aug 14, 2020, the impact of the COVID-19 pandemic on the results of Boardwalk remains uncertain. This is not an exhaustive list of the factors that may affect Boardwalk’s forward-looking statements. Additional information on the material risks, including those risks resulting from the ongoing COVID-19 pandemic, that could cause our actual results to differ materially from the conclusions, forecast or projections in these forward-looking statements and the material factors, estimates or assumptions that were applied in drawing a conclusion or making a forecast or projection as reflected in the forward-looking statements can be found in our annual information form, annual report and quarterly management's discussion and analysis, each of which are available on our website and under Boardwalk's profile on www.sedar.com. Forward-looking statements contained in this conference call presentation are based on Boardwalk’s current estimates, expectations and projections, which Boardwalk believes are reasonable as of the current date. You should not place undue importance

• n forward-looking statements and should not rely upon forward-looking statements as of any other date. 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. Non-GAAP Measures Boardwalk’s condensed consolidated interim financial statements are prepared in accordance with International Financial Reporting Standards (“IFRS”) and with the recommendations of REALpac, Canada’s senior national industry association for owners and managers of investment real estate. The Trust uses certain financial measures to assess performance, which are not generally accepted accounting principles (“GAAP”) under IFRS. The following measures, Net Operating Income (“NOI”), Funds From Operations (“FFO”), Adjusted Funds From Operations (“AFFO”), Operating Margins, Stabilized Revenue Growth, Stabilized Operating Expense Growth and Stabilized NOI Growth, as well as

• ther measures discussed in this conference call presentation, do not have a standardized definition prescribed by IFRS and are, therefore unlikely to be comparable to similar measures provided by other reporting issuers.

Non-GAAP measures should not be considered an alternative to profit (loss), cash flow from operations, or comparable metrics determined in accordance with IFRS as indicators of the Trust’s performance, profitability, cash flow and liquidity. For full descriptions of these measures and reconciliations, please refer to the “Non-GAAP Financial Measures” and “Performance Review” in Boardwalk’s Management’s Discussion and Analysis for the three months ended June 30, 2020, which is available on our website and under Boardwalk's profile on www.sedar.com

Response to Covid-19

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Adapt Changing how we work everyday to ensure business continuity

• Enhanced cleaning protocols
• Self regulation of rental increases
• Rental payment plans

Evolve Leveraging technology to provide superior customer service and experiences

• Virtual showings
• Resident Member Portal
• www.bwalk.info
• Online payments & security deposits

Emerge Due to our commitment to our resident members we have achieved:

• Higher occupancy
• Improved NPS scores
• Continued financial performance

Boardwalk’s top priority remains the health and safety of both our Resident Members as well as Boardwalk’s Team

• f Heroes who everyday are delivering our essential service of safe and affordable housing.

Housing – An Essential Service

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As we socially distance in response to Covid-19, we are all being reminded about the importance of our

• homes. Home is our…

With over 33,000 suites across Canada, Boardwalk will continue to provide its Resident Members with exceptional value by offering both superior product quality and customer service.

Boardwalk’s Portfolio - Positioned for Success

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Well located portfolio across affordable markets in Western Canada, and significant mark-to-market in Eastern Canada.

Boardwalk’s Brands – Diverse Product Offering

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50% 44% 6% Portfolio Distribution By Brand (Suite Basis)

$1,100 $1,134 $1,304

Living Communities Lifestyle

Average Net Rent By Brand

Boardwalk’s three brands provide exceptional value at each price point with a focus on affordability

Key Operational Metrics

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All values exclude sold properties; same store stabilized as reported.

Continued strong operational metrics. With the lifting of rental rate restrictions, focus will be on sustainable rental rate adjustments in the second half of 2020.

• Renewals were strong leading into COVID situation
• To drive higher occupancy during this environment, we have selectively increased the use of incentives for

new rentals

• Rental Increase restrictions have now been lifted, and have begun sustainable rental rate adjustments

Q2 2020: Lease Renewals

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0.0% 1.6% 7.0% 7.4% 6.3% 4.9% 4.3% 3.5% 3.9% 3.1% 1.4% 0.2%

• 0.7%
• 1.6%
• 2.4%
• 2.6%
• 5.9%
• 5.1%
• 2.2%

8.0% 6.5% 7.6% 6.8% 6.0% 6.0% 4.9% 4.6% 3.8% 4.3% 5.3% 4.8% 4.4% 3.9% 2.9% 2.7% 1.1% 1.1% 0.2% 90.0% 91.0% 92.0% 93.0% 94.0% 95.0% 96.0% 97.0% 98.0%

Alberta Rent Change from Prior Lease

New Renewal Occupancy

• 0.4%

1.5% 6.4% 7.0% 6.3% 5.7% 5.6% 4.7% 4.6% 3.6% 2.8% 1.3% 1.5% 0.5% 0.1% 0.0%

• 2.7%
• 2.2%

0.8% 6.8% 6.0% 6.5% 5.8% 5.1% 4.6% 2.4% 3.4% 3.2% 3.3% 4.6% 4.2% 4.1% 3.6% 2.8% 2.5% 1.5% 1.5% 1.4% 90.0% 91.0% 92.0% 93.0% 94.0% 95.0% 96.0% 97.0% 98.0%

Portfolio Rent Change from Prior Lease

New Renewal Occupancy

Stabilized Revenue Growth # of Units Q2 2020 vs Q1 2020 Q1 2020 vs Q4 2019 Q4 2019 vs Q3 2019 Q3 2019 vs Q2 2019 Edmonton 12,906 1.0% 0.6% 0.3% 1.3% Calgary 5,499

• 0.4%

0.8% 0.6% 1.0% Red Deer 939 1.5%

• 0.3%
• 0.6%

0.2% Grande Prairie 645

• 0.6%

1.2% 1.9% 2.4% Fort McMurray 352

• 0.8%
• 1.1%
• 0.7%

1.3% Quebec 6,000 0.6% 0.2% 1.3% 1.0% Saskatchewan 3,685 0.6%

• 0.4%

1.8% 1.2% Ontario 2,585 2.2% 1.7% 1.9% 1.2% 32,611 0.6% 0.5% 0.8% 1.1%

Jun 30 2020 - 3 M # of Units % Revenue Growth % Operating Expense Growth % Net Operating Income Growth % of NOI Edmonton 12,906 3.1%

• 2.7%

7.6% 38.1% Calgary 5,499 2.2%

• 0.5%

3.6% 20.5% Red Deer 939 0.9% 1.2% 0.6% 2.4% Grande Prairie 645 4.9% 18.8%

• 5.0%

1.5% Fort McMurray 352

• 1.3%
• 0.8%
• 1.6%

1.0% Alberta 20,341 2.7%

• 1.4%

5.5% 63.5% Quebec 6,000 3.0%

• 7.5%

8.8% 19.5% Saskatchewan 3,685 3.2%

• 0.9%

6.6% 10.0% Ontario 2,585 7.3% 5.6% 8.3% 7.0% 32,611 3.1%

• 1.8%

6.4% 100.0% Jun 30 2020 - 6 M # of Units % Revenue Growth % Operating Expense Growth % Net Operating Income Growth % of NOI Edmonton 12,906 3.5%

• 1.9%

8.2% 37.7% Calgary 5,499 3.1%

• 1.8%

5.8% 21.0% Red Deer 939 1.2% 5.9%

• 2.8%

2.3% Grande Prairie 645 6.5% 13.2% 0.9% 1.6% Fort McMurray 352

• 0.5%
• 2.8%

1.5% 1.0% Alberta 20,341 3.3%

• 1.1%

6.7% 63.5% Quebec 6,000 2.8%

• 8.3%

10.0% 19.3% Saskatchewan 3,685 3.3% 1.8% 4.5% 10.2% Ontario 2,585 7.1% 3.8% 9.3% 7.0% 32,611 3.5%

• 1.6%

7.3% 100.0% Stabilized as a % of Total Portfolio 98.3%

All provinces have posted strong SPNOI growth to-date driven by revenue growth and controllable operating expense savings.

Q2 2020: Portfolio Results – Same Property Results

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Boardwalk REIT – Building On Our Track Record

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Leveraging our ability, brand, approach, discipline & experience to deliver nine consecutive quarters of FFO per unit growth

16.1% (Q1)& 10.3% (Q2) increase excluding retirement costs

Q2 Financial Highlights - Delivering Another Solid Quarter

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AFFO uses a maintenance capital investment estimate of $613 per suite per year

Included in Q2: $2.1 million ($0.04 per Trust Unit) and for 6M: $3.7 million ($0.07 per Trust Unit) for costs associated with retirement costs.

+4.1% +7.4% +8.0% +12.6%

• Collections have generally been inline with pre-COVID trends
• Collections reported are for the calendar month only and do not include revenue collected in subsequent

months

Q2 2020: Rent Collections

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Liquidity Snapshot

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Strong liquidity available to take advantage of opportunities that may arise

Liquidity Summary Cash Position - June 30, 2020 76,600 $ Fundings Subsequent To End Of Quarter 48,300 $ Committed Upfinancings 16,700 $ Liquidity 141,600 $ Line of Credit 200,000 $ Total Available Liquidity 341,600 $

Mortgage Maturities and Interest Coverage

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Mortgage Maturity Schedule Interest Coverage – Rolling 12 Months

A well-balanced maturity curve with maturing interest rates above current market rates, ~99% of mortgages are CMHC insured

2.59 2.64 2.68 2.68 2.69 2.70 2.74 2.76 2.78 2.77 2.50 2.55 2.60 2.65 2.70 2.75 2.80 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020

Interest coverage – 2.77x Debt (net of cash) to assets – 48%

2.57% 2.41% 2.73% 2.93% 2.89% 2.47% 2.45% 3.17% 3.27% 2.56% 2.13% 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 3.50% 50,000 100,000 150,000 200,000 250,000 300,000 350,000 400,000 450,000 500,000 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 In Place Interest Rate Principal Outstanding Mortgage Outstanding in ($000's) WA interest Rate Current CMHC 5 Year Rate Current CMHC 10 Year Rate

Q2 2020: Mortgage Program To Date

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Mortgage renewals and upfinancings continue to be completed at record low interest rates. Current 5 Year CMHC Insured Rates: 1.10%-1.25% Current 10 Year CMHC Insured Rates: 1.50%-1.65%

2020 Mortgage Program Summary Maturity Date Units Maturing Mortgage Amount Renewed or Fwd Locked to Date New Upfinancing Maturing Rate New Rate Average Term % of Mortgages Completed Jan 114 $ 14,500,000 $ 14,500,000 2.47% 2.53% 8 100% Mar 153 $ 12,110,000 $ 12,110,000 4.98% 2.17% 5 100% Apr 791 $ 38,000,000 $ 38,000,000 $ 53,550,000 2.32% 2.36% 8 100% May 392 $ 41,360,000 $ 41,360,000 1.89% 1.75% 5 100% Jun 29 $ 1,060,000 $ 1,060,000 1.59% 1.25% 5 100% Jul 774 $ 54,880,000 $ 54,880,000 $ 48,310,000 1.81% 1.64% 6 100% Sep 280 $ 11,010,000 $ 11,010,000 $ 16,700,000 1.58% 1.10% 5 100% Oct 288 $ 23,430,000 4.25% 0% Nov 124 $ 19,420,000 3.09% 0% Dec 1,525 $ 98,020,000 2.59% 0% Unlevered 299 $ 44,040,000 1.73% 7 Grand Total 4,769 $ 313,790,000 $ 172,920,000 $162,600,000 2.53% 1.87% 7 55%

Fueling Future Growth

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Development

Creating new communities to high-grade and geographically expand

Brio 45 Railroad

Acquisitions

Accretive additions to the portfolio creating value through cashflow growth and capital appreciation

Insignia Tower Dorsett Square

Value-add Capital

Generating incremental NOI, by enhancing curb appeal and the use of long-lasting materials

Fort Garry House Broadway Centre

Dispositions

Non-core asset transactions that provide access to capital while

• ptimizing portfolio
• St. James Place

Chancellor Gate

Value-add Capital Program

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Value-add Capital Program

• An eye-dropper

approach, focused on best returns

• Common area and lobby

renovations providing short paybacks with minimal rental adjustments required

• Suite renovations are

focused on affordability

• Re-branding (high-

grading) driven by market demand

O’Neil Tower

Calgary, AB Coworking Space (100% Leased) Yield on cost: 13%

Maureen Manor

Edmonton, AB Lobby & Leasing Office Refresh Projected yield on cost: 15%

Boardwalk Centre

Edmonton, AB PR Suite Renovation Annual yield on cost: 7 – 14%

Value-add Improvements and Repositioning To Date

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Dispositions and Acquisitions – High Grading and Geographic Expansion

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Elbow Tower (Land Lease)

Calgary, AB 158 units Year Built: 1967 Sale Price: $3,000,000

4 Lena Crescent

Cambridge, ON 56 Units Year Built: 2014 Sale Price: $16,200,000

Targeted Acquisitions Disposition

• f Non-Core

Asset

High Grading & Geographic Expansion

Provides scale to Kitchener-Waterloo portfolio Marginal FFO contribution as a result of land lease payment reset

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Completed Under Construction

Project Brio 45 Railroad Location

Calgary, Alberta Brampton, Ontario

Description

162 units and 10,000 sq. ft. of retail space in a stepped 12 storey mixed use concrete high rise. Developed as part of a joint venture with RioCan of which Boardwalk has a 50% interest. 365 units and 10,700 sq. ft. of retail space within two 25 and 27 storey concrete high-rise towers above a 3 storey podium. Developed as part of a joint venture with Redwood Properties of which Boardwalk has a 50% interest.

Status

Occupancy began on April 1st and is 33% leased as of August 5, 2020 with average rents inline with proforma estimates. Construction is underway with 3 level underground parking structure complete; and work underway for a 3 storey podium.

Development

Continuing To Offer Exceptional Value – Implied Value vs. Recent Market Transactions

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Cap Rate

4.00% 4.50% 5.00% 5.50% 6.00%

Door Price1 Unit Price1

$200k $178k $161k $146k $134k

1 Implied unit and door price are calculated using 2020 BEI.UN Factset NOI Consensus of $262.7M. Broker reported transaction cap rates vary between in-place, proforma, and stabilized NOI.

Q2 IFRS NAV

$73 $59 $47 $38 $30

Current Trading Price

$61.77 $180k

Kings Alley (Calgary)

February 2020 156 Units 4.17% Cap Rate $174k per door

Bow River Village (Calgary)

June 2019 74 Units 5.09% Cap Rate $175k per door

The Westside (Calgary)

March 2020 35 Units 4.75% Cap Rate $208k per door

Grand Central Manor (Edmonton)

January 2020 306 Units 4.25% Cap Rate $301k per door

Infinity at 105 (Edmonton)

March 2020 109 Units 5.04% Cap Rate $259k per door

$250k+ Per Door

Boardwalk’s current trading price represents exceptional value when compared to recent market transactions

Well positioned across all our markets to deliver organic growth

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Alberta Saskatchewan Ontario Quebec Core Markets

Edmonton, Calgary Regina, Saskatoon London, Kitchener Montreal, Quebec City

Suite Count

20,845 3,756 2,585 6,000

% of Portfolio

63% 11% 8% 18%

June 2020 Occupancy %

96.6% 95.9% 99.3% 99.0%

June 2020 Occupied Rent

$1,215 $1,158 $1,039 $1,114

Mark to Market per Month1

$137 $150 $392 $116

1Mark to Market includes incentive reduction opportunity in Alberta and Saskatchewan

A $25 increase in average

• ccupied rent across portfolio

equates to ~$0.20 increase in annual FFO/Unit

Looking to the Future – H2 2020 Goals and Key Performance Indicators

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Organic Growth Brand and Product Diversification

High-Grading & Geographic Expansion

Solid Financial Foundation

Unitholder Value =

• Maintain high occupancy levels, and Resident Member retention
• Sustainable rental rate adjustments to close the mark-to-market gap
• Innovating efficiencies to reduce controllable operating costs to offset increases in

un-controllable expenses (property taxes and insurance)

• Eye-dropper approach to value-add capital
• Common area renovations providing best returns with minimal rental rate

increases

• Focus on affordability and value with suite renovations
• Accretive geographic expansion to progress towards long-term target portfolio
• Non-core asset dispositions to fund opportunities
• Solid development pipeline
• Significant liquidity in place to take advantage of opportunities
• Deployment of capital towards accretive investments will further improve

leverage metrics

• CMHC insured financing to ensure access to low cost capital
• Management focused on continuing to deliver solid operating performance
• Current trading price represents exceptional value
• Sustainable monthly cash distributions (3.3% yield at $30 trading price)

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Appendix - Operations

Boardwalk’s ESG Initiatives

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Boardwalk’s Golden Foundation: Treat others as we would like to be treated, be good, love community, and have fun!

Environmental Stewardship Social Responsibility Leadership in Governance

Energy and Water Conservation Initiatives

• LED light fixtures, high-efficiency mechanical

systems, energy-star appliances, and efficient building envelope systems

• Low-flow faucets, toilets, timed irrigation,

and rainwater recycling systems Engaging with our Resident Members

• Compost, recycling, and donation programs
• Grassroots communication and involvement

towards reducing carbon emissions Environmental Governance

• Boardwalk formed Green Initiative

Committee in 2019

• Asset benchmarking to identify largest
• pportunities
• Investing in technology to reduce waste and

carbon emissions Creating Community

• Empowering our Team and Resident

Members to foster Communities where our Resident Members are proud to call home

• Partner with social agencies to provide

affordable homes to those in need

• Dedicated to sponsoring causes that create

community Investing in our Team

• Creating a culture where performance is

rewarded

• Provide a work environment that provides

both personal and professional growth Corporate Culture

• A performance culture that strives to provide

the best product quality, service and experience to our Resident Members Transparency

• Leaders in transparency and disclosure to all

stakeholders

• On-going assessment of Trustee and

Management performance and composition Ethics, Integrity, and Equality

• Boardwalk Code of Conduct guides

standards and expectations all team members

• Whistleblower Policy
• Diverse Trustee and Management

composition Governance Recognition

• Ranked in top quartile among Canadian

publicly listed companies, and top of industry in annual Board Games ranking by Globe and Mail

Occupancy Statistics

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94.5% 95.0% 95.5% 96.0% 96.5% 97.0% 97.5% 200 400 600 800 1,000 1,200 1,400

Supply & Demand

Move Outs Rentals % Occupancy

Revenue, Vacancy Loss & Incentives

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*Excludes amortization of incentives

$75,000 $85,000 $95,000 $105,000 $115,000 $125,000 $135,000 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020

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

Vacancy Loss Incentives Net Rental Revenue

Reasons for Move Out & Out of Town Rentals

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*Percentage of new Boardwalk Resident Members that are new to the indicated city Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Change in Life Situation 617 873 846 747 3,083 755 958 959 822 3,494 717 904 1,621 Personal Reasons 412 675 646 515 2,248 388 638 571 524 2,121 442 615 1,057 Transfer / Assignment 413 492 504 465 1,874 369 538 537 495 1,939 481 524 1,005 Purchased Home 265 382 380 366 1,393 254 365 408 377 1,404 274 322 596 Skip / Eviction 329 329 392 355 1,405 313 315 361 325 1,314 374 210 584 Cost 201 236 262 244 943 170 252 242 235 899 183 192 375 Suite Size 192 215 243 220 870 169 246 235 201 851 183 197 380 Service 39 41 49 39 168 41 45 55 43 184 45 44 89 Community 11 22 19 14 66 12 12 11 17 52 10 11 21 Unknown 10 15 16 14 55 8 8 13 5 34 6 5 11 Total 2,489 3,280 3,357 2,979 12,105 2,479 3,377 3,392 3,044 12,292 2,715 3,024 5,739 City (All) Same Store (All) 2018 2019 2020 % Q2 Q2 Q2 Chg. Change in Life Situation 873 958 904

• 5.6%

Personal Reasons 675 638 615

• 3.6%

Transfer / Assignment 492 538 524

• 2.6%

Purchased Home 382 365 322

• 11.8%

Skip / Eviction 329 315 210

• 33.3%

Suite Size 215 246 197

• 19.9%

Cost 236 252 192

• 23.8%

Service 41 45 44

• 2.2%

Community 22 12 11

• 8.3%

Unknown 15 8 5

• 37.5%

Total 3,280 3,377 3,024

• 10.5%

2020 Total Q2-2020 TO decreased 10.5% relative to the same period in 2019 mostly due to the COVD-19 pandemic 2018 2018 Total 2019 2019 Total 2020

Loss to Lease Statistics – Same Property Mark to Market

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Weighted Average Units % of Portfolio Jun 2020 Market Rent Jun 2020 Occupied Rent Mark to Market Per Month Annualized Mark to Market Adjusted for Vacancies ($000's) Jun 2020 Market Rent, including Incentives Jun 2020 Occupied Rent Mark to Market Per Month Annualized Mark to Market Adjusted for Vacancies ($000's) Edmonton 12,906 40% $ 1,304 $ 1,191 $ 113 $ 16,858 $ 1,188 $ 1,191 $ (3) $ (780) Calgary 5,499 17% $ 1,507 $ 1,319 $ 188 $ 12,076 $ 1,341 $ 1,319 $ 22 $ 1,326 Red Deer 939 3% $ 1,194 $ 1,050 $ 144 $ 1,580 $ 1,041 $ 1,050 $ (9) $ (119) Grande Prairie 645 2% $ 1,140 $ 1,066 $ 74 $ 548 $ 1,091 $ 1,066 $ 25 $ 180 Fort McMurray 352 1% $ 1,494 $ 1,194 $ 300 $ 1,245 $ 1,216 $ 1,194 $ 22 $ 88 Alberta Portfolio 20,341 62% $ 1,352 $ 1,215 $ 137 $ 32,307 $ 1,220 $ 1,215 $ 5 $ 695 Quebec 6,000 18% $ 1,230 $ 1,114 $ 116 $ 8,257 $ 1,227 $ 1,114 $ 113 $ 8,134 Saskatchewan 3,685 11% $ 1,307 $ 1,158 $ 150 $ 6,337 $ 1,151 $ 1,158 $ (7) $ (401) Ontario 2,585 8% $ 1,431 $ 1,039 $ 392 $ 12,128 $ 1,430 $ 1,039 $ 391 $ 12,128 Total Portfolio 32,611 100% $ 1,331 $ 1,176 $ 155 $ 59,029 $ 1,230 $ 1,176 $ 54 $ 20,556

Responsible Revenue Growth Strategy

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In addition to quality communities, resident satisfaction has proven to be a driver of resident retention. Boardwalk works with each resident and provides internal programs

Self-Imposed “Rent Protection”

Guarantees a sustainable increase for renewing Residents

• By providing sustainable increases,

Boardwalk is able to achieve long term, sustainable revenue growth

• Increases are reviewed annually
• Based on Boardwalk’s annual guidance

estimates published quarterly

In-House Subsidy Program Boardwalk will eliminate or reduce rent increases for any resident who can prove financial hardship

As an advocate of social responsibility, a significant number of units have been committed to address the need for affordable housing

300 300 200 200 1000 Housing First Homeward Trust The New Start Program Fixed Rate Rental Supplement Program Collaboration with Government Organizations

Affordable Housing

Affordable Housing Partnerships

Internal Opportunity – Rent and Expense Sensitivity

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*Amount generated are based on conditions as at the end of 2019.

A $25 increase or decrease to in-place rents equates to approximately $0.20 in FFO per Unit A 1% increase or decrease in operating expenses equates to approximately $0.04 in FFO per Unit

$(0.50) $(0.40) $(0.30) $(0.20) $(0.10) $- $0.10 $0.20 $0.30 $0.40 $0.50 Rent - $50 Rent - $25 2019 Base FFO Rent +$25 Rent+$50

Rent Sensitivity

$(0.15) $(0.10) $(0.05) $- $0.05 $0.10 $0.15 Expenses - 3% Expenses - 1% 2019 Base FFO Expenses +1% Expenses +3%

Expense Sensitivity

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Appendix - Financials

FFO Performance

33

FFO Reconciliation 3 Months 6 Months FFO Opening - Jun 30, 2019 $0.68 $1.24 Net Operating Income ("NOI") from Stabilized Properties 0.08 0.18 NOI from Unstabilized Properties 0.01 0.01 FFO Loss from Sold Properties 0.00 (0.01) Administration, financing and other (0.02) (0.02) $0.07 $0.16 $0.75 $1.40 Other Adjustments Retirement costs ($0.04) ($0.07) FFO Closing - Jun 30, 2020 $0.71 $1.33

FFO Performance – FFO Reconciliation

34 3 Months 3 Months 6 Months 6 Months Jun-20 Jun-19 % Change Jun-20 Jun-19 % Change (35,269) $ 71,601 $ 22,600 $ 63,857 $ Adjustments Adjustments to right-of-use asset related to lease receivable

• $
• $

159 $

• $

Loss on sale of assets 604 $ 277 $ 604 $ 277 $ Adjust fair value losses (gains) 68,661 $ (39,366) $ 40,133 $ (5,212) $ Deferred income tax recovery (82) $ (102) $ (231) $ (536) $ Add depreciation of property, plant and equipment 1,984 $ 2,157 $ 3,859 $ 4,205 $ Add back distributions paid to LP 'B' Unitholders 1,120 $ 1,120 $ 2,240 $ 2,240 $ Principal portion of lease liabilities (928) $ (899) $ (1,821) $ (1,794) $ Principal portion of lease receivable 111 $

• $

141 $

• $

36,201 $ 34,788 $ 4.1% 67,684 $ 63,037 $ 7.4% 0.71 $ 0.68 $ 4.4% 1.33 $ 1.24 $ 7.3% FFO Reconciliation In $000's, except per unit amounts (Loss) profit Funds from operations Funds from operations - per unit (diluted)

Overall Performance

35 3 Months 3 Months 6 Months 6 Months In 000's, except per unit amounts Jun-20 Jun-19 Change Jun-20 Jun-19 Change (as reported) Total rental revenue (including ancillary rental income) $116,818 $113,383 3.0% $232,822 $225,275 3.4% Expenses Operating expenses $22,964 $24,791

• 7.4%

$48,477 $50,383

• 3.8%

Utilities $11,359 $10,799 5.2% $25,304 $25,572

• 1.0%

Property taxes $11,971 $11,590 3.3% $23,862 $23,172 3.0% 46,294 $ 47,180 $

• 1.9%

97,643 $ 99,127 $

• 1.5%

Net operating income 70,524 $ 66,203 $ 6.5% 135,179 $ 126,148 $ 7.2% Average rental revenue per unit per month 1,170 $ 1,137 $ 2.9% 1,166 $ 1,123 $ 3.8% Operating costs per unit per month 464 $ 473 $

• 2.0%

489 $ 494 $

• 1.1%

Operating margins 60.4% 58.4% 58.1% 56.0%

Monthly Distribution

36

The Trust’s minimum distribution / maximum re-investment policy allows Boardwalk to reinvest cashflow to value-add capital allocation opportunities and is comprised of an annual distribution, paid monthly, at least equal to the taxable portion of the Trust’s income

FFO Payout Ratio 3M Jun 2020: 35.3% 6M Jun 2020: 37.7% Current Annual Yield $30 Trust Unit Price: 3.3%

Month Per Unit Annualized Record Date Distribution Date Aug 20 0.0834 $ 1.00 $ 31-Aug-20 15-Sep-20 Sep 20 0.0834 $ 1.00 $ 30-Sep-20 15-Oct-20 Oct 20 0.0834 $ 1.00 $ 30-Oct-20 16-Nov-20

Capital Investment

37

A three-year rolling average is utilized to estimate Maintenance CapEx 2018 $620 2019 $605 2020 $613 2020 3 Yr. Rolling Avg. $613

3 Months 6 Months $ in 000's, except for per suite amounts 30-Jun-20 Per Suite Per Unit 30-Jun-20 Per Suite Repairs and Maintenance - expense 5,709 $ 171 $ 12,101 $ 363 $ On-Site Maintenance Personnel - expense 8,243 $ 248 $ 17,502 $ 526 $ 13,952 $ 419 $ 29,603 $ 889 $ 22,493 $ 676 $ 45,108 $ 1,355 $ 36,445 $ 1,095 $ 74,711 $ 2,244 $ Estimated Maintenance CapEx 5,102 $ 153 $ 10,214 $ 307 $ Value Enhancing Capex (including Suite Upgrades) 17,391 $ 522 $ 34,894 $ 1,048 $ 22,493 $ 675 $ 45,108 $ 1,355 $ Invested Capital Cost - Investment Properties 22,493 $ 675 $ 45,108 $ 1,355 $ Property, Plant & Equipment 1,157 $ 35 $ 2,502 $ 75 $ 23,650 $ 710 $ 47,610 $ 1,430 $ Development 942 $ 4,358 $ Capital Contribution in Equity Accounted Investment 2,380 $ 4,772 $ 26,972 $ 56,740 $ Invested Capital Cost - Investment Properties (including Suite Upgrades)

Administration Review

38

Total Administration Costs (Operating & Corporate) Continuing Operations 3M 2020 - $16.3 million 3M 2019 - $14.8 million

(As reported)

Implied Net Asset Value and Cap Rate

39

NAV range reflects implied capitalization rates, only on anticipated net operating

• income. Both revenues and expenses are based on assumptions used to

determine the Fair Value of Boardwalk Investment assets consistent with that reported on its balance sheet on Jun 30, 2020. Revenue under IFRS Reported Value is based on a forecast of market rents and is net of an industry standard 3- 6% vacancy loss / bad debt. Operating Expenses under IFRS Reported Value utilizes industry standard costs for certain expenses such as R & M , staffing and

• perating G & A, which may differ from actual Operating Expenses.

Boardwalk’s Fair Value is calculated based on capitalization rates reflective of stabilized conditions provided by an independent national appraisal firm.

IFRS Reported Value (000s) Cap Rate Implied Trust Unit value ($) Cash per Trust Unit ($) Total ($) Revenue 489,278 $ 4.00% 93.73 1.50 95.24 4.25% 84.87 1.50 86.37 4.50% 76.98 1.50 78.49 Operating Expenses 181,832 $ 4.75% 69.93 1.50 71.43 5.00% 63.58 1.50 65.09 Net Operating Income 307,445 $ 5.25% 57.84 1.50 59.34 5.50% 52.62 1.50 54.12 Reported Value - Stabilized 5,826,091 $ 5.75% 47.85 1.50 49.36 6.00% 43.48 1.50 44.99 Reported Values - Un-Stabilized 146,874 $ 6.25% 39.46 1.50 40.97 5,972,965 $ 6.50% 35.75 1.50 37.26 6.75% 32.32 1.50 33.82 Implied cap Rate 5.28% 7.00% 29.13 1.50 30.63 Current Price 28.50 1.50 30.00 Secured Mortgages $ 2,906,985 Implied cap rate 7.05% 6.93% Trust Units O/S 50,986 Cash 76,600 $ Suites 33,186 Per Unit IFRS NAV including cash 61.77 $ Current Trust Price 30.00 $ 180,000 $ Per Door 134,000 $

Comparative Apartment Prices Per Unit

40

The Trust’s implied valuation represents exceptional value relative to NAV, recent transactions and Condominium Ownership

• 50,000

100,000 150,000 200,000 250,000 $30 $35 $40 $45 $50 $55 $60 $65 $70 $75 $80 $85 $90 $95

BEI.un - Valuation Per Door

Price per Door Equivalent Debt per Door NAV including Cash Per Door

$180,000/Door

Fair Value of Investment Properties

41 Sensitivity Analysis

City Min Cap Max Cap Min Cap Max Cap Min Cap Max Cap Edmonton 4.76% 5.75% 4.76% 5.75% 4.83% 5.75% Calgary 4.50% 7.14% 4.50% 7.14% 4.50% 6.00% Other Alberta 5.75% 7.50% 5.75% 7.50% 5.75% 7.25% Regina 5.65% 6.00% 5.65% 6.00% 5.65% 6.00% Saskatoon 5.75% 6.00% 5.75% 6.00% 5.75% 6.00% London 4.50% 4.75% 4.50% 4.75% 4.75% 5.00% Kitchener 4.50% 4.50% 4.50% 4.50% 4.75% 4.75% Montreal CMA 4.75% 5.75% 4.75% 5.75% 4.75% 5.75% Québec City 5.25% 5.75% 5.25% 5.75% 5.25% 5.75% Free Hold Range 4.50% 7.50% 4.50% 7.50% 4.50% 7.25% Land Lease Range 4.50% 25.54% 4.50% 25.54% 4.50% 22.77% 2020-Q2 2020-Q1 2019-Q2 % Increase from 2019-Q2

• 1.04%
• 0.76%

n/a W.A. Cap Rate - All 5.27% 5.27% Value of Investment Properties ($ millions)* $5,973 $5,989 $6,036 5.27%

NOI As Forecasted As at Jun 30, 2020 In ($000's) 304,000 $ 311,000 $ 314,000 $ 317,000 $ 323,000 $ Capitalization Rate

• 3%
• 1%

0% 1% 3% 5.02% 109,000 $ 234,000 $ 297,000 $ 359,000 $ 484,000 $ 5.27% (179,000) $ (60,000) $ 5,957,000 $ 60,000 $ 179,000 $ 5.52% (440,000) $ (327,000) $ (270,000) $ (213,000) $ (99,000) $

IFRS Review – Same Property

42

1.3% increase since Q1-2016 2.9% decrease since Q1-2016 92.3% increase since Q1-2016 18.3% increase since Q1-2016

$3,700 $3,750 $3,800 $3,850 $3,900 $3,950 $4,000 $4,050 $4,100 Millions

Alberta

$560 $570 $580 $590 $600 $610 Millions

Saskatchewan

$0 $100 $200 $300 $400 $500 $600 Millions

Ontario

$650 $700 $750 $800 $850 $900 Millions

Quebec

IFRS Review – Balance Sheet

43

Well Staggered Mortgage Maturity Schedule

44

• Average term to maturity is over 4 years
• Average amortization period is 30 years
• Current 5-year interest rates are 1.30%
• Current 10-year Interest rates are 1.75%

Year of Term Maturity Principal O/S as at Jun 30, 2020 WA Interest Rate By Maturity % of Total 2020 $206,743,451 2.57% 7.1% 2021 $372,696,681 2.41% 12.7% 2022 $435,440,968 2.73% 15.0% 2023 $350,956,314 2.93% 12.1% 2024 $257,933,008 2.89% 8.9% 2025 $421,870,130 2.47% 14.5% 2026 $142,431,434 2.45% 4.9% 2027 $353,224,784 3.17% 12.2% 2028 $109,679,430 3.27% 3.8% 2029 $179,839,507 2.56% 6.2% 2030 $76,169,101 2.13% 2.6% Total Principal Outstanding $2,906,984,808 2.71% 100.0% Unamortized Transaction Costs ($101,455,547) Unamortized Market Debt Adjustments $0 Total Per Financial Statements $2,805,529,261

Secured Financing Analysis – Property Valuation

45

99% of Boardwalk’s Secured Mortgages are NHA-insured and assumes an average Capitalization Rate of 5.50% based on recent CMHC underwriting criteria. Model assumes a conservative 70% LTV on a per property basis. Year Units Estimated Underwriting Value Projected Maximum Loan Amount Period End Balance Potential Net Benefit Loan to Underwriting Value 2020 2991 $495,603 $346,922 $206,743 $140,178 42% 2021 4717 $754,147 $527,903 $372,697 $162,462 49% 2022 5428 $939,380 $657,566 $435,441 $222,125 46% 2023 3914 $712,079 $498,455 $361,136 $140,262 51% 2024 2684 $473,121 $331,184 $247,753 $88,008 52% 2025 4206 $788,203 $551,742 $425,055 $134,513 54% 2026 1464 $241,589 $169,112 $139,247 $29,865 58% 2027 3474 $574,883 $402,418 $353,225 $51,272 61% 2028 1062 $172,988 $121,092 $109,679 $13,097 63% 2029 1671 $288,398 $201,878 $179,840 $22,116 62% 2030 618 $110,744 $77,521 $76,169 $3,849 69% Unlevered 876 $137,533 $96,273 $0 $96,273 0% Total 33,105 $5,688,667 $3,982,067 $2,906,985 $1,104,021 51% Cash - June 30, 2020 $76,614 Grand Total Net of Cash $2,830,371 50%

Underwriting values extrapolated using current CMHC criteria

Excludes BRIO (50% JV, recently completed), and Sold Properties

CMHC Underwriting Valuation Model with Jun 2020 Revenue and Standardized Costs

($ amounts in 000's)

Natural Gas Review

46

Boardwalk consumes approximately 2.1 million GJ of Natural Gas annually. A $1.00 annualized change in the price of Natural Gas would result in either an increase or decrease to FFO in the amount of $2.2 million (including tax) or approximately $0.04 in annual FFO per Unit.

47

Appendix – Investments and Asset Management

Brand Diversification & Renovations

48 Brand Diversification

• Increases and improves product and service offerings to grow
• rganically
• Focuses our investments on properties with maximum return –

Asset Management Strategy

• Retains resident base by providing appropriate housing needs

to a wide demographic Boardwalk’s suite renovation and rebranding program focuses on select projects - repositioning them to a significantly higher level of quality with the new Boardwalk Lifestyle brand Upgrades include:

• Modernization of lobbies, hallways and common areas
• Enhancements to existing amenities
• Complete suite renovations to new specifications

The suite renovation program will:

• Enhance product quality
• Increase revenues
• Reduce incentives and vacancy loss
• High grade Boardwalk’s portfolio

Lifestyle Property Profile – Park Place Tower – Edmonton, AB

49

Located in the desirable community of Strathcona, Park Place Tower offers its Resident Members easy access to both downtown Edmonton and Whyte Avenue’s many restaurants and stores. The property was repositioned and rebranded in 2019 through a renovation

• f the leasing office, lobby, hallways

and amenities.

Year Built: 1974 (repositioned 2019) Suite Count:178 Construction: Concrete

Lifestyle Property Profile – Park Place Tower – Edmonton, AB (cont’d)

50

54 of Park Place Tower’s 186 suites have been renovated and feature a galley kitchen and large bedrooms

Communities Property Profile – Dorsett Square – Calgary, AB

51

Acquired in 2018, Dorsett received a refresh of its lobby, leasing office and signage in 2019. This lighter level of renovation dramatically improved the general appearance of the building, creating an inviting home for prospective Resident Members. Year Built: 1981 Suite Count:109 Construction: Concrete

Communities Property Profile – Dorsett Square – Calgary, AB (cont’d)

52

Located in the Beltline and just blocks away from the many bars, restaurants and shops along 17th Ave SW, Dorsett Square is a great choice for young professionals.

Communities Property Profile – O’Neil Tower – Calgary, AB

53 Year Built: 1967 (renovated 2019) Suite Count:186 Construction: Concrete

Located in the west end and only steps away from the C-Train, O’Neil Tower is a perfect choice for anyone wanting to live and work in downtown Calgary.

Communities Property Profile – O’Neil Tower – Calgary, AB (cont’d)

54

The renovation in 2019 included improvements to the exterior signage, landscaping, lobby/lounge, leasing office, party room, laundry room, hallways & gym. 24% of the 186 suites have been renovated.

Boardroom

Boardroom, a 2,780 sq.ft. office space was renovated in 2019 and is currently leased by a local technology start up.

Communities Property Profile – Nun’s Island – Montreal, QC

55

Boardwalk’s Nun’s Island portfolio of 3,100 suites, situated in the desirable borough of Verdun in Montreal, is the preeminent provider

• f rental apartments for

the island.

Building Type Construction Number

• f Suites

Hi-Rise Concrete 863 Mid Rise Wood Frame 981 Walk Up Wood Frame 936 Townhouses Wood Frame 320

Hi-Rise 1: Premium Suite

Living Property Profile – Noel Meadows – London, ON

56

Noel Meadows is situated in the community of Argyle in London, Ontario and is conveniently located by Nelson Plaza Mall, grocery stores and public transportation. This Living property provides a comfortable and affordable option for Resident Members looking to call Argyle home.

Year Built: 1973 Suite Count:105 Construction: Concrete

Brand Diversification and Renovations – Suite & Common Area Comparisons

57

BRIO, Calgary RioCan Joint Venture (50/50)

50 Brentwood Common NW, Calgary, Alberta Site is well located with close proximity to downtown along the LRT, near the University of Calgary, Foothills Hospital and close to Boardwalk’s existing northwest assets

• A stepped 6, 10 and 12 storey concrete high rise
• 130,000 sq. ft. (net) of residential (~ 162 units)

managed by Boardwalk at cost

• 10,000 sq. ft. of retail managed by RioCan at cost
• Total estimated construction cost: $75 - $80 million

(including $6.5 million for land). Boardwalk’s 50% portion: $37.5 - $40 million

• Development Costs anticipated to be

finalized near bottom end of range

• Possession of the building was on Feb 21, 2020
• Furniture, staging and fixturing is complete and first

Residents moved in on April 1, 2020

• As of August 5, 2020: 54 units have been leased

58

Joint Venture – Western Canada – Brio – Lease Up in Progress

• 45 Railroad Street, Brampton, Ontario
• Construction on site continues amid COVID-19 with extra

precautions and lower staffing levels to maintain social

• distancing. The entire site is expected to be at grade in

Q3 - 2020.

• Estimated construction completion of Tower 1 and

Tower 2 to be 2022 and 2023, respectively.

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

Sandalwood Square; Mississauga, ON Tower 2

Estimated Construction Timeline

45 Railroad; Brampton, ON Tower 1 BRIO; Calgary, AB

2019 2020 2021 2022 2023 2024

Sandalwood Square (50/50 JV) 45 Railroad (50/50 JV)

Development Update

• 60 Bristol Road East, Mississauga, Ontario
• Initial Zoning Application comments received from the

City in late 2019 were generally positive.

• Zoning re-submission was submitted in early March 2020.

45 Railroad Street, Brampton Redwood Joint Venture (50/50)

This prime site is in Downtown Brampton, directly across the street from the Brampton GO Station. Development plan includes two towers - 25 and 27-storey concrete high-rise above a 3-storey podium (parking and retail) and 3 levels of underground parking

• ~380,000 buildable sq. ft. of residential (~365 units; average

suite size of 890 sq. ft.) and ~10,700 sq. ft. of retail

• Total construction cost estimated to be between $200

million and $215 million. Boardwalk’s 50% portion: $100 - $107.5 million (including $7.9 million for land).

• Rent control does not apply at this time for new

development

• Construction on site continues amid COVID-19 with extra

precautions and lower staffing levels to maintain social

• distancing. The entire site is expected to be at grade in Q3 -

2020

• Estimated construction completion of Tower 1 and Tower 2

to be 2022 and 2023, respectively

Joint Venture – Eastern Canada – 45 Railroad - Construction Update

60

Sandalwood Square

60 Bristol Road East, Mississauga

RioCan - Boardwalk Joint Venture (50/50)

• This site is located along the new Hurontario LRT line, which will connect Port

Credit Go Station in Mississauga to Gateway Bus Terminal in southern Brampton. The line is expected to open in 2022

• Land

cost is approximately $14.9 million (~$80 per sq. ft.), representing Boardwalk’s 50% portion, and is dependent upon final approved density

• Initial Zoning Application comments received from the City in late 2019 were

generally positive

• Zoning re-submission was submitted in early March 2020

Joint Venture – Eastern Canada – Sandalwood Square - Development Update

Development Opportunities

62

Region City # of Sites Land Size (Acres) Demo New Units Gross Buildable Western Canada Calgary 2 12.2 206 1,085 1,055,000 Edmonton 2 14.0 112 1,260 1,280,000 Regina 2 35.4 320 2,092 2,113,000 Western Canada Total 6 61.6 638 4,437 4,448,000 Eastern Canada Kitchener 2 5.6 305 305,000 London 8 49.1 1,040 1,040,000 Montreal 2 9.7 190 190,000 Quebec 2 9.8 120 120,000 Eastern Canada Total 14 74.3 1,655 1,655,000 GRAND TOTAL 20 136 638 6,092 6,103,000

Development Opportunities

Kings Tower & Westheights Place Landmark Towers, Topping Lane Terrace, Forest City Estates, Maple Ridge on the Parc, The Bristol, Heritage Square, Castlegrove Estates, Sandford Apartments Complexe Deguire & Le Bienville Complexe Laudance & Du Verdier Properties Sarcee (Duo) & Russet Court Viking Arms & West Edmonton Village Pines Edge 4/5 & Wascana Park Estates

Real Estate Technology Ventures (RETV) - Investment

63

Industry Challenge

• The Real Estate industry, especially Multifamily, is

presently under served by property technology vendors

• Emerging new vendors struggle to gain traction and

reach critical mass

• Due to resource constraints and other challenges,
• wner/managers do not have the luxury to depend
• n technology vendors surviving long term

The Solution

• RETV identifies and supports disruptive technology companies to assist in

creating operational efficiencies and to strengthen margins

• Along side other REITs and Multi Family companies across North America,

Boardwalk has invested in a Real Estate Technology Fund

• Total outlay of US $2 million
• Investment partners own and operate a combined 925,000 units

64

Appendix - Economic Data

Alberta & Saskatchewan Forecast Summary

65

Migration, Earnings & Employment

66

Source: Statistics Canada

Migration Q1 2020 Across Canada

67

Q1 2020, Year over year change in net migration

Alberta Economy - Labour Market

68

Source: Statistics Canada

Calgary New Home Construction

69

Source: CMHC Housing Information Portal

Edmonton New Home Construction

70

Source: CMHC Housing Information Portal

Saskatchewan New Home Construction

71

Source: CMHC Housing Information Portal

Canada Population Growth

72

Source: Stats Canada Table 17-10-0135-01

Market Dynamics – Western Canada Population Growth vs Housing Construction

73

Source: Stats Canada Table 17-10-0135-01 & CMHC

Market Dynamics – Eastern Canada Population Growth vs Housing Construction

74

Source: Stats Canada Table 17-10-0135-01 & CMHC

Market Dynamics – Migration vs Housing Construction

75

Note: Housing Starts take 12-36 months to complete depending on construction type

Source: Statistics Canada, CMHC

Monthly Differential of Rental vs. Home Ownership

76

$0 $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 $1,800 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019(f) Calgary Edmonton

Mortgage Payment vs. Monthly Rent – Calgary & Edmonton

Renting in Boardwalk’s major markets continues to be the more affordable option vs. owning as shown by the average monthly carrying cost minus average two-bedroom rent

Source: CMHC, CMHC calculations and forecast (f), CREA

Average Vacancy & Average Rent

77

Source: CMHC, Rental Market Report

Calgary & Edmonton Real Estate Statistics

78

Source: Calgary Real Estate Board (CREB), Edmonton Real Estate Board (EREB) & CMHC Housing Market Information

Saskatchewan Real Estate Statistics

79

Source: Saskatoon Real Estate Board, Association of Regina Realtors

Saskatchewan Real Estate Statistics

80

Source: Saskatoon Real Estate Board, Association of Regina Realtors

Housing Affordability Index

81

Courtesy: CBRE

Peel Region Highlights – Case For New Development

82

• Robust Population Growth
• Household Incomes Supportive
• f Higher Rents
• Eroding Housing Affordability To

Support Increased Demand for Rental

• Undersupply in Existing Rental

Market

(1) Ontario Ministry of Finance: Ontario Population Projections Update, 2017 -2041; Historical and projected population by census division, selected years – reference scenario (2) Statistics Canada (3) Toronto Real Estate Board (4) CMHC; rental units under construction adjusted for 45 Railroad (5) Urbanation; includes market rental projects completed since 2005

City CMHC Vacancy Rate – October 2018(4) Vacancy Rate – New Purpose-Built Rental – Q2 2019(5) Rental Units Under Construction as % of Existing Rental Stock(4) Brampton 1.1% 0.1% 3.3% Mississauga 0.8% 0.2% 1.8%

Peel Region population forecasted to expand by ~30,000 annually between 2017 – 2041, ranking 2nd out of 49 census divisions in Ontario(1) Median Total Household Income (2015)(2): Brampton ($87k), Mississauga ($83k), Toronto CMA ($78k)

$0 $200,000 $400,000 $600,000 $800,000 $1,000,000 Brampton Mississauga

Median Single-Detached Sales Price(3)

July 2019 July 2015

Alberta Major Projects

83

Source: Government of Alberta & Alberta Energy

Sector Jul 2020 Value of Projects ($Millions) Apr 2020 Value of Projects ($Millions) Jan 2020 Value of Projects ($Millions) Oct 2019 Value of Projects ($Millions) Jul 2019 Value of Projects ($Millions) Commercial 1,828.30 1,826.70 1,988.00 1,978.70 2,424.20 Industrial, Infrastructure & Institutional 61,938.20 61,294.40 60,525.70 62,735.70 47,614.50 Mixed Use / Other Sectors 11,742.30 11,789.30 11,777.80 14,094.90 13,584.40 Oil & Gas, Oil Sands 31,464.00 31,359.00 59,639.00 63,976.50 66,596.50 Pipelines 33,439.00 33,165.00 33,065.00 33,305.00 33,270.00 Power 11,553.00 11,806.00 11,681.50 11,691.00 9,228.60 Residential 6,438.00 6,525.20 5,845.80 5,902.10 5,738.60 Retail 287.80 239.80 224.70 200.60 195.60 Tourism/Recreation 4,859.80 6,645.50 6,314.20 6,694.20 6,492.30 Total $163,550.4 $164,650.9 $191,061.7 $200,578.7 $185,144.7

Alberta Vacancy Rates vs. WTI

84

Alberta's rental rates continue to increase even with oil price volatility