OTC · Financial Statements

Boardwalk Real Estate Investment Trust (BOWFF) Financial Statements

$47.03 OTC: BOWFF Market Cap $2.25B

Boardwalk Real Estate Investment Trust most recently reported annual revenue of $638.0M, net profit of $197.0M. Revenue grew at an average annual rate of 6.5% over the last 5 fiscal years. See the full income statement, balance sheet, and cash flow statement below, plus valuation and return ratios.

Boardwalk Real Estate Investment Trust: Revenue rose from $439.0M in 2016 to $638.0M in 2025, a change of +45.3% over 9 years; net profit was positive in 8 of 10 reported years; operating margin moved from 57.7% to 55.2%, a shift of -2.5 percentage points; the most recent year shows net profit of $197.0M.

Income Statement — 10 Years (USD millions)

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Revenue	$439.0M	$423.0M	$435.0M	$455.0M	$466.0M	$471.0M	$495.0M	$546.0M	$603.0M	$638.0M
Operating Expenses	$186.0M	$207.0M	$209.0M	$293.0M	$197.0M	$348.0M	$235.0M	$265.0M	$279.0M	$286.0M
Operating Profit	$253.0M	$216.0M	$226.0M	$162.0M	$268.0M	$123.0M	$260.0M	$281.0M	$324.0M	$352.0M
Operating Margin	57.7%	51.1%	52.0%	35.6%	57.6%	26.1%	52.6%	51.4%	53.7%	55.2%
Other Income	$-271.0M	$-120.0M	$11.0M	$-174.0M	$-421.0M	$218.0M	$23.0M	$391.0M	$264.0M	$-156.0M
Interest	$72.0M	$72.0M	$72.0M	$79.0M	$82.0M	$79.0M	$85.0M	$99.0M	$108.0M	$118.0M
Depreciation	$5.0M	$6.0M	$7.0M	$9.0M	$8.0M	$8.0M	$8.0M	$8.0M	$8.0M	$9.0M
Profit Before Tax	$-57.0M	$57.0M	$193.0M	$34.0M	$-197.0M	$446.0M	$283.0M	$666.0M	$588.0M	$197.0M
Tax	$-100,000	$240,000	$10,000	$-2.2M	$40,000	$-20,000	$30,000	$10,000	$10,000	$-10,000
Net Profit	$-57.0M	$57.0M	$193.0M	$35.0M	$-197.0M	$446.0M	$283.0M	$666.0M	$588.0M	$197.0M
EPS	$-1.24	$0.84	$3.80	$0.75	$-3.87	$9.59	$5.23	$14.54	$10.41	$3.84
Dividend Payout	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Quarterly Results — Last 12 Quarters (USD millions)

8 duplicate period labels in the source data were collapsed.

Metric	Jun '23	Sep '23	Dec '23	Mar '24	Jun '24	Sep '24	Dec '24	Mar '25	Jun '25	Sep '25	Dec '25	Mar '26
Revenue	$134.0M	$138.0M	$143.0M	$145.0M	$149.0M	$153.0M	$156.0M	$156.0M	$157.0M	$161.0M	$165.0M	$164.0M
Operating Expenses	$100.0M	$89.0M	$88.0M	$102.0M	$68.0M	$68.0M	$72.0M	$73.0M	$69.0M	$64.0M	$50.0M	$68.0M
Operating Profit	$34.0M	$49.0M	$55.0M	$43.0M	$80.0M	$85.0M	$84.0M	$83.0M	$89.0M	$97.0M	$114.0M	$96.0M
Operating Margin	25.2%	35.5%	38.5%	29.5%	54.1%	55.5%	53.7%	53.1%	56.4%	60.2%	69.3%	58.7%
Interest	$24.0M	$25.0M	$26.0M	$26.0M	$27.0M	$27.0M	$28.0M	$27.0M	$28.0M	$29.0M	$32.0M	$33.0M
Profit Before Tax	$232.0M	$39.0M	$173.0M	$308.0M	$159.0M	$55.0M	$66.0M	$134.0M	$76.0M	$38.0M	$-51.0M	$-5.0M
Tax	$-10,000	$80,000	$0	$30,000	$0	$30,000	$-20,000	$30,000	$-50,000	$-40,000	$30,000	$-640,000
Net Profit	$232.0M	$39.0M	$173.0M	$308.0M	$159.0M	$55.0M	$66.0M	$134.0M	$76.0M	$38.0M	$-51.0M	$-6.0M
EPS	$5.08	$0.86	$3.75	$6.23	$2.33	$1.12	$0.73	$2.73	$1.56	$1.00	$-1.45	$-0.20

Over the 10 years reported for Boardwalk Real Estate Investment Trust, borrowings increased from $2.4B in 2016 to $3.6B in 2025, cash stood at $97.0M in the latest year, shareholders' equity was $534.0M, current assets covered current liabilities 0.12 times.

Balance Sheet — 10 Years (USD millions)

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Total Assets	$5.8B	$5.9B	$6.1B	$6.3B	$6.1B	$6.7B	$7.1B	$8.1B	$8.6B	$9.0B
Current Assets	$132.0M	$108.0M	$106.0M	$62.0M	$85.0M	$93.0M	$90.0M	$369.0M	$301.0M	$107.0M
Cash	$99.0M	$71.0M	$38.0M	$35.0M	$53.0M	$64.0M	$53.0M	$331.0M	$122.0M	$97.0M
Inventory	$7.0M	$15.0M	$10.0M	$8.0M	$6.0M	$8.0M	$8.0M	$7.0M	$6.0M	$7.0M
Receivables	$6.0M	$5.0M	$40.0M	$4.0M	$3.0M	$7.0M	$5.0M	$5.0M	$68.0M	$10.0M
Fixed Assets	$24.0M	$30.0M	$31.0M	$36.0M	$32.0M	$30.0M	$31.0M	$31.0M	$34.0M	$35.0M
Capital Work in Progress	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Investments	$5.6B	$5.7B	$20.0M	$27.0M	$37.0M	$43.0M	$44.0M	$40.0M	$53.0M	$8.7B
Other Assets	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Total Liabilities	$2.7B	$2.9B	$3.0B	$3.2B	$3.2B	$3.4B	$3.6B	$3.8B	$3.8B	$4.1B
Current Liabilities	$428.0M	$352.0M	$675.0M	$453.0M	$541.0M	$606.0M	$585.0M	$601.0M	$1.1B	$890.0M
Borrowings	$2.4B	$2.6B	$2.7B	$2.9B	$3.0B	$3.1B	$3.3B	$3.4B	$3.6B	$3.6B
Other Liabilities	$312.0M	$293.0M	$263.0M	$288.0M	$229.0M	$328.0M	$306.0M	$427.0M	$143.0M	$436.0M
Equity	$192.0M	$195.0M	$197.0M	$200.0M	$203.0M	$215.0M	$212.0M	$452.0M	$458.0M	$534.0M
Reserves	$3.0B	$3.0B	$3.1B	$3.1B	$2.9B	$3.3B	$3.5B	$4.3B	$4.8B	$4.9B

For Boardwalk Real Estate Investment Trust, operating cash flow was positive in 10 of 10 reported years; free cash flow in the latest year was $80.0M; free cash flow was positive in 10 of 10 years; financing activities used $55.0M in the latest year, which covers debt repayment, dividends and buybacks.

Cash Flow Statement — 10 Years (USD millions)

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Operating Cash Flow	$134.0M	$102.0M	$107.0M	$161.0M	$141.0M	$162.0M	$161.0M	$200.0M	$241.0M	$260.0M
Investing Cash Flow	$-253.0M	$-214.0M	$-215.0M	$-205.0M	$-222.0M	$-265.0M	$-326.0M	$-281.0M	$-485.0M	$-340.0M
Financing Cash Flow	$-44.0M	$-19.0M	$-10.0M	$31.0M	$-14.0M	$-34.0M	$-36.0M	$-10.0M	$-8.0M	$-55.0M
Net Cash Flow	$-138.0M	$-28.0M	$-33.0M	$-3.0M	$18.0M	$11.0M	$-11.0M	$278.0M	$-209.0M	$-31.0M
Free Cash Flow	$129.0M	$90.0M	$99.0M	$155.0M	$136.0M	$35.0M	$32.0M	$74.0M	$108.0M	$80.0M

Valuation & Return Ratios

Metric	Value
PEG Ratio	-0.66
EV / EBITDA	30.25
FCF Yield	2.88%
Quick Ratio	0.26
Interest Coverage	3.26
Return 1Y	-9.81%
Return 3Y	-2.35%
Return 5Y	44.10%

Boardwalk Real Estate Investment Trust (BOWFF) financials — frequently asked questions

What is Boardwalk Real Estate Investment Trust's annual revenue?

Boardwalk Real Estate Investment Trust (BOWFF) reported annual revenue of $638.0M in its most recent fiscal year.

What is Boardwalk Real Estate Investment Trust's net profit?

Boardwalk Real Estate Investment Trust (BOWFF) reported net profit of $197.0M in its most recent fiscal year.

What is BOWFF EV/EBITDA?

Boardwalk Real Estate Investment Trust's enterprise value to EBITDA (EV/EBITDA) ratio is 30.25.

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