TSX SYMBOL: BEI April 29, 2004
Shareholders Approve Boardwalk REIT;
Boardwalk REIT Receives Court Approval
Calgary, Alberta – April 29, 2004 - Boardwalk Equities Inc. (“BEI” - TSE) The Board of Directors of the Corporation is pleased to announce that the shareholders have approved the previously announced reorganization of the Company as a Real Estate Investment Trust at a meeting held April 28, 2004. The Court of Queen's Bench granted a final order approving the Plan of Arrangement on April 29, 2004 and all other necessary regulatory approvals have been obtained. Various internal reorganization steps are being completed and it is anticipated that the Plan of Arrangement will be filed on Monday, May 3, 2004. Subject to the satisfaction of all conditions imposed by the Toronto Stock Exchange in its conditional approval of the listing of the Units of Boardwalk REIT by Monday, May 3, 2004, Units of Boardwalk REIT will commence trading on Wednesday, May 5, 2004. The Common Shares of the Company will continue to trade on the Exchange in the interim period between May 3, 2004 until close of market on Tuesday, May 4, 2004 and will, on Monday, May 3, 2004 and Tuesday, May 4, 2004, represent an entitlement to REIT Units. Shareholders overwhelmingly supported this important step for the Company with over 99% of votes cast in favour of the Plan of Arrangement. Corporate Profile Boardwalk Equities Inc. is Canada's largest owner/operator of multi- family rental communities. Boardwalk currently owns and operates in excess of 250 properties with over 31,400 units totaling approximately 26 million net rentable square feet. The Company's portfolio is concentrated in the provinces of Alberta, Saskatchewan, Ontario and Quebec. Boardwalk is headquartered in Calgary and its shares are listed on the Toronto Stock Exchange under the symbol BEI. The Company has a total market capitalization of approximately $2.2 billion. Boardwalk REIT is an open-ended real estate investment trust formed to acquire all the of the assets and undertakings of Boardwalk Equities Incorporated. Boardwalk REIT's principal objectives are to provide its unitholders with monthly cash distributions, partially on a Canadian income tax-deferred basis, and to increase the value of its units through the effective management of its residential multi- family revenue producing properties and the acquisition of additional properties. For further information please contact: Boardwalk Equities Inc. Sam Kolias, President and CEO, (403) 531-9255; Roberto Geremia, Senior Vice President, Finance and Chief Financial Officer, (403) 531-9255; Mike Hough, Senior Vice President, (416) 364-0849; Paul Moon, Director of Corporate Communications, (403) 531-9255.
