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oardwalk Real Estate Investment Trust (BOWFF) reported a strong Q4 2024, with same-property rental revenue growing by 8.2% year-over-year and net operating income increasing by 11%. The trust's high occupancy rate of 98% indicates robust demand for its affordable housing offerings. Same-property funds from operations per unit rose by 12.5%, demonstrating effective cash flow management.

    Boardwalk's financial performance was driven by strategic investments in community upgrades and value-add projects, enhancing leasing performance and value proposition. The trust increased its monthly distribution by 12.5% to $1.62 per unit on an annualized basis starting March 2025, reflecting confidence in its financial stability and growth prospects.

    However, the company faces challenges due to higher competition and new supply entering select markets, leading to vacancy loss and decreased leasing spreads. Total rental expenses rose by 3.6%, driven by increased operating expenses, utilities, and property taxes. Boardwalk's administration costs also increased year-over-year due to inflationary wage adjustments and higher software costs.

    For 2025, the trust anticipates same-property NOI growth between 4% and 8% and FFO per unit between $4.25 and $4.55. The fair value of its investment properties stands at $80.2 billion as of December 31, 2024.