LETTER FROM THE CEO

We are pleased to present Boardwalk REIT’s third annual Environmental, Social and Governance (“ESG”) report which will provide an overview of our many environmental, social and governance accomplishments and initiatives from 2021.

Our actions and initiatives are predicated on a foundation of always aiming to do what is right. Our approach and strategy remain consistent as we aim to build the best culture and brand. Boardwalk strives to attract and retain caring, peak performers while ensuring all our Resident Members who live in our communities are proud to call Boardwalk their home. Our impact with ESG involvement includes the ability to reduce our greenhouse gas (“GHG”) emissions, to empower our Associates, to foster satisfied Resident Members, and to create value for all our stakeholders through disciplined governance. We continue to prioritize environmental initiatives which result in decreases in our GHG emissions and corresponding operating costs. We are pleased to announce a long-term GHG reduction target of 15% to be achieved by 2030 (using 2019 as the base year) as well as a 15% reduction in water usage. We have identified our GHG emissions reduction pathways to work towards achieving these reductions while continuing to engage with our Resident Members. We see an opportunity to continue to work with our Associates, to attract, retain, promote and encourage employment satisfaction. In 2021 we implemented an employee Net Promoter Score to allow us to assess and improve upon employee satisfaction. We will continue to be an equal opportunity employer who does not discriminate, but who recognizes Associates for hard work and strong engagement. Our Boardwalk Team recognizes the importance of the role that our Associates play in contributing toward our ESG goals and objectives. We will continue to not only serve the communities in which we are located but also the broader cities in which we operate. We strive to provide affordable housing to all while maintaining our superior standards in customer service, product quality, and experience. Our Board of Trustees will continue to provide the highest level of governance and oversight including ongoing involvement with our ESG strategy. We strive to be a leader across all elements of ESG.

We see the future as an opportunity and commend our Associates and partners for the incredible work of 2021. Focusing on ESG initiatives benefits our environment, our Associates, our Resident Members and our stakeholders, while attracting and retaining Associates and encouraging Resident Members to want to live with us. We will continue to operate and grow under our Golden Foundation: “Treat others as we would like to be treated, be good, love community, and have fun.” With love always,

SAM KOLIAS

Chairman and Chief Executive Officer