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Boardwalk REIT ramps up share buybacks amid portfolio reshuffle

Boardwalk Real Estate Investment Trust is aggressively redeploying capital into its own stock, having spent $176.6 million on unit repurchases this year as management observes a widening disconnect between market valuation and the intrinsic worth of its residential portfolio.

Boardwalk REIT ramps up share buybacks amid portfolio reshuffle
Photo: Bio & News

The Calgary-based trust, which maintains an occupancy rate of approximately 97%, is actively recycling capital through a series of asset dispositions. Year-to-date, the company has divested 1,552 residential suites for gross proceeds of $306 million, targeting private market valuations that align with its internal IFRS estimates. Chief Executive Officer Sam Kolias noted that while new supply at higher price points has increased industry competition, housing starts have declined significantly compared to 2025, bolstering the firm's outlook in its primary Alberta market.

Management is capitalizing on the current Normal Course Issuer Bid (NCIB) to purchase its own units at what it describes as a significant discount to Net Asset Value. The trust repurchased 2.7 million units during the first half of the year. Investors can expect a detailed breakdown of these financial maneuvers when the company releases its second-quarter earnings on July 28, 2026, followed by a conference call on July 29.

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