Monthly Dividend Stock In Focus: Boardwalk Real Estate Investment Trust

Printed on January fifteenth, 2026 by Bob Ciura

Month-to-month dividend shares have prompt attraction for a lot of revenue traders. Shares that pay their dividends every month supply extra frequent payouts than conventional quarterly or semi-annual dividend payers.

Because of this, we created a full record of over 100 month-to-month dividend shares.

You’ll be able to obtain our full Excel spreadsheet of all month-to-month dividend shares (together with metrics that matter like dividend yields and payout ratios) by clicking on the hyperlink under:

Boardwalk Actual Property Funding Belief (BOWFF) is a month-to-month dividend inventory primarily based in Canada. This doubtlessly makes the inventory extra enticing for revenue traders in search of extra frequent dividend payouts.

This text will analyze Boardwalk Actual Property Funding Belief in better element.

Enterprise Overview

Boardwalk Actual Property Funding Belief is a Canadian multi-family residential REIT centered on proudly owning, working, and reinvesting in inexpensive and value-oriented rental residence communities throughout Western and Central Canada.

As of September thirtieth, 2025, Boardwalk owned and operated over 200 properties comprising roughly 34,600 residential suites and greater than 30 million internet rentable sq. ft, with its portfolio being concentrated in Alberta, Saskatchewan, Quebec, Ontario, and British Columbia.

The REIT emphasizes high-occupancy, mid-market rental housing, supported by a vertically built-in working platform, lively asset repositioning, and a multi-brand technique (akin to Boardwalk Dwelling, Communities, and Life-style) designed to serve a broad demographic.

Boardwalk registered $429 million in revenues final yr. The inventory has a market cap of $2.43 billion and pays dividends on a month-to-month foundation.

On November 4th, 2025, Boardwalk REIT posted its Q3 outcomes for the interval ended September thirtieth, 2025. Income for the quarter was $112.9 million, up 4.8% year-over-year, whereas same-property rental income elevated 5.1% year-over-year.

Similar-property NOI grew 8.6%, reflecting continued working margin enlargement as income progress materially outpaced bills.

Money move efficiency strengthened meaningfully, with FFO per Unit growing 10.8% yr over yr and AFFO per unit rising 12.6% to $0.77, pushed by greater in-place occupied rents throughout all areas and the continued discount of prior leasing incentives, significantly in Alberta and Saskatchewan.

Occupancy remained excessive at 97.7%. For FY2025, we anticipate AFFO per unit of $2.65.

Development Prospects

Boardwalk’s AFFO per share took a dip within the second half of 2010s, however has trended upwards lately.

Particularly, from 2015 via 2018, the decline in AFFO per share displays the lengthy downturn in Boardwalk’s Western Canadian markets, significantly Alberta.

Administration constantly attributed weaker money move to intentional lease reductions and elevated incentives applied to keep up occupancy amid materially greater market emptiness.

Common month-to-month rents declined, incentives elevated, and stabilized emptiness assumptions had been raised, pressuring same-property income and limiting the conversion of working revenue into AFFO throughout this era.

AFFO per share stabilized in 2019 and remained flat in 2020 as working situations stopped deteriorating. In 2019, administration reported enhancing leasing situations and a gradual discount in incentives, which drove greater similar property income and supported the rebound in AFFO.

From 2021 via 2024, AFFO per share grew steadily as Boardwalk entered a interval of sturdy working momentum.

Administration attributed this progress to notable same-property lease will increase, tightening rental markets, and sustained occupancy, which drove double-digit same-property NOI progress within the later years.

Though working bills rose on account of wages, utilities, repairs and upkeep, and property taxes, income progress materially outpaced expense inflation.

Consequently, a bigger portion of working revenue translated into recurring money move, driving AFFO per share above prior-cycle ranges.

Transferring ahead, we forecast AFFO per share progress of 5%, as we anticipate the REIT to learn from decrease rates of interest.

Dividend & Valuation Evaluation

Boardwalk REIT’s security is supported by the important nature of rental housing and administration’s constant concentrate on defending occupancy and money move via cycles.

The belief has proven a willingness to regulate rents and incentives throughout downturns, which preserved collections and AFFO throughout each the Western Canada power downturn and the COVID interval. This method has resulted in secure working efficiency even in difficult environments.

The standard of the enterprise is mirrored in its scale, internally managed platform, and well-maintained portfolio in supply-constrained city markets.

This positioning additionally improves recession resiliency, as demand for moderately priced rental housing stays sturdy when financial situations weaken. The payout ratio additionally stands at a wholesome 45% of anticipated AFFO.

BOWFF shares at present commerce for a P/FFO ratio of 19, which is above our truthful worth estimate of 15. Consequently, the inventory is overvalued. A declining valuation a number of might scale back annual returns.

Together with anticipated FFO-per-share progress of 5% and the two.4% dividend yield, complete returns are estimated at 2.9%.

Remaining Ideas

Boardwalk REIT provides sturdy money flows, scale-driven benefits, and confirmed resilience throughout financial cycles.

We forecast annualized returns of two.9%, as returns from the beginning dividend yield and anticipated progress could possibly be partially offset by valuation headwinds. Shares earn a maintain score.