Boardwalk REIT’s investment and divestments specialists kept themselves busy during the first quarter, swing several deals.

The REIT completed the sale of eight non-core apartment communities in Edmonton; Longueuil, Que., Brossard, Que., and Quebec City comprising 989 suites, generating gross proceeds of $189 million.

As Connect reported previously, following the end of the quarter, the trust also finalized the sale of five additional communities in Edmonton, Regina and Saskatoon totalling 563 suites for gross proceeds of $117 million. Net proceeds from the 13-property disposition program amounted to approximately $158.7 million after existing mortgages.

Boardwalk said it has increased its 2026 asset sale target to between $400 million and $500 million as part of a broader capital-allocation strategy that also includes aggressive unit repurchases. Through April, the REIT invested $102.3 million to repurchase and cancel more than 1.55 million trust units at an average price of $65.92 per unit.

The Calgary-based apartment owner reported first-quarter funds from operations of $1.15 per unit, up 8.5% from a year earlier, while net operating income rose 10% to $106.2 million. Same-property NOI increased 6.8% to $101.4 million.

Occupancy across the portfolio averaged 97.3% during the quarter. Boardwalk said demand remained strongest in affordable rental markets, particularly in Alberta, where Edmonton continues to offer some of the lowest rents among major Canadian cities.

Boardwalk ended the quarter with approximately $434.9 million in available liquidity.

As Connect previously reporte, Boardwalk has also increased its full-year asset-sale target to between $400 million and $500 million.

Pictured: The Edge apartment tower in Edmonton.

Photo: Boardwalk REIT