Boardwalk REIT (BEI-UN-T) has finalized the sale of four properties in Quebec City and Edmonton for $105 million as the Calgary trust continues to generate capital for redeployment into new investments.

Boardwalk announced the transactions for the apartment properties Tuesday. Three of the communities are in Quebec City and were sold for combined proceeds of $97 million. The Edmonton property was sold for $8 million. The sales were made to two purchasers, who are not identified in the announcement.

“While we continue to see more choice at the higher price points, our significant reinvestment in our communities over the last several years provides an exceptional value proposition to our stakeholders,” Sam Kolias, chairman and CEO of Boardwalk, said in the release.

The company has been actively selling and buying properties.

In September, it announced an agreement to acquire the Central Parc 1, 2 and 3 apartment towers in Laval and a divestment of two apartment properties in Edmonton for a total of $273 million. In January, Elite Real Estate Group acquired two Edmonton apartment buildings from Boardwalk for $37 million.

Boardwalk said it remains active in “sourcing capital from dispositions at private market valuations” for reinvestment into accretive initiatives.

Boardwalk’s portfolio covers more than 200 communities, with over 34,000 residential suites totalling 30 million square feet of net rentable space.

The four properties being sold

The three Quebec City properties are named Place Charlesbourg, Place Chamonix and Place Samuel de Champlain. Altogether, the three properties comprise 484 units. The price per suite is put at $200,000 by Boardwalk, with a mortgage assumed of $51.9 million and an exit cap rate of 5.2 per cent.

The transaction is expected to close this month.

Place Charlesbourg is located in the Jesuites neighbourhood and offers bachelor, one-, two- and three-bedroom apartments. Place Chamonix, also in Jesuites, is a rental community of two-, three- and four-bedroom townhomes.

Place Samuel de Champlain, located south of Jesuites in Montcalm, features one- to three-bedroom apartment units.

Valley Ridge Tower, the Edmonton asset near the city’s downtown area, has 49 suites ranging from bachelor, one- and two-bedroom units. The price per suite was put at $163,000 by Boardwalk, with an exit cap rate of 5.9 per cent. This transaction is to close in May.

Boardwalk is well-positioned because its largest market, Alberta, is leading Canada in economic growth and affordability, the company said.

Boardwalk reported a same property portfolio occupancy rate of 97.1 per cent in April. Its average occupied rent from January to February was $1,596.

Boardwalk’s NCIB

Boardwalk wants to also focus on repurchasing its shares, after reinvesting approximately $66 million into this in Q1. Boardwalk is “capitalizing on the wide disconnect between its unit price” which has been trading “well below the intrinsic value of the trust's portfolio."

“As we look forward, we remain focused on continuing to provide the best homes for Canadians at an affordable price point, while improving our free cash flow per unit and steadily improving our balance sheet over time," Kolias said.

In its latest financial results for Q4 and year-end 2025, Boardwalk reported net income of $108.5 million in Q4, a 9.5 per cent year-over-year increase from $99 million. Net income for 2025 rose from $417.6 million to $382.3 million in 2024, a 9.2 per cent increase.

However, Boardwalk reported weaker results on profit. It finished 2025 with approximately $197 million in profit, compared to $588 million in 2024.