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Owns and operates multi-family rental apartment communities, concentrated in Alberta and other Canadian provinces.
Owns and operates multi-family rental apartment communities, concentrated in Alberta and other Canadian provinces.
Earns rent on apartments let mostly on short leases, and Alberta has no cap on rent increases, so it can reprice units as tenants move, tying results to the province's population and job market. Units in provinces with rent limits earn less flexibly. It manages its buildings itself under the Boardwalk Rental Communities name.
Moat: narrow (scale, brand). Large, well-located Alberta-concentrated apartment portfolio with strong brand recognition among renters.
Headquarters: Calgary, Canada · Employees: 1,590
Size Boardwalk Real Estate Investment Trust (BEI-UN.TO) is a Canada Real Estate company (Real Estate Investment Trusts) with a market value of $2.21B, the 178th largest of 420 Canada companies the cockpit tracks. Shares closed at C$62.51 on 6 Nov 2026.
Performance Over six months the shares fell 5.4%, against -0.6% for the median peer and +5.2% for the Canada market (cap-weighted) — 9th lowest of 21 in its peer set.
Growth Revenue grew 3.2% over the last twelve months (peer median +4.8%); the operating margin is 61.7% (peer median 37.3%).
Valuation It trades at 0.66× book value against a peer median of 1.32× (2nd cheapest of 21).
Price implies The share price implies a return on equity of about 6.0%; Boardwalk Real Estate Investment Trust delivers -1.0%, so the price asks more than the business earns today.
Next results Next results expected around 25 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | C$649M | C$639M | C$603M | C$546M | C$496M |
| Revenue growth | — | +6% | +11% | +10% | — |
| Gross profit | C$415M | C$406M | C$372M | C$323M | C$279M |
| EBITDA | C$410M | C$361M | C$361M | C$184M | C$275M |
| Net income | -C$48.3M | C$197M | C$588M | C$666M | C$283M |
| Free cash flow | C$63.8M | C$79.7M | C$54.1M | C$50.5M | C$13.8M |
| Capital expenditure | C$186M | C$180M | C$187M | C$149M | C$147M |
| Total debt | C$3.49B | C$3.57B | C$3.36B | C$3.40B | C$3.29B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Boardwalk Real Estate Investment Trust BEI-UN.TO | $2.21B | -5% | +3% | -1% | 0.66× | 6.0% |
| Canadian Apartment Properties Real Estate Investment Trust CAR-UN.TO | $3.45B | -14% | -7% | -2% | 0.58× | 6.0% |
| Killam Apartment REIT KMP-UN.TO | $1.51B | -3% | +5% | 0% | 0.68× | 6.6% |
| Mainstreet Equity MEQ.TO | $1.19B | +1% | +5% | 10% | 0.90× | 7.1% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | BEI-UN.TO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +3.5% | +6.2% | 8th lowest of 21 |
| 6-month return | -5.4% | -0.6% | 9th lowest of 21 |
| Return on equity | -1.0% | 4.7% | 3rd lowest of 21 |
| Price / book | 0.66× | 1.32× | 2nd cheapest of 21 |
| ROE the price implies | 6.0% | 9.2% | 6th least demanding of 21 |
| ROE delivered | -1.0% | 4.7% | 3rd lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Boardwalk Real Estate Investment Trust BEI-UN.TO | Canada | $2.21B | -5% | +3% | -1% | 0.66× | 6.0% | -1.0% |
| Crombie Real Estate Investment Trust CRR-UN.TO | Canada | $2.22B | -3% | +4% | -3% | 1.70× | 11.5% | -3.2% |
| Primaris Real Estate Investment Trust PMZ-UN.TO | Canada | $2.11B | +21% | +18% | 5% | 1.08× | 9.1% | 4.6% |
| SmartStop Self Storage REIT SMA | United States | $2.31B | +20% | +21% | 2% | 1.86× | 9.3% | 2.4% |
| Sunstone Hotel Investors SHO | United States | $2.33B | +19% | +7% | 3% | 1.42× | 12.8% | 2.7% |
| Industrial & Infrastructure Fund Investment 3249.T | Japan | $2.07B | -12% | +36% | 8% | 1.33× | 6.4% | 8.5% |
| Pebblebrook Hotel Trust PEB | United States | $2.36B | +43% | +3% | -3% | 1.01× | 12.2% | -2.8% |
| NETSTREIT NTST | United States | $2.37B | -9% | +27% | 1% | 1.18× | 10.0% | 1.3% |
| Japan Prime Realty Investment 8955.T | Japan | $2.37B | -7% | -13% | 7% | 1.31× | 5.2% | 6.8% |
| Parkway Life Real Estate Investment Trust C2PU.SI | Singapore | $2.05B | 0% | +3% | 10% | 1.56× | 6.3% | 10.1% |
| Aroundtown AT1.DE | Germany | $2.04B | -32% | +1% | 5% | 0.22× | 4.0% | 4.9% |
| Advance Residence Investment 3269.T | Japan | $2.42B | -18% | -4% | 7% | 1.54× | 5.8% | 7.3% |
| BWP Trust BWP.AX | Australia | $2.01B | -2% | +2% | 13% | 0.86× | 7.4% | 13.2% |
| Mitsui Fudosan Logistics Park 3471.T | Japan | $2.00B | -13% | +156% | 5% | 0.99× | 5.0% | 4.6% |
| InvenTrust Properties IVT | United States | $2.46B | +1% | +13% | 2% | 1.38× | 11.0% | 1.6% |
| Xenia Hotels & Resorts XHR | United States | $1.97B | +26% | +4% | 0% | 1.80× | 17.3% | 0.3% |
| Big Yellow BYG.L | United Kingdom | $2.50B | +11% | +2% | 5% | 0.72× | 8.8% | 4.8% |
| LTC Properties LTC | United States | $2.52B | +14% | +69% | 39% | 1.50× | 9.9% | 38.7% |
| RLJ Lodging Trust RLJ | United States | $1.92B | +40% | +1% | 1% | 1.07× | 11.2% | 1.3% |
| Getty Realty GTY | United States | $1.92B | -14% | +11% | 9% | 1.50× | 11.2% | 8.9% |
| CapitaLand Ascott Trust HMN.SI | Singapore | $2.55B | -6% | +5% | 7% | 0.74× | 4.7% | 6.5% |