Boardwalk REIT (BEI-U) announced a 50/50 co-ownership with Desjardins GAM, dropping in four assets at their book value ($292M) - which could help address the ~30% discount to reported NAV it currently trades at…

… while also creating an incremental management fee stream and netting the REIT nearly $90M for buybacks, which management has ramped up this year to take advantage of its current valuation.

Similar to Minto before its take-private announcement, Boardwalk is seeing NOI growth slow on the back of compression in occupancy and rents…

… with population headwinds and supply additions in select markets putting pressure on renewals and new leases in the near-term.

The longer term picture for the company’s Alberta-heavy portfolio looks more promising, with interprovincial migration and major infrastructure investment favouring the province…

… and giving management confidence to back up the truck.

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