Q1 2020 Results Conference Call May 15, 2020 9:00Am MT / 11:00Am ET Clickforward to Edit Looking Master Statements Title Style & Non-GAAP Measures

Q1 2020 Results Conference Call May 15, 2020 9:00am MT / 11:00am ET ClickForward to edit Looking Master Statements title style & Non-GAAP Measures

Forward-Looking Statements

This conference call presentation contains forward-looking statements and information (collectively, "forward-looking statements") within the meaning of applicable securities laws. These statements include, but are not limited to, statements made in this conference call presentation, and other statements concerning Boardwalk’s objectives and corporate strategy, including, but not limited to, increasing its occupancy rates, joint venture developments and construction activities, future acquisition and development opportunities, the ongoing suite renovation and rebranding program, and real estate technology ventures, its strategies to achieve those objectives, as well as statements with respect to management’s beliefs, plans, estimates, and intentions, and similar statements concerning anticipated future events, results, circumstances, performance or expectations that are not historical facts, including, but not limited to, maintenance capital expenditure estimates, secured financing analysis, anticipated mortgage maturities, provincial economic forecast summaries, as well as anticipated vacancy and rent, for Alberta and Saskatchewan and anticipated population increase in the Peel Region. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “outlook”, “objective”, “may”, “will”, “would”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “should”, “plan”, “continue”, or similar expressions suggesting future outcomes or events. Such forward-looking statements reflect management’s current beliefs and are based on information currently available to management. All forward-looking statements in this conference call presentation are qualified by these cautionary statements. Certain material factors, estimates or assumptions were applied in drawing a conclusion or making a forecast or projection as reflected in these statements and actual results could differ materially from such conclusions, forecasts or projections. Specifically, Boardwalk has made assumptions surrounding the impact of economic conditions in Canada and globally including as a result of the novel strain coronavirus (COVID-19) pandemic, Boardwalk's future growth potential, prospects and opportunities, the rental environment compared to several years ago, relatively stable interest costs, access to equity and debt capital markets to fund (at acceptable costs or at all), the future growth program to enable Boardwalk to refinance debts as they mature, the availability of purchase opportunities for growth in Canada, general industry conditions and trends, changes in laws and regulations including, without limitation, changes in tax laws, mortgage rules and other temporary legislative changes in light of the COVID-19 pandemic, increased competition, the availability of qualified personnel, fluctuations in foreign exchange or interest rates, and stock market volatility. These assumptions, although considered reasonable by Boardwalk at the time of preparation, may prove to be incorrect. Those risks and uncertainties that could cause our actual results to differ materially from the forward-looking statements contained herein include, but are not limited to, those related to liquidity in the global marketplace associated with current economic conditions, tenant rental rate concessions, occupancy levels, access to debt and equity capital, changes to Canada Mortgage and Housing Corporation rules regarding mortgage insurance, interest rates, joint ventures/partnerships, the relative illiquidity of real property, unexpected costs or liabilities related to acquisitions, construction, environmental matters, uninsured perils, legal matters, reliance on key personnel, unitholder liability, income taxes and changes to income tax rules. Of particular note, beginning in 2020, the world and Canada have been impacted by, and continue to be impacted by, the COVID-19 pandemic. In an attempt to slow down the spread of this virus, the various levels of government in Canada and throughout the world have enacted emergency measures. These measures, which include the implementation of travel bans, self-imposed quarantine periods and social distancing, have caused material disruption to businesses globally resulting in an economic slowdown and unprecedented unemployment levels. As of May 14, 2020, the impact of the COVID-19 pandemic on the results of Boardwalk remains uncertain. This is not an exhaustive list of the factors that may affect Boardwalk’s forward-looking statements. Additional information on the material risks, including those risks resulting from the ongoing COVID-19 pandemic, that could cause our actual results to differ materially from the conclusions, forecast or projections in these forward-looking statements and the material factors, estimates or assumptions that were applied in drawing a conclusion or making a forecast or projection as reflected in the forward-looking statements can be found in our annual information form, annual report and quarterly management's discussion and analysis, each of which are available on our website and under Boardwalk's profile on www.sedar.com.

Forward-looking statements contained in this conference call presentation are based on Boardwalk’s current estimates, expectations and projections, which Boardwalk believes are reasonable as of the current date. You should not place undue importance on forward-looking statements and should not rely upon forward-looking statements as of any other date. Except as required by applicable law, Boardwalk undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

Non-GAAP Measures

Boardwalk’s condensed consolidated interim financial statements are prepared in accordance with International Financial Reporting Standards (“IFRS”) and with the recommendations of REALpac, Canada’s senior national industry association for owners and managers of investment real estate. The Trust uses certain financial measures to assess performance, which are not generally accepted accounting principles (“GAAP”) under IFRS.

The following measures, Net Operating Income (“NOI”), Funds From Operations (“FFO”), Adjusted Funds From Operations (“AFFO”), Operating Margins, Stabilized Revenue Growth, Stabilized Operating Expense Growth and Stabilized NOI Growth, as well as other measures discussed in this conference call presentation, do not have a standardized definition prescribed by IFRS and are, therefore unlikely to be comparable to similar measures provided by other reporting issuers.

Non-GAAP measures should not be considered an alternative to profit (loss), cash flow from operations, or comparable metrics determined in accordance with IFRS as indicators of the Trust’s performance, profitability, cash flow and liquidity. For full descriptions of these measures and reconciliations, please refer to the “Non-GAAP Financial Measures” and “Performance Review” in Boardwalk’s Management’s Discussion and Analysis for the three months ended March 31, 2020, which is available on our website and under Boardwalk's profile on www.sedar.com

2 ClickCOVID to edit-19 –MasterWe’re titleall in style this together

In response to COVID-19 Boardwalk has taken numerous steps to ensure the health and safety of both our Resident Members and Associates.

Boardwalk launched the www.bwalk.info website to provide our Resident Members and Associates up to date information on Boardwalk’s and our Government’s ongoing efforts and initiatives to ensure we all have access to our essential needs - including a safe place to call home.

[Centre Point West; Calgary, AB.]

3 ClickCOVID to edit-19 –MasterProviding title Safestyle Homes and Communities

“As housing providers, we fully support our provincial leaders, so together, we can support all residential renters in Alberta affected by COVID-19 and continue to provide the essential service of a safe, healthy and peaceful place to call home through flexibility and mutual resolve. Together, we will all get through this.” Sam Kolias; as quoted in Government of Alberta press release on Renter Protection – March 27, 2020

Listed below are just a few of the many initiatives Boardwalk has undertaken in response to COVID-19: • Virtual Showings: Boardwalk now offers prospective resident members the opportunity to do virtual showings of suites, minimizing exposure while still enabling our leasing team to find homes for new Resident Members • Increased Cleaning: Boardwalk has increased cleaning and sanitization across our Communities with extra care and attention given to common areas, and frequent touch points • Physical Distancing: Protocols for physical distancing have been implemented in Boardwalk’s leasing offices, laundry rooms and other points of contact between resident members and associates. These protocols include limiting the number of resident members in leasing offices, plexi-glass shields, the closure of shared amenity spaces and minimum distancing requirements during in-person showings • Online Payments / Self-Service: Boardwalk has encouraged its resident members to utilize its new online Resident Member portal, powered by Yuhu • Payment Plans: Resident members can apply for a payment plan, which are reviewed on a case by case basis, to assist resident members in need during these challenging times • Discount for Front Line Workers: Boardwalk is proud to offer a discount to front line workers, helping those who help us all • Boardwalk Community Initiatives: Boardwalk has launched various community initiatives ranging from partnerships with local establishments to provide dinner for our entire community to virtual movie nights with party packs delivered to our Resident Members

4 ClickGeographic to edit Master Profile title – Provincial style Markets

Alberta Saskatchewan Ontario Quebec Total

Montreal, Quebec Core Markets Edmonton, Calgary Regina, Saskatoon London, Kitchener City

Suite Count 21,003 3,756 2,585 6,000 33,344 % of Portfolio 63% 11% 8% 18% 100% April 2020 Occupancy % 95.7% 96.3% 98.6% 98.9% 96.6% March 2020 Occupied Rent $1,232 $1,153 $1,023 $1,114 $1,185

4% 9% 6% 18% 29% 44%

96% 91%

78% 62% 50%

4% 9%

*Occupancy and Occupied Rent are Same Store.

5 ClickRental to edit Market Master Fundamentals title style – Current Environment

Boardwalk strives to create value in all stages of the rental market

Ontario (8% of total portfolio) • Balanced supply and demand Quebec (18% of total portfolio) • Select incentives offered Grande Prairie (2% of total portfolio) • Low vacancy • Increased competition for • Increasing rental rates with low availability apartment acquisitions • Few incentives • Supply constrained • Increased new construction

• Rising vacancy & increasing incentives • Rental rate decreases Calgary (19% of total portfolio) • Reduced new construction Edmonton (38% of total portfolio) • Counter-cyclical buying opportunities Saskatoon (6% of total portfolio) Regina (5% of total portfolio) Red Deer (3% of total portfolio)

Fort McMurray (1% of total portfolio)

6 ClickOccupancy, to edit Master Rents, title Incentives style & Vacancy Loss

Boardwalk Active Associate Count

1,804

1,747 1,725 1,729 1,717 1,707

1,671 1,655 1,643

1,582

Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 Apr-19 Jul-19 Oct-19 Jan-20 Apr-20

All values exclude sold properties; same store stabilized as reported.

7 ClickRent toTrends edit Masteron Renewals title style & New Rentals

Focus on occupancy gains in Q1-2020. Renewal trends were inline with expectations leading into COVID-19. Industry and self-imposed limits on rental increases during COVID-19.

Alberta Rent Change from Prior Lease Portfolio Rent Change from Prior Lease

96.5% 97.0%

7.0%

6.8%

8.0%

6.5%

7.6%

6.4%

7.4%

6.3% 7.0%

96.0% 6.0%

6.8%

5.8% 6.5%

5.7% 5.6%

6.3% 96.5%

6.0%

5.1%

5.3%

4.9% 4.7%

4.9% 95.5%

4.8%

4.6%

4.4%

4.3%

4.2%

4.1%

3.9%

3.9% 3.8%

3.5% 96.0%

3.6%

3.6% 3.1%

2.9% 95.0%

3.4%

3.3%

3.2%

2.8%

1.6% 1.4%

94.5% 2.4% 95.5%

0.2%

1.5% 1.5%

94.0% 1.3% 0.5%

0.1% 95.0%

93.5%

0.0%

0.7% -

1.6% 93.0% 94.5%

2.4%

0.4% -

New Renewal Occupancy New Renewal Occupancy

Imposed rental increase limits for the second half of March relating to COVID Pandemic

8 ClickValue to- editadd MasterImprovements title style and Repositioning To Date

Suite Investments Common Area & Total: 6,553 Amenity Investments 20% of Portfolio Total: 66 31% of Portfolio

2020 YTD/In Progress: 471 2020: 10 Projects

2019: 1377

2019: 2018: 28 Projects 1531

2017: 2018: 3174 25 Projects

2017: 3 Projects

9 ClickBoardwalk to edit Master REIT – Buildingtitle style On Our Track Record

Leveraging our brand, approach, ability, discipline and experience to deliver eight consecutive quarters of FFO per unit growth

16.1% increase excluding retirement costs

10 ClickLeveraging to edit TechnologyMaster title style to Improve Experience and Value

Enhanced Resident Member Portal Internet and TV Virtual Showings • Direct online payments • Boardwalk Resident Member • Increased optionality to prospective Resident Members • Log maintenance request and exclusive pricing receive status updates • Multiple options for Internet speed • Deployed technology across portfolio • Real-time chat • Flexible TV options • Leverages commonly used • Amenity bookings • Partner investment in Fibre applications • Survey participation infrastructure • Access to promotions • Began in Alberta in Q2 2019 • Launching portfolio-wide in Q1 2020 • Strong penetration to-date • Improved self-serve functionality • Alberta run-rate NOI improvement estimated to be 200-400 bps • Enhanced communication • Exploring opportunities to expand to other regions

11 ClickBoardwalk to edit Master REIT – Delivering title style Growth & Offering Exceptional Value

Delivering Growth Exceptional Value

Significant Current IFRS NAV of FFO Per Unit Growth discount to NAV 2020 (3M) and comparable $62.24 / trust transactions unit 10.7%

Per Door Valuations > $200,000 Same Property Same Property Average NOI Growth 2019/2020 Revenue Growth $180,000 YTD Calgary and 2020 (3M) Edmonton IFRS NAV 2020 (3M) 8.1% Transactions 3.8% $124,000

BEI Trading Value @ $25/Trust Unit

12 ClickQ1 Financialto edit Master Highlights title style - Delivering Another Solid Quarter

Q1 FFO & AFFO

Q1 2020 amounts include approximately $0.03 per Trust Unit of retirement costs related to deferred unit-based compensation.

It is expected that Q2 2020, $0.04 per Trust Unit will be recognized for severance costs associated with executive retirements. AFFO uses a maintenance capital investment estimate of $613 per suite per year

13 ClickStabilized to edit AnalysisMaster title style

% Revenue % Operating % Net Operating Mar 31 2020 - 3 M # of Units Growth Expense Growth Income Growth % of NOI Edmonton 12,906 4.0% -1.1% 8.8% 37.1% Calgary 5,657 3.9% -2.8% 8.1% 21.8% Red Deer 939 1.5% 10.3% -6.7% 2.1% Grande Prairie 645 8.0% 8.3% 7.8% 1.6% Fort McMurray 352 0.2% -4.5% 5.0% 1.0% Alberta 20,499 3.9% -0.9% 7.9% 63.7% Quebec 6,000 2.6% -9.0% 11.4% 19.0% Saskatchewan 3,685 3.4% 4.6% 2.4% 10.3% Ontario 2,585 6.9% 2.2% 10.5% 7.0% 32,769 3.8% -1.5% 8.1% 100.0%

Same Property figures exclude un-stabilized properties, sold assets

14 ClickSequential to edit Master Revenue title Growth style

Q1 2020 Q4 2019 Q3 2019 Q2 2019 Stabilized Revenue Growth # of Units vs Q4 vs Q3 vs Q2 vs Q1 2019 2019 2019 2019 Edmonton 12,906 0.6% 0.3% 1.3% 1.8% Calgary 5,657 0.8% 0.6% 1.0% 1.4% Red Deer 939 -0.3% -0.6% 0.2% 2.2% Grande Prairie 645 1.2% 1.9% 2.4% 2.3% Fort McMurray 352 -1.1% -0.7% 1.3% 0.7% Quebec 6,000 0.2% 1.3% 1.0% 0.2% Saskatchewan 3,685 -0.4% 1.8% 1.2% 0.9% Ontario 2,585 1.7% 1.9% 1.2% 1.9% 32,769 0.5% 0.8% 1.1% 1.3%

15 ClickQ1 2020:to edit April Master Rent title Collections style

• Overall collected 97.5% of April 2020 revenue, compared to historic run rate slightly above 98% • May 2020 collections to-date are tracking slightly above April 2020 collection

16 ClickQ1 2020:to edit Payment Master titleTypes style

• 39% of payments received were paid by PAP and 30% from online vehicles (Yuhu and online direct bill payment) • In office transactions have decreased to 31% of payment received • Online increased, as a result of ease of use of Yuhu / Resident Member Portal and encouraging social distancing

17 ClickJoint toVenture edit Master – Western title style Canada – Lease Up in Progress

BRIO, Calgary RioCan Joint Venture (50/50) 50 Brentwood Common NW, Calgary, Alberta

Site is well located with close proximity to downtown along the LRT, near the University of Calgary, Foothills Hospital and close to Boardwalk’s existing northwest assets • A stepped 6, 10 and 12 storey concrete high rise • 130,000 sq. ft. (net) of residential (~ 162 units) managed by Boardwalk at cost • 10,000 sq. ft. of retail managed by RioCan at cost • Total estimated construction cost: $75 - $80 million (including $6.5 million for land). Boardwalk’s 50% portion: $37.5 - $40 million • Development Costs anticipated to be finalized near bottom end of range. • Possession of the building was on Feb 21, 2020 • Furniture, staging and fixturing is complete and first residents moved in on April 1, 2020 • As of May 4, 2020: 15 units have been leased above original proforma rents.

18 ClickDevelopment to edit Master Update title style

45 Railroad (50/50 JV) Sandalwood Square (50/50 JV) • 45 Railroad Street, Brampton, Ontario • 60 Bristol Road East, Mississauga, Ontario • Construction on site continues amid COVID-19 with extra • Initial Zoning Application comments received from The precautions and lower staffing levels to maintain City in late 2019 were generally positive distancing. The entire site is expected to be at grade in Q3 - 2020. • Zoning re-submission was submitted in early March 2020 • Estimated construction completion of Tower 1 and Tower 2 to be 2022 and 2023, respectively

Estimated Construction Timeline 2019 2020 2021 2022 2023 2024 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 BRIO; Calgary, AB 45 Railroad; Brampton, ON Tower 1 Tower 2 Sandalwood Square; Mississauga, ON

19 ClickLiquidity to edit Snapshot Master title style

Liquidity Summary Cash Position - March 31, 2020 $ 31,200

Fundings Subsequent To End Of Quarter $ 24,000

Committed Upfinancings $ 45,000

Liquidity $ 100,200

Line of Credit $ 200,000

Total Available Liquidity $ 300,200

20 ClickLiquidity to edit Snapshot Master title style

Mortgage Maturity Schedule Interest Coverage

500,000 3.27% 3.50% 3.17% 2.73% 450,000 Interest Coverage Rolling 12 Months 2.93% 2.89% 3.00% 400,000 2.61% 2.80 2.78 2.41% 2.56% 2.43% 2.45% 2.76 2.31% 2.50% 2.74 350,000 2.75 300,000 2.69 2.70 2.00% 2.70 2.68 2.68 250,000 2.64 Principal Outstanding Principal 1.50%

200,000 2.65 In Place Interest Rate Place Interest In 150,000 1.00% 2.60 2.59

100,000 0.50% 2.55 50,000

0 0.00% 2.50 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2.45 Mortgage Outstanding in ($000's) WA interest Rate Current CMHC 5 Year Rate Current CMHC 10 Year Rate Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020

~99% of mortgages are CMHC insured

21 ClickQ1 2020: to edit Mortgage Master title Programstyle To Date

2020 Mortgage Program Summary % of Maturing Mortgage Renewed or Fwd Maturing Average Mortgages Maturity Date Units Amount Locked to Date New Upfinancing Rate New Rate Term Completed Jan 114 $ 14,500,000 $ 14,500,000 2.47% 2.53% 8 100% Mar 153 $ 12,110,000 $ 12,110,000 4.98% 2.17% 5 100% Apr 791 $ 38,000,000 $ 38,000,000 $ 53,550,000 * 2.32% 2.36% 8 100% May 392 $ 41,360,000 $ 41,360,000 1.89% 1.75% 5 100% Jun 29 $ 1,060,000 $ 1,060,000 1.59% 1.25% 5 100% Jul 774 $ 55,290,000 $ 20,160,000 $ 27,000,000 1.81% 1.67% 9 36% Sep 280 $ 11,100,000 1.58% 0% Oct 288 $ 23,550,000 4.25% 0% Nov 124 $ 19,550,000 3.09% 0% Dec 1,525 $ 98,870,000 2.59% 0% Unlevered 136 $ 18,190,000 1.64% 10 Grand Total 4,606 $ 315,390,000 $ 127,190,000 $ 98,740,000 2.53% 2.04% 7 40% *$29.5 million of New Upfinancing funded in March, 2020 Recently committed financings at record low interest rates: May Funding: $7.8 million, 10-year term, 1.63% June Funding: $1.1 million, 5-year term, 1.25% July Funding: $4.1 million, 5-year term, 1.29% July Funding: $43.1 million, 10-year term, 1.76%

22 ClickMonthly to edit Distribution Master title style

The Trust’s minimum distribution / maximum re-investment policy allows Boardwalk to reinvest cashflow to value-add capital allocation opportunities and is comprised of an annual distribution, paid monthly, at least equal to the taxable portion of the Trust’s income

Month Per Unit Annualized Record Date Distribution Date

May – 20 $0.0834 $1.00 29-May-20 15-Jun-20

June – 20 $0.0834 $1.00 30-Jun-20 15-Jul-20

July - 20 $0.0834 $1.00 31-Jul-20 17-Aug-20

FFO Payout Ratio Current Annual Yield 3M Mar 2020: 40.5% $25 Trust Unit Price: 12M Mar 2020: 38.0% 4.0%

23 ClickBoardwalk’s to edit Master ESG Initiatives title style

Boardwalk’s Golden Foundation: Treat others as we would like to be treated, be good, love community, and have fun!

Environmental Stewardship Social Responsibility Leadership in Governance

Energy and Water Conservation Initiatives Creating Community Transparency • LED light fixtures, high-efficiency mechanical • Empowering our Team and Resident • Leaders in transparency and disclosure to all systems, energy-star appliances, and Members to foster Communities where our stakeholders efficient building envelope systems Resident Members are proud to call home • On-going assessment of Trustee and • Low-flow faucets, toilets, timed irrigation, • Partner with social agencies to provide Management performance and and rainwater recycling systems affordable homes to those in need composition Engaging with our Resident Members • Dedicated to sponsoring causes that create Ethics, Integrity, and Equality • Compost, recycling, and donation programs community • Boardwalk Code of Conduct guides • Grassroots communication and involvement Investing in our Team standards and expectations all team towards reducing carbon emissions • Creating a culture where performance is members Environmental Governance rewarded • Whistleblower Policy • Boardwalk formed Green Initiative • Provide a work environment that provides • Diverse Trustee and Management Committee in 2019 both personal and professional growth composition • Asset benchmarking to identify largest Corporate Culture Governance Recognition opportunities • A performance culture that strives to provide • Ranked in top quartile among Canadian • Investing in technology to reduce waste and the best product quality, service and publicly listed companies, and top of carbon emissions experience to our Resident Members industry in annual Board Games ranking by Globe and Mail

24 Click to edit Master title style

Appendix - Economic Data

25 ClickAlberta to edit & SaskatchewanMaster title style Forecast Summary

26 ClickAlberta to edit Highlights Master –titleRental style Demand & Economic Improvement

47.6% increase in Net Migration from CMHC Forecast High housing January 2020 Q4-2018 to Q4-2019 Vacancy Rates to MLS Sales affordability continue to decline in Volume increased and standard 2020 9.7% YoY of living Labour Market Declined 5.1% from Average Weekly Mar-19 to Mar-20 CMHC Earnings remain one Forecasting of the highest in continued rental Continued Canada; increased rate growth into diversification of 2.0% year over year Annual Population 2020 and 2021 industry with (January 2020) Growth of 1.7% (Dec growth in non- 2018 vs Dec 2019 resource sectors

27 ClickMigration, to edit MasterEarnings title & Employmentstyle

28 ClickAlberta to edit Economy Master title - Labour style Market

Source: Statistics Canada

29 ClickCalgary to edit New Master Home title Construction style

Source: CMHC Housing Information Portal

30 ClickEdmonton to edit MasterNew Home title style Construction

Source: CMHC Housing Information Portal

31 ClickSaskatchewan to edit Master New title Home style Construction

Source: CMHC Housing Information Portal

32 ClickCanada to edit Population Master title Growth style

Source: Stats Canada Table 17-10-0135-01

33 ClickMarket to edit Dynamics Master – titleWestern style Canada Population Growth vs Housing Construction

Source: Stats Canada Table 17-10-0135-01 & CMHC

34 ClickMarket to edit Dynamics Master – titleEastern style Canada Population Growth vs Housing Construction

Source: Stats Canada Table 17-10-0135-01 & CMHC

35 ClickMarket to edit Dynamics Master – titleMigration style vs Housing Construction

Note: Housing Starts take 12-36 months to complete depending on construction type

36 ClickMonthly to edit Differential Master title of styleRental vs. Home Ownership

Renting in Boardwalk’s major markets continues to be the more affordable option vs. owning as shown by the average monthly carrying cost minus average two-bedroom rent

Mortgage Payment vs. Monthly Rent – Calgary & Edmonton

$1,800 Calgary $1,600 Edmonton $1,400

$1,200

$1,000

$800

$600

$400

$200

$0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019(f)

Source: CMHC, CMHC calculations and forecast (f), CREA

37 ClickCanadian to edit MasterCity Centre title style – Housing Affordability

Source: CMHC

38 ClickAverage to edit Vacancy Master title & Averagestyle Rent

Source: CMHC, Rental Market Report

39 ClickCalgary to edit & MasterEdmonton title Realstyle Estate Statistics

Source: Calgary Real Estate Board (CREB), Edmonton Real Estate Board (EREB) & CMHC Housing Market Information

40 ClickSaskatchewan to edit Master Real title Estate style Statistics

Source: Saskatoon Real Estate Board, Association of Regina Realtors

41 ClickPeel to Region edit Master Highlights title –styleCase For New Development

Peel Region population forecasted to expand by ~30,000 annually between 2017 – 2041, ranking 2nd out of 49 census divisions in Ontario(1) Median Total Household Income (2015)(2): Brampton ($87k), Mississauga ($83k), Toronto CMA ($78k)

Median Single-Detached Sales Price(3) • Robust Population Growth $1,000,000 $800,000 • Household Incomes Supportive $600,000 of Higher Rents $400,000 $200,000 • Eroding Housing Affordability $0 To Support Increased Demand Brampton Mississauga for Rental July 2019 July 2015 • Undersupply in Existing Rental City CMHC Vacancy Vacancy Rate – New Rental Units Under Market Rate – October Purpose-Built Rental – Construction as % of 2018(4) Q2 2019(5) Existing Rental Stock(4)

Brampton 1.1% 0.1% 3.3%

Mississauga 0.8% 0.2% 1.8%

(1) Ontario Ministry of Finance: Ontario Population Projections Update, 2017 -2041; Historical and projected population by census division, selected years – reference scenario (2) Statistics Canada (3) Toronto Real Estate Board (4) CMHC; rental units under construction adjusted for 45 Railroad (5) Urbanation; includes market rental projects completed since 2005

42 ClickAlberta to edit Major Master Projects title style & Land Sales

Apr 2020 Value Jan 2020 Value Oct 2019 Value Jul 2019 Value of Apr 2019 Value Jan 2019 Value Oct 2018 Value Jul 2018 Value of Apr 2018 Value of Projects of Projects of Projects Projects of Projects of Projects of Projects Projects of Projects Sector ($Millions) ($Millions) ($Millions) ($Millions) ($Millions) ($Millions) ($Millions) ($Millions) ($Millions) Commercial 1,826.70 1,988.00 1,978.70 2,424.20 $2,417.4 $2,439.5 $2,664.0 $2,653.8 $2,451.5 Industrial, Infrastructure & Institutional 61,294.40 60,525.70 62,735.70 47,614.50 $48,093.0 $47,165.4 $47,731.0 $45,008.9 $43,319.0 Mixed Use / Other Sectors 11,789.30 11,777.80 14,094.90 13,584.40 $13,994.3 $14,034.1 $14,163.0 $8,439.1 $8,089.1 Oil & Gas, Oil Sands 31,359.00 59,639.00 63,976.50 66,596.50 $66,596.5 $66,821.5 $64,712.0 $56,211.5 $69,036.5 Pipelines 33,165.00 33,065.00 33,305.00 33,270.00 $31,970.0 $31,970.0 $32,745.0 $30,400.0 $31,420.0 Power 11,806.00 11,681.50 11,691.00 9,228.60 $11,078.6 $10,785.5 $10,236.0 $9,435.5 $8,801.5 Residential 6,525.20 5,845.80 5,902.10 5,738.60 $5,621.5 $5,581.7 $5,339.0 $5,215.1 $4,155.2 Retail 239.80 224.70 200.60 195.60 $160.6 $282.9 $309.0 $268.7 $228.5 Tourism/Recreation 6,645.50 6,314.20 6,694.20 6,492.30 $5,858.1 $6,025.5 $5,567.0 $5,349.3 $5,293.2 Total $164,650.9 $191,061.7 $200,578.7 $185,144.7 $185,790.0 $185,106.1 $183,466.0 $162,981.9 $172,794.5

2020 (YTD) 2019 (Year) Average price/hectare P&NG $129.37 $168.01 Total Revenue P&NG $25,818,746 $120,317,260 Average price/hectare Oil Sands $23.29 $112.77 Total Revenue Oil Sands $53,412 $13,077,854 Total Revenue $25,872,158 $133,395,114 Source: Government of Alberta & Alberta Energy

43 ClickAlberta to edit Vacancy Master titleRates style vs. WTI

Alberta's rental rates continue to increase even with oil price volatility

44 Click to edit Master title style

Appendix - Operations

45 ClickBoardwalk to edit Master Strategy title – styleBUILDING SUSTAINABLE CULTURE & BRAND

2019 Performance Total Revenue Growth of 4.8% Organic Growth Same Property NOI Growth of 8.2% SPNOI Margin Improvement of over 200 bps

Repositioned/ Renovated 16% of Common Areas Brand and Product Diversification Renovated over 1,300 Apartment Units Repositioned a new Lifestyle Asset in Edmonton

Sold 278 non-core units in Saskatchewan High-Grading & Geographic Expansion Acquired 124 newly constructed units in Edmonton Acquired 50% interest in Mississauga Development

99% CMHC Debt Solid Financial Foundation Debt (net of cash)/Assets: 47% Interest Coverage: 2.76x = FFO/Trust Unit Growth: 16.3% Unitholder Value 2019 Total Return: 25.9% NAV per Trust Unit: $63.72

46 ClickResponsible to edit Master Revenue title styleGrowth Strategy

In addition to quality communities, resident satisfaction has proven to be a driver of resident retention. Boardwalk works with each resident and provides internal programs

Self-Imposed “Rent Protection” Affordable Housing Partnerships Guarantees a sustainable increase for As an advocate of social responsibility, a significant number of units renewing Residents have been committed to address the need for affordable housing • By providing sustainable increases, Boardwalk is able to achieve long term, Housing First sustainable revenue growth 300 • Increases are reviewed annually Homeward Trust • Based on Boardwalk’s annual guidance Affordable 300 estimates published quarterly 1000 Housing The New Start Program

Fixed Rate Rental 200 In-House Subsidy Program Supplement Program 200 Boardwalk will eliminate or reduce rent Collaboration with increases for any resident who can Government Organizations prove financial hardship

47 ClickOccupancy to edit Master Statistics title style

48 ClickFocus to editon Operations Master title – styleIncentives Continue to Trend Downward

49 ClickRevenue, to edit VacancyMaster title Loss style & Incentives

Revenue, Incentives, Vacancy Loss ($000's) $135,000

$125,000

$115,000

Vacancy Loss $105,000 Incentives Net Rental Revenue $95,000

$85,000

$75,000 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2015 2015 2015 2015 2016 2016 2016 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020

*Excludes any amortization of incentives

50 ClickReasons to edit for Master Move title Out style & Out of Town Rentals

2018 2018 2019 2019 2020 2020 Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total Q1 Total Change in Life Situation 617 873 846 747 3,083 755 958 959 822 3,494 717 717 Personal Reasons 412 675 646 515 2,248 388 638 571 524 2,121 442 442 Transfer / Assignment 413 492 504 465 1,874 369 538 537 495 1,939 481 481 Purchased Home 265 382 380 366 1,393 254 365 408 377 1,404 274 274 Skip / Eviction 329 329 392 355 1,405 313 315 361 325 1,314 374 374 Cost 201 236 262 244 943 170 252 242 235 899 183 183 Suite Size 192 215 243 220 870 169 246 235 201 851 183 183 Service 39 41 49 39 168 41 45 55 43 184 45 45 Community 11 22 19 14 66 12 12 11 17 52 10 10 Unknown 10 15 16 14 55 8 8 13 5 34 6 6 Total 2,489 3,280 3,357 2,979 12,105 2,479 3,377 3,392 3,044 12,292 2,715 2,715

Q1 Reasons for Move-Out Reason 2018 2019 2020 % Chg. Q1-2020 TO increased 9.5% relative to the same period in Change in Life Situation 413 369 481 30.4% 2019 Personal Reasons 329 313 374 19.5% Transfer / Assignment 412 388 442 13.9% Change in Life Situation, Personal Reasons & Transfer / Purchased Home 39 41 45 9.8% Assignment are the largest reasons for turnover Skip / Eviction 192 169 183 8.3% Cost 265 254 274 7.9% Suite Size 201 170 183 7.6% Service 617 755 717 -5.0% Community 11 12 10 -16.7% Unknown 10 8 6 -25.0% Total 2,489 2,479 2,715 9.5% *Percentage of new Boardwalk tenants that are new to the indicated city

51 ClickLoss to to edit Lease Master Statistics title style– Mark to Market (MTM)

Mark to Annualized Mark to Annualized Weighted Mar-20 Market Mark to Mar-20 Market Mark to Average % of Mar-20 Occupied per Market* Mar-20 Occupied per Market* City / Region Units Portfolio Mkt Rent Rent Month ($000) Mkt Rent^ Rent Month ($000) Edmonton 12,906 39% $ 1,302 $ 1,202 $ 100 $ 14,713 $ 1,191 $ 1,202 $ (11) $ (2,153) Calgary 5,657 17% $ 1,536 $ 1,346 $ 190 $ 12,489 $ 1,384 $ 1,346 $ 38 $ 2,464 Red Deer 939 3% $ 1,187 $ 1,072 $ 115 $ 1,230 $ 1,043 $ 1,072 $ (29) $ (360) Grande Prairie 645 2% $ 1,139 $ 1,067 $ 72 $ 536 $ 1,102 $ 1,067 $ 35 $ 255 Fort McMurray 352 1% $ 1,496 $ 1,206 $ 290 $ 1,162 $ 1,239 $ 1,206 $ 33 $ 126 Alberta Portfolio 20,499 63% $ 1,360 $ 1,232 $ 128 $ 30,129 $ 1,236 $ 1,232 $ 4 $ 332

Quebec 6,000 18% $ 1,234 $ 1,114 $ 120 $ 8,577 $ 1,232 $ 1,114 $ 118 $ 8,484 Saskatchewan 3,685 11% $ 1,311 $ 1,153 $ 157 $ 6,707 $ 1,155 $ 1,153 $ 2 $ (28) Ontario 2,585 8% $ 1,429 $ 1,023 $ 406 $ 12,571 $ 1,429 $ 1,023 $ 406 $ 12,571 Total Portfolio 32,769 100% $ 1,337 $ 1,185 $ 152 $ 57,985 $ 1,241 $ 1,185 $ 56 $ 21,359 ^ Including Incentives

$80

$1,337 $70

$60 $1,240 $1,248 $50 $1,210 $1,186 $1,182 $1,185 $1,170 $40 $1,157 $1,139 $30

$20

$10

$- March-19 June-19 September-19 December-19 March-20

Occupied Rent Market Rent Mark to Market per Unit per Month

52 ClickInternal to edit Opportunity Master title – styleRent and Expense Sensitivity

A $25 increase or decrease to in-place rents equates to approximately $0.20 in FFO per Unit A 1% increase or decrease in operating expenses equates to approximately $0.04 in FFO per Unit

Rent Sensitivity Expense Sensitivity $0.50 $0.15 $0.40 $0.30 $0.10 $0.20 $0.05 $0.10 $- $- $(0.10) Rent - $50 Rent - $25 2019 Base FFO Rent +$25 Rent+$50 Expenses - 3% Expenses - 1% 2019 Base FFO Expenses +1% Expenses +3% $(0.20) $(0.05)

$(0.30) $(0.10) $(0.40) $(0.50) $(0.15)

*Amount generated are based on conditions as at the end of 2019.

53 Click to edit Master title style

Appendix - Financials

54 ClickFFO to Performance edit Master title style

FFO Reconciliation 3 Months

FFO Opening - Mar 31, 2019 $0.56

Net Operating Income ("NOI") from Stabilized Properties 0.09 NOI from Unstabilized Properties 0.01 FFO Loss from Sold Properties 0.00 Administration, financing and other (0.01) $0.09 $0.65 Other Adjustments Retirement costs ($0.03) FFO Closing - Mar 31, 2020 $0.62

55 ClickFFO to Performance edit Master title– FFO style Reconciliation

FFO Reconciliation 3 Months 3 Months

In $000's, except per unit amounts Mar-20 Mar-19 % Change

Profit (loss) $ 57,869 $ (7,744)

Adjustments Adjustment to right-of-use asset related to lease receivable $ 159 $ - Adjust fair value (gains) losses $ (28,528) $ 34,154 Deferred income tax recovery $ (149) $ (434) Add depreciation of property, plant and equipment $ 1,875 $ 2,048 Add back distributions paid to LP 'B' Unitholders $ 1,120 $ 1,120 Principal portion of lease liabilities $ (893) $ (895) Principal portion of lease receivable $ 29 Funds from operations $ 31,482 $ 28,249 11.4%

Funds from operations - per unit (diluted) $ 0.62 $ 0.56 10.7%

56 ClickOverall to edit Performance Master title style

3 Months 3 Months In 000's, except per unit amounts Mar-20 Mar-19 Change

Total rental revenue (including ancillary rental income) $116,004 $111,892 3.7%

Expenses Operating expenses $25,513 $25,592 -0.3% Utilities $13,945 $14,773 -5.6% Property taxes $11,891 $11,582 2.7% $51,349 $51,947 -1.2%

Net operating income $64,655 $59,945 7.9%

Average rental revenue per unit per month $1,162 $1,122 3.5%

Operating costs per unit per month $514 $521 -1.3%

Operating margins 55.7% 53.6%

57 ClickCapital to edit Investment Master title style

3 Months $ in 000's, except for per suite amounts 31-Mar-20 Per Suite

Repairs and Maintenance - expense $ 6,392 $ 192 On-Site Maintenance Personnel - expense $ 9,259 $ 278 $ 15,651 $ 470

Invested Capital Cost - Investment Properties (including Suite Upgrades) $ 22,615 $ 679 $ 38,266 $ 1,149

Estimated Maintenance Capex $ 5,102 $ 153 Value Enhancing Capex (including Suite Upgrades) $ 17,513 $ 526 $ 22,615 $ 679

Invested Capital Cost - Investment Properties $ 22,615 $ 679 Property, Plant & Equipment 1,345 40 $ 23,960 $ 719 Development 3,416 Capital Contribution in Equity Accounted Investment 2,392 $ 29,768

A three-year rolling average is utilized to estimate Maintenance CapEx

2018 $620 2019 $605 2020 $613 2020 3 Yr. Rolling Avg. $613

58 ClickAdministration to edit Master Review title style

Q1 2020 - 03 MONTHS ADMINISTRATION OVERVIEW Professional Fees 5%

Corporate Total Administration Costs 42% Site Administration (Operating & Corporate) 32% Continuing Operations 3M 2020 - $16.3 million 3M 2019 - $14.8 million (As reported)

Infrastructure 21%

59 ClickImplied to edit Net Master Asset titleValue style and Cap Rate

IFRS Reported Implied Trust Unit Cash per Trust Value (000s) Cap Rate value ($) Unit ($) Total ($)

Revenue $ 488,334 4.00% 94.77 0.61 95.39 4.25% 85.90 0.61 86.52 4.50% 78.02 0.61 78.63 Operating Expenses $ 181,036 4.75% 70.96 0.61 71.58 5.00% 64.61 0.61 65.23 Net Operating Income $ 307,298 5.25% 58.87 0.61 59.48 5.50% 53.65 0.61 54.26 Reported Value - Stabilized $ 5,831,359 5.75% 48.88 0.61 49.49 6.00% 44.51 0.61 45.12 Reported Values - Un-Stabilized $ 158,007 6.25% 40.49 0.61 41.10 $ 5,989,366 6.50% 36.77 0.61 37.39 6.75% 33.34 0.61 33.95 Implied cap Rate 5.27% 7.00% 30.15 0.61 30.76

Current Price 24.39 0.61 25.00 Secured Mortgages $ 2,854,238 Implied cap rate 7.50% 7.44%

NAV range reflects implied capitalization rates, only on anticipated net operating Trust Units O/S 50,944 income. Both revenues and expenses are based on assumptions used to Cash $ 31,200 Suites 33,344 determine the Fair Value of Boardwalk Investment assets consistent with that reported on its balance sheet on Mar 31, 2020. Revenue under IFRS Reported Value is based on a forecast of market rents and is net of an industry standard 3- Per Unit Per Door 6% vacancy loss / bad debt. Operating Expenses under IFRS Reported Value IFRS NAV including cash $ 62.24 $ 180,000 utilizes industry standard costs for certain expenses such as R & M , staffing and operating G & A, which may differ from actual Operating Expenses.

Current Trust Price $ 25.00 $ 124,000 Boardwalk’s Fair Value is calculated based on capitalization rates reflective of stabilized conditions provided by an independent national appraisal firm.

60 ClickComparative to edit Master Apartment title style Prices Per Unit

The Trust’s implied valuation represents exceptional value relative to NAV, recent transactions and Condominium Ownership

BEI.un - Valuation Per Door 250,000

200,000 $180,000/Door

150,000

100,000

50,000

- $30 $35 $40 $45 $50 $55 $60 $65 $70 $75 $80 $85 $90 $95

Price per Door Equivalent Debt per Door NAV including Cash Per Door

61 ClickFair toValue edit Masterof Investment title style Properties

2020-Q1 2019-Q4 2019-Q1 City Min Cap Max Cap Min Cap Max Cap Min Cap Max Cap Edmonton 4.76% 5.75% 4.78% 5.75% 5.00% 5.81% Calgary 4.50% 7.14% 4.50% 7.14% 4.50% 6.00% Other Alberta 5.75% 7.50% 5.75% 7.50% 5.75% 7.25% Regina 5.65% 6.00% 5.65% 6.00% 5.65% 6.00% Saskatoon 5.75% 6.00% 5.75% 6.00% 5.75% 6.00% London 4.50% 4.75% 4.50% 4.75% 4.75% 5.00% Kitchener 4.50% 4.50% 4.50% 4.50% 4.75% 4.75% Montreal CMA 4.75% 5.75% 4.75% 5.75% 4.75% 5.75% Québec City 5.25% 5.75% 5.25% 5.75% 5.25% 5.75% Free Hold Range 4.50% 7.50% 4.50% 7.50% 4.50% 7.25% Land Lease Range 4.50% 25.54% 4.50% 25.54% 4.50% 22.77%

W.A. Cap Rate - All 5.27% 5.27% 5.28% Value of Investment $6,040 $6,130 $5,944 Properties ($ millions)* % Increase from 2019-Q1 1.62% 3.14% n/a

Sensitivity Analysis NOI As Forecasted As at Mar 31, 2020 In ($000's) $ 305,000 $ 312,000 $ 315,000 $ 318,000 $ 324,000 Capitalization Rate -3% -1% 0% 1% 3% 5.02% $ 109,000 $ 235,000 $ 298,000 $ 360,000 $ 486,000 5.27% $ (179,000) $ (60,000) $ 5,975,000 $ 60,000 $ 179,000 5.52% $ (442,000) $ (328,000) $ (271,000) $ (214,000) $ (99,000)

62 ClickIFRS to Review edit Master – Same title Property style

1.1% decrease 110.7% increase since Q1-2014 since Q1-2014

2.8% decrease 27.7% increase since Q1-2014 since Q1-2014

63 ClickIFRS to Review edit Master – Balance title style Sheet

Effective Forecasted Gross Vacancy Income in Rates were Alberta has increased to decreased reflect higher as a result market of vacancy & increased bad debts operating costs

Average Cap Resulting Rates have Fair Value in decreased in Alberta has Ontario due to the trended strong market; down since cap rate Q3-2019 to increased coincide marginally in with lower Quebec due to EGI land lease

64 ClickWell to Staggered edit Master Mortgage title style Maturity Schedule

WA Interest Principal O/S as at Mar Rate By Year of Term Maturity 31, 2020 Maturity % of Total 2020 $288,778,461 2.43% 10.1% 2021 $375,342,066 2.41% 13.1% Average term to maturity is 4 years 2022 $438,301,320 2.73% 15.4% • 2023 $352,927,541 2.93% 12.4% • Average amortization period is 30 years 2024 $259,415,254 2.89% 9.1% • Current 5-year interest rates are 1.50% 2025 $314,797,047 2.61% 11.0% • Current 10-year Interest rates are 2.00% 2026 $143,143,750 2.45% 5.0% 2027 $354,829,353 3.17% 12.4% 2028 $110,081,643 3.27% 3.9% 2029 $180,722,831 2.56% 6.3% 2030 $35,898,992 2.31% 1.3% Total Principal Outstanding $2,854,238,258 2.73% 100.0% Unamortized Transaction Costs ($99,526,514) Unamortized Market Debt Adjustments $0 Total Per Financial Statements $2,754,711,744

65 ClickSecured to edit Financing Master title Analysis style – Property Valuation

CMHC Underwriting Valuation Model with Mar 2020 Revenue and Standardized Costs ($ amounts in 000's)

Loan to Estimated Projected Maximum Underwriting Year Units Underwriting Value Loan Amount Period End Balance Potential Net Benefit Value 2020 3,887 $664,802 $465,362 $288,778 $183,920 43% 2021 4,717 $755,324 $528,727 $375,342 $162,952 50% 2022 5,428 $950,957 $665,670 $438,301 $227,368 46% 2023 3,914 $721,557 $505,090 $352,928 $143,845 49% 2024 2,684 $484,434 $339,104 $259,415 $91,119 54% 2025 3,247 $616,218 $431,353 $314,797 $113,844 51% 2026 1,464 $244,898 $171,428 $143,144 $31,482 58% 2027 3,474 $572,323 $400,626 $354,829 $45,797 62% 2028 1,062 $175,597 $122,918 $110,082 $12,836 63% 2029 1,671 $286,167 $200,317 $180,723 $20,168 63% 2030 382 $65,902 $46,131 $35,899 $3,967 54% Unlevered 1,333 $209,987 $146,991 $0 $146,991 0% Total 33,263 $5,748,166 $4,023,716 $2,854,238 $1,184,289 50% 99% of Boardwalk’s Secured Mortgages are NHA-insured and Cash - March 31, 2020 $31,219 assumes an average Capitalization Rate of 5.50% based on Grand Total Net of Cash $2,823,019 49% recent CMHC underwriting criteria. Underwriting values extrapolated using current CMHC criteria Model assumes a conservative 70% LTV on a per property basis.

66 ClickNatural to edit Gas Master Review title style

Boardwalk consumes approximately 2.1 million GJ of Natural Gas annually. A $1.00 annualized change in the price of Natural Gas would result in either an increase or decrease to FFO in the amount of $2.2 million (including tax) or approximately $0.04 in annual FFO per Unit.

67 Click to edit Master title style

Appendix – Investments and Asset Management

68 ClickBrand to editDiversification Master title & style Renovations

Brand Diversification • Increases and improves product and service offerings to grow organically • Focuses our investments on properties with maximum return – Asset Management strategy • Retains resident base by providing appropriate housing needs to a wide demographic

Boardwalk’s suite renovation and rebranding program focuses on select projects - repositioning them to a significantly higher level of quality with the new Boardwalk Lifestyle brand

Upgrades include: • Modernization of lobbies, hallways and common areas • Enhancements to existing amenities • Complete suite renovations to new specifications

The suite renovation program will: • Enhance product quality • Increase revenues • Reduce incentives and vacancy loss • High grade Boardwalk’s portfolio

69 ClickProperty to edit Profile Master – Park title Placestyle Tower – Edmonton AB

Located in the desirable community of Strathcona Park Place Tower offers its residents easy access to both downtown Edmonton and Whyte Avenue’s many restaurants and stores. The property was repositioned and rebranded in 2019 through a renovation of the leasing office, lobby, hallways and amenities

Boardwalk Brand: Lifestyle Year Built: 1974 (repositioned 2019) Suite Count:178 Construction: Concrete

70 ClickProperty to edit Profile Master – Park title Place style Tower – Edmonton AB

54 of Park Place Tower’s 186 suites have been renovated and feature a galley kitchen and large bedrooms

71 ClickProperty to edit Profile Master – Dorsetttitle style Square – Calgary AB

Boardwalk Brand: Communities Year Built: 1981 Suite Count:109 Construction: Concrete

Acquired in 2018 Dorsett received a refresh of its lobby, leasing office and signage in 2019. This lighter level of renovation dramatically improved the general appearance of the building creating an inviting home for prospective resident members.

72 ClickProperty to edit Profile Master – Dorsett title style Square – Calgary AB

Located in the Beltline and just blocks away from the many bars, restaurants and shops along 17th Ave SW, Dorsett Square is a great choice for young professionals.

73 ClickProperty to edit Profile Master – O’Neil title style Tower - Calgary AB

Located in the west end and only steps away from the C-Train, O’Neil Tower is perfect choice for anyone wanting to live and work in downtown Calgary

Boardwalk Brand: Communities Year Built: 1967 (renovated 2019) Suite Count:186 Construction: Concrete

74 ClickProperty to edit Profile Master – O’Neil title style Tower – Calgary AB

The renovation in 2019 included improvements to the exterior signage, landscaping, lobby/lounge, leasing office, party room, laundry room, hallways & gym.

24% of the 186 suites have been renovated.

Boardroom

Boardroom, a 2,780 sq.ft. office space was renovated in 2019 and is currently leased by a local technology start up.

75 ClickProperty to edit Master Profile –titleNun’s style Island – Montreal QC

Hi-Rise 1: Boardwalk’s Nun’s Premium Suite Island portfolio of 3,100 suites situated in the desirable borough of Verdun in Montreal is the preeminent provider of rental apartments for the island.

Building Number Construction Type of Suites

Hi-Rise Concrete 863

Mid Rise Wood Frame 981

Walk Up Wood Frame 936

Townhouses Wood Frame 320

76 ClickProperty to edit Profile Master – Noel title Meadowsstyle – London ON

Noel meadows is situated in the community of Argyle in London Ontario and is conveniently located by Nelson Plaza Mall, grocery stores and public transportation. This living property provides a comfortable and affordable option for resident members looking to call Argyle home.

Boardwalk Brand: Living Year Built: 1973 Suite Count:105 Construction: Concrete

77 ClickBrand to Diversification edit Master andtitle Renovations style – Suite & Common Area Comparisons

78 ClickDisposition to edit Master – Non -titlecore style asset in Saskatoon

Sale of Non-Core Asset: Chancellor Gate 403 Pendygrasse Road, Saskatoon

# Units: 138 Type: 3-Storey Walk Up Buildings: Six (23 suites each) Year Built: 1980 • Closed September 17, 2019 • Price: $20,700,000 • Price/Door: $150,000 • Price/Rentable Sq. Ft.: $171

79 ClickHigh to-grading edit Master Western title styleCanadian Portfolio

Acquisition – Edmonton Asset: Sale – Saskatoon Asset: Insignia Tower (124 units) St. James Place (140 units) 5145 Windermere Boulevard SW 3110 – 33rd Street West Acquisition of • Closed April 1, 2019 th Sale of non-core • Closed May 28 2019 high-quality asset asset • Price: $35,812,900 • Price: $20,720,000 in a core market • Price/Door: $288,800 • Price/Door: $148,000 • Price/Rentable Sq. Ft.: $317 • Price/Rentable Sq. Ft.: $210

80 ClickJoint to Venture edit Master – Eastern title style Canada – Construction Update

45 Railroad Street, Brampton Redwood Joint Venture (50/50)

This prime site is in Downtown Brampton, directly across the street from the Brampton GO Station. Development plan includes two towers - 25 and 27-storey concrete high-rise above a 3-storey podium (parking and retail) and 3 levels of underground parking • ~380,000 buildable sq. ft. of residential (~365 units; average suite size of 890 sq. ft.) and ~10,700 sq. ft. of retail • Total construction cost estimated to be between $200 million and $215 million. Boardwalk’s 50% portion: $100 - $107.5 million (including $7.9 million for land). • Rent control does not apply at this time for new development • Construction on site continues amid COVID-19 with extra precautions and lower staffing levels to maintain distancing. The entire site is expected to be at grade in Q3 - 2020 • Estimated construction completion of Tower 1 and Tower 2 to be 2022 and 2023, respectively

81 ClickJoint to Venture edit Master – Future title styleNew Development in Eastern Canada

Sandalwood Square 60 Bristol Road East, Mississauga RioCan - Boardwalk Joint Venture (50/50)

• This site is located along the new Hurontario LRT line, which will connect Port Credit Go Station in Mississauga to Gateway Bus Terminal in southern Brampton. The line is expected to open in 2022. • Land cost is approximately $14.9 million (~$80 per sq. ft.), representing Boardwalk’s 50% portion, and is dependent upon final approved density. • Initial Zoning Application comments received from The City in late 2019 were generally positive • Zoning re-submission was submitted in early March 2020 ClickDevelopment to edit Master Opportunities title style

Development Opportunities Region City Properties # of Sites Land Size (Acres) Demo New Units Gross Buildable Western Canada Calgary Sarcee (Duo) & Russet Court 2 12.2 206 1,085 1,055,000 Edmonton Viking Arms & West Edmonton Village 2 14.0 112 1,260 1,280,000 Regina Pines Edge 4/5 & Wascana Park Estates 2 35.4 320 2,092 2,113,000 Western Canada Total 6 61.6 638 4,437 4,448,000 Eastern Canada Kitchener Kings Tower & Westheights Place 2 5.6 0 305 305,000 Landmark Towers, Topping Lane Terrace, Forest City Estates, London Maple Ridge on the Parc, The Bristol, Heritage Square, 8 49.1 0 1,040 1,040,000 Castlegrove Estates, Sandford Apartments Montreal Complexe Deguire & Le Bienville 2 9.7 0 190 190,000 Quebec Complexe Laudance & Du Verdier 2 9.8 0 120 120,000 Eastern Canada Total 14 74.3 0 1,655 1,655,000 GRAND TOTAL 20 136 638 6,092 6,103,000

83 ClickReal Estate to edit Technology Master title Venturesstyle (RETV) - Investment

Industry Challenge • The Real Estate industry, especially Multifamily, is presently under served by property technology vendors • Emerging new vendors struggle to gain traction and reach critical mass • Due to resource constraints and other challenges, owner/managers do not have the luxury to depend on technology vendors surviving long term

The Solution • RETV identifies and supports disruptive technology companies to assist in creating operational efficiencies and to strengthen margins • Along side other REITs and Multi Family companies across North America, Boardwalk has invested in a Real Estate Technology Fund • Total outlay of US $2M • Investment partners include Mid America, KingSett and Essex, to name a few, with a combined 925,000 units and $108M in funds