Q4 2019 Conference Call Forward Looking Statements and Non-GAAP - - PowerPoint PPT Presentation

Q4 2019 Conference Call

February 28, 2020 9:00am MT / 11:00am ET

2

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 twelve months ended December 31, 2019.

3

Boardwalk REIT – Building On Our Track Record

Seven Consecutive Quarters of Growth in FFO per unit

11.1% 11.3% 1.9% 16.7% 13.3% 18.6% 16.7%

4

Q4 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

Q4 and FY 2019 FFO and AFFO

17.5% 20.9% 16.8% 20.1%

4.3%

• 4.0%

11.6% Revenue Expense NOI

3M Dec-19

4.1%

• 0.9%

8.2% Revenue Expense NOI

12M Dec-19

Same Property Portfolio Performance

5

Boardwalk REIT – Delivering Growth & Offering Exceptional Value

Significant discount to NAV and comparable transactions

Current IFRS NAV of

$63.72 / trust

unit

$162,000 > $200,000 $182,000

BEI Trading Value @ $50/Trust Unit Average 2018 / 2019 Calgary and Edmonton Transactions IFRS NAV

Per Door Valuations

Exceptional Value Delivering Growth

2019 (3M) 16.7%

2019 (3M / 12M) 4.5% / 4.8%

2019 (12M) 16.3% FFO Per Unit Growth

Total Revenue Growth Same Property NOI Growth

2019 (3M / 12M) 11.6% / 8.2%

6

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

7

Alberta Highlights – Rental Demand & Economic Improvement

26.3% increase in Net Migration from Q3-2018 to Q3-2019

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 2020 Average Weekly Earnings remain one

• f the highest in

Canada; increased 3.6% year over year (November, 2019) CMHC Forecasting continued rental rate growth into 2020 and 2021

Labour Market Declined 0.4% from Jan-19 to Jan-20

Annual Population Growth of 1.7% (Dec, 2018 vs Dec 2019 January, 2020 MLS Sales Volume increased 9.7% YoY

Sources: Alberta Economic Dashboard, CMHC Rental Market Reports

8

Boardwalk Strategy – BUILDING THE MOST SUSTAINABLE CULTURE AND BRAND

Organic Growth Brand and Product Diversification

High-Grading & Geographic Expansion

Solid Financial Foundation

Unitholder Value

Total Revenue Growth of 4.8% Same Property NOI Growth of 8.2% SPNOI Margin Improvement of over 200 bps Repositioned/ Renovated 16% of Common Areas Renovated over 1,300 Apartment Units Repositioned a new Lifestyle Asset in Edmonton Sold 278 non-core units in Saskatchewan Acquired 124 newly constructed units in Edmonton Acquired 50% interest in Mississauga Development 99% CMHC Debt Debt (net of cash)/Assets: 47% Interest Coverage: 2.76x FFO/Trust Unit Growth: 16.3% 2019 Total Return: 25.9% NAV per Trust Unit: $63.72

=

2019 Performance

9

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

Occupancy, Rents, Incentives & Vacancy Loss

All values exclude sold properties; same store as reported.

• Maintaining

High Occupancy

(Same Property)

• Occupied rents

continue to rise

• Incentives per

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

• Revenue has

increased for eight consecutive quarters

95.8% 96.6% 96.6% 96.6% 96.2%

Q4-2018 Q1-2019 Q2-2019 Q3-2019 Q4-2019

Actual Occupancy

11

Sequential Revenue Growth

Revenue is increasing; through a focus on:

• Reducing vacancy loss
• Incentive reductions
• Increasing market rents

Stabilized Revenue Growth # of Units Q4 2019 vs Q3 2019 Q3 2019 vs Q2 2019 Q2 2019 vs Q1 2019 Q1 2019 vs Q4 2018 Edmonton 12,906 0.3% 1.3% 1.8% 0.2% Calgary 5,657 0.6% 1.0% 1.4% 2.2% Red Deer 939

• 0.6%

0.2% 2.2% 5.5% Grande Prairie 645 1.9% 2.4% 2.3% 2.2% Fort McMurray 352

• 0.7%

1.3% 0.7%

• 0.7%

Quebec 6,000 1.3% 1.0% 0.2% 1.2% Saskatchewan 3,685 1.8% 1.2% 0.9% 0.1% Ontario 2,585 1.9% 1.2% 1.9% 1.2% 32,769 0.8% 1.1% 1.3% 1.0%

12

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

Dec 31 2019 - 3 M # of Units % Revenue Growth % Operating Expense Growth % Net Operating Income Growth % of NOI Edmonton 12,906 3.5%

• 10.1%

19.7% 36.9% Calgary 5,657 5.3% 2.7% 7.0% 21.5% Red Deer 939 7.4% 3.6% 11.1% 2.4% Grande Prairie 645 9.1%

• 10.5%

31.9% 1.8% Fort McMurray 352 0.6%

• 13.8%

15.2% 1.1% Alberta 20,499 4.3%

• 7.2%

15.5% 63.7% Quebec 6,000 3.6% 4.0% 3.4% 18.7% Saskatchewan 3,685 4.2%

• 2.8%

10.6% 10.5% Ontario 2,585 6.4% 5.1% 7.2% 7.1% 32,769 4.3%

• 4.0%

11.6% 100.0% Dec 31 2019 - 12 M # of Units % Revenue Growth % Operating Expense Growth % Net Operating Income Growth % of NOI Edmonton 12,906 3.5%

• 3.4%

10.3% 37.2% Calgary 5,657 5.6% 0.9% 8.6% 21.5% Red Deer 939 10.1%

• 1.4%

22.2% 2.5% Grande Prairie 645 11.5%

• 5.6%

30.5% 1.7% Fort McMurray 352

• 2.8%
• 7.6%

1.7% 1.1% Alberta 20,499 4.4%

• 2.4%

10.4% 63.9% Quebec 6,000 3.5% 1.9% 4.5% 19.0% Saskatchewan 3,685 2.5% 1.8% 3.1% 10.2% Ontario 2,585 5.0% 3.2% 6.4% 6.9% 32,769 4.1%

• 0.9%

8.2% 100.0%

13

Value-add Improvements and Repositioning To Date

Suite Investments

2017: 3,174 2018: 1,531 2019: 1,377

Total: 6,082 18% of Portfolio

Common Area and Amenity Investments

2017: 3 Projects 2018: 25 Projects 2019: 28 Projects

Total: 56 Projects 24% of Portfolio

Boardwalk makes focused investment in value-add improvements across its portfolio, targeting 8+% yields on cost

14

Value Add Improvement Program – Living – Lansdowne Park, Edmonton

Before: Left Photos After: Right Photos

Lansdowne Park– Living Brand 62 Units

• Scope
• Leasing office & lobby refresh
• Total Cost: $30,000
• Rental Increase: $10 per suite per month

15

Joint Venture – Western Canada – Development Update

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

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

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

• Possession of building occurred on Feb 21, 2020.

Fixturing and set up is underway for the experience centre, common areas, show suite, fitness centre, and amenity areas. Official launch date anticipated to be late March.

• First occupancy is scheduled for April 1, 2020

16

Development Update

• 45 Railroad Street, Brampton, Ontario
• Shoring and excavation is complete. P3 floors, columns

and walls are complete, and P2 suspended slab is 80% complete with vertical columns and walls underway to be completed in March. P1 to commence thereafter with project scheduled 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)

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

The City in late 2019 were generally positive

• A revised zoning re-submission will be submitted in

March 2020

17

Liquidity Snapshot

Q4 2019 Cash Position - Dec 2019 35,000 $ Subsequent Committed Financing 23,000 $ Line of Credit 200,000 $ Total Available Liquidity 258,000 $ Liquidity as a % of Period Total Debt 9% Debt (net of cash) as a % of reported asset value 47%

18

Liquidity Snapshot

2.52% 2.41% 2.73% 2.93% 2.89% 2.63% 2.45% 3.18% 3.27% 2.56% 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 In Place Interest Rate Principal Outstanding Mortgage Outstanding in ($000's) WA interest Rate CMHC 5 Year Rate CMHC 10 Year Rate

Mortgage Maturity Schedule Interest Coverage ~99% of Mortgages have CMHC Insurance

2.60 2.68 2.76 2017 2018 2019

19

Mortgage Summary

• Current 5-year CMHC mortgage interest rate: 2.30%
• Current 10-year CMHC mortgage interest rate: 2.40%

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 2.71% 2.53% 8 100% Feb 316 $ 14,490,000 $ 14,490,000 $ 22,840,000 1.79% 2.32% 10 100% Mar 253 $ 20,150,000 $ 12,110,000 3.58% 2.17% 5 60% Apr 375 $ 15,760,000 2.75% 0% May 392 $ 41,720,000 1.89% 0% Jun 29 $ 1,070,000 1.59% 0% Jul 774 $ 55,700,000 1.74% 0% Sep 280 $ 11,180,000 1.58% 0% Oct 288 $ 23,680,000 4.25% 0% Nov 124 $ 19,690,000 3.09% 0% Dec 1,525 $ 99,710,000 2.52% 0% Grand Total 4,470 $ 317,650,000 $ 41,100,000 $ 22,840,000 2.52% 2.35% 8 13% 2019 Mortgage Program Summary Units Maturing Mortgage Amount Renewed Mortgages Repaid in Full New Upfinancing Maturing Rate New Rate Average Term % of Mortgages Completed 6,095 $ 522,060,000 $ 519,490,000 $ 2,570,000 $110,890,000 2.60% 3.00% 8 100%

20

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 February – 20 $0.0834 $1.00 28-Feb-20 15-Mar-20 March – 20 $0.0834 $1.00 31-Mar-20 15-Apr-20 April - 20 $0.0834 $1.00 30-Apr-20 15-May-20

21

Leveraging Technology to Improve Experience and Value

Enhanced Resident Member Portal

• Direct online payments
• Log maintenance request and receive status

updates

• Real-time chat
• Amenity bookings
• Survey participation
• Access to promotions

Other initiatives underway and investigating  Partnership Investment in RETV  Smart home technology  Utility usage, reporting, and monitoring  Artificial Intelligence  Online chat  Rent / price optimization  Asset diagnostics / optimization  Portfolio optimization  Enhanced lead generation

• Launching portfolio-wide in Q1 2020
• Improved self-serve functionality
• Enhanced communication
• Began in Alberta in Q2 2019
• Strong penetration to-date
• Alberta run-rate NOI improvement

estimated to be 200-400 bps

• Opportunity to expand to other regions

Internet and TV

• Boardwalk Resident Member exclusive

pricing

• Multiple options for Internet speed
• Flexible TV options
• Partner investment in Fibre infrastructure

22

Boardwalk’s ESG Initiatives

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 opportunities
• 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

2019: Inaugural Boardwalk ESG Report | 2020: Participation in GRESB Real Estate Assessment

23

2020 Financial Guidance

Capital Budget ($000's) Per Suite Per Suite Maintenance Capital $ 20,390 613 $ 20,390 613 Value-added Capital (including suite upgrades and property, plant & equipment) 95,036 2,857 113,795 3,421 Total Operational Capital $ 115,426 2,859 $ 134,185 3,669 Development 59,814 59,814 Total Capital Investment $ 175,240 $ 193,999 2020 Budget - Low End 2020 Budget - High End Description 2020 Revised Guidance Stabilized Building NOI Growth 4% to 7% FFO Per Unit* $2.65 to $2.80 AFFO Per Unit ($613/door maintenance capital)* $2.25 to $2.40

*Excludes non-recurring retirement costs

24

Appendix - Economic Data

25

Alberta & Saskatchewan Forecast Summary

Alberta Forecast 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019f 2020f 2021f 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% 1.9% 0.7%* N/A 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% 1.0% 0.9% 0.8% 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 39,500 N/A N/A Retail Trade ($ millions) $61,160 $61,069 $55,956 $59,718 $64,004 $68,425 $73,108 $78,711 $76,019 $75,110 $80,318 $81,911 $81,081 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

13,951 11,664 9.4-10.4K 9.4-10.4K 9.4-10.4K

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

15,506 14,421 12.3-13.6K 12.3-13.6K 12.3-13.6K

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

27,625 26,085 21.7-24.0K 21.7-24.0K 21.7-24.0K

Resale Market* Total MLS Sales 71,430 56,399 57,786 49,723 53,146 60,369 66,080 71,773 56,477 54,938 57,324 53,182

50.2-54.6K 50.2-54.6K 50.2-54.6K

Average Price $356,235 $352,857 $341,201 $352,301 $355,808 $363,208 $380,969 $400,594 $393,131 $396,218 $397,872 $387,453

374,100 381,550 395,000

Saskatchewan Forecast 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019f 2020f 2021f 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% 0.6%* N/A 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%

1.6% 1.8% 0.2% 0.2% 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 7,301 7,302 Retail Trade ($ millions) $12,984 $14,360 $14,036 $14,993 $16,234 $17,749 $18,301 $19,129 $18,719 $19,135 $19,577 $19,509 $19,384 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 1,778 0.9-1.2K 1.3-1.6K 1.4-1.7K

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 1,832 1.2-1.3K 1.7-2.0K 1.8-2.4K

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

4,904 3,610 2.1-2.5K 3.0-3.6K 3.2-4.1K

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

11,344 11,062 10,282 10.4-10.6K 10.8-11.2K 11.1-11.7K

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

300,312 $ 293,999 $ 286,713 $ 276,700 279,500 291,800 *TD Economics Provincial Economic Forecast Sources: CMHC Housing Marketing Outlook - Canada, Statistics Canada *Residential Properties, CREA Stats, Government of Alberta Economic Dashboard, Government of Saskatchewan Bureau of Statistics

26

Migration, Earnings & Employment

Source: Statistics Canada

27 27 27

Alberta Economy - Labour Market

Source: Government of Alberta Source: Statistics Canada

28

Calgary New Home Construction

Source: CMHC Housing Information Portal

29

Edmonton New Home Construction

Source: CMHC Housing Information Portal

30

Canada Population Growth

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

31

Market Dynamics – Western Canada Population Growth vs Housing Construction

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

32

Market Dynamics – Eastern Canada Population Growth vs Housing Construction

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

33

Market Dynamics – Migration vs Housing Construction

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

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

34

$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

35

Canadian City Centre – Housing Affordability

Source: CMHC

36

Average Vacancy & Average Rent

Source: CMHC, Rental Market Report

37

Calgary & Edmonton Real Estate Statistics

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

38

Saskatchewan Real Estate Statistics

Source: Saskatoon Real Estate Board, Association of Regina Realtors

39

Peel Region 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%

40

Alberta Major Projects & Land Sales

Source: Government of Alberta Source: Alberta Energy Sector Jan 2020 Value

• f Projects

($Millions) Oct 2019 Value

• f Projects

($Millions) Jul 2019 Value

• f Projects

($Millions) Apr 2019 Value

• f Projects

($Millions) Jan 2019 Value

• f Projects

($Millions) Agriculture/Forestry & Related

• Commercial

1,988.00 1,978.70 2,424.20 $2,417.4 $2,439.5 Retail 224.70 200.60 195.60 $160.6 $282.9 Industrial, Infrastructure & Insti 60,525.70 62,735.70 47,614.50 $48,093.0 $47,165.4 Oil & Gas, Oil Sands 59,639.00 63,976.50 66,596.50 $66,596.5 $66,821.5 Pipelines 33,065.00 33,305.00 33,270.00 $31,970.0 $31,970.0 Power 11,681.50 11,691.00 9,228.60 $11,078.6 $10,785.5 Residential 5,845.80 5,902.10 5,738.60 $5,621.5 $5,581.7 Telecommunications & Tourism/ 6,314.20 6,694.20 6,492.30 $5,858.1 $6,025.5 Mixed Use / Other Sectors 11,777.80 14,094.90 13,584.40 $13,994.3 $14,034.1 Total $191,061.7 $200,578.7 $185,144.7 $185,790.0 $185,106.1

41

Alberta Vacancy Rates vs. WTI

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

42

Appendix - Operations

43

Portfolio Breakdown by NOI Contribution

1 2 3 4 5 6 9 8

City % NOI 1 Edmonton 37.5% 2 Calgary 22.2% 3 Montreal 13.0% 4 London / Kitchener 6.9% 5 Regina 5.7% 6 Saskatoon 5.4% 7 Other Alberta 5.2% 8 Quebec City 4.1% 9 GTA* 0.0%

44

Portfolio Cities & Highlights

1 2

Edmonton, AB Boardwalk Centre London, ON Castlegrove Estates Calgary, AB Brentview Towers

CMHC Vacancy Rate: 4.8% Boardwalk Vacancy Rate: 4.8%

Edmonton, Alberta Calgary, Alberta

CMHC Vacancy Rate: 3.9% Boardwalk Vacancy Rate: 3.2%

45

Portfolio Cities & Highlights

3 4

London, ON Castlegrove Estates Montreal, QC Domaine D’Iberville Apartments

Montreal, Quebec London, Ontario

CMHC Vacancy Rate: 1.5% Boardwalk Vacancy Rate: 0.7% CMHC Vacancy Rate: 1.8% Boardwalk Vacancy Rate: 1.6%

46

Portfolio Cities & Highlights

5 6

Regina, SK Pines Edge II Saskatoon, SK Carlton Tower

Regina, Saskatchewan Saskatoon, Saskatchewan

CMHC Vacancy Rate: 5.7% Boardwalk Vacancy Rate: 3.6% CMHC Vacancy Rate: 7.8% Boardwalk Vacancy Rate: 4.7%

47

Portfolio Cities & Highlights

7 8

Red Deer, AB Saratoga Tower Quebec, QC Les Jardins de Merici

Red Deer, Alberta Quebec, Quebec

CMHC Vacancy Rate: 8.8% Boardwalk Vacancy Rate: 4.3% CMHC Vacancy Rate: 2.4% Boardwalk Vacancy Rate: 2.1%

48

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

49

Focus on Operations – Incentives Continue to Trend Downward

50

Occupancy Statistics

51

Revenue, Vacancy Loss & Incentives

*Excludes any 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

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

Vacancy Loss Incentives Net Rental Revenue

52

Reasons for Move Out & Out of Town Rentals

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

• city. 2019 Q4 is for the month of October Only.

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Change in Life Situation 703 938 870 698 3,209 617 873 846 747 3,083 755 958 959 822 3,494 Personal Reasons 486 579 620 484 2,169 412 675 646 515 2,248 388 638 571 524 2,121 Transfer / Assignment 510 544 543 432 2,029 413 492 504 465 1,874 369 538 537 495 1,939 Purchased Home 264 430 382 323 1,399 265 382 380 366 1,393 254 365 408 377 1,404 Skip / Eviction 354 388 347 309 1,398 329 329 392 355 1,405 313 315 361 325 1,314 Cost 213 267 212 176 868 201 236 262 244 943 170 252 242 235 899 Suite Size 157 233 244 163 797 192 215 243 220 870 169 246 235 201 851 Service 54 94 73 37 258 39 41 49 39 168 41 45 55 43 184 Community 10 27 20 18 75 11 22 19 14 66 12 12 11 17 52 Unknown 33 21 12 7 73 10 15 16 14 55 8 8 13 5 34 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 3,392 3,044 12,292 Reason 2017 2018 2019 % Chg. Change in Life Situation 698 747 822 10.0% Personal Reasons 484 515 524 1.7% Transfer / Assignment 432 465 495 6.5% Purchased Home 323 366 377 3.0% Skip / Eviction 309 355 325

• 8.5%

Cost 176 244 235

• 3.7%

Suite Size 163 220 201

• 8.6%

Service 37 39 43 10.3% Community 18 14 17 21.4% Unknown 7 14 5

• 64.3%

Total 2,647 2,979 3,044 2.2% 2019 Total Q4 Reasons for Move-Out Q4-2019 TO increased 2.2% relative to the same period in 2018 Change in Life Situation, Personal Reasons & Transfer / Assignment are the largest reasons for turnover 2017 2017 Total 2018 2018 Total 2019

53

Loss to Lease Statistics – Mark to Market (MTM)

^Market Rent net of incentives

City / Region Weighted Average Units % of Portfolio Dec-19 Mkt Rent Dec-19 Occupied Rent Mark to Market per Month Annualized Mark to Market* ($000) Dec-19 Mkt Rent^ Dec-19 Occupied Rent Mark to Market per Month Annualized Mark to Market* ($000) Edmonton 12,906 39% 1,306 $ 1,201 $ 105 $ 15,349 $ 1,198 $ 1,201 $ (3) $ (1,116) $ Calgary 5,657 17% 1,535 $ 1,339 $ 195 $ 12,677 $ 1,387 $ 1,339 $ 48 $ 3,023 $ Red Deer 939 3% 1,196 $ 1,088 $ 107 $ 1,127 $ 1,047 $ 1,088 $ (41) $ (510) $ Grande Prairie 645 2% 1,132 $ 1,085 $ 47 $ 352 $ 1,105 $ 1,085 $ 20 $ 137 $ Fort McMurray 352 1% 1,518 $ 1,290 $ 228 $ 900 $ 1,315 $ 1,290 $ 25 $ 87 $ Alberta Portfolio 20,499 63% 1,362 $ 1,232 $ 131 $ 30,406 $ 1,242 $ 1,232 $ 10 $ 1,621 $ Quebec 6,000 18% 1,234 $ 1,108 $ 126 $ 9,026 $ 1,232 $ 1,108 $ 124 $ 8,910 $ Saskatchewan 3,685 11% 1,315 $ 1,148 $ 168 $ 7,154 $ 1,154 $ 1,148 $ 7 $ 189 $ Ontario 2,585 8% 1,460 $ 1,001 $ 459 $ 14,201 $ 1,460 $ 1,001 $ 459 $ 14,201 $ Total Portfolio 32,769 100% 1,341 $ 1,182 $ 160 $ 60,787 $ 1,248 $ 1,182 $ 66 $ 24,921 $

54

Internal Opportunity – Rent and Expense Sensitivity

*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

55

Appendix - Financials

56

FFO Performance

FFO Reconciliation 3 Months 12 Months FFO Opening - December 2018 0.54 $ 2.21 $ NOI from stabilized properties 0.13 $ 0.38 $ NOI from non-stabilized properties 0.02 $ 0.07 $ FFO loss from sold properties (0.01) $ (0.02) $ Administration, deferred financing and other (0.05) $ (0.07) $ 0.09 $ 0.36 $ FFO Closing - December 2019 0.63 $ 2.57 $

57

FFO Performance – FFO Reconciliation

FFO Reconciliation 3 Months 3 Months 12 Months 12 Months In $000's, except per unit amounts Dec-19 Dec-18 % Change Dec-19 Dec-18 % Change (Loss) profit (108,636) $ 34,100 $ 34,781 $ 193,200 $ Adjustments Add loss on sale of assets

• $
• $

714 $

• $

Adjust fair value losses (gains) 137,955 $ (9,893) $ 86,132 $ (92,371) $ Deferred income tax (recovery) expense (125) $ 52 $ (754) $ 23 $ Add depreciation of property, plant and equipment 2,341 $ 1,952 $ 8,809 $ 6,754 $ Add back distributions paid to LP 'B' Unitholders 1,120 $ 1,120 $ 4,479 $ 4,479 $ Principal portion of lease liabilities (499) $

• $

(3,194) $

• $

Funds from operations 32,156 $ 27,358 $ 17.5% 130,967 $ 112,112 $ 16.8% Funds from operations - per unit (diluted) 0.63 $ 0.54 $ 16.7% 2.57 $ 2.21 $ 16.3%

58

Overall Performance

3 Months 3 Months 12 Months 12 Months In 000's, except per unit amounts Dec-19 Dec-18 Change Dec-19 Dec-18 Change (as reported) Total rental revenue (including ancillary rental income) $115,378 $110,393 4.5% $455,313 $434,616 4.8% Expenses Operating expenses $26,250 $29,694

• 11.6%

$101,108 $113,615

• 11.0%

Utilities $12,275 $12,568

• 2.3%

$47,883 $47,628 0.5% Property taxes $12,103 $11,675 3.7% $47,529 $45,966 3.4% 50,628 $ 53,937 $

• 6.1%

196,520 $ 207,209 $

• 5.2%

Net operating income 64,750 $ 56,456 $ 14.7% 258,793 $ 227,407 $ 13.8% Average rental revenue per unit per month 1,153 $ 1,107 $ 4.1% 1,137 $ 1,089 $ 4.4% Operating costs per unit per month 506 $ 541 $

• 6.5%

491 $ 519 $

• 5.5%

Operating margins 56.1% 51.1% 56.8% 52.3%

59

Capital Investment

A three-year rolling average is utilized to estimate Maintenance CapEx 2017 $939 2018 $620 2019 $605 2019 3 Yr. Rolling Avg. $721

3 Months 12 Months $ in 000's, except for per suite amounts 31-Dec-19 Per Suite 31-Dec-19 Per Suite Repairs and Maintenance - expense 7,107 $ 213 $ 27,224 $ 816 $ On-Site Maintenance Personnel - expense 8,757 $ 263 $ 35,070 $ 1,051 $ 15,864 $ 476 $ 62,294 $ 1,867 $ Invested Capital Cost - Investment Properties (including Suite Upgrades) 34,697 $ 1,040 $ 117,645 $ 3,525 $ 50,561 $ 1,516 $ 179,939 $ 5,392 $ Estimated Maintenance Capex 6,096 $ 183 $ 24,060 $ 721 $ Value Enhancing Capex (including Suite Upgrades) 28,601 $ 857 $ 93,585 $ 2,804 $ 34,697 $ 1,040 $ 117,645 $ 3,525 $ Invested Capital Cost - Investment Properties 34,697 $ 1,040 $ 117,645 $ 3,525 $ Property, Plant & Equipment 1,321 40 5,630 169 36,018 $ 1,080 $ 123,275 $ 3,694 $ Development 5,571 30,091 Capital Contribution in Equity Accounted Investment 3,102 15,889 44,691 $ 169,255 $

Building Improvements , 19% Suite Improvements , 29% Hallway Improvements , 6% Appliances , 5% Boilers/ Mech , 7% Elevators , 1% Other (incl. Equipment) , 7% Internal Capital Program, 26%

2019 12 M Capital Investment

60

Administration Review

Total Administration Costs (Operating & Corporate) Continuing operations 12M 2019 - $ 60.8 Million 12M 2018- $ 67.9 Million

(As reported)

Professional Fees 6% Site Administration 33% Infrastructure 24% Corporate 37%

2019 12 Months Administration Overview

61

Implied Net Asset Value and Cap Rate

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 Dec 31, 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 - 2020 2.65 $ 2.80 $ 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 492,549 $ 4.00% 96.10 0.69 96.79 36.3 34.3 4.25% 87.17 0.69 87.86 32.9 31.1 4.50% 79.23 0.69 79.92 29.9 28.3 Operating Expenses 183,082 $ 4.75% 72.12 0.69 72.81 27.2 25.8 5.00% 65.73 0.69 66.42 24.8 23.5 Net Operating Income 309,467 $ 5.25% 59.94 0.69 60.63 22.6 21.4 5.50% 54.69 0.69 55.37 20.6 19.5 Reported Value - Stabilized 5,865,534 $ 5.75% 49.88 0.69 50.57 18.8 17.8 6.00% 45.48 0.69 46.17 17.2 16.2 Reported Values - Un-Stabilized 174,593 $ 6.25% 41.43 0.69 42.12 15.6 14.8 6,040,126 $ 6.50% 37.69 0.69 38.38 14.2 13.5 6.75% 34.23 0.69 34.92 12.9 12.2 Implied cap Rate 5.28% 7.00% 31.02 0.69 31.70 11.7 11.1 Current Price 49.31 0.69 50.00 18.6 17.6 Secured Mortgages $ 2,840,775 Implied cap rate 5.78% 5.74% Trust Units O/S 50,944 Cash 35,000 $ Suites 33,263 Per Unit IFRS NAV including cash 63.72 $ Current Trust Price 50.00 $ Based on IFRS reported Values 182,000 $ Per Door 162,000 $

62

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

$182,000/Door

63

Fair Value of Investment Properties

Sensitivity Analysis

NOI As Forecasted As at Sep 30, 2019 In ($000's) 311,000 $ 317,000 $ 321,000 $ 324,000 $ 330,000 $ Capitalization Rate

• 3%
• 1%

0% 1% 3% 5.02% 112,000 $ 240,000 $ 303,000 $ 367,000 $ 495,000 $ 5.27% (183,000) $ (61,000) $ 6,088,000 $ 61,000 $ 183,000 $ 5.52% (450,000) $ (334,000) $ (276,000) $ (218,000) $ (102,000) $

City Min Cap Max Cap Min Cap Max Cap Min Cap Max Cap Edmonton 4.78% 5.75% 4.79% 5.75% 5.00% 6.49% Calgary 4.50% 7.14% 4.50% 7.14% 4.50% 6.00% Other Alberta 5.75% 7.50% 5.75% 7.25% 5.75% 7.25% Regina 5.65% 6.00% 5.65% 6.00% 5.65% 6.11% Saskatoon 5.75% 6.00% 5.75% 6.00% 5.75% 6.00% London 4.50% 4.75% 4.75% 5.00% 4.75% 5.00% Kitchener 4.50% 4.50% 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% 7.50% 4.50% 7.25% 4.50% 7.25% Land Lease Range 4.50% 25.54% 4.50% 22.77% 4.50% 22.77% 2019-Q3 2018-Q4 % Increase from 2018-Q4 1.64% 3.14% n/a W.A. Cap Rate - All 5.27% 5.28% Value of Investment Properties ($ millions)* $6,042 $6,130 $5,944 5.27% 2019-Q4

64

IFRS Review – Same Property

28.1% increase since Q1-2014 111.2% increase since Q1-2014 0.1% decrease since Q1-2014 4.5% decrease since Q1-2014

65

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 decreased as a result

• f

increased

• perating

costs Resulting Fair Value in Alberta has trended down since Q3-2019 to coincide with lower EGI

*Excludes sold properties, and un-stabilized assets

66

Well Staggered Mortgage Maturity Schedule

Outstanding Mortgage Balances Mortgage Maturity Schedule

Interest Coverage (Ex. Gains) Rolling 4 Quarters ended Dec 31, 2019 2.76 Rolling 4 Quarters ended Dec 31, 2018 2.68

• Average term to maturity is 4

years

• Average amortization period is

31 years

• Current 5-year interest rates are

2.30%

• Current 10-year Interest rates are

2.40%

2.52% 2.41% 2.73% 2.93% 2.89% 2.63% 2.45% 3.18% 3.27% 2.56% 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 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 Dec 31, 2019 WA Interest Rate By Maturity % of Total 2020 $317,649,476 2.52% 11.2% 2021 $377,971,367 2.41% 13.3% 2022 $441,142,085 2.73% 15.5% 2023 $354,884,581 2.93% 12.5% 2024 $260,886,912 2.89% 9.2% 2025 $304,419,283 2.63% 10.7% 2026 $143,851,746 2.45% 5.1% 2027 $347,888,512 3.18% 12.2% 2028 $110,480,640 3.27% 3.9% 2029 $181,600,543 2.56% 6.4% Total Principal Outstanding $2,840,775,145 2.74% 100.0% Unamortized Transaction Costs ($99,127,788) Unamortized Market Debt Adjustments $0 Total Per Financial Statements $2,741,647,357

67

Secured Financing Analysis – Property Valuation

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 4,470 $779,002 $522,376 $317,649 $204,726 41% 2021 4,717 $759,323 $510,504 $377,971 $140,913 50% 2022 5,428 $939,825 $626,576 $441,142 $187,254 47% 2023 3,914 $713,966 $474,394 $365,149 $115,244 51% 2024 2,684 $484,027 $325,066 $250,622 $78,741 52% 2025 3,094 $582,180 $392,595 $307,629 $89,683 53% 2026 1,464 $244,704 $164,739 $140,642 $25,152 57% 2027 3,426 $547,366 $349,978 $347,889 $11,032 64% 2028 1,062 $171,956 $113,209 $110,481 $5,603 64% 2029 1,671 $290,185 $193,155 $181,601 $15,585 63% (blank) 1,333 $206,154 $139,299 $0 $139,299 0% Total 33,263 $5,718,689 $3,811,891 $2,840,775 $1,013,231 50% Cash - December 31, 2019 $35,000 Grand Total Net of Cash $2,805,775 49%

* Underwriting values extrapolated using current CMHC criteria

CMHC Underwriting Valuation Model with Dec 2019 Revenue and Standardized Costs

(in 000's)

68

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.

69

Appendix – Investments and Asset Management

70

Brand Diversification & Renovations

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

71

Brand Diversification and Renovations – Suite & Common Area Comparisons

72

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

• Closed September 17, 2019
• Price: $20,700,000
• Price/Door: $150,000
• Price/Rentable Sq. Ft.: $171

73

High-grading Western Canadian Portfolio

Sale of non-core asset Acquisition of high-quality asset in a core market

Acquisition – Edmonton Asset: Insignia Tower (124 units) 5145 Windermere Boulevard SW

• Closed April 1, 2019
• Price: $35,812,900
• Price/Door: $288,800
• Price/Rentable Sq. Ft.: $317

Sale – Saskatoon Asset:

• St. James Place (140 units)

3110 – 33rd Street West

• Closed May 28th 2019
• Price: $20,720,000
• Price/Door: $148,000
• Price/Rentable Sq. Ft.: $210

74

Joint Venture – Eastern Canada – Construction Update

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

• Shoring and excavation is complete. P3 floors, columns and

walls are complete, and P2 suspended slab is 80% complete with vertical columns and walls underway to be completed in March. P1 to commence thereafter with project scheduled to be at grade in Q3 - 2020.

• Estimated construction completion of Tower 1 and Tower 2

to be 2022 and 2023, respectively

75

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.

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

generally positive

• A revised zoning re-submission will be submitted in March 2020

76

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

77

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

78 78 78

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

• Total outlay of 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