Income Statement

Revenue

+30%

+36%

10Y

Currency: CAD

	Dec-2001	Mar-2002	Jun-2002	Sep-2002	Dec-2002	Mar-2003	Jun-2003	Sep-2003	Dec-2003	Mar-2004	Jun-2004	Sep-2004	Dec-2004	Mar-2005	Jun-2005	Sep-2005	Dec-2005	Mar-2006	Jun-2006	Sep-2006	Dec-2006	Mar-2007	Jun-2007	Sep-2007	Dec-2007	Mar-2008	Jun-2008	Sep-2008	Dec-2008	Mar-2009	Jun-2009	Sep-2009	Dec-2009	Mar-2010	Jun-2010	Sep-2010	Dec-2010	Mar-2011	Jun-2011	Sep-2011	Dec-2011	Mar-2012	Jun-2012	Sep-2012	Dec-2012	Mar-2013	Jun-2013	Sep-2013	Dec-2013	Mar-2014	Jun-2014	Sep-2014	Dec-2014	Mar-2015	Jun-2015	Sep-2015	Dec-2015	Mar-2016	Jun-2016	Sep-2016	Dec-2016	Mar-2017	Jun-2017	Sep-2017	Dec-2017	Mar-2018	Jun-2018	Sep-2018	Dec-2018	Mar-2019	Jun-2019	Sep-2019	Dec-2019	Mar-2020	Jun-2020	Sep-2020	Dec-2020	Mar-2021	Jun-2021	Sep-2021	Dec-2021	Mar-2022	Jun-2022	Sep-2022	Dec-2022	Mar-2023	Jun-2023	Sep-2023	Dec-2023	Mar-2024	Jun-2024	Sep-2024	Dec-2024	Mar-2025	Jun-2025	Sep-2025
Revenue
Interest Expense	67	68	70	75	77	80	81	80	80	80	79	78	78	79	81	84	86	86	85	85	84	86	89	93	98	102	106	109	111	111	111	112	112	112	113	112	111	108	105	102	107	106	103	101	99	89	86	84	90	81	80	80	86	77	76	75	78	72	72	72	76	73	74	75	77	78	78	78	78	80	82	83	85	85	86	87	88	88	87	86	86	86	87	89	92	96	100	103	106	109	111	113	115	116	117	118
Revenue	227 N/A	214 -6%	231 +8%	243 +5%	249 +3%	260 +4%	260 0%	265 +2%	271 +2%	275 +1%	278 +1%	278 +0%	279 +0%	282 +1%	286 +1%	292 +2%	297 +2%	300 +1%	305 +2%	311 +2%	319 +3%	331 +4%	345 +4%	360 +4%	375 +4%	389 +4%	402 +3%	414 +3%	420 +1%	424 +1%	423 0%	420 -1%	417 -1%	415 0%	417 +1%	417 0%	420 +1%	421 +0%	419 0%	421 +0%	423 +0%	427 +1%	430 +1%	435 +1%	440 +1%	443 +1%	447 +1%	450 +1%	454 +1%	459 +1%	464 +1%	469 +1%	473 +1%	477 +1%	480 +1%	480 +0%	476 -1%	470 -1%	459 -2%	449 -2%	439 -2%	431 -2%	426 -1%	423 -1%	423 +0%	425 +0%	427 +1%	431 +1%	435 +1%	440 +1%	445 +1%	450 +1%	455 +1%	460 +1%	463 +1%	464 +0%	466 +0%	465 0%	466 +0%	468 +0%	471 +0%	473 +1%	478 +1%	485 +1%	495 +2%	507 +2%	519 +2%	531 +2%	546 +3%	560 +3%	575 +3%	591 +3%	603 +2%	614 +2%	622 +1%	629 +1%
Gross Profit
Cost of Revenue	(63)	(53)	(60)	(63)	(62)	(67)	(65)	(68)	(69)	(70)	(72)	(70)	(71)	(72)	(80)	(86)	(89)	(94)	(92)	(94)	(95)	(99)	(101)	(103)	(107)	(113)	(117)	(121)	(122)	(122)	(118)	(117)	(116)	(116)	(118)	(119)	(119)	(120)	(120)	(123)	(125)	(124)	(125)	(125)	(127)	(128)	(130)	(130)	(131)	(136)	(138)	(140)	(141)	(140)	(140)	(142)	(140)	(139)	(139)	(139)	(142)	(148)	(154)	(160)	(162)	(164)	(162)	(160)	(163)	(159)	(157)	(153)	(149)	(148)	(147)	(147)	(145)	(145)	(146)	(146)	(147)	(148)	(150)	(152)	(155)	(156)	(158)	(159)	(160)	(162)	(163)	(165)	(166)	(167)	(166)	(166)
Gross Profit	164 N/A	161 -2%	171 +6%	180 +5%	188 +4%	193 +3%	195 +1%	197 +1%	202 +3%	205 +1%	206 +0%	208 +1%	208 0%	210 +1%	206 -2%	206 0%	207 +1%	206 -1%	213 +4%	218 +2%	224 +3%	233 +4%	244 +5%	257 +5%	268 +4%	277 +3%	284 +3%	292 +3%	297 +2%	302 +1%	306 +1%	304 -1%	301 -1%	300 -1%	300 +0%	298 -1%	302 +1%	301 0%	299 -1%	298 0%	298 +0%	303 +2%	306 +1%	310 +1%	313 +1%	315 +1%	317 +1%	320 +1%	323 +1%	323 +0%	326 +1%	329 +1%	333 +1%	337 +1%	339 +1%	339 0%	336 -1%	331 -2%	320 -3%	310 -3%	297 -4%	283 -4%	273 -4%	263 -3%	261 -1%	261 0%	265 +2%	270 +2%	272 +1%	280 +3%	287 +3%	297 +3%	306 +3%	311 +2%	316 +2%	318 +1%	320 +1%	320 N/A	320 +0%	322 +1%	324 +0%	325 +0%	328 +1%	333 +2%	340 +2%	351 +3%	361 +3%	372 +3%	386 +4%	398 +3%	412 +3%	426 +3%	438 +3%	447 +2%	455 +2%	463 +2%
Operating Income
Operating Expenses	(89)	(89)	(89)	(89)	(90)	(93)	(96)	(99)	(100)	(106)	(112)	(118)	(125)	(128)	(123)	(122)	(122)	(118)	(123)	(123)	(123)	(124)	(128)	(133)	(138)	(140)	(142)	(144)	(146)	(147)	(148)	(147)	(147)	(126)	(107)	(86)	(66)	(75)	(73)	(73)	(65)	(72)	(74)	(75)	(69)	(78)	(78)	(80)	(75)	(83)	(84)	(84)	(78)	(86)	(86)	(86)	(79)	(85)	(86)	(86)	(83)	(86)	(86)	(85)	(84)	(85)	(87)	(89)	(91)	(92)	(93)	(95)	(97)	(98)	(101)	(99)	(99)	(97)	(96)	(95)	(93)	(93)	(92)	(93)	(95)	(98)	(100)	(103)	(106)	(107)	(110)	(112)	(114)	(115)	(116)	(116)
Selling, General & Administrative	(35)	(37)	(38)	(41)	(44)	(46)	(48)	(49)	(50)	(50)	(51)	(52)	(54)	(56)	(51)	(49)	(48)	(45)	(50)	(50)	(49)	(50)	(51)	(53)	(54)	(53)	(54)	(56)	(58)	(60)	(61)	(61)	(62)	(63)	(62)	(62)	(63)	(63)	(63)	(63)	(62)	(62)	(63)	(64)	(66)	(66)	(67)	(68)	(71)	(71)	(72)	(72)	(74)	(75)	(75)	(76)	(75)	(76)	(76)	(76)	(77)	(77)	(78)	(78)	(78)	(79)	(81)	(83)	(84)	(85)	(85)	(87)	(88)	(90)	(92)	(91)	(91)	(89)	(88)	(87)	(85)	(85)	(84)	(86)	(87)	(90)	(92)	(95)	(98)	(99)	(102)	(103)	(106)	(106)	(107)	(107)
Depreciation & Amortization	(54)	(52)	(51)	(49)	(47)	(48)	(49)	(50)	(51)	(56)	(61)	(66)	(72)	(73)	(73)	(74)	(75)	(74)	(73)	(74)	(73)	(75)	(77)	(80)	(84)	(87)	(88)	(89)	(88)	(87)	(87)	(86)	(85)	(65)	(45)	(24)	(3)	(5)	(7)	(9)	(3)	(4)	(4)	(4)	(4)	(11)	(12)	(12)	(4)	(12)	(12)	(12)	(5)	(11)	(11)	(10)	(5)	(10)	(10)	(10)	(5)	(9)	(8)	(7)	(6)	(6)	(6)	(6)	(7)	(7)	(8)	(9)	(9)	(9)	(9)	(8)	(8)	(8)	(8)	(8)	(8)	(8)	(8)	(8)	(8)	(8)	(8)	(8)	(8)	(8)	(8)	(8)	(8)	(8)	(9)	(9)
Other Operating Expenses	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	2	0	0	0	(7)	(3)	0	0	(7)	(7)	(7)	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Operating Income	75 N/A	73 -3%	82 +12%	91 +11%	97 +7%	99 +2%	99 -1%	99 0%	102 +3%	99 -3%	94 -5%	90 -4%	83 -8%	82 -1%	83 +2%	84 +1%	85 +1%	87 +3%	90 +3%	95 +5%	102 +7%	108 +7%	116 +8%	125 +7%	130 +4%	136 +5%	143 +5%	148 +4%	152 +2%	155 +2%	158 +2%	157 -1%	154 -2%	174 +13%	193 +11%	212 +10%	236 +11%	226 -4%	225 0%	224 0%	233 +4%	231 -1%	232 +1%	235 +1%	243 +4%	237 -2%	238 +0%	240 +1%	248 +3%	240 -3%	242 +1%	245 +1%	254 +4%	251 -1%	253 +1%	253 0%	256 +1%	245 -4%	235 -4%	224 -5%	214 -4%	197 -8%	187 -5%	178 -5%	177 -1%	175 -1%	179 +2%	181 +1%	182 +0%	188 +4%	194 +3%	202 +4%	209 +3%	213 +2%	216 +1%	219 +1%	222 +1%	223 +1%	225 +1%	227 +1%	231 +2%	232 +1%	235 +1%	240 +2%	244 +2%	253 +4%	261 +3%	269 +3%	281 +4%	292 +4%	302 +4%	314 +4%	324 +3%	332 +2%	340 +3%	348 +2%
Pre-Tax Income
Interest Income Expense	(67)	(68)	(70)	(75)	(77)	(80)	(81)	(80)	(80)	(80)	(79)	(78)	(78)	(79)	(81)	(84)	(86)	(86)	(85)	(85)	(84)	(86)	(89)	(93)	(98)	(102)	(106)	(110)	(111)	(111)	(111)	(112)	(112)	(84)	(92)	89	102	39	212	172	260	497	462	584	453	335	279	140	87	112	88	(15)	(3)	(37)	(91)	(330)	(207)	(211)	(228)	(68)	(261)	(286)	(219)	(131)	(111)	(56)	(67)	(82)	16	(68)	(59)	(21)	(170)	(108)	(217)	(332)	(413)	(444)	(360)	(94)	224	257	354	162	41	190	265	249	397	473	386	395	271	34	(54)	(80)
Non-Reccuring Items	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	1	0	0	0	1	0	0	0	1	1	1	1	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Gain/Loss on Disposition of Assets	(30)	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	(1)	(1)	(2)	(3)	0	0	0	0	(0)	(1)	0	0	0	0	0	0	0	(0)	(0)	(0)	0	0	(7)	(7)	0	(7)	0	0	0	0	0	(2)	0	0	0	0	0	(0)	(1)	(1)	0	(1)	(1)	(1)	0	(1)	(1)	(2)	0	(2)	(1)	0	0	0	0	(1)	0	0	0	0	(2)	(2)	(9)
Total Other Income	0	(30)	(30)	(2)	1	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	(2)	(4)	(8)	(10)	(13)	(10)	(8)	(8)	(8)	(8)	(8)	(8)	(9)	(9)	(9)	(9)	(9)	(9)	(9)	(15)	(15)	(15)	(15)	(14)	(21)	(14)	(14)	(10)	(8)	(7)	(7)	(7)	(8)	(7)	(6)	(5)	(4)	(4)	(4)	(4)	(4)	(5)	(5)	(5)	(4)	(4)	(4)	(7)	(1)	1	(1)	(2)	(8)	(11)	(11)	(10)	(11)	(8)	(13)	(7)	50	48	54
Pre-Tax Income	(22) N/A	(25) -13%	(18) +27%	14 N/A	21 +53%	20 -4%	18 -8%	19 +6%	22 +17%	19 -13%	15 -23%	12 -21%	5 -61%	3 -46%	2 -36%	0 -94%	(0) N/A	2 N/A	5 +225%	10 +94%	18 +81%	22 +22%	28 +24%	32 +16%	33 +3%	35 +7%	37 +6%	40 +6%	41 +4%	44 +8%	47 +7%	45 -4%	43 -6%	87 +105%	96 +10%	292 +203%	324 +11%	253 -22%	425 +68%	387 -9%	485 +25%	720 +48%	685 -5%	810 +18%	688 -15%	563 -18%	509 -10%	371 -27%	326 -12%	343 +5%	321 -6%	221 -31%	236 +7%	198 -16%	147 -26%	(100) N/A	29 N/A	14 -54%	(14) N/A	142 N/A	(57) N/A	(96) -68%	(39) +59%	41 N/A	57 +41%	110 +91%	103 -6%	91 -11%	193 +112%	116 -40%	131 +13%	177 +36%	34 -81%	100 +194%	(7) N/A	(118) -1 586%	(197) -67%	(226) -15%	(140) +38%	127 N/A	446 +252%	487 +9%	589 +21%	400 -32%	283 -29%	435 +54%	515 +18%	507 -1%	666 +31%	753 +13%	679 -10%	695 +2%	588 -15%	414 -30%	331 -20%	314 -5%
Net Income
Tax Provision	9	9	4	(8)	(9)	(9)	(9)	(8)	(15)	(14)	(10)	(7)	0	1	1	0	(0)	0	(1)	(1)	(1)	(0)	(112)	(114)	(101)	(103)	8	12	(0)	11	11	9	6	(13)	(12)	(56)	(47)	703	703	746	740	0	(0)	0	0	(0)	(0)	(0)	(1)	(0)	(0)	(0)	0	(0)	(0)	(0)	(0)	0	(0)	(0)	(0)	(0)	(0)	(0)	(0)	(0)	(0)	(0)	0	0	0	1	1	0	0	0	0	(0)	(0)	(0)	0	0	0	(0)	(0)	(0)	(0)	(0)	(0)	(0)	(0)	(0)	(0)	(0)	(0)	0
Income from Continuing Operations	(13)	(16)	(15)	6	12	10	9	11	7	5	5	4	5	4	2	1	(0)	2	5	9	18	22	(85)	(82)	(68)	(68)	45	52	41	55	58	54	48	74	85	235	277	956	1 129	1 134	1 225	720	685	810	689	563	509	370	325	342	321	220	236	198	147	(100)	29	14	(14)	142	(57)	(96)	(40)	40	57	109	103	91	193	116	131	178	35	101	(6)	(117)	(197)	(226)	(140)	127	446	487	589	400	283	435	515	507	666	752	679	695	588	414	331	314
Net Income (Common)	(13) N/A	(16) -23%	(15) +7%	6 N/A	12 +93%	11 -4%	10 -13%	11 +18%	8 -32%	5 -36%	5 -4%	4 -13%	5 +14%	4 -17%	5 +13%	3 -36%	5 +72%	14 +186%	16 +8%	20 +30%	25 +26%	22 -15%	(80) N/A	(74) +7%	(59) +20%	(57) +3%	52 N/A	56 +8%	46 -19%	58 +26%	61 +6%	58 -5%	62 +7%	88 +42%	97 +10%	247 +154%	277 +12%	956 +245%	1 129 +18%	1 134 +0%	1 225 +8%	720 -41%	685 -5%	810 +18%	689 -15%	565 -18%	516 -9%	381 -26%	338 -11%	367 +9%	338 -8%	234 -31%	247 +6%	196 -21%	147 -25%	(100) N/A	29 N/A	14 -53%	(14) N/A	142 N/A	(57) N/A	(96) -68%	(40) +59%	40 N/A	57 +42%	109 +91%	103 -6%	91 -11%	193 +111%	116 -40%	131 +13%	178 +35%	35 -80%	101 +189%	(6) N/A	(117) -1 734%	(197) -68%	(226) -15%	(140) +38%	127 N/A	446 +252%	487 +9%	589 +21%	400 -32%	283 -29%	435 +54%	515 +18%	507 -1%	666 +31%	752 +13%	679 -10%	695 +2%	588 -15%	414 -30%	331 -20%	314 -5%
EPS (Diluted)	-0.26 N/A	-0.31 -19%	-0.29 +6%	0.12 N/A	0.23 +92%	0.21 -9%	0.18 -14%	0.21 +17%	0.14 -33%	0.1 -29%	0.1 N/A	0.08 -20%	0.09 +12%	0.07 -22%	0.08 +14%	0.05 -38%	0.09 +80%	0.26 +189%	0.27 +4%	0.35 +30%	0.45 +29%	0.4 -11%	-1.41 N/A	-1.32 +6%	-1.05 +20%	-1.03 +2%	0.91 N/A	1.04 +14%	0.84 -19%	1.08 +29%	1.13 +5%	1.1 -3%	1.17 +6%	1.67 +43%	1.81 +8%	4.68 +159%	5.26 +12%	18.26 +247%	21.61 +18%	21.71 +0%	23.42 +8%	15.06 -36%	13.09 -13%	16.94 +29%	13.16 -22%	10.79 -18%	9.85 -9%	7.26 -26%	6.44 -11%	6.99 +9%	7.05 +1%	4.9 -30%	5.16 +5%	3.76 -27%	2.81 -25%	-2.1 N/A	0.55 N/A	0.29 -47%	-0.31 N/A	3.06 N/A	-1.24 N/A	-1.89 -52%	-0.77 +59%	0.79 N/A	1.12 +42%	2.15 +92%	2.21 +3%	1.96 -11%	3.8 +94%	2.5 -34%	2.57 +3%	3.81 +48%	0.75 -80%	1.97 +163%	-0.13 N/A	-2.52 -1 838%	-4.24 -68%	-4.87 -15%	-3.02 +38%	2.71 N/A	9.59 +254%	10.57 +10%	11.67 +10%	8.73 -25%	5.62 -36%	9.51 +69%	11.25 +18%	11.09 -1%	14.54 +31%	15.23 +5%	12.57 -17%	14.18 +13%	10.89 -23%	8.44 -22%	6.76 -20%	5.86 -13%

Income Statement Balance Sheet Cash Flow Statement

Boardwalk Real Estate Investment Trust
OTC:BOWFF

Income Statement

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Boardwalk Real Estate Investment Trust

Income Statement
Boardwalk Real Estate Investment Trust

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Boardwalk Real Estate Investment Trust OTC:BOWFF

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Earnings Waterfall Boardwalk Real Estate Investment Trust

Income Statement Boardwalk Real Estate Investment Trust

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Boardwalk Real Estate Investment Trust
OTC:BOWFF

Earnings Waterfall
Boardwalk Real Estate Investment Trust

Income Statement
Boardwalk Real Estate Investment Trust