Boardwalk Real Estate Investment Trust

Good afternoon, ladies and gentlemen, and welcome to the BoardWalk Real Estate Investment Trust second quarter 2026 earnings call. At this time, all lines are in listen-only mode. Following the presentation, we will conduct a question and answer session. If at any time during this call you require immediate assistance, please press star zero for the operator. This call is being recorded on Wednesday, July 29, 2026. I would now like to turn the conference over to Eric Bowers, VP Finance and Investor Relations. Please go ahead.

Thank you, Joelle, and welcome to the Boardwalk REIT 2026 Second Quarter Results Conference Call. With me here today are Sam Kolias, Chief Executive Officer, James Ha, President, Gregg Tinling, Chief Financial Officer, Samantha Kolias-Gunn, Senior VP of Corporate Development and Governance, and Samantha Adams, Senior VP of Investments. We acknowledge the traditional lands on which we live and work and our shared commitment to respect, stewardship, and community. Before we get to our results, please note that this call is being broadly distributed by way of webcasts. If you have not already done so, please visit us at bwalk.com slash investors where you will find a link to today's presentation as well as PDF files of the trust financial statements, MD&A, and quarterly report. Starting on slide two, we would like to remind our listeners that certain statements in this call and presentation may be considered forward-looking statements. Although the expectations set forth in such statements are based on reasonable assumptions, Boardwalk's future operation and its actual performance may defer materially from those in any forward-looking statements. Additional information that could cause actual results to defer materially from these statements are detailed in Boardwalk's publicly filed documents. I'd like to now turn the call over to Sam Kolias.

Thank you, Eric. Starting on slide four, welcome everyone to our Boardwalk family forever and to our Q2 community. 2026 Results. Redefining BFF, Boardwalk Family Forever, is at the top of our organizational chart. Family is everything. Affordable multifamily communities have always been an essential product of service. Together with our residents, our associates, investors, partners, capital, environment, community, we are all essential and interconnected family members. Our true north where love always lives. Together we go far. Our leaders put our team first and our team puts our resident members first. Guided by the golden rule, we have a peak performing customer service culture that creates exceptional results as we can see on our next slide five. Our continued solid performance with GAAP and non-GAAP measures increasing from the same quarter last year Same property, rental revenue increased 1.7%, and same property, net operating income increased 1.7%, reflecting resilient operating results and fundamentals. Our operating margin remains strong at 67.6%. As a result of our recent asset sales, our funds from operations are down slightly. Our asset sales provide capital for our normal course issuer bid program, which has helped to increase our FFO per unit by 2.6%, demonstrating the impact of strategic capital allocation and continued growth in cash flow and value creation for our unit holders. Profit is down as a result of a non-cash reduction in our IFRS net asset value, I would like to now pass it over to Samantha Kolias-Gunn.

Thank you so much, Sam. We are extremely grateful for our team, our boardwalk families, perseverance, performance, and continued commitment to our purpose, bringing our resident family members home to love always. Continuing on to slide six, our operational stability and commitment to affordable housing. Rental Market Fundamentals We continue to deliver on our commitment to provide much-needed affordable housing in a more competitive environment with our experienced, peak-performing team, exceptional product quality with over $1 billion invested since 2017 in rebrand and repositioning efforts, and dedication to our BoardWalk family as responsible community providers. Our self-regulation provides us with continued steady results across various market cycles as we remain flexible with our rental rates, producing greater stability in occupancy, margins, NOI, and reputation. Paired with our strong financial foundation, minimum distribution policy resulting in maximum reinvestment and free cash flow growth, strategic repositioning, unparalleled customer service, and on our foundation of strong family values, we remain in a position to deliver solid performance This is what sets us apart, bringing you home to where love always lives. BoardWalk strives to be the first choice in multifamily apartment communities to work, invest, and call home with our BoardWalk family forever. Moving on to slide 7. Our strategic rebranding enhances our resident member experience and exceptional quality at an affordable price, keeping our occupancy high at 97%. Parentals.ca data, our average occupied rents of $1,612 for a two-bedroom apartment are attractive, especially relative to the Canadian average of $2,159. Moving on to slide 8. Alberta continues to see positive population growth with small relative amounts of non-permanent residents. Affordability continues to drive positive population and leading economic growth in our core markets of Alberta and Saskatchewan. Reflected in our appendix. and Alberta's role within Canada has both an energy leader and a strategic engine for Canada's long-term prosperity. Alberta has had a transformative month with the announcements of two major pipeline proposals as well as a $4.6 billion natural gas power plant to energize a $13 billion investment from Meta for Canada's largest data center. The combination of energy, security, economic competitiveness, and infrastructure investment provides a foundation for job creation, population inflows, and sustained economic activity across our core markets. We would like to now pass the call on to Gregg Tinling, who will provide us with an overview of our quarter results, strong balance sheet, fair value, and ESG. Gregg?

Thank you, Samantha.

Slide 9 shows our key operational metrics. The Trust retained high occupancy during Q2 2026 by focusing on retention and by leveraging its vertically integrated operating platform to limit the time to complete suite turnovers. The Trust's approach to strategically moderate its lease renewal rates over the last number of years, while markets were heavily undersupplied, also contributed to maintaining higher occupancy in a more balanced market. Overall, demand remains strong for affordable housing. Average occupied rent increased sequentially and when compared to the same quarter a year ago. Although vacancy loss increased, the trust was able to reduce incentives that helped contribute to the higher revenues reported for Q2 2026 compared to the same period a year ago. These results reflect the success of our strategic initiatives aimed at maximizing free cash flow and diversifying our product offering, delivering meaningful financial performance. Slide 10 provides an overview of leasing spreads for new and renewed leases under our self-regulated, resident-friendly-centric model. This approach continues to drive strong retention and referrals, while keeping turnover and operating expenses low. On a year-over-year basis, leasing spreads have moderated, reflecting a more balanced supply-demand environment. Positive market rent adjustments were implemented in some communities where rental fundamentals were strong. and other communities, market rents were adjusted downward in pockets that have experienced higher deliveries of new supply and where rents were on the higher end of the price spectrum. On a blended basis, leasing spreads remain positive, reflecting effective resident engagement and retention strategies in a more competitive market. Our strategic flexibility with new rental rates enabled us to preserve high occupancy while maintaining solid operating margins and net operating income. We will continue to focus on maintaining high occupancy and maximizing resident retention. This strategy reinforces our commitment to providing affordable, resident-friendly housing in our core markets, while also reducing costs and steadying operational performance, delivering long-term value for all stakeholders. Slide 11 shows sequential quarterly rental revenue growth. Rental revenue growth was flattened to Q2 2026 compared to Q1 2026. has improved slightly compared to Q4 2025. With increased competition, BoardWalk focused on maintaining high occupancy while balancing market rents and rental incentives in order to achieve its underlying optimization strategy. Turning to slide 12, for Q2 2026, same property net operating income increased by 1.7% compared to the same quarter last year, with revenue growth of 1.7%. Same property NOI for Alberta, the trust's largest region, increased 1% with revenue growth of 1.1%. Total rental expenses increased by 1.9% year over year, mainly due to higher building repairs and maintenance, bad debt expense, and property taxes, partially offset by lower insurance premiums and utilities expense. Slide 13 outlines BoardWalk's mortgage maturity schedule. The trust debt portfolio is well staggered, with approximately 99% of the mortgage balances Carrying NHA Insurance through CMHC. This insurance remains in place for the full amortization period and, backed by the Government of Canada, enables access to financing at rates below conventional mortgage levels, with a current estimated 5-year and 10-year CMHC rate of 3.80% and 4.20% respectively. Although current interest rates are above the trust's maturing rates over the next couple of years, the trust's maturity curve remains staggered. Reducing the renewal amount in any particular year. Lastly, the trust has an interest coverage of 2.97 in the current quarter. To date in 2026, of the $815 million of 2026 mortgages maturing, we have renewed or forward locked $457 million at an average rate of 3.78% and an average term of approximately six years. Combined with our cash on hand as well as our unused credit facilities, we are well positioned with strong liquidity available. Current underwriting criteria in our most recent submissions to CMHC and our lenders has remained in line with our historically conservative estimates. Please refer to slide 49 which summarizes our 2026 mortgage program completed. Slide 14 illustrates the Trust's estimated fair value of its investment properties, excluding adjustments for IFRS 16. As of June 30, 2026, The fair value of investment properties totaled $8.4 billion compared to $8.6 billion as of December 31, 2025. Decrease in overall fair value is the result of asset sales completed as well as an overall fair value loss adjustment recognized in the period. Current estimated fair value of approximately $243,000 per apartment door remains below replacement cost. As it does every quarter, the Trust will continue to review completed asset sales transactions and market reports to determine if adjustments to cap rates are necessary, as well as consult with our external appraisers. Most recent published cap rate reports suggest that the cap rates being utilized by the Trust for calculating fair value are within their estimated ranges. Slide 15 highlights our ESG initiatives. We'd like to highlight our 2025 Gresby score of 72, which represents a 7.5% increase compared to the prior year. Using a disciplined capital allocation approach, we are focused on reducing emissions through reduced utilities consumption and therefore reducing utilities costs, while always promoting social and governance initiatives. We encourage our stakeholders to view our 2025 ESG report available on the Trust's website. I would like to now turn the call over to Samantha Adams to highlight our capital allocation initiatives.

Thank you, Gregg. Discipline, patience, and tactical equity deployment continue to guide our 2026 capital allocation strategy. Consistent with prior quarters, we remain focused on maximizing free cash flow and directing capital towards the strongest risk-adjusted opportunities. A key capital allocation priority remains our value-add and repositioning programs. have highlighted on slide 16, reinvesting free cash flow into our communities strengthens the value proposition for our resident family members. Of the 16 projects planned for 2026, six are completed or nearing completion, and all are focused on cost-effective, high-impact common area and amenity upgrades that support long-term asset quality, enhance the resident experience, maintain affordability, and improve retention. Driven by market demands, This program delivers strong value across our three brands and helps ensure our properties remain competitive in their respective markets. Slide 17 summarizes our transaction activity and capital allocation for the first half of 2026. With $492 million of sales completed or announced and in conjunction with our repositioning program, we continue to advance our strategic portfolio renewal. Once all of the transactions are closed, these sales will be generated Approximately $272 million in net proceeds and reduced near-term capital spending by approximately $26 million. Slide 18 provides further detail on our year-to-date sales activity, including the recently announced sale of a two-property portfolio in London and our new co-ownership agreement with Desjardins. Our London portfolio was sold at a slight premium to IFRS value, with a $40 million sale price representing a 4.5% exit cap rate based on our trailing 12 Montana-wide. Overall, our dispositions have been completed at pricing in line with our fair values, providing capital to redeploy towards the strongest risk-adjusted opportunities, the majority of which has been allocated to our unit buybacks. As shown on slide 19, our capital allocation during the quarter was focused on the NCIB, reflecting the continued disconnect between our unit price and the underlying value of our portfolio. The NCIB remains an important capital allocation tool, and we have remained active year-to-date investing $204 million at a weighted average price of $65.51. With private market transactions in our core markets occurring in the 4.75 to 5.25 cap rate range, repurchasing our units at implied cap rates above 6% remains the most accretive use of our capital today. On slide 20, we are very pleased to present the highlights of our strategic co-ownership with Desjardins Global Asset Management, and its Canadian private real estate funds. For BoardWalk stakeholders, this co-ownership validates the quality and value of our portfolio and platform through the commitment of a long-term institutional partner. Desjardins is acquiring a 50% interest in the seed portfolio at an implied value of $292 million or approximately $446,000 per suite, which is in line with our IFRS values. Just as importantly, This transaction allows us to recycle capital while continuing to participate in the future upside of these properties as BoardWalk will retain a 50% ownership interest. With no fixed targets or equity commitments going forward, this structure provides both parties greater capital flexibility to pursue future acquisitions together when market conditions are aligned and we find the best opportunity. BoardWalk will continue to oversee day-to-day operations with our proven operating platform. allowing us to maintain our focus on the resident family member experience and overall property performance. We will also earn a 4.25% property management and administrative fee on effective gross revenue, which is expected to provide an approximate 25 basis point yield improvement on our proportionate share. Ultimately, this co-ownership reaffirms the value of our portfolio, the strength of our exceptional operating platform, and overall investment strategy. It also supports our long term objective of combining operating excellence with disciplined capital allocation to grow free cash flow and create lasting value for our stakeholders. I would now like to turn the call over to Eric Bowers to discuss our track record of creating value.

Thank you, Samantha. Slide 21 highlights our track record of compounding FFO per unit and distribution growth over the last several years as a result of the Trust's maximum cash flow retention policy. This approach has enabled the Trust to reinvest its cheapest source of capital, internally generated cash flow, into its communities to more than double FFO per unit since 2018. and compound distribution growth at an annual rate of approximately 12% since 2021. We are pleased to confirm our regular monthly distribution equating to 15 cents per trust unit or $1.80 per trust unit on an annualized basis for the months of September, October and November 2026. On slide 22, we highlight the strength of the trust balance sheet and the continued progress we are making on decreasing our financial leverage over time. In Q2, the trust debt to EBITDA ratio improved to 9.3 times, down from approximately 10 times in Q4 2025, while debt to assets remains at approximately 43%. The trust liquidity is estimated at just under $375 million at the end of Q2. Slide 23 and 24 illustrate the exceptional value that the trust units continue to represent relative to private market valuations and the trust now per unit. At the current unit price of approximately $65, the trust's implied value of $194,000 per suite, an implied cap rate in the mid-6% range, provides the trust with an amazing opportunity to invest on an accretive basis and counter cyclically in its own high-quality portfolio at a significant discount as previously highlighted by Samantha Adams. I would like to now turn the call over to James Ha to discuss the trust's latest financial guidance and provide closing remarks.

Thank you, Eric, and thank you to our entire BoardWalk team for your service and commitment to our resident members. Our focus on delivering the best quality and affordable communities is why our residents make Boardwalk their first choice as a place to call home and reward our team with continued high occupancy and high retention rates. Slide 25 provides a review of our 2026 outlook as we continue to demonstrate the strength of our platform and the resilience of affordable housing. Across the country, we continue to see strong demand for affordably priced homes while more expensive housing options remain competitive. Our positive blended lease spreads so far this year are a reflection of our high affordability and we anticipate our leasing trends to remain similar for the remainder of the summer leasing season. Since our last report, we are seeing our overall bottom line results in line with our expectations. Same property revenue is tracking toward the lower end of our original growth estimate. However, our outlook for same property expense growth has improved despite the large property tax increase we will be seeing in the second half of the year. With this, we are pleased to reiterate our outlook for the year with anticipated same property NOI growth of between 1 to 3.5% and FFO per unit of between $4.60 and $4.80 for the year. Please note that this is forward-looking guidance and we will be regularly updating and refining this outlook as the year goes on. Lastly, slide 26 highlights a few key metrics that our team has and continues to work toward improving. As shared earlier, BoardWalk offers the best value in housing and some of the most affordable rents in the country at just over $1,600 a month. Our operating margins have improved significantly as we continue to find new ways to optimize our NOI. Our unique business model retains and compounds cash flow, allowing us to organically improve our balance sheet with now one of the lowest debt to EBITDA ratios in Canada. Our unique platform, disciplined approach to capital allocation, geographic advantage, and experienced team continues to demonstrate our ability to create value for all our stakeholders and we would like to thank again our resident members, our team, our partners and all our stakeholders for making us your first choice in housing. We would now like to open up the line for questions.

Thank you. Ladies and gentlemen, we will now begin the question and answer session. Should you have a question, please press star followed by the one on your touchtone phone. You will hear a prompt that your hand has been raised. Should you wish to decline from the polling process, please press star followed by the two. If you are using a speakerphone, please lift the handset before pressing any keys. And your first question comes from Dean Wilkinson with CIBC. Your line is now open.

Thank you. Morning, everybody. Any question on the new joint venture, probably for Samantha? This looks like an opening gambit in something that could be much larger. I realize you don't have targets around it, but Looking at the current portfolio, and it seems like this is geared towards newer build assets, do you have a sense of how much of what you have existing could go into this, and what's your appetite for how large this could be?

Thanks for the question. Dejan approached us initially with an idea of creating this partnership or co-ownership, looking at core plus communities. So when we took that back and sort of went through our portfolio, we were able to sort of match their investment criteria with the seed portfolio that we've just presented. There might be a couple of other properties that we currently own that would fit the criteria, but the intent over time is to grow through third-party acquisitions, so buying from a third party, excuse me, you know, when the markets are aligned and the best, as we like to say, the best opportunity comes our way. So there's no, to your point, there's no fixed or set capital deployment on an annual basis or a target, but an agreement to work together for the foreseeable future.

And I'm assuming that this is open-ended. It doesn't have sort of a five-year horizon or something like that on it. Would this also open the door for completion of developments, you know, like the Marin-Martin Loop Island Highway? Would those be kind of assets that would probably be something that could go into the JV?

It's possible, but the development economics today are really hard to make sense of. So, it's possible, but today it's very tricky.

Okay. I'm sure others have a lot of questions on this, so I won't monopolize it. Maybe a question just for Gregg on the debt maturities. Looks like some of the more recent roles you did in June and July, shorter duration, like two years, Was there something asset-specific there, or was it just trying to minimize the rate grind on the renewal?

Hey, Dean, it's Eric. Yeah, we always take our asset plans into account in terms of structuring that, and on our overall ladder, we did have a little bit of a gap in 2028, so just looking to fill in some of that.

Okay, that makes sense, and then I would assume that you're looking longer term on what's left for the rest of the year.

Yeah, I think you'll see us do a combination across the ladder, but you can see within our existing ladder where some of those gaps are, so I think you'll see us generally err towards longer in the balance of the year.

Perfect. That's my two. I will hand it back. Thanks, everyone. Thanks, Dean.

Your next question comes from Jonathan Coucher with TD Cowen. Your line is now open.

Thanks. Going back to the Desjardins transaction, when they came to you, was it with a size that they wanted to invest?

I think it's sort of a ballpark size, but not a specific target, no. It was more about coming together and aligning sort of strategically on what our mutual investment criteria could look like. That's really where the conversation started and then we took it back and the result is, as you can see, we decided to start our relationship with this amazing seed portfolio. But no, they didn't have a target in mind.

Okay. And if we look at the cash proceeds you're going to get from this as well as the sale of the London assets, are you still looking at the NCIB as the best Hey John, it's James.

You know, certainly as Samantha said in her prepared remarks, there is just no better place to buy apartments right now than on the stock market with under the ticker symbol B. I mean, we're trading at over 6% cap rate. It's a mid-7% FFO yield. To us, it is a great and creative place to redeploy those proceeds from dispositions.

Okay, fair enough. And then just one on the operations. Your incentives ticked off quarter over quarter in Q2. Is there any market in particular, and how do you expect that to trend going forward here? Jonathan James again.

Pretty broad-based across the country. Really, those incentives were made up of what we call just move-in bonuses, incentives that we offer our leasing team to close deals and bring residents home into our boardwalk communities. And so you saw some usage of that. It was pretty well broad-based across the country. The good news is, as we're looking at rentals now, we are seeing a pretty strong July from a volume standpoint. August is typically quite a strong month. We're happy with our occupancy levels, as you saw reported, at about 97%, but we have room to grow there, and so our priority here for the balance of the summer months is to grow that occupancy and see if we can't get that closer to 97.5 or 98%. And so far, with the way July's shaping up, things are looking great. Okay, thanks.

I'll turn it back.

Your next question comes from Brad Sturgis with Raymond James. Your line is now open.

Hey there. I guess I'll ask my joint venture question here now. Just on how the structure works, you know, the plan is, I guess, over time to grow through third-party acquisitions, but In the event that you would want to sell one of the assets within the JV, do both parties have ROFO rights, or how would that, in theory, work?

Yeah, I would say they're fairly standard JV clauses in that respect, and we do have ROFO rights built in.

Gotcha. And just looking at the wholly owned portfolio, obviously you guys have been pretty active on selling non-core assets. How much More do you think is left to do? What percentage of the portfolio would you deem as non-core today where you don't see the returns or the CapEx profiles, not what you're looking for, where in theory you could continue to be opportunistic in selling more assets?

I think that the better way of putting it will continue to be opportunistic. There is still incredible strength in the private market for our non-core properties. at values in line with our book values. So the team has done an amazing job of reaching the high end, our initial target of $500 million. So while I don't have anything to report on today, we remain open to the opportunities to continue the program of selling some of our non-core properties, as long as the private market is there, which it is today.

Gotcha.

I'll turn it back. Thank you.

Your next question comes from Jimmy Shan with RBC Capital Markets. Your line is now open.

Thanks. James, I think you mentioned that your stock still represents the best opportunity. I just wanted to clarify that I guess it would be wrong for us to assume that this new JV would lead you to allocate a lot less to NCIB in favor of acquisitions, assuming the current pricing stays where it is.

It depends. And so right now, the best place to buy apartments is in our NCIB. The good news is that we have a business model that spits out free cash flow. And so we have allocation decisions with that. We have a very active and strong private market where we're able to sell non-core assets and bring capital back and look for the best place to deploy that capital. Right now, it's stock buyback. If our team is able to find acquisition opportunities that provide equal or better returns, we're certainly going to look at those as well. But as of right now, the best thing that we are seeing is our stock today. And that's why we are investing as heavily as we are in our NCIB. Right.

Okay. And then a question just on one of the slides. I noticed... Fort McMurray out-of-town rentals really shot up in Q2. I guess one is, you know, what's going on there. And then two, I know in the past Fort McMurray was somewhat of a canary in the coal mine. I don't know if it is today anymore. But, you know, what would that imply in terms of rental activity for Calgary and Edmonton?

Well, we've been around for a while. Jimmy, we've been around a while, haven't we, too? I remember our little canary in the coal mine. Yes, in the past, it absolutely was a canary in the coal mine, and more specifically, Tim Hortons in Fort McMurray and the traffic in the Tim Hortons and the lineup there. And we certainly are seeing a pickup in migration there, in rentals, in occupancy, and rental fundamentals. Absolutely, Fort McMurray is Thank you. Thank you. Thank you. News with our premier in Ontario and Manitoba. All this is really good because buying energy and becoming energy independent coast to coast is going to put Canada in a similar economic footing as to our neighbor who's never looked really back at an economic contraction since becoming energy independent. And so it's really important for us to be ComEnergy Independent Coast to Coast. You heard me say this, but it's super important. As Canadians, we have to get this done. So, yes, for McMurray, our energy, our announcements, very positive for Canada. And I want to reiterate that. Canada is going to really benefit from this. Big news. Thank you. It is big news for all Canadians, Jimmy. It really is. It's great. Yeah.

Okay. Thanks.

Ladies and gentlemen, as a reminder, should you have a question, please press star 1. Your next question comes from Mario Saric with Scotiabank. Your line is now open.

Hi, good morning, everyone. Just on the operational side, I may have missed it, but maybe, James, if you can touch on how the July kind of new and renewal spreads are looking so far.

We're seeing generally the same trends as we're seeing, as you've seen for the months of kind of May and June, generally intact. As we have our look into August as well, we're generally seeing similar pricing trends there as well.

Okay. And then coming back to capital allocation, in terms of the partnership, what are the targets? Like when you talk about core assets, Core Plus Assets. How should we think about that from a return perspective? Is the 4.7% seed portfolio, I'm not sure if that's a trailing 12-month or an MTM in terms of the cap rate one, but is that what we should think about in terms of Core Plus type returns?

Hey, Mario. From a property perspective or a target acquisition perspective, As James spoke to you earlier, whatever returns we are looking at need to be as good, if not better, than what we can currently see today under the NCIB. So that's our target going forward, and our partners are very aligned with sort of similar return criteria. The characteristics, though, of future acquisitions would be very similar to the properties that we have seeded joint venture with. So newer construction with R&D as well amenitized, in the key target markets of Western Canada, and today that includes Edmonton, Calgary, and Victoria.

So if we just step back and think about it, the target properties effectively have slightly better or expected slightly better NY growth rates than your existing portfolio today in order to make up the gap between kind of going in cap rate and the 6% cap rate on your use today.

Sorry, Mario. Not following, Max. Maybe I missed it. Could I get her?

Yeah. From a boardwalk standpoint, like your implied cap rate today is called 6% or 6% plus, depending on your estimates. If the going-in yields on some of the acquisition opportunities are 100 basis points lower than that 5% range, just ballpark numbers, is it fair for us to assume that if we do see acquisitions Being done, it would be for a property that has structural and wide growth profiles that are 100, 200, 200 base points.

Sorry, Murray, yes, 100%. I mean, if we're making that decision between acquisition versus stock buyback, and you know what? Central Park is a great example of that. Central Park acquired last year. The cap rate was lower than what our implied cap rate was. It was a unique opportunity where it hit a geographic profile we were looking to have at large suite sizes. It provided a product that we weren't offering in Quebec that allowed us to provide a diversified product in that region that had really attractive financing. And so the FFO yield on our invested capital there was phenomenal. And so that's where an example of an acquisition that made sense when we compare it to our stock buyback Again, I know our investment team is down on the pavement looking for opportunities every single day, but it's hard to compete with the stock buyback today. To your point though, Mario, you're right. If we are making an acquisition, it's because there is a good growth outlook or there's an attractive return on invested capital.

Maybe just as a follow-up, in one of the prior responses, you kind of segregated cash flow from potential non-core destinations, and going forward there still are some, and then retain free cash flow given the very low PR ratio that you have. Should we think of each of those as a separate bucket in terms of funding the NCIB versus future third-party acquisitions, or should we think about it from a combined perspective?

I think we think about it from a combined perspective because we are thinking about where is a great place to reallocate that capital, right? So it really depends on where can we put that money to work. And right now with the buyback, I mean, we're looking to take advantage of that arbitrage that exists today between that private and public market. So as we said before, there's no other place where we can buy our quality of apartments for less than $200,000 a door.

Thank you for the questions at this time. I will now turn the call over to Sam Kolias for closing remarks.

Thank you, Joelle. As always, if there are any further questions or comments, please do not hesitate to contact us. With gratitude, we would like to thank our entire team that puts the extra and ordinary day in and day out. Our team is truly extraordinary. Thank you, loyal residents. CMHC, our lenders, partners, and of course, our unit holders from far and wide and local. And a special warm welcome to our new partner, Desjardins Global Asset Management Group. It really is all about our BFF, our BoardLock family forever, whose huge shoulders we stand, and as leaders, we continue to do everything we can to support Continued growth in extraordinary. We really can't thank our extraordinary team and great leaders enough. We are pleased with our resilient results on a foundation of exceptional value, service, and experience we continue to provide our resident family members, investors, and all stakeholders. We conclude home is where our heart is, our heart is where our family is, and our family is where love always lives. There are many choices today on where we choose to live. There is only one place to call home. Home to love always. Our future is Boardwalk family forever. What can be more important when choosing where to call home? God bless us, and the now more than ever grants us all peace, our greatest prize of all.

Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask that you please disconnect your lines.