Boardwalk REIT (BEI.UN.TO) Buy, Sell or Hold

Boardwalk REIT (BEI.UN.TO)

62.35

-0.50 (0.80%)

as of Oct 23, 2026, 8:00:00 pm Market Closed.

181 watching

PAST TOP PICK

(A Top Pick Jan 12/21, Up 40%) Bought in depths of pandemic, sold as it became fully valued. Better apartment REIT opportunities elsewhere. Loves management, they're long-term value creators.

BUY

Discount on valuation and comparable growth profile to CAR.UN. BEI.UN gives you potential for growth and for multiple expansion.

BUY

Allan Tong’s Discover Picks BEI.UN stocks sport only a 4.1x PE (Killam Apartment REIT trades at 5.9x), yet pay a 2.58% dividend, admittedly not the highest. (Killam pays 4.19%.) Also, daily volumes average only 145,000, so it’s not the most liquid asset out there. However, Boardwalk margins are attractive and comparable to its peers. Its profit margin is nearly 103% and ROI is 8.21%, which is in-line with the sector. Circling back to the oil boom, Boardwalk has been enjoying that tailwind. Current weakness in the TSX correction represents a buying opportunity. Read 3 defensive stocks to find stability with your money for our full analysis.

BUY

TCN has a unique concept, single-family rentals south of the border. Lots of traction. Valuation too hot. Long-term scalability might be tough. For good value and a higher dividend, look at AX.UN, BEI.UN, or REI.UN.

TOP PICK

Tailwind with 37% of its apartments in Edmonton and 17% in Calgary. Alberta doesn't have rent control. Clear line of sight to net operating income growth. Stock price should go up $10-15. Occupancy is up, so they have pricing power instead of relying on rental incentives. Big discount to NAV, solid management. Yield is 1.93%. (Analysts’ price target is $64.40)

BUY ON WEAKNESS

Likes Canadian apartment REITs as a defensive asset class. Stable rent collections. Higher valuations right now. His go-to name is BEI.UN, a more western-focused, multi-family residential. Oil patch cyclicality can hit BEI.UN, and you can get it at a discount. Sector is rich, wait for a pullback.

TOP PICK

Affordable apartments with 37% in Edmonton and 17% in Calgary, an area with an improving occupancy rate and a more diverse economy. Cheapest apartment REIT globally. Should have NAV of $74 which would be about $20 more than its mid-$50 stock price. Owns and is buying.

TOP PICK

He's bullish on Alberta. Next year, he expects unemployment rate to be lower than it was pre-Covid, pretty remarkable. With higher oil prices and more diversified economy, Alberta's a winner next year. Lowest multiple yet highest earnings growth, a powerful combination. Highest cap rate in its sector. Very bullish if concessions are removed and they can lease up space, with a potential unit price of $75-90. Yield is 1.76%. (Analysts’ price target is $60.32)

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TOP PICK

A value name in the multi-family space for some time. Higher energy prices don't hurt a REIT with a lot of presence in Calgary and Edmonton. He is focused on demand and supply. What has plagued them is concessions, which are going away in Calgary. This puts it at worth north of $50. Shorts are going to have to cover. The set-up is pretty good. (Analysts’ price target is $53.92)

TOP PICK

Mostly in western Canada. Tougher geography to be in. A way to express optimism in that market. Concessions are going away, so we'll see substantial cashflow growth. Discount to NAV. Could be 30% upside, though some risk as it's tied to the vagaries of oil. Yield is 2.2%. (Analysts’ price target is $45.25)

BUY

Allan Tong’s Discover Picks Two weeks ago, Boardwalk reported that its occupancy rate was weathering Covid lockdowns. April 2021 occupancy clocked in at 95.7% and was 100 basis points higher than February 2021. Meanwhile, rental collections are on par with pre-Covid numbers. FFO, funds from operations, climbed 4.8% during the first three months of this year. The average PT for BEI.UN stock now stands at $43.50, offering 16.5% upside, based on five buys buys and three holds. The summer driving season, the economic reopening across Canada, and the return of commuting bode well for the Albertan oil economy and the other economies where Boardwalk operates. Though BEI.UN stock has rallied 37% this year already, there should be further upside, and investors can collect the 2.65% dividend in the meantime. Read 3 Enticing TSX Stocks: Banks, REITs and Tech for our full analysis.

PAST TOP PICK

(A Top Pick Jan 12/21, Up 9%) Irrationally hit hard on pandemic and oil price collapse. Cost of funding has dropped. Trades at a significant discount to NAV. Should get to the mid-upper $40s over the next year.

PAST TOP PICK

(A Top Pick Jan 29/20, Down 25%) His proxy for residential REITs. His top pick today.

TOP PICK

Best of the apartment REITs. Trades at a big discount to NAV. Rent collection rate is 99%. They're defensive. Holdings in Alberta benefit from a high-growth rate in the general economy as oil comes back. (Analysts’ price target is $40.02)

DON'T BUY

They collect 96% of their rents and cash flow is decent. But in REITs, you have fair market adjustments in your properties; they had breakdowns in Edmonton, Calgary and less so in Regina. BEI has a lot of exposure to the energy patch, though their actual numbers are okay, because these write-downs are not cash (unless they sell a building at a loss). The worst is probably over, but he can't predict what will happen in the oil sector.

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Boardwalk REIT (BEI.UN.TO)