Boardwalk REIT has finalized the sale of two Montreal-area walk-up apartment buildings in Longueuil and Brossard, Que., for a combined $47 million.

The properties — Le Bienville and Jardins Viva — comprise 280 suites and are being sold to a private purchaser, with closing expected in late February. The sale price excludes transaction costs and customary adjustments. The disposition is part of a broader capital-recycling strategy that saw the REIT complete $324.6 million in dispositions across 1,662 suites in 2025 and early 2026.

The Montreal-area sale follows a year of active portfolio repositioning. In 2025, Boardwalk completed $551.5 million in acquisitions, adding 1,376 suites across Calgary; Saskatoon, Regina, and Laval, Que. The REIT said the strategy is focused on upgrading portfolio quality and redeploying capital into newer vintage communities in growing regions.

Meanhwile, Boardwalk reported strong financial performance for the fourth quarter of 2025 and the full year.

“We are pleased to have built upon our track record of compounding our free cash flows in 2025 to further improve our communities and value proposition to our resident members, to provide additional capital for the trust to enhance per-unit value for unitholders, and to expand the reach of our Love Always to new communities and stakeholders,” said Sam Kolias, Boardwalk’s chairman and CEO.

Funds from operations (FFO) in Q4 totalled $64.0 million, or $1.20 per unit, up 11.1% from $1.08 per unit a year earlier. Net operating income (NOI) for the quarter rose 9.5% year-over-year to $108.5 million, while same property NOI increased 7.3%. Operating margin improved to 65.8%, up 210 basis points from Q4 2024. The trust recorded a quarterly loss of $50.8 million, compared with a profit of $65.9 million in the prior-year period.

For the full year, FFO reached $248.5 million, or $4.65 per unit, an 11.2% increase from 2024. NOI climbed 9.2% to $417.6 million, while same property NOI rose 9.0%. Operating margin improved 200 basis points to 65.4%. Annual profit totalled $196.9 million, compared with $588.2 million in 2024.

Same-property rental revenue in Q4 increased 4.5% year-over-year, while same property rental expenses declined 0.6%, supporting NOI growth. Average occupied rent reached $1,590 in December 2025, up $66 from a year earlier. Occupancy averaged 97.6% in the quarter and was 97.3% in early February 2026.

Boardwalk ended the year with approximately $466 million in total available liquidity and unitholders’ equity of $4.9 billion. Net asset value increased to $96.23 per unit, up from $93.68 a year earlier. The stabilized capitalization rate stood at 5.19% at year-end, up seven basis points from Q4 2024.

The trust also increased its regular monthly distribution by 11.1% to $0.15 per unit, or $1.80 on an annualized basis, for the months of March, April and May 2026, and introduced 2026 guidance projecting FFO in a range of $4.65 to $4.90 per unit and same property NOI growth of 1.5% to 4.5%.

“The foundation for resilient and strong performance remains in place for 2026 and beyond,” said Kolias. “We continue to see that demand for affordable housing persists across all market conditions.”

Pictured: Jardins Viva apartments in Laval, Que.

Photo: Zumper