TSX SYMBOL: BEI May 3, 2004
Boardwalk REIT Reorganization Completed
Calgary, Alberta – May 3, 2004
- Boardwalk Equities Inc. ("BEI" - TSE)
Boardwalk Equities Inc. and Boardwalk Real Estate
Investment Trust are pleased to announce the successful
completion of the reorganization of Boardwalk Equities
Inc.'s business into Boardwalk Real Estate Investment
Trust. The reorganization occurred under a Plan of
Arrangement filed on May 3, 2004.
Boardwalk Real Estate Investment Trust currently has
issued approximately 53 million REIT Units including
class B limited partnership units exchangeable for REIT
Units. Pursuant to the Plan of Arrangement, a private
holding company indirectly owned by Messrs. Sam and
Van Kolias, received a total of 4.475 million class B
limited partnership units in exchange for 4.475 million
Boardwalk common shares. The class B limited partnership
units are exchangeable into REIT Units on a one-for-one
basis.
It is anticipated that Boardwalk Real Estate Investment
Trust will commence distributions on June 15, 2004 to
holders of REIT Units of record on May 31, 2004. The
amount of the distribution on that date is expected to
be $0.103 for each REIT Unit held. Class B limited
partnership units are entitled to an equivalent
distribution. Subject to receipt of approvals from the
Toronto Stock Exchange and the fulfillment of certain
requirements of that exchange, the REIT Units will trade
on the Toronto Stock Exchange under the symbol "BEI.UN".
It is anticipated that trading under the new symbol will
begin on or about May 5, 2004. Until such time, the
Common Shares of Boardwalk Equities Inc. will continue
to trade under the symbol "BEI", and will represent,
during the interim period from the filing of the Plan
of Arrangement on Monday, May 3, 2004, and the close of
market on Tuesday, May 4, 2004, an entitlement to
REIT Units.
Corporate Profile
Boardwalk REIT is an open-ended real estate investment
trust formed to acquire all 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.
Boardwalk REIT currently owns and operates in excess of
250 properties with over 31,400 units totaling
approximately 26 million net rentable square feet,
and is Canada’s largest owner/operator of multi-family
rental communities. The Company’s portfolio is
concentrated in the provinces of Alberta, Saskatchewan,
Ontario and Quebec.
Forward Looking Information
This press release may contain forward looking statements.
These statements relate, but are not limited to, the
Corporation’s expectations, intentions, plans and beliefs.
These forward looking statements can generally be
identified by the use of words “anticipated”, “expected”
or the negative thereof or other comparable terminology.
You should be aware that these statements are subject to
known and unknown risks, uncertainties and other factors,
including the risks discussed under the heading
“Risk Factors” in the Management Information Circular of
Boardwalk available on www.sedar.com. Actual events or
results may differ materially from those suggested by
any forward-looking statements. You should not place
undue reliance on any forward-looking statements
contained in this press release.
By their nature, forward-looking statements involve
numerous assumptions, inherent risks and uncertainties,
both general and specific, that contribute to the
possibility that the predictions, forecasts, projections
and various future events will not occur. Although
management of Boardwalk believes that the expectations
reflected in the forward-looking statements are
reasonable, there can be no assurance that future
results, levels of activity, performance or achievements
will occur as anticipated. None of Boardwalk,
Boardwalk REIT nor any other person assumes
responsibility for the accuracy and completeness of
any forward-looking statements, and no one has any
obligation to update or revise any forward-looking
statement, whether as a result of new information,
future events or such other factors which affect this
information, except as required by law.
For further information please contact:
Boardwalk Equities Inc. / Boardwalk REIT
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.
