Monthly Dividend Stock In Focus: Boardwalk Real Estate Investment Trust

Published on January 15th, 2026 by Bob Ciura

Monthly dividend stocks have instant appeal for many income investors. Stocks that pay their dividends each month offer more frequent payouts than traditional quarterly or semi-annual dividend payers.

For this reason, we created a full list of over 100 monthly dividend stocks.

You can download our full Excel spreadsheet of all monthly dividend stocks (along with metrics that matter like dividend yields and payout ratios) by clicking on the link below:

Monthly Dividend Stock In Focus: Boardwalk Real Estate Investment Trust

Boardwalk Real Estate Investment Trust (BOWFF) is a monthly dividend stock based in Canada. This potentially makes the stock more attractive for income investors looking for more frequent dividend payouts.

This article will analyze Boardwalk Real Estate Investment Trust in greater detail.

Business Overview

Boardwalk Real Estate Investment Trust is a Canadian multi-family residential REIT focused on owning, operating, and reinvesting in affordable and value-oriented rental apartment communities across Western and Central Canada.

As of September 30th, 2025, Boardwalk owned and operated over 200 properties comprising approximately 34,600 residential suites and more than 30 million net rentable square feet, 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 integrated operating platform, active asset repositioning, and a multi-brand strategy (such as Boardwalk Living, Communities, and Lifestyle) designed to serve a broad demographic.

Boardwalk registered $429 million in revenues last year. The stock has a market cap of $2.43 billion and pays dividends on a monthly basis.

On November 4th, 2025, Boardwalk REIT posted its Q3 results for the period ended September 30th, 2025. Revenue for the quarter was $112.9 million, up 4.8% year-over-year, while same-property rental revenue increased 5.1% year-over-year.

Same-property NOI grew 8.6%, reflecting continued operating margin expansion as revenue growth materially outpaced expenses.

Cash flow performance strengthened meaningfully, with FFO per Unit increasing 10.8% year over year and AFFO per unit rising 12.6% to $0.77, driven by higher in-place occupied rents across all regions and the continued reduction of prior leasing incentives, particularly in Alberta and Saskatchewan.

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

Growth Prospects

Boardwalk’s AFFO per share took a dip in the second half of 2010s, but has trended upwards in recent years.

Specifically, from 2015 through 2018, the decline in AFFO per share reflects the long downturn in Boardwalk’s Western Canadian markets, particularly Alberta.

Management consistently attributed weaker cash flow to intentional rent reductions and elevated incentives implemented to maintain occupancy amid materially higher market vacancy.

Average monthly rents declined, incentives increased, and stabilized vacancy assumptions were raised, pressuring same-property revenue and limiting the conversion of operating income into AFFO during this period.

AFFO per share stabilized in 2019 and remained flat in 2020 as operating conditions stopped deteriorating. In 2019, management reported improving leasing conditions and a gradual reduction in incentives, which drove higher same property revenue and supported the rebound in AFFO.

From 2021 through 2024, AFFO per share grew steadily as Boardwalk entered a period of strong operating momentum.

Management attributed this growth to notable same-property rent increases, tightening rental markets, and sustained occupancy, which drove double-digit same-property NOI growth in the later years.

Although operating expenses rose due to wages, utilities, repairs and maintenance, and property taxes, revenue growth materially outpaced expense inflation.

As a result, a larger portion of operating income translated into recurring cash flow, driving AFFO per share above prior-cycle levels.

Moving forward, we forecast AFFO per share growth of 5%, as we expect the REIT to benefit from lower interest rates.

Dividend & Valuation Analysis

Boardwalk REIT’s safety is supported by the essential nature of rental housing and management’s consistent focus on protecting occupancy and cash flow through cycles.

The trust has shown a willingness to adjust rents and incentives during downturns, which preserved collections and AFFO during both the Western Canada energy downturn and the COVID period. This approach has resulted in stable operating performance even in challenging environments.

The quality of the business is reflected in its scale, internally managed platform, and well-maintained portfolio in supply-constrained urban markets.

This positioning also improves recession resiliency, as demand for reasonably priced rental housing remains durable when economic conditions weaken. The payout ratio also stands at a healthy 45% of expected AFFO.

BOWFF shares currently trade for a P/FFO ratio of 19, which is above our fair value estimate of 15. As a result, the stock is overvalued. A declining valuation multiple could reduce annual returns.

Including expected FFO-per-share growth of 5% and the 2.4% dividend yield, total returns are estimated at 2.9%.

Final Thoughts

Boardwalk REIT offers durable cash flows, scale-driven advantages, and proven resilience across economic cycles.

We forecast annualized returns of 2.9%, as returns from the starting dividend yield and expected growth could be partially offset by valuation headwinds. Shares earn a hold rating.