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

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Boardwalk REIT (BEI.UN.TO)

64.00

-0.90 (1.39%)

as of Aug 26, 2026, 8:00:00 pm Market Open.

181 watching

Investor Insights

Aug 26, 2026, 12:00 am

This summary was created by AI, based on 3 opinions in the last 12 months.

Boardwalk REIT (BEI.UN) has garnered attention from multiple experts, highlighting its resilience and strategic positioning within the real estate market. Approximately 75% of its portfolio is insulated from rent control, which could provide stability in uncertain economic conditions. Although national population growth has slowed, Boardwalk REIT has managed to thrive in its operational spaces, especially in Alberta, noted for its affordability. Experts like the company's management and appreciate the low payout ratio, which reduces the risk of dilution. Current pricing presents an attractive buying opportunity for investors, with a yield of 2.4%, appealing especially to those seeking moderate returns in a stable market.

Consensus

Positive

Valuation

Fair Value

Similar

CNR, CNR

DON'T BUY

They own in Montreal and Ontario, but their driving force is Alberta. But Alberta has challenges, so their unit value is well below NAV. He doesn't see BEI expanding anytime soon.

PAST TOP PICK

(A Top Pick Oct 25/19, Down 37%) It has had a tough couple of years here. It is a really good buy right now, trading at a 30% discount to net asset value. They were able to collect more than 95% of their rents. One day the value will shine through.

DON'T BUY

It's cheap, but not undervalued, but because their properties are in Alberta at a time when oil is out of favour by global markets. Look at CAP REIT which is in better regions. Location counts for a lot in a REIT. Alberta unfortunately is not the place to invest in now.

BUY

The residential sector of real estate is still in a good spot with high occupancy. The concern in March-April feared renters wouldn't make payments, and this concern is still priced into these stocks. But cash flow is still one of the best performers in real estate. Likes BEI's exposure to western Canada and have great assets. Capex spending will be lower in years to come. He also own Interrent which owns properties in Ontario and Quebec. Also own WPT REIT in the industrial space. BEI is trading at a big discount to NAV.

DON'T BUY

BEI.UN-T, MI.UN-T and CAR.UN-T. REITs are an interesting universe right now. There is mortgage deferral relief, commercial rent relief. Residential is the best place to be right now. CAR.UN-T would be the best one. BEI.UN-T has a good component out west with potential risk for Alberta. People are going to need places to live and if they can't pay their mortgages then they will have to rent.

BUY

It is THE value stock in Canadian apartments. It trades at a discount and has been challenged. As they burn off every two weeks of free rent from past concessions, their earnings go up from 4 to 8%.

TOP PICK

It is trading at a significant discount to the other apartment REITs, due to its exposure to the Alberta market. He thinks this is a great asset class to own. The younger demographics in Alberta bodes well for rental demand, he figures. Yield 2.21% (Analysts’ price target is $53.66)

TOP PICK

Great management team in Alberta, who owns 25% of the shares. Their last earnings reported a 10% increase in profitability as they have reduced costs internally. The exposure in Calgary and Edmonton has stabilized. Their cost per door is almost half of its peer group. Yield 2.09% (Analysts’ price target is $52.10)

TOP PICK

They get hurt by the Calgary recession and remain exposed in the Prairies, but now it's too cheap. They have top-notch managers who own 25% of stock. What's changed recently is that Alberta is slightly improving. This trades at $150,000 per door vs. CAP REIT's $280,000 and Killam REIT at $230,000. Their incentives to get people in the door are waning (i.e. free rent for first month) Trades at a 10% discount to NAV when it should trade at or slightly above NAV. (Analysts’ price target is $51.60)

HOLD

Range-bound. Don't sell. Stick between $35-50. It's not a trade, but a long-term hold.

TOP PICK

Over 75% of their income comes from Western Canada, which is starting to pick up. A $44 stock and the NAV could grow towards $50. Yield 2.22% (Analysts’ price target is $49.21)

BUY

He likes this for its dominant position in Western Canada. A large cap REIT. It is a bet of the recovery in Calgary and Edmonton. At these price levels, the REIT is at a good entry level. It trades at a discount to book. Yield 2.4%

DON'T BUY

Within his conservative portfolio he moved 15% into the REIT sector. He likes the sector. But you have to be selective. It is charting lower lows and lower highs. It has to break that downward trend. Maybe good only for the income.

HOLD

He really likes it and its management who run 25% of the company. Problem is, they are recovering in Alberta, and so now BEI.UN IS shifting to Ontario, namely the GTA. Rents are rising except in Alberta (stable, not rising). He hopes this turns around.

COMMENT

REITs have performed pretty well here. This is going to be a choppy period. It is a safe haven for portfolio managers to hide in. He prefers others such as AP.UN-T or REI.UN-T.

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Boardwalk REIT (BEI.UN.TO)