Boardwalk is the largest apartment REIT in Alberta and Saskatchewan, with 33,264 apartments as of June 30. At 20,778 units, Alberta represents the largest holdings (12,882 in Edmonton, 5,960 in Calgary, and 1,936 in smaller centres). Quebec has 6,000 units, Saskatchewan 3,505, Southwestern Ontario 2,867, and BC 114.
Wealth Builder
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Income Investor
Boardwalk has been through several rental cycles driven by the cyclical nature of Alberta’s energy-dependent economy, which saw the REIT priced at a 65% discount to its NAV when we recommended selling it in 2020. With the recovery in the oil price and Alberta’s economy, combined with the very affordable nature of Alberta and Saskatchewan’s property compared with more expensive markets in Ontario and BC, demand for Boardwalk’s units has increased substantially, and occupancy ratios are back over 98%. - Gavin Graham
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Interactive Performance Chart
BEI.UN was first recommended here on October 11, 2021