Distribution Summary - Boardwalk R.E.I.T.

The Trust suspended its DRIP effective February 29, 2008. Notification to that effect was mailed to DRIP participants on February 15, 2008 (see Notification of Suspension).

The DRIP provided efficient and cost-effective equity to support the Trust's financing strategy. However, with its current liquidity and Normal Course Issuer Bid, the Trust no longer requires this source of funding. The Trust may reinstate the DRIP in the future if required to fund new investing activities. For more information on the Normal Course Issuer Bid, please see the information under the heading “Strategy for Growth-Normal Course Issuer Bid” in the Trust’s Renewal Annual Information Form, dated February 15, 2008, a copy of which may be found on our website at http://www.boardwalkreit.com/BwalkREIT_AIF2008.pdf.

The suspension of the DRIP does not affect regular distributions and Unitholders will continue to receive the regular distribution as declared.

Unitholders must consider the tax consequences of their past participation in the DRIP and the disclosure below should assist Unitholders in this regard.

Canadian Federal Tax considerations for DRIP participants
Electing distribution reinvestment option

Unitholders must consider the tax consequences of their past participation in the DRIP. Generally, where Participants elect to accumulate additional Units under the distribution reinvestment plan, the Participants reinvest their distributions in additional Units at approximately 97% of the Average Market Price. (A copy of the DRIP can be found on the Trust’s website at http://boardwalkreit.com/BoardwalkDRIP-June2004.pdf for a description of the Plan.)

The Canada Revenue Agency (the "CRA") generally takes the position that under a DRIP where the fair market value of the Units acquired exceeds the purchase price, the difference is a benefit and must be included in the Participant's income for tax purposes. The cost of the Units acquired under the DRIP is the amount reinvested plus the amount of the benefit. The units acquired under the DRIP must be averaged with the cost of all other Units the Participant holds for the purpose of determining the adjusted cost base of all the Participant's Units. Capital gains or losses arising on a disposition of the Participant's Units will be measured by reference to the adjusted cost base of all the Participant's Units.

2008 Boardwalk REIT Distribution Summary

Click "Month" column for Monthly Distribution Press Release.

Month	Per Unit	Annualized	Record Date	Payable Date
August 2008	$0.1500	$1.80	August 29, 2008	September 15, 2008
July 2008	$0.1500	$1.80	July 31, 2008	August 15, 2008
June 2008	$0.1500	$1.80	June 30, 2008	July 15, 2008
May 2008	$0.1500	$1.80	May 30, 2008	Jun 16, 2008
April 2008	$0.1500	$1.80	Apr 30, 2008	May 15, 2008
March 2008	$0.1500	$1.80	Mar 31, 2008	April 15, 2008
February 2008	$0.1500	$1.80	Feb 29, 2008	Mar 17, 2008
Jan 2008	$0.1500	$1.80	Jan 31, 2007	Feb 15, 2008

Income Tax Information

D.R.I.P. Trust Unit Cost

2007 Boardwalk REIT Distribution Summary

Click "Month" column for Monthly Distribution Press Release.

Month	Per Unit	Annualized	Record Date	Payable Date
Dec 2007	$0.1500	$1.80	Dec 31, 2007	Jan 15, 2008
Nov 2007	$0.1500	$1.80	Nov 30, 2007	Dec 17, 2007
Oct 2007	$0.1333	$1.60	Oct 31, 2007	Nov 15, 2007
Sep 2007	$0.1333	$1.60	Sep 28, 2007	Oct 15, 2007
Aug 2007	$0.1333	$1.60	Aug 31, 2007	Sep 14, 2007
Jul 2007	$0.1333	$1.60	Jul 31, 2007	Aug 15, 2007
Jun 2007	$0.1333	$1.60	Jun 29, 2007	Jul 16, 2007
May 2007	$0.1333	$1.60	May 31, 2007	Jun 15, 2007
Apr 2007	$0.1233	$1.48	Apr 30, 2007	May 15, 2007
Mar 2007	$0.1233	$1.48	Mar 30, 2007	Apr 16, 2007
Feb 2007	$0.1233	$1.48	Feb 28, 2007	Mar 15, 2007
Jan 2007	$0.1233	$1.48	Jan 31, 2007	Feb 15, 2007

Income Tax Information

D.R.I.P. Trust Unit Cost

2006 Boardwalk REIT Distribution Summary

Click "Month" column for Monthly Distribution Press Release.

Month	Per Unit	Annualized	Record Date	Payable Date
Dec 2006	$0.1233	$1.48	Dec 29, 2006	Jan 15, 2007
Nov 2006	$0.123	$1.48	Nov 30, 2006	Dec 15, 2006
Oct 2006	$0.105	$1.26	Oct 31, 2006	Nov 15, 2006
Sep 2006	$0.105	$1.26	Sep 29, 2006	Oct 16, 2006
Aug 2006	$0.105	$1.26	Aug 31, 2006	Sep 15, 2006
Jul 2006	$0.105	$1.26	Jul 31, 2006	Aug 15, 2006
Jun 2006	$0.105	$1.26	Jun 30, 2006	Jul 17, 2006
May 2006	$0.105	$1.26	May 31, 2006	Jun 15, 2006
Apr 2006	$0.105	$1.26	Apr 28, 2006	May 15, 2006
Mar 2006	$0.105	$1.26	Mar 31, 2006	Apr 17, 2006
Feb 2006	$0.105	$1.26	Feb 28, 2006	Mar 15, 2006
Jan 2006	$0.105	$1.26	Jan 31, 2006	Feb 15, 2006

Income Tax Information

D.R.I.P. Trust Unit Cost

2005 Boardwalk REIT Distribution Summary

Click "Month" column for Monthly Distribution Press Release.

Month	Per Unit	Annualized	Record Date	Payable Date
Dec 2005	$0.105	$1.26	Dec 30, 2005	Jan 16, 2006
Nov 2005	$0.105	$1.26	Nov 30, 2005	Dec 15, 2005
Oct 2005	$0.105	$1.26	Oct 31, 2005	Nov 15, 2005
Sep 2005	$0.105	$1.26	Sep 30, 2005	Oct 17, 2005
Aug 2005	$0.105	$1.26	Aug 31, 2005	Sep 15, 2005
Jul 2005	$0.105	$1.26	Jul 29, 2005	Aug 15, 2005
Jun 2005	$0.105	$1.26	Jun 30, 2005	Jul 15, 2005
May 2005	$0.105	$1.26	May 31, 2005	Jun 15, 2005
Apr 2005	$0.105	$1.26	Apr 29, 2005	May 13, 2005
Mar 2005	$0.105	$1.26	Mar 31, 2005	Apr 15, 2005
Feb 2005	$0.105	$1.26	Feb 28, 2005	Mar 15, 2005
Jan 2005	$0.105	$1.26	Jan 31, 2005	Feb 15, 2005

Income Tax Information

D.R.I.P. Trust Unit Cost

2004 Boardwalk REIT Distribution Summary

Click "Month" column for Monthly Distribution Press Release.

Month	Per Unit	Annualized	Record Date	Payable Date
Dec 2004	$0.105	$1.26	Dec 31, 2004	Jan 17, 2005
Nov 2004	$0.105	$1.26	Nov 30, 2004	Dec 15, 2004
Oct 2004	$0.103	$1.24	Oct 29, 2004	Nov 15, 2004
Sep 2004	$0.103	$1.24	Sep 30, 2004	Oct 15, 2004
Aug 2004	$0.103	$1.24	Aug 31, 2004	Sep 15, 2004
Jul 2004	$0.103	$1.24	Jul 30, 2004	Aug 16, 2004
Jun 2004	$0.103	$1.24	Jun 30, 2004	Jul 15, 2004
May 2004	$0.103	$1.24	May 31, 2004	Jun 15, 2004

Income Tax Information

D.R.I.P. Trust Unit Cost

* On May 3, 2004, Boardwalk Equities Inc. converted
into a Real Estate Investment Trust (REIT).

Boardwalk R.E.I.T. Contact Information

Boardwalk Head Office Suite 200, 1501 1st Street S.W. Calgary, Alberta, Canada, T2R 0W1 (403) 531-9255 Email: Technical Support

Afton Bell Investor Relations (403) 206-6758 Fax: (403) 298-3919

David McIlveen Media Relations Direct: (403) 206-6878 Fax: (403) 298-3941

 

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