Boardwalk REIT sells 411 suites for $70.2M in Q3 as occupancy holds at 97.0%

Boardwalk REIT reported its third quarter on Nov 3, with high occupancy, flat to slightly softer same property results, and a busy quarter of non core dispositions.

 

Same property occupancy was 97.0%. Q3 same property rental revenue rose 0.9%, while same property NOI was $98.2M, down 1.1% year over year, with nine month same property NOI up 2.0%. FFO was $1.21 per unit, down 1.6%.

 

Dispositions drove the quarter. Boardwalk closed ten non core communities in London, Ontario and Grande Prairie, Alberta in Q3, totalling 411 suites for $70.2M gross. The London piece, Sandford Apartments and Noel Meadows, at 201 suites, was previously disclosed at $40.0M, about $199K per suite. Subsequent to quarter end, it finalized three Edmonton communities, 536 suites, for $106.5M gross, and it also closed a 50% seed portfolio sale of 328 suites for $146.0M gross to the DGAM fund.

 

For multifamily investors, Boardwalk is recycling capital out of non core assets at disclosed per suite pricing while holding occupancy at 97.0%. The London sale at about $199K per suite is a live reference for Ontario secondary market apartment pricing, and the volume of sales shows institutional sellers are still finding buyers for smaller communities.

 

Source: Boardwalk REIT Q3 results, reported Nov 3, 2026.