Q2 2019 Investor Presentation Forward Looking Statements and - - PowerPoint PPT Presentation

Q2 2019 Investor Presentation

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Forward Looking Statements and Non-GAAP Measures

Forward Looking Statements This conference call presentation contains 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, 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. 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’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. Additional information on the material risks that could cause our actual results to differ materially from the conclusions, forecast or projections in these 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 information can be found in our annual information form and annual report that are available on our website and at www.sedar.com. 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”), Adjusted Cash Flow From Operations (“ACFO”), Operating Margins, Stabilized Revenue Growth, Stabilized Operating Expense Growth and Stabilized NOI Growth, as well as other measures discussed in this 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 a full definition of these measures, please refer to the “Non-GAAP Financial Measures” in Boardwalk’s Management’s Discussion and Analysis for the three months and six months ended June 30, 2019.

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Corporate Profile

TSX: BEI.UN

Shares Outstanding 50.8 million IFRS Fair Value $6.0 billion Total Debt $2.7 billion Net Debt % of FV 48% Annual Distribution $1.00 per trust unit

Boardwalk REIT is a Canadian multi-family residential real estate owner and operator, currently with over 33,000 units in four provinces

1996 – 2004

Significant portfolio growth driven by recycling capital

2004

REIT Conversion Unit price of $15.95

2019

Current unit price of $44.00. 10.7% Annualized Total Return since REIT Conversion

Future

Development & growth focused in high growth markets 2,338 8,787 19,480 22,441 24,821 25,889 29,326 31,239 32,159 33,298 34,207 36,487 36,785 36,419 35,277 35,277 35,277 35,386 34,626 32,947 33,773 33,187 33,417 33,417

$4.0 $4.2 $4.7 $5.4 $5.6 $5.8 $5.5 $5.6 $5.7 $5.9 $6.0

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Suites Asset Value ($B)

4

Boardwalk Strategy

Organic Growth Brand Diversification Expansion & High-Grading

Solid Financial Foundation Unitholder Value = Building the Best Culture and Brand

Entryway at Park Place; Edmonton, AB

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Capital Allocation Framework – Growing Free Cash Flow

Unit Buyback 4.5% - 4.7% Yield

(AFFO Yield Guidance Range at $44)

Return Capital to Unitholders – Elevated Distributions Debt Paydown 2.5 – 3% Yield Value Added Capital 8%+ Yield

Maintenance Capital

Maximum Re- investment / Minimum Distributions

Debt Service

Acquisitions & Development 4% – 5% Yield Net Operating Income

Administration Free Cash Flow

Maximize Short & Long-Term Total Funds from Operations & Increase Asset Value

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Boardwalk REIT – Delivering Growth & Offering Exceptional Value

Significant discount to NAV and comparable transactions

Current IFRS NAV of

$63.30 / trust

unit

$152,000 > $200,000 $181,000

BEI Trading Value @ $44/Trust Unit Average 2018 Calgary and Edmonton Transactions IFRS NAV

Per Door Valuations

Exceptional Value Delivering Growth

2019 (3M) 13.3%

BEI Sale of Non-Core Asset in Saskatoon

$150,000

2019 (3M & 6M) 4.6% 2019 (6M) 14.8% FFO Per Unit Growth Total Revenue Growth

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Alberta Highlights – Rental Growth & Economic Improvement

Net migration of >40K in 2018 Continued diversification of industry with growth in non- resource sectors

High housing affordability and standard

• f living

CMHC Forecast Vacancy Rates to continue to decline in 2019 and 2020 Average Weekly Earnings in Alberta remain highest in Canada CMHC Forecasting continued rental rate growth into 2019 and 2020

Labour Market Growth

• f 19.2K jobs from

Jul-18 to Jul-19

Alberta Real GDP growth of 2.1% in 2018 Jun-18 to Jun-19 Alberta Employment up 1.3%

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Q2 Financial Highlights - Delivering Another Solid Quarter

Same Property figures exclude un-stabilized properties, sold assets, adjust for lease payments relating to IFRS 16 and is apples to apples for the Trust’s new Asset Management Model

Same Property Portfolio Performance

$0.60 $0.49

$0.68 $0.57

FFO AFFO

3M FFO & AFFO per Unit

3M Jun-18 3M Jun-19

13.3% 16.3%

$1.08 $0.85 $1.24 $1.00

FFO AFFO

6M FFO & AFFO per Unit

6M Jun-18 6M Jun-19

14.8% 17.6% 3.8% 2.1% 5.0%

Revenue Expense NOI

3M Jun-19

3.7% 1.9% 5.2%

Revenue Expense NOI

6M Jun-19

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Rent Trends on Renewals & New Rentals

Continued positive traction on lease renewals and new leases, inline with seasonal expectations. Continuing to target 4-8% adjustments.

Includes large number of Quebec lease renewals that traditionally occur in July

10

Sequential Revenue Growth

Revenue is increasing; through a focus on:

• Reducing vacancy loss
• Incentive reductions
• Increasing market rents

Stabilized Revenue Growth # of Units Q2 2019 vs Q1 2019 Q1 2019 vs Q4 2018 Q4 2018 vs Q3 2018 Q3 2018 vs Q2 2018 Edmonton 12,906 1.8% 0.2% 1.1% 0.2% Calgary 5,657 1.4% 2.2% 0.7% 1.4% Red Deer 939 2.2% 5.5% 2.8% 0.5% Grande Prairie 645 2.3% 2.2% 3.5% 3.7% Fort McMurray 352 0.7%

• 0.7%
• 2.0%
• 3.4%

Quebec 6,000 0.2% 1.2% 1.4% 0.5% Saskatchewan 3,823 0.9% 0.1% 0.8%

• 1.4%

Ontario 2,585 1.9% 1.2% 1.1% 0.4% 32,907 1.3% 1.0% 1.1% 0.3%

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Occupancy, Rents, Incentives & Vacancy Loss

All values exclude sold properties; same store

• Maintaining

High Occupancy

• Occupied rents

continue to rise

• Incentives per

unit continue to decrease and the cumulative impact on total incentives is trending down

• Overall strategy

is to manage revenue, which has consistently and sustainably increased

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Brand Diversification

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

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Brand Diversification – Suite & Common Area Comparisons

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Value Add Renovation Program – Living – Whitehall Square, Edmonton

Before: Left Photos After: Right Photos

Whitehall Square – Living

• Scope
• Lobbies
• Main floor hallways
• Fitness facility
• Leasing office / experience

centre

• Total Cost: $215,000
• Rental Increase: $20 per suite
• Yield: 38.5%

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Value Add Renovation Program – Community – Prominence Place, Edmonton

Before: Left Photos After: Right Photos

Prominence Place – Community

• Scope
• Lobby
• Leasing office / experience centre
• Total Cost: $50,900
• Rental Increase: $10 per suite
• Yield: 21.5%

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Disposition – Non-core asset in Saskatoon

Sale of Non-Core Asset: Chancellor Gate 403 Pendygrasse Road, Saskatoon # Units: 138 Type: 3-Storey Walk Up Buildings: Six (23 suites each) Year Built: 1980

• Unconditional Sale
• Closing September 16, 2019
• Price: $20,700,000
• Price/Door: $150,000
• Price/Rentable Sq. Ft.: $171

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Joint Venture – Future New Development in Eastern Canada

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.

• Plans submitted for the zoning by-law and official plan amendment show a 16-

storey and a 25-storey tower totaling approximately 470 residential units connected by a podium of retail. Zoning approval is estimated to be in early 2020.

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Development Update

Western Canada – BRIO (50/50 JV)

• 50 Brentwood Common NW, Calgary, Alberta (162 units total)
• Total estimated construction cost to be between $75 - $80 million

(Boardwalk’s 50% portion: $37.5 - $40 million)

• The exterior envelope is generally complete; detailing and railing work

continues. Work on the interior is progressing rapidly as all suites are taking shape. Landscaping and flat work is progressing and expected to be completed before winter.

• Occupancy is estimated to be Q2 2020

Eastern Canada – 45 Railroad (50/50 JV)

• 45 Railroad Street, Brampton, Ontario (365 units total)
• Total estimated construction cost to be between $200 - $215 million

(Boardwalk’s 50% portion: $100 - $107.5 million)

• Shoring and excavation work began mid-January 2019.

Shoring is now complete and bulk excavation is near completion. Foundation slabs, rebar work on foundation walls, concrete forming and pours have commenced

• n the P3 level.
• 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

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Liquidity Snapshot

Q2 2019 ($000's)

Cash Position - June, 2019 $ 19,400 Subsequent Committed Financing $ 14,900 Line of Credit $199,700 Total Liquidity $234,000 Liquidity as a % of Period Total Debt 8% Debt (net of cash) as a % of reported asset value 48%

Interest Coverage (Ex. Gains) Rolling 4 Quarters ended Jun 30, 2019 2.70 Rolling 4 Quarters ended Jun 30, 2018 2.64

Boardwalk has significant liquidity to fund value add opportunities

Fitness Centre, Wimbledon; Edmonton, AB

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Monthly Distribution

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

Month Per Unit Annualized Record Date Distribution Date August 19 $0.0834 $1.00 30-Aug-19 16-Sep-19 September – 19 $0.0834 $1.00 30-Sep-19 15-Oct-19 October - 19 $0.0834 $1.00 31-Oct-19 15-Nov-19

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2019 Financial Guidance

Same Property figures and forecast exclude un-stabilized properties, sold assets, adjust for lease payments relating to IFRS 16 and is apples to apples for the Trust’s new Asset Management Model)

Description 2019 Q2 Revised Guidance Stabilized Building NOI Growth 4% to 9% FFO per Unit $2.45 to $2.52 AFFO per Unit $1.98 to $2.05

($717 / door maintenance capital)

2019 Original Guidance 4% to 9% $2.35 to $2.50 $1.88 to $2.03

($717 / door maintenance capital)

Capital Budget ($000's) Per Suite Per Suite Per Suite Maintenance Capital $ 11,986 359 $ 23,960 717 $ 23,960 717 Value-added Capital (including suite upgrades and property, plant & equipment) 43,156 1,291 71,572 2,142 98,645 2,952 Total Operational Capital $ 55,142 1,650 $ 95,532 2,859 $ 122,605 3,669 Development 18,130 55,000 55,000 Acquisitions 36,842 Total Capital Investment $ 110,114 $ 150,532 $ 177,605 2019 6 Month Actual 2019 Budget - Low End 2019 Budget - High End

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Boardwalk REIT – Beginning to Re-establish our Track Record

Five

Consecutive Quarters of Growth in FFO per unit

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The Investment Opportunity

• Currently trading below NAV
• NAV estimates well below

replacement cost

Value

• Early stages of cyclical growth
• Significant FFO per share in near-term

recapture of vacancy loss and incentives

• Organic development initiatives will drive

further long-term appreciation in valuation

Revenue & Margin Expansion

• Aligned with management ownership of > 25%
• Focus on NAV creation
• Long-term strategy will provide NAV growth

and reduced volatility of FFO

Management Team

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Contact Information

Disclaimer: Certain statements in this presentation may be considered forward-looking statements within the meaning of existing securities laws. Although Boardwalk believes that the expectations set forth in such statements are based on reasonable assumptions, Boardwalk’s future operations and its actual performance may differ materially from those in any forward – looking statements. Additional information that could cause actual results to differ materially from these statements are detailed in the earnings press release and in other publically filed documents, including Boardwalk’s Annual Report, Annual Information Form and Quarterly Reports.

Sam Kolias

Chief Executive Officer

Roberto Geremia

President

William Wong

Chief Financial Officer

James Ha

Vice President; Finance and Investor Relations

General Investor Information: Email: Investor@bwalk.com Phone: 403-531-9255

Lisa Smandych

Chief Accounting Officer

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Appendix - Economic Data

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Rental Market Fundamentals – Current Environment

Boardwalk strives to create value in all stages of the rental market

Saskatoon (6% of total portfolio) Edmonton (38% of total portfolio) Calgary (16% of total portfolio) Regina (8% of total portfolio) Quebec (18% of total portfolio) Fort McMurray (1% of total portfolio) Grande Prairie (2% of total portfolio) Red Deer (3% of total portfolio)

• Increasing rental rates with low availability
• Few incentives
• Supply constrained
• Increased new construction
• Balanced supply and demand
• Select incentives offered
• Low vacancy
• Increased competition for

apartment acquisitions

Ontario (8% of total portfolio)

• Rising vacancy & increasing incentives
• Rental rate decreases
• Reduced new construction
• Counter-cyclical buying opportunities

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Alberta & Saskatchewan Forecast Summary

Alberta Forecast 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019f Economy GDP Growth 2.5% 0.0%

• 5.0%

2.8% 3.2% 3.0% 3.8% 4.9%

• 3.7%
• 3.8%

4.7% 2.4% N/A Employment Growth 4.7% 2.8%

• 1.3%

0.4% 3.8% 3.5% 2.5% 2.2% 0.8%

• 0.6%

1.0% 0.9% N/A Net Migration 47,939 65,936 37,755 29,200 38,500 85,978 103,000 62,346 29,850 22,336 21,744 41,588 33,000 Retail Trade ($ millions) $61,160 $61,069 $55,956 $59,718 $64,004 $68,425 $73,108 $78,711 $76,019 $75,110 N/A N/A N/A New Home Market Single-detached Starts 28,105 14,716 14,344 17,851 15,193 17,493 18,431 19,563 14,557 11,421

12,590 10,683 12.5-13.8K

Multi-family Starts 20,231 14,448 5,954 9,237 10,511 15,903 17,580 21,027 22,725 13,112

15,035 14,072 13.1-16.7K

Total Starts 48,336 29,164 20,298 27,088 25,704 33,396 36,011 40,590 37,282 24,533

27,625 24,755 26.8-29.2K

Resale Market* Total MLS Sales 71,430 56,399 57,786 49,723 53,146 60,369 66,080 71,773 56,477 52,166 57,520 53,190

52.7-57.3K

Average Price $356,235 $352,857 $341,201 $352,301 $355,808 $363,208 $380,969 $400,594 $393,131 $394,512 $398,208 $387,460

390-394K

Saskatchewan Forecast 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019f Economy GDP Growth 3.6% 4.2%

• 6.1%

2.8% 3.7% 3.1% 5.0% 2.3%

• 1.3%
• 1.0%

2.8% 1.6% N/A Employment Growth 2.1% 2.2% 1.5% 1.1% 0.3% 2.1% 3.4% 1.0% 0.1%

• 0.1%
• 0.2%

1.9% N/A Net Migration 9,287 10,480 11,251 12,000 10,400 16,018 12,202 8,402 6,675 11,036 7,377 5,099 7,300 Retail Trade ($ millions) $12,984 $14,360 $14,036 $14,993 $16,234 $17,749 $18,301 $19,129 $18,719 $19,135 N/A N/A N/A New Home Market Single-detached Starts 4,017 4,518 2,829 3,830 4,152 5,171 4,184 3,807 2,414 2,768

2,629 1,233 1.6-2.0K

Multi-family Starts 1,990 2,310 1,037 2,077 2,879 4,797 4,106 4,450 2,735 2,007

2,275 1,753 2.0-2.6K

Total Starts 6,007 6,828 3,866 5,907 7,031 9,968 8,290 8,257 5,149 4,775

4,904 2,986 3.8-4.4K

Resale Market* Total MLS Sales 12,054 10,194 10,856 10,872 11,991 13,950 13,535 13,748 12,280

11,345 11,059 10,988 10.8-11.2K

Average Price $174,405 $224,592 $233,695 $242,258 $228,386 $274,268 $288,698 $299,659 $298,282

300,299 $ 293,818 $ 287,975 $ 287-295K Sources: CMHC Housing Marketing Outlook - Canada, Statistics Canada *Residential Properties, CREA Stats, Government of Alberta Economic Dashboard, Government of Saskatchewan Bureau of Statistics

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Migration, Earnings & Employment

Source: Statistics Canada

29 29 29

Alberta Economy - Labour Market

Source: Government of Alberta Source: Statistics Canada

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Calgary New Home Construction

Source: CMHC Housing Information Portal

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Edmonton New Home Construction

Source: CMHC Housing Information Portal

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$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

Monthly Differential of Rental vs. Home Ownership

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

33

Canadian City Centre – Housing Affordability

Source: CMHC

34

Alberta Economic Highlight

35

Alberta Major Projects & Land Sales

Source: Government of Alberta Source: Alberta Energy Sector Jul 2019 Value of Projects ($Millions) Apr 2019 Value

• f Projects

($Millions) Jan 2019 Value

• f Projects

($Millions) Oct 2018 Value

• f Projects

($Millions) Jul 2018 Value

• f Projects

($Millions) Agriculture/Forestry & Related

• Commercial

2,424.20 $2,417.4 $2,439.5 $2,664.0 $2,653.8 Retail (& Residential) 195.60 $160.6 $282.9 $309.0 $268.7 Industrial, Infrastructure & Institutional 47,614.50 $48,093.0 $47,165.4 $47,731.0 $45,008.9 Oil & Gas, Oil Sands 66,596.50 $66,596.5 $66,821.5 $64,712.0 $56,211.5 Pipelines 33,270.00 $31,970.0 $31,970.0 $32,745.0 $30,400.0 Power 9,228.60 $11,078.6 $10,785.5 $10,236.0 $9,435.5 Residential 5,738.60 $5,621.5 $5,581.7 $5,339.0 $5,215.1 Telecommunications & Tourism/Recreation 6,492.30 $5,858.1 $6,025.5 $5,567.0 $5,349.3 Mixed Use / Other Sectors 13,584.40 $13,994.3 $14,034.1 $14,163.0 $8,439.1 Total $185,144.7 $185,790.0 $185,106.1 $183,466.0 $162,981.9 2019 (YTD) 2018 (Year) Average price/hectare P&NG $161.57 $268.25 Total Revenue P&NG $75,563,884 $405,130,623 Average price/hectare Oil Sands $110.71 $167.72 Total Revenue Oil Sands $4,632,456 $4,474,948 Total Revenue $80,196,340.41 $409,605,571

$0.0 $0.5 $1.0 $1.5 $2.0 $2.5 $3.0 $3.5 $4.0 BILLIONS

Annual Alberta Land Sales Revenue 2000 to 2019

36

Alberta Vacancy Rates vs. WTI

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

37

Appendix - Operations

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Stabilized Analysis

Same Property figures exclude un-stabilized properties, sold assets, adjust for lease payments relating to IFRS 16 and is apples to apples for the Trust’s new Asset Management Model

Jun 30 2019 - 3 M # of Units % Revenue Growth % Operating Expense Growth % Net Operating Income Growth % of NOI Edmonton 12,906 3.2% 1.9% 4.3% 37% Calgary 5,657 5.8% 0.8% 8.9% 21% Red Deer 939 11.3% 16.1% 7.8% 3% Grande Prairie 645 12.3%

• 2.4%

26.2% 2% Fort McMurray 352

• 5.4%
• 11.4%
• 0.1%

1% Alberta 20,499 4.4% 1.7% 8.4% 64% Quebec 6,000 3.3%

• 0.3%

5.4% 19% Saskatchewan 3,823 0.7% 8.9%

• 5.7%

10% Ontario 2,585 4.6%

• 0.4%

8.1% 7% 32,907 3.8% 2.1% 5.0% 100% Jun 30 2019 - 6 M # of Units % Revenue Growth % Operating Expense Growth % Net Operating Income Growth % of NOI Edmonton 12,906 3.0% 1.7% 4.2% 37% Calgary 5,657 5.8% 1.4% 8.7% 21% Red Deer 939 11.1% 1.9% 20.4% 3% Grande Prairie 645 13.2%

• 0.6%

28.2% 2% Fort McMurray 352

• 5.3%
• 9.5%
• 1.1%

1% Alberta 20,499 4.2% 1.4% 6.7% 64% Quebec 6,000 3.3% 1.1% 4.8% 19% Saskatchewan 3,823 1.4% 6.5%

• 2.9%

10% Ontario 2,585 4.1% 0.9% 6.4% 7% 32,907 3.7% 1.9% 5.2% 100% Stabilized as a % of Total Portfolio 98.5%

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Occupancy Statistics

2.0 2.2 2.4 2.6 2.8 3.0 3.2 3.4 3.6 3.8 4.0 2015 2016 2017 2018 YTD 2019

Average Tenancy (Yrs.)

40

Revenue, Vacancy Loss & Incentives

*Excludes any amortization of incentives

41

Reasons for Move Out & Out of Town Rentals

*Percentage of new Boardwalk tenants that are new to the indicated city

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Change in Life Situation 703 938 870 698 3,209 617 873 846 747 3,083 755 958 1,713 Personal Reasons 486 579 620 484 2,169 412 675 646 515 2,248 388 638 1,026 Transfer / Assignment 510 544 543 432 2,029 413 492 504 465 1,874 369 538 907 Purchased Home 264 430 382 323 1,399 265 382 380 366 1,393 254 365 619 Skip / Eviction 354 388 347 309 1,398 329 329 392 355 1,405 313 315 628 Cost 213 267 212 176 868 201 236 262 244 943 170 252 422 Suite Size 157 233 244 163 797 192 215 243 220 870 169 246 415 Service 54 94 73 37 258 39 41 49 39 168 41 45 86 Community 10 27 20 18 75 11 22 19 14 66 12 12 24 Unknown 33 21 12 7 73 10 15 16 14 55 8 8 16 Total 2,784 3,521 3,323 2,647 12,275 2,489 3,280 3,357 2,979 12,105 2,479 3,377 5,856 Reason 2017 2018 2019 % Chg. Change in Life Situation 938 873 958 9.7% Personal Reasons 579 675 638

• 5.5%

Transfer / Assignment 544 492 538 9.3% Purchased Home 430 382 365

• 4.5%

Skip / Eviction 388 329 315

• 4.3%

Cost 267 236 252 6.8% Suite Size 233 215 246 14.4% Service 94 41 45 9.8% Community 27 22 12

• 45.5%

Unknown 21 15 8

• 46.7%

Total 3,521 3,280 3,377 3.0% 2019 Total 2017 2017 Total 2018 2018 Total 2019 Q2 Reasons for Move-Out Q2-2019 TO increased 3.0% relative to the same period in 2018 Change in Life Situation, Personal Reasons & Transfer / Assignment are the largest reasons for turnover

42

Loss to Lease Statistics – Mark to Market (MTM)

City / Region Weighted Average Units % of Portfolio Jun-19 Mkt Rent Jun-19 Occupied Rent Mark to Market per Month Annualized Mark to Market* ($000) Jun-19 Mkt Rent^ Jun-19 Occupied Rent Mark to Market per Month Annualized Mark to Market* ($000) Edmonton 12,906 39% 1,313 $ 1,181 $ 132 $ 19,600 $ 1,188 $ 1,181 $ 7 $ 708 $ Calgary 5,657 17% 1,537 $ 1,311 $ 226 $ 14,947 $ 1,380 $ 1,311 $ 69 $ 4,607 $ Red Deer 939 3% 1,230 $ 1,058 $ 172 $ 1,859 $ 1,051 $ 1,058 $ (7) $ (108) $ Grande Prairie 645 2% 1,127 $ 1,037 $ 90 $ 677 $ 1,085 $ 1,037 $ 48 $ 363 $ Fort McMurray 352 1% 1,509 $ 1,301 $ 208 $ 807 $ 1,318 $ 1,301 $ 17 $ 53 $ Alberta Portfolio 20,499 62% 1,369 $ 1,209 $ 160 $ 37,891 $ 1,234 $ 1,209 $ 25 $ 5,623 $

• $

Quebec 6,000 18% 1,136 $ 1,080 $ 56 $ 3,998 $ 1,132 $ 1,080 $ 52 $ 3,755 $ Saskatchewan 3,823 12% 1,307 $ 1,127 $ 180 $ 7,880 $ 1,133 $ 1,127 $ 6 $ 193 $ Ontario 2,585 8% 1,314 $ 972 $ 342 $ 10,580 $ 1,314 $ 972 $ 342 $ 10,580 $ Total Portfolio 32,907 100% 1,315 $ 1,157 $ 158 $ 60,348 $ 1,210 $ 1,157 $ 53 $ 20,151 $

^Market Rent net of incentives

43

Net Operating Income Optimization Strategy

Customer Service Best quality Best service Occupancy High occupancy levels Focus on lease renewals Increase retention

Investment & Operating Cost Management Balance internal and external resources Minimizing turnover lowers costs Efficiency through technology Strategic capital investment in our properties

Market Rents Monitoring of market rents using technology Unit specific incentives where necessary Self imposed rent control minimizes turnover Customer service is the key driver of our net operating income optimization strategy; however, there is continuous feedback in all of these areas to optimize net operating income

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Responsible Revenue Growth Strategy

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

45

Focus on Operations – Incentives Continue to Trend Downward

$2,500 $2,700 $2,900 $3,100 $3,300 $3,500 $3,700 $3,900 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 THOUSANDS

Incentive Reduction Trends

46

Internal Opportunity – Rent and Expense Sensitivity

*Amount generated are based on conditions as at the end of 2018. Expenses include Operating Expenses, Property Tax and Utilities.

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

47

Vertical Integration

Boardwalk has mostly internalized repair and maintenance functions including landscaping, which results in:

• Quality repairs
• Improved productivity
• Effective use of resources
• Better curb appeal
• Higher quality communities

Boardwalk has 7 warehouses across Canada Bulk purchasing and warehousing of parts and supplies, including carpet, linoleum, laminate countertops, light bulbs, etc. has lead to cost effective procurement and increased service levels for our residents.

48

Appendix - Financials

49

FFO Performance

FFO Reconciliation 3 Months 6 Months FFO Opening - Jun 30, 2018 $0.60 $1.08 Net Operating Income ("NOI") from Stabilized Properties 0.06 0.12 NOI from Unstabilized Properties 0.02 0.03 FFO Loss from Sold Properties

• (0.01)

Financing costs (0.02) (0.04) Administration, deferred financing and other 0.02 0.06 $0.08 $0.16 FFO Closing - Jun 30, 2019 $0.68 $1.24

50

FFO Performance – FFO Reconciliation

3 Months 3 Months 6 Months 6 Months In $000's, except per unit amounts Jun-19 Jun-18 % Change Jun-19 Jun-18 % Change Profit 71,601 $ 56,772 $ 63,857 $ 126,022 $ Adjustments: Add loss on sale of assets 277 $

• $

277 $

• $

Adjust fair value gains (39,366) $ (28,895) $ (5,212) $ (76,397) $ Deferred income tax (recovery) expense (102) $ 40 $ (536) $ 10 $ Add depreciation of property, plant and equipment 2,157 $ 1,609 $ 4,205 $ 3,077 $ Add back distributions paid to LP 'B' Unitholders 1,120 $ 1,120 $ 2,240 $ 2,240 $ Principal portion of lease liabilities (899) $

• $

(1,794) $

• $

Funds from operations 34,788 $ 30,646 $ 13.5% 63,037 $ 54,952 $ 14.7% Funds from operations - per unit (diluted) 0.68 $ 0.60 $ 13.3% 1.24 $ 1.08 $ 14.8%

51

Overall Performance

3 Months 3 Months 6 Months 6 Months In 000's, except per unit amounts Jun-19 Jun-18 Change Jun-19 Jun-18 Change (as reported) Total rental revenue (including ancillary rental income) $113,383 $108,388 4.6% $225,275 $215,449 4.6% Expenses Operating expenses $24,791 $27,176

• 8.8%

$50,383 $55,803

• 9.7%

Utilities $10,799 $10,549 2.4% $25,572 $25,058 2.1% Property taxes $11,590 $11,286 2.7% $23,172 $22,440 3.3% 47,180 $ 49,011 $

• 3.7%

99,127 $ 103,301 $

• 4.0%

Net operating income 66,203 $ 59,377 $ 11.5% 126,148 $ 112,148 $ 12.5% Average rental revenue per unit per month 1,130 $ 1,089 $ 3.8% 1,123 $ 1,082 $ 3.8% Operating costs per unit per month 470 $ 492 $

• 4.5%

494 $ 519 $

• 4.7%

Operating margins 58.4% 54.8% 56.0% 52.1%

52

Capital Investment

A three-year rolling average is utilized to estimate Maintenance CapEx 2017 $939 2018 $620 2019 $591 2019 3 Yr. Rolling Avg. $717

3 Months 6 Months $ in 000's, except for per suite amounts 30-Jun-19 Per Suite Per Unit 30-Jun-19 Per Suite Repairs and Maintenance - expense 6,894 $ 206 $ 13,514 $ 404 $ On-Site Maintenance Personnel - expense 8,442 $ 252 $ 18,142 $ 543 $ 15,336 $ 458 $ 31,656 $ 947 $ 28,042 $ 838 $ 52,275 $ 1,564 $ 43,378 $ 1,296 $ 83,931 $ 2,511 $ Estimated Maintenance CapEx 5,995 $ 179 $ 11,985 $ 359 $ Value Enhancing Capex (including Suite Upgrades) 22,047 $ 659 $ 40,290 $ 1,205 $ 28,042 $ 838 $ 52,275 $ 1,564 $ Invested Capital Cost - Investment Properties 28,042 $ 838 $ 52,275 $ 1,564 $ Property, Plant & Equipment 1,230 $ 37 $ 2,867 $ 86 $ 29,272 $ 875 $ 55,142 $ 1,650 $ Development 3,079 $ 7,960 $ 32,351 $ 63,102 $ Invested Capital Cost - Investment Properties (including Suite Upgrades)

53

Administration Review

Total Administration Costs (Operating & Corporate) Continuing operations 6M 2019 - $ 29.1 Million 6M 2018- $ 32.9 Million

(As reported)

1,550 1,600 1,650 1,700 1,750 1,800 1,850 Oct, 2017 May, 2018 Jul, 2018 Jan, 2019 May, 2019 Aug, 2019 1,818 1,784 1,745 1,725 1,655 1,644

Boardwalk Associate Count

54

Implied Net Asset Value

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, 2019. Revenue under IFRS Reported Value is based on a forecast of market rents and is net of an industry standard 3- 5% vacancy loss. Operating Expenses under IFRS Reported Value utilizes industry standard costs for certain expenses such as R & M , staffing and operating G & A, which differ from Operating Expenses used for Boardwalk’s 2019 guidance. Boardwalk’s Fair Value is calculated based on capitalization rates reflective of stabilized conditions provided by an independent national appraisal firm.

FFO Guidance Range - 2019 2.45 $ 2.52 $ IFRS Reported Value (000s) Cap Rate Implied Trust Unit value ($) Cash per Trust Unit ($) Total ($) FFO Multiple Low end Guidance - No Cash FFO Multiple High end Guidance - No Cash Revenue 489,953 $ 4.00% 96.46 0.38 96.84 39.4 38.3 4.25% 87.49 0.38 87.87 35.7 34.7 4.50% 79.52 0.38 79.91 32.5 31.6 Operating Expenses 179,861 $ 4.75% 72.40 0.38 72.78 29.5 28.7 5.00% 65.98 0.38 66.36 26.9 26.2 Net Operating Income 310,092 $ 5.25% 60.17 0.38 60.55 24.6 23.9 5.50% 54.90 0.38 55.28 22.4 21.8 Reported Value - Stabilized 5,876,098 $ 5.75% 50.08 0.38 50.46 20.4 19.9 6.00% 45.66 0.38 46.04 18.6 18.1 Reported Values - Un-Stabilized 159,407 $ 6.25% 41.60 0.38 41.98 17.0 16.5 6,035,505 $ 6.50% 37.84 0.38 38.23 15.4 15.0 6.75% 34.37 0.38 34.75 14.0 13.6 Implied cap Rate 5.27% 7.00% 31.15 0.38 31.53 12.7 12.4 Current Price 41.62 0.38 42.00 17.0 16.5 Secured Mortgages $ 2,845,539 Implied cap rate 6.25% 6.22% Trust Units O/S 50,869 Cash 19,400 $ Suites 33,401 Per Unit IFRS NAV including cash 63.30 $ Current Trust Price 42.00 $ Based on IFRS reported Values 181,000 $ Per Door 149,000 $

55

Comparative Apartment Prices Per Unit

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

56

Fair Value of Investment Properties

Sensitivity Analysis

City Min Cap Max Cap Min Cap Max Cap Min Cap Max Cap Edmonton 4.83% 5.75% 5.00% 5.81% 5.00% 5.75% Calgary 4.50% 6.00% 4.50% 6.00% 4.50% 6.00% Other Alberta 5.75% 7.25% 5.75% 7.25% 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 4.75% 5.00% 4.75% 5.00% 4.75% 5.00% Kitchener 4.75% 4.75% 4.75% 4.75% 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% 7.25% 4.50% 7.25% 4.50% 7.25% Land Lease Range 4.50% 22.77% 4.50% 22.77% 4.50% 21.07% * Excludes sold and development properties, but includes new properties 2019-Q1 2018-Q2 % Increase from 2018-Q2 3.08% 2.92% n/a W.A. Cap Rate - All 5.28% 5.29% Value of Investment Properties ($ millions)* $5,953 $5,944 $5,775 5.27% 2019-Q2

NOI As Forecasted As at Jun 30, 2019 In ($000's) 306,000 $ 313,000 $ 316,000 $ 319,000 $ 325,000 $ Capitalization Rate

• 3%
• 1%

0% 1% 3% 5.02% 109,000 $ 235,000 $ 298,000 $ 361,000 $ 487,000 $ 5.27% (180,000) $ (60,000) $ 5,989,000 $ 60,000 $ 180,000 $ 5.52% (443,000) $ (328,000) $ (271,000) $ (214,000) $ (100,000) $

57

IFRS Review – Same Property

21.1% increase since Q1-2014 82.1% increase since Q1-2014 2.5% increase since Q1-2014 4.6% decrease since Q1-2014

58

IFRS Review – Balance Sheet

Average Cap Rates have decreased in Ontario due to the strong market; cap rate increased marginally in Quebec due to land lease

Forecasted Vacancy Rates have decreased in Quebec to reflect lower market vacancy Effective Gross Income in Alberta has increased as a result

• f suite

investment Resulting Fair Value in Alberta has trended upwards since Q1- 2018 to coincide with rental rate increases

*Excludes sold properties, and un-stabilized assets

59

Well Staggered Mortgage Maturity Schedule

Outstanding Mortgage Balances Mortgage Maturity Schedule

Interest Coverage (Ex. Gains) Rolling 4 Quarters ended Jun 30, 2019 2.70 Rolling 4 Quarters ended Jun 30, 2018 2.64

• Average term to maturity is 4

years

• Average amortization period is

31 years

• Current 5-year interest rates are

2.35%

• Current 10-year Interest rates are

2.50%

2.49% 2.53% 2.41% 2.73% 2.93% 2.90% 2.66% 2.45% 2.56% 3.28% 2.80% 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 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 In Place Interest Rate Principal Outstanding Mortgage Outstanding in ($000's) WA interest Rate CMHC 5 Year Rate CMHC 10 Year Rate

Year of Term Maturity Principal O/S as at Jun 30, 2019 WA Interest Rate By Maturity % of Total 2019 $451,884,958 2.49% 15.9% 2020 $313,801,587 2.53% 11.0% 2021 $383,205,324 2.41% 13.5% 2022 $446,765,938 2.73% 15.7% 2023 $371,291,720 2.93% 13.0% 2024 $263,800,601 2.90% 9.3% 2025 $290,004,557 2.66% 10.2% 2026 $145,255,590 2.45% 5.1% 2027 $21,553,486 2.56% 0.8% 2028 $111,269,091 3.28% 3.9% 2029 $46,706,325 2.80% 1.6% Total Principal Outstanding $2,845,539,177 2.66% 100.0% Unamortized Transaction Costs ($99,479,838) Unamortized Market Debt Adjustments $0 Total Per Financial Statements $2,746,059,339

*Includes $12.5 million liability associated with asset held for sale

*

60

Secured Financing Analysis – Property Valuation

99% of Boardwalk’s Secured Mortgages are NHA-insured and assumes an average Capitalization Rate of 5.70% 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 2019 4,729 $716,320 $498,690 $451,885 $57,678 63% 2020 4,422 $738,972 $507,006 $313,802 $193,204 42% 2021 4,717 $745,416 $514,574 $383,205 $138,346 51% 2022 5,428 $897,537 $619,605 $446,766 $180,642 50% 2023 4,052 $700,523 $483,321 $381,639 $109,936 54% 2024 2,684 $464,316 $321,952 $253,453 $74,513 55% 2025 2,879 $525,435 $359,235 $293,239 $71,193 56% 2026 1,464 $236,670 $163,858 $142,021 $24,370 60% 2027 229 $45,120 $31,520 $21,553 $9,966 48% 2028 1,062 $168,667 $113,921 $111,269 $5,957 66% 2029 426 $70,812 $48,924 $46,706 $3,555 66% (blank) 1,309 $216,816 $148,171 $0 $148,171 0% Total 33,401 $5,526,604 $3,810,779 $2,845,539 $1,017,533 51% Cash - June 30, 2019 $19,000 Grand Total Net of Cash $2,826,539 51%

CMHC Underwriting Valuation Model with Jun 2019 Revenue and Standardized Costs

(in 000's)

61

2019 Mortgage Summary

Forward locked or renewed the interest rate on 84% of 2019 mortgage maturities

• Current 5-year CMHC mortgage interest rate: 2.35%
• Current 10-year CMHC mortgage interest rate: 2.50%

Maturity Date Units Maturing Amount Renewed or Fwd Locked to Date Principal Remaining for the Year New Upfinancing Maturing Rate New Rate Average Term % Completed Jan 222 $ 3,130,000 $ 3,130,000 $ 15,310,000 6.03% 2.90% 10 100% Feb 305 $ 32,260,000 $ 32,260,000 2.44% 2.97% 6 100% Apr 384 $ 15,770,000 $ 15,770,000 $ 17,840,000 2.97% 2.65% 8 100% May 251 $ 21,090,000 $ 21,090,000 2.05% 2.79% 5 100% Jul 246 $ 10,920,000 $ 10,920,000 $ 14,860,000 2.50% 2.54% 10 100% Aug 424 $ 48,840,000 $ 48,840,000 3.94% 2.56% 10 100% Sep 226 $ 12,060,000 $ 12,060,000 4.86%

• 0%

Oct 145 $ 8,640,000 $ 8,640,000 2.31%

• 0%

Nov 3,100 $ 310,640,000 $ 310,640,000 2.23% 3.27% 8 100% Dec 588 $ 60,790,000 $ 60,790,000 2.59%

• 0%

Total 5,891 $ 524,140,000 $ 442,650,000 $ 81,490,000 $ 48,010,000 2.55% 3.10% 8 84% Add'l Financing 204 $ 32,750,000 2.88% 3 Grand Total 6,095 $ 80,760,000

Weighted Average Interest Rate on $80.76 million

• f New Financings for 2019 YTD = 2.77%

62

Natural Gas Review

Boardwalk consumes approximately 2.1 million GJ of Natural Gas annually. A $1.00 annualized change in the price

• f 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.

63

Liquidity Strategy: A Balanced Approach

Balanced Approach

• Taking a balanced approach to

Liquidity Strategy is believed to be prudent

• We are renewing debt and

hedging interest rate risk up and down

• Assessing all terms with bias

towards long end (7-10 years)

• Forward fixing of rates on

renewals is being completed Equity’s Role

• Although currently not fully

quantified, the use of equity to be balanced between:

• Paying off high cost debt
• Purchasing low priced Trust

Units

• Accretive property acquisitions
• Accretive new development
• pportunities on excess density
• The issuance of a Special

Distribution to Trust holders Ample Liquidity

• Ensure that there is amply

liquidity and flexibility to allow maximum choices for value creating opportunities

• Lessons from the financial crisis

– companies with the least reliance on new credit had maximum access to credit

64

Mortgage Debt / Total Capitalization / Replacement Value

$- $20.00 $40.00 $60.00 $80.00 $100.00 $120.00 $140.00 $160.00 $180.00 $- $2,000,000 $4,000,000 $6,000,000 $8,000,000 $10,000,000 $12,000,000 $100 $125 $150 $175 $200 $250 $300 $350 $400 Trust Unit Price Replacement Cost in 000's Replacement Cost/ Sq Ft. Replacement Cost Current Debt Implied Unit Price Net of Debt Current Unit Price Net of Cash

Wood Frame, 12,972, 46% Mixed, 4,685, 16% Concrete, 10,343, 38%

Construction Type - in Sq Ft (000's)*

*Total Rentable sq. ft. – 29.0 million Assumes net rentable square feet are grossed up by 10% to account for common areas

65

Appendix – Rental Market Information

66

Average Vacancy & Average Rent

Source: CMHC, Rental Market Report

67

Calgary & Edmonton Real Estate Statistics

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

68

Saskatchewan Real Estate Statistics

Source: Saskatoon Real Estate Board, Association of Regina Realtors

69

Brampton and Mississauga Highlights – Case For New Development

• Robust Population Growth:

(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

• ut of 49 census divisions in Ontario(1)
• Household Incomes Supportive
• f Higher Rents:

Median Total Household Income (2015)(2): Brampton ($87k), Mississauga ($83k), Toronto CMA ($78k)

• Eroding Housing Affordability To

Support Increased Demand for Rental:

• Undersupply in Existing Rental

Market:

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

Median Single-Detached Sales Price(3)

July 2019 July 2015 +45% +34%

70

Appendix – Acquisitions and Asset Management

71

Renovation Program – Lifestyle - Varsity Towers, Calgary

Before After

Project Scope:

• Signage and Entrance
• Lobby & Experience Centre
• Social Room
• Gym

Project Cost: $1.95M Current Occupancy: 98.3%

72

Renovation Program – Community – Tower on the Hill, Edmonton

Before After

Project Scope:

• Lobby
• Experience Centre

Project Cost: $82.7K Current Occupancy: 98.0%

73

Renovation Program – Community – Viking Arms, Edmonton

Before After

Project Scope:

• Lobby & Experience Centre
• Social Room & Gym
• WeSpace / Wi-fi Lounge

Project Cost: $338.8K Current Occupancy: 97.5%

74

Development Opportunities

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

75

Cap Rates in Boardwalk Markets

City Cap Rate

Calgary 4.25% – 5.25% Edmonton 4.50% - 5.50% Saskatoon / Regina 5.50% - 6.50% London 4.75% - 5.75% Montreal 4.25% - 5.25% Quebec City 5.00% - 6.00%

Cap Rates for Major Boardwalk Markets

Represents well located, better quality buildings with no deferred cap ex.

Internally Generated

76

Significant Value Creation through Development

• The current spread between new construction on existing excess land relative to current sale prices
• f existing multi-family assets is at a cyclical low
• These low market cap rates have presented a unique opportunity for Boardwalk to develop new

rental assets on existing excess land it already owns Benefits of Development

▪ Higher immediate and long-term returns vs. the acquisition of existing rental property ▪ New development on existing land provides

• perational efficiencies

▪ High-grading the portfolio through new development, with the average age of all apartment buildings in Canada over 30 years

Considerations

▪ Increasing construction costs ▪ Lease up risk/demand for rental ▪ Interest rates/cap rates

77

Our Track Record

Boardwalk has grown FFO through previous market cycles Annual FFO Growth since 1997

78

Long-term Strategic Plan – Suites by Geography

Current suites by geography

60%

17% 38% 5%

8%

14%

6%

18%

14% 4%

8%

7% 1%

50% 50%

Long-term Portfolio by geography

To provide NAV growth and income diversification

79

Real Estate Technology Ventures (RETV) - Investment

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

• Initial outlay of US $400K, totaling US $2M over next 5 years
• Investment partners include Mid America, KingSett and Essex, to name a few,

with a combined 925,000 units and $108M in funds