BOARDWALK REIT GUIDES TO ACCELERATE RENTAL INCOME AND OPERATING NET INCOME GROWTH IN 2023 AS IT REPORTS STRONG RESULTS FOR 2022 AND AN 8.3% INCREASE IN ITS REGULAR DISTRIBUTION - TipRanks.com (2023)

CALGARY, AB,February 23, 2023/PRNewswire/ –Boardwalk Real Estate Investment Trust(TSX: BEI.UN)

SUMMARY OF HIGHLIGHTS FOR THE CONCLUDED THREE AND TWELVE MONTH PERIODSDECEMBER 31, 2022

• STRONG FINANCIAL PERFORMANCE

FOR THE TERMINATED 3 MONTH PERIODDECEMBER 31, 2022

• • profit from$14.1 million
  • Funds from Operations („FFO“) von0,80 $per unit⁽¹⁾⁽²⁾; an increase of 6.7% compared to Q4 2021
  • Net Operating Income („WE“) von$74.8 million; an increase of 8.4% compared to Q4 2021
  • Same property⁽³⁾Net Operating Income („Same Property NOI“) von$73.3 million; an increase of 5.9% compared to Q4 2021

FOR THE 12 MONTH PERIOD ENDEDDECEMBER 31, 2022

• • profit from$283.1 million
  • FFO from$3,13per unit⁽¹⁾⁽²⁾; an increase of 6.5% over the same period a year ago
  • Request of$288.7 million; an increase of 5.2% over the same period a year ago
  • Same property NOI of$286.4 million; an increase of 3.8% over the same period a year ago

• SOLID OPERATING PERFORMANCE DRIVEN BY IMPROVING RENTAL INCOME GROWTH FROM LETTING PROPERTIES IN QUALITY 4 YEAR 2022
• Sequential rental income growth of 2.2% sequentially
• Rental income growth of 6.7% YoY, a steady year-on-year acceleration compared to previous quarters
• occupancy rate of 98.0%; an increase of 214 basis points from the previous year
• Incentives fell 26.5% and market rents rose 2.2% year-on-year
• Related rent increased1.271 $in December 2022, a$68improvement offDecember 2021
• LEASING MOMENTUM CONTINUES
• February 2023preliminary occupancy rate of 98.2%, up 259 basis pointsJanuary 2022
• Portfolio almost fully let towards spring
• New lease spreads accelerate to 10.4% inAlbertawith growing market rents
• Extension lease spreads of 8.0% inAlberta
• Despite the recent strong rental spreads, rents are risingAlbertarelative to income levels are still among the cheapest inYou haveand have remained well below inflation-adjusted levels since 2014
• STRONG AND FLEXIBLE FINANCIAL POSITION
• Approximately$256.3 millionthe total available liquidity
• 96% of Boardwalk's mortgages are CMHC insured
• Equity of the shareholders of$3.5 billion
• Fair value cap rate of 4.92%
• The trust's current fair value capitalization rate remains at a positive spread to interest rates
• Increase in NAV mainly due to higher market rents and lower vacancies71,35 $per unit⁽¹⁾⁽²⁾
• ADDITIONAL AND STRATEGIC CAPITAL ALLOCATION
• invested$21.7 millionon the repurchase and cancellation of 440,000 Trust Units in 2022 under its Normal Issuer Offering (“NCIB”) at a volume weighted average price of49,25 $per trust unit
• During 2022 completed acquisitions of three communities totaling 458 units inCalgary, Alberta,Canmore, AlbertaAndBrampton, OntarioProviding an immediate increase in FFO per unit⁽¹⁾⁽²⁾and strengthening operational platforms in all three regions
• Received occupancy of Tower 1 on the Trust's 45 Railroad development in Q4 inBrampton, Ontario
• Strengthened future development pipeline inVictoria, British Columbiawith the acquisition of the Trust's Island Highway development site in the second quarter
• INTRODUCTION OF FINANCIAL PROGRAM 2023
• FFO range from$3,25To3,45 $per unit⁽¹⁾⁽²⁾
• NOI growth range of the same property from +8.5% to +12.5%
• 8.3% INCREASE IN REGULAR MONTHLY PAYOUT1,17 $PER UNIT ON AN ANNUAL BASIS CONFIRMED FOR THE MONTHS OF MARCH, APRIL ANDMAY 2023

Boardwalk Real Estate Investment Trust (“Boardwalk”, the “REIT” or the “Trust”) today announced its fourth quarter and fiscal year 2022 financial results.

Sam Kolias; Boardwalk REIT's Chairman and Chief Executive Officer commented:

“We are pleased to report another solid quarter and year-end, with rising rental income and net operating income heading into our spring rental season. In our largest market ofAlberta, we continue to see very strong interprovincial and international migration, as well as employment growth across a variety of sectors.

As we look forward to 2023, we are well positioned for continued strong performance, with our focus on occupancy in 2022 providing a solid foundation for the months ahead. At the beginning of February, the occupancy rate of the same real estate portfolio reached 98.2%. For new leases, ourEdmontonAndCalgaryPortfolios are seeing strong demand while our measured approach to lease renewals continues to provide coverage for cost inflation. Market rent adjustments are made in communities that reflect near full occupancy.Albertacontinues to attract strong migration with high affordability levels, high job vacancies and rents relative to income levels among the cheapest in GermanyYou have.

Higher cost inflation and interest rates continue to provide some headwinds for municipal providers in 2023. However, our team remains committed to finding innovative ways to streamline our operations and continue to provide our residents with the best quality of product, service and experience in the most efficient manner.

With our portfolio of quality communities, commitment to exceptional resident experiences and strong rental fundamentals in our affordable markets, Boardwalk is well positioned to deliver accelerated organic growth in 2023.”

FOURTH QUARTER & TWELVE MONTHS FINANCIAL HIGHLIGHTS

The fair value of the Trust's investment property in accordance with International Financial Reporting Standards (“IFRS”) atDecember 31, 2022up slightly sequentially and year-end primarily due to increased market rents and decreased vacancies in some of its markets reflecting improved rental fundamentals. During the fourth quarter, the Trust also increased some of its cost assumptions in its fair value estimate to reflect annual increases in property taxes, utilities and insurance. The Trust's stabilized capitalization rate was flat from the previous quarter and the applied capitalization interest margins remain consistent with recently released quarterly third-party capitalization rates. The trust's current fair value capitalization rate remains at a positive spread to interest rates. Management will continue to review any necessary adjustments on a quarterly basis.

SOLID OPERATIONAL RESULTS

The Trust improved occupancy compared to the same period a year ago as it focused on gaining and retaining market share. Market rents have been adjusted in communities where rental market fundamentals continue to improve. Turnover rates continued to decline across the Trust's portfolio compared to the prior year. Average occupied rent increased sequentially and year-on-year as the Trust focuses on reducing incentives for lease renewals, minimizing incentives for new leases and adjusting market rents when fundamentals are strong.

For the fourth quarter of 2022, a 6.7% increase in rental income for the same property combined with an increase in total rental costs for the same property by 8.0% resulted in a NOI growth for the same property of 5.9%.

During the quarter, lower vacancy losses and incentives along with positive market rent adjustments supported BoardwalkCalgaryPortfolio increase of the same real estate NOI of 7.6%. Positive revenue growth was partially offset by year-over-year increases in utilities and wages. InEdmonton, lower vacancy losses and incentives were partially offset by higher property taxes, utilities and operating expenses, resulting in positive NOI growth of 4.5% for Q4 2022 compared to Q4 2021. The Trust is well positioned in ourEdmontonMarket with over 98.0% occupancy and accelerating revenue growth heading into spring rental season.

SaskatchewansThe market remains strong with the Trust's portfolio realizing a 7.6% NOI growth on like-property in Q4 2022 compared to the same period last year, reflecting strong like-property sales growth and a reduction in spending related to TV and Internet service for Boardwalk's is attributable to residents (“Resident Members”) in the province.

InOntario, the mark-to-market opportunity for revenue contributed to a 3.8% same property NOI growth in Q4 2022 compared to Q4 2021Québec, increasing revenue coupled with the leasing of its L'Astre community converted from a senior citizens' community, resulted in the same property's NOI increasing by 7.0% in Q4 2022 compared to Q4 2021.

As we look forward to 2023 and as further demonstrated in our guidance in this press release, Boardwalk's strong revenue performance and cost management is well positioned to accelerate net operating income growth in the coming year.

STRONG LIQUIDITY POSITION

In the fourth quarter, Boardwalk renewed itself$161.5 millionof its maturing mortgages at a weighted average interest rate of 4.48%, while the tenor of those mortgages is extended by an average of 3.8 years.

In 2023, the Trust expects$440.6 millionof the mortgages that are due at an average actual interest rate of 2.85% and rolls over those mortgages when they come due. Current market rates for 5-year and 10-year CMHC financing are estimated at 4.25% and 4.00%, respectively. To date, the Trust has forward-locked or renewed the interest rate$42.2 millionor 9.6% of its mortgages maturing in 2023 at an average interest rate of 4.49% and an average tenor of 3.3 years. Of$42.2 million,$28.2 millionare traditional mortgages. While interest rates have risen significantly since the beginningMarch 2022The Trust remains positioned within its mortgage program with a balanced staged-maturity schedule, a disciplined capital allocation program and the continued use of CMHC funds, which reduces rollover risk on its existing mortgages.

ADDITIONAL AND STRATEGIC CAPITAL ALLOCATION

The Trust remains committed to its capital allocation strategy of reinvesting retained cash flows and the net proceeds from the sale of non-core assets in opportunities that will both increase per unit FFO in the short term and significantly increase per unit NAV for the Trust over the medium term.

In the fourth quarter, the Trust received occupancy for the first of two towers in its 45 Railroad development inBrampton, Ontario. To date, the Trust has leased approximately 45% of the units in Tower 1 at rents in excess of the Trust's original projections. Tower 1 was completed on time and Tower 2 is expected to be delivered in Q4 2023 and the project remains on budget.

During the fourth quarter, the Trust received approval from the Toronto Stock Exchange to extend its NCIB for an additional year ending on21. November 2023. In 2022, the Trust repurchased 440,000 units for approximately$21.7 millionat a volume weighted average price of49,25 $per unit. Since the NCIB's inception in late 2021, the Trust has invested approximately$45.7 million878,400 units at a volume weighted average price of 878,400 units for revocation$52,05per unit.

Boardwalk continues to view its own portfolio as unparalleled value and future growth within the multifamily sector and will continue to explore capital recycling opportunities as a source of potential future unit buybacks, bearing in mind the magnitude of the existing discount in the trading price of its shares at any given time relative at the Net Asset Value per Share.

As previously announced, the Trust completed the acquisition of communities in 2022Calgary,Canmore, AndBramptontotaling 458 units, providing shareholders with an immediate increase in FFO per unit and strengthening the Trust's operating platform in three fast-growing, underserved regions. During the year the Trust also completed the purchase of a development site at 339-445 Island Highway in View Royal.British Columbia, further strengthening its long-term development pipeline in theViktoriaArea.

FINANCIAL PROGRAMS 2023

As is customary with the Trust's fourth quarter disclosure, Boardwalk provides its 2023 outlook and financial guidance.

The Trust's current outlook is for a strong growth trend across its portfolio with continued revenue growth from its core markets. This growth is expected to be partially mitigated by increases in certain uncontrollable operating expenses such as utilities, as well as higher financing costs as a portion of the Trust's mortgages mature during the year.

Overall, the Trust provides its 2023 financial guidance as follows:

The reader is cautioned that this information is forward-looking and actual results may differ from those projected. The Trust reviews the assumptions used to derive its forecast on a quarterly basis and based on that review may adjust its outlook accordingly.

FOURTH QUARTER REGULAR MONTHLY DISTRIBUTION ANNOUNCEMENT

Coupled with its strong operating results and favorable 2023 outlook, Boardwalk is increasing its monthly cash payout for the months of March, April andMay 2023by 8.3% per trust unit, which is equivalent0,0975 $per trust unit or1,17 $per fiduciary entity on an annualized basis. A summary of Boardwalk's distributions for the months of March, April andMay 2023see below:

Consistent with Boardwalk's maximum reinvestment payout policy, the Trust's payout ratio remains conservative at 33.9% of FFO in Q4 2022; and 34.1% of trailing-12-month FFO.

Boardwalk's regular monthly distribution provides a stable and attractive return for Trust shareholders.

FOURTH ESG ANNUAL REPORT

The Trust is committed to environmental, social and governance (“ESG”) goals and initiatives, including work to reduce greenhouse gas emissions and electricity and natural gas consumption, water conservation, waste minimization and an ongoing focus on governance and oversight. Boardwalk expects to release its fourth annual ESG report in March. The ESG report will be available digitally along with the Trust's annual report on Boardwalk's website and under the Trust's profile atwww.sedar.com.

FINANCIAL AND SUPPLEMENTARY INFORMATION

Boardwalk produces quarterly financial statements, management discussions and analysis, and a supplemental information pack detailing the Trust's activities during the quarter. Financial and supplemental information is available on Boardwalk's investor website atwww.bwalk.com/investors.

FOURTH QUARTER 2022 FINANCIAL RESULTS TELECONFERENCE

Boardwalk invites you to join the conference call to be held tomorrow to discuss these results (February 24, 2023) at1:00 p.m. Eastern Time(11:00 o'clockMountain). Management will speak on the results of the period and provide an update. Presentation materials will be made available on Boardwalk's investor website atwww.bwalk.com/investorsbefore the call.

Telephone conference:To participate in the conference call without attendant assistance, you can register at and enter your phone numberhttps://bit.ly/3GgEOzMto receive an immediate automatic callback.

Alternatively, you can dial in directly to be joined by an operator using the instructions below for traditional conference calls.

Telephone numbers for the conference are 416-764-8650 (local/international calls) or toll free 1-888-664-6383 (withinNorth America).

Note: Please provide the operator with the conference call ID or topic below when dialing in to the call.
Conference ID: 95346171
Subject: Boardwalk Real Estate Investment Trust Fourth Quarter 2022 Results

Webcast:Investors can listen to the conference call and view Boardwalk's slide presentation during their visitwww.bwalk.com/investorsbefore starting the conversation.

An information page is provided for required software and system requirements. The webcast and slide presentation are also available at:

Boardwalk REIT Fourth Quarter Results Webcast Link

Replay: An audio recording of the conference call will be available on the Trust's website:
www.bwalk.com/investors

COMPANY PROFILE
Boardwalk REIT strives for itin Canadafriendliest community provider and is a leading owner/operator of multi-family rental communities. Providing housing in more than 200 communities with over 33,000 residential suites totaling over 29 million net rentable square feet, Boardwalk has a proven long-term track record of building better communities where love always lives^tm. Our three tiered and distinct brands: Boardwalk Living, Boardwalk Communities and Boardwalk Lifestyle cater to a wide variety of demographics and have evolved to capture the life cycle of all resident members. Boardwalk's disciplined approach to capital allocation, acquisition, development, targeted repositioning and management of community communities allows the Trust to offer its brand to the community everywhereYou haveCreating exceptional Resident Member experiences. Distinguished by our culture of excellence, Boardwalk is committed to providing our resident members with exceptional service, product quality and experience that rewards us with high levels of customer retention and market-leading operating results, which in turn translates into increased free cash flow, stable investment returns, monthly payouts and value creation for all of our stakeholders.

The Boardwalk REIT's trust units are listed on the Toronto Stock Exchange and trade under the symbol BEI.UN. For more information on the Boardwalk REIT, visit the Trust's website atwww.bwalk.com/investors.

PRESENTATION OF NON-GAAP MEASURES

Non-GAAP Financial Measures
Boardwalk believes that non-GAAP financial measures are meaningful and useful measures of real estate company operating performance, but are not measures defined by IFRS. Therefore, as they do not have a standardized meaning prescribed by IFRS, they may not be comparable to similar assessments reported by other entities and should not be construed as an alternative to the measures defined by IFRS. Below are the non-GAAP financial measures referenced in this press release.

operating resources
The most comparable IFRS measurement to FFO is profit. The Boardwalk REIT considers FFO to be a reasonable measure of the performance of a publicly traded multifamily unit because it is the most commonly used and reported metric of real estate mutual fund performance. Profit includes items such as changes in the fair value of investment property, which are subject to market conditions, and capitalization rate fluctuations that are not representative of recurring operating services. In accordance with REALPAC, we define FFO as adjustments to profit for fair value gains or losses, distributions on the LP Class B shares, gains or losses on the sale of the trust's investment property, depreciation, deferred income taxes and certain other non-cash benefits Adjustments, if any, but after deducting the principal payment on lease liabilities and adding the principal payment on lease receivables. The reconciliation from earnings according to IFRS to FFO can be found below. The Trust uses FFO to evaluate operating performance and its ability to pay dividends, determine the level of employee incentive-based compensation, and make decisions related to capital asset investments. In order to facilitate a clear understanding of Boardwalk REIT's combined historical operating results, the Trust's management believes that FFO should be considered in conjunction with earnings, as in the condensed consolidated interim financial statements for the three and twelve months ended December 31 2022 and 2021 shown.

Adjusted Funds from Operations
Similar to FFO, the most comparable IFRS measurement to AFFO is profit. Boardwalk REIT believes AFFO is a reasonable valuation of a listed multifamily unit because it measures economic performance after deducting maintenance investments for the existing portfolio of investment properties. AFFO is determined by subtracting amounts reported as FFO, which is commonly referred to as "maintenance investments." Maintenance investments are referred to as expenses, which are accounted for as capital under the standard accounting definition because the expenses themselves have a useful life that extends beyond the current fiscal year and preserves the value of the associated assets. The reconciliation of AFFO is below. The Trust uses AFFO to evaluate operational and distribution performance and decisions related to capital investment.

Adjusted real estate assets
The IFRS valuation most closely comparable to adjusted real estate assets is investment property. Adjusted property assets include investment property, investments accounted for using the equity method, and cash and cash equivalents. Adjusted Real Estate Assets is useful in summarizing the real estate assets owned by the trust and is used in the calculation of NAV, which management of the trust believes is a useful measure of estimating enterprise value. The reconciliation of investment property according to IFRS to adjusted property assets can be found on the following page under Net Asset Value.

Adjusted real estate debt
The IFRS measurement that most closely resembles adjusted real estate debt is the outstanding mortgage amount. Adjusted real estate debt consists of the total outstanding mortgage amount, total lease liabilities attributable to land leases, and home loans payable. It is useful for summarizing the trust's debts attributable to its real estate assets and is used in calculating NAV, which the trust's management believes is a useful measure of estimating the value of the business. For the reconciliation of total mortgage principal outstanding under IFRS to adjusted property debt, see Net Asset Value below.

net asset value
The most closely comparable IFRS measurement to NAV is shareholder equity. For real estate companies, NAV is the total value of the company's investment property and cash less the total value of the company's debt. The Trust determines NAV by taking Adjusted Property Assets and subtracting Adjusted Property Debt, which the Trust's management believes is a useful measure of enterprise value. The reconciliation of IFRS Shareholders' Equity to Net Asset Value is set out below.

Non-GAAP Measures

The discussion below outlines the non-GAAP measures used by the Trust. Each non-GAAP measure has a non-GAAP financial measure as one or more of its components and therefore does not have a standardized meaning required by IFRS and therefore may not be comparable to similar financial measures reported by other companies. Non-GAAP financial measures should not be construed as an alternative to IFRS-defined measures.

FFO per unit, AFFO per unit and NAV per unit
FFO per unit includes the non-GAAP financial measure FFO as a component in the calculation. The Trust uses per-unit FFO to evaluate per-unit operating performance and to determine the level of incentive-based compensation for employees.

AFFO per unit includes the non-GAAP financial measure AFFO as a component in the calculation. The Trust uses AFFO per unit to assess its operating performance per unit and its ability to pay dividends.

NAV per share includes the non-GAAP financial measure NAV as a component in the calculation. The Trust's management believes this is a useful measure of estimating the company's value per share, which an investor can compare to the company's share price that is publicly traded to aid in investment decisions.

FFO per unit and AFFO per unit are calculated by taking the non-GAAP financial measure equivalent of the non-GAAP measure and dividing by the weighted average of the units outstanding for the period on a fully diluted basis, converting the LP -Class B Shares and assumed vesting deferred units determined in the calculation of diluted amounts per unit under IFRS.

The NAV per share is calculated as the NAV divided by the shares outstanding at the balance sheet date on a fully diluted basis assuming the conversion of the outstanding LP Class B shares and the outstanding vesting deferred shares.

FFO per unit Future financial forecast
Future financial guidance per unit FFO is calculated as future financial guidance FFO divided by the estimated weighted average of Trust and LP Class B shares outstanding during the year. Boardwalk REIT considers future financial guidance per unit FFO as a reasonable measure of estimated future financial performance based on information currently available to management of the Trust as of the date of this press release.

AFFO per unit Future Financial Guidance
AFFO per unit Future Financial Guidance is calculated as AFFO Future Financial Guidance divided by the estimated weighted average of Trust Units and LP Class B Units outstanding during the year. Boardwalk REIT believes the future financial outlook for AFFO per unit is a reasonable measure of estimated future profitability based on information currently available to the Trust's management as of the date of this press release.

FFO Payout Ratio
The FFO payout ratio represents the REIT's ability to pay dividends. This non-GAAP ratio is calculated by dividing the periodic distributions paid on the Trust Class B Shares and LP Class B Shares by the non-GAAP financial measure of FFO.

CAUTIONARY NOTES ABOUT FORWARD-LOOKING STATEMENTS
Information in this press release that is not current or historical fact may constitute forward-looking statements and information (collectively, "forward-looking statements") within the meaning of securities laws. The use of any of the words “expect,” “anticipate,” “may,” “will,” “should,” “believe,” “intend,” and similar expressions are intended to identify forward-looking statements. Forward-looking statements included in this press release include Boardwalk's financial guidance for fiscal year 2023, Boardwalk's ability to accelerate organic growth in 2023, anticipated distributions forMarch 2023,April 2023, AndMay 2023, expectations regarding mortgages maturing and intent to renew those mortgages, Boardwalk's commitment to its capital allocation strategy, timeline for completion of construction of Tower 2 at Boardwalk's 45 railroad development, opportunities for capital recycling appreciation, strengthening of its long-term development plan inViktoria, BCand Boardwalk's commitment to ESG initiatives. These forward-looking statements, particularly with respect to Boardwalk's goals for the current and future periods, Boardwalk's strategies for achieving those goals, and statements regarding management's beliefs, plans, estimates, assumptions, intentions and similar statements regarding prospective future Events, results, circumstances, performance, or expectations are estimates and assumptions that are subject to risks and uncertainties, including those described in Boardwalk's Management Discussion and Analysis under the heading "Risks and Risk Management," which may cause the actual Boardwalk's results differ materially from the forward-looking statements contained in this press release. In particular, Boardwalk has made assumptions about the impact of economic conditions inYou haveand globally, including as a result of the COVID-19 pandemic, Boardwalk's future growth potential, prospects and opportunities, the rental environment compared to a few years ago, relatively stable interest costs, access to equity and debt capital markets for financing (at reasonable costs), the future growth program , enabling the Trust to refinance debt as it falls due, the availability of growth buying opportunities inYou have, general industry conditions and trends, changes in laws and regulations, including but not limited to changes in tax laws, mortgage regulations, increased competition, the availability of qualified personnel, fluctuations in exchange rates or interest rates and stock market volatility. Although these assumptions were believed to be reasonable by the Trust at the time of preparation, they may prove to be incorrect.

This press release also includes forward-looking financial information and financial projections (collectively, "FOFI") regarding Boardwalk's eponymous real estate NOI growth, FFO per unit, and AFFO per unit for fiscal year 2023. Boardwalk has included the FOFI for the purpose of providing further information about its anticipated future Business Operations of the Trust.

For more detailed information on the risks and uncertainties related to forward-looking statements and FOFI, see Boardwalks Management's Discussion & Analysis and Annual Information Form for the current yearDecember 31, 2022under the headings “Risks and Risk Management” or “Challenges and Risks”, available atwww.sedar.com. Forward-looking statements and FOFI contained in this press release are made as of the date of this press release and are based on Boardwalk's current estimates, expectations and projections, which Boardwalk believes to be reasonable as of the date. You should not place undue emphasis on any forward-looking statement or FOFI and should not place undue reliance on any forward-looking statement or FOFI as of any other date. Except as required by applicable law, Boardwalk undertakes no obligation to publicly update or revise any forward-looking statements or FOFI, whether as a result of new information, future events or otherwise.

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