TSX SYMBOL: BEI.UN March 30, 2007
Boardwalk Announces Management Promotions and Board Changes.
Calgary, Alberta – March 30, 2007
- Boardwalk Real Estate Investment Trust ("BEI.UN" - TSX)
Boardwalk Real Estate Investment Trust ("BEI.UN" - TSE)
today announced, effective May 10, 2007 (the date of the
next annual meeting of unitholders (the "AGM")), the
retirement of Paul J. Hill as Chairman of the Board of
Trustees; that Mr. Sam Kolias will assume the position
of Chairman of the Board after the upcoming AGM and will
remain full time as Boardwalk's Chief Executive Officer;
that an independent trustee will be appointed as a "lead"
trustee following the AGM; the nomination of
Arthur L. Havener, Jr. to the Board; and the
appointments of Roberto Geremia and William Wong as the
Trust's President and Chief Financial Officer, respectively.
Mr. Geremia will assume the position of President of
Boardwalk. Mr. Geremia has more than 14 years of
multi-family real estate experience. He is currently
the Senior Vice President and Chief Financial Officer of
the Trust. Mr. Geremia became CFO of Boardwalk in 1993.
During his time as CFO, Boardwalk became Canada's largest
owner/operator of multifamily rental communities,
acquiring almost 270 properties with over 35,800 units.
During his tenure as CFO, Boardwalk's enterprise value
grew from approximately $40 million to approximately
$4.1 billion.
"We are thrilled and excited that Rob will succeed me
as President. With his wealth of experience and expertise
in the real estate sector and the extensive relationships
that he has built up over the years, Rob will make an
excellent President and we look forward to his continued
contribution in helping direct our future growth,"
commented Sam Kolias, who will remain full time as
Boardwalk's Chief Executive Officer and will assume the
position of Chairman of the Board after the upcoming AGM.
Mr. Geremia commented on the management changes as follows:
"Our corporate philosophy remains the same - to focus on
building an even stronger and deeper management team,
providing superior customer value, enhancing our portfolio
value and building sustainable long-term value for our
unitholders."
Mr. William Wong, currently Vice President and Controller
of Boardwalk, will replace Mr. Geremia as Senior Vice
President and Chief Financial Officer of the Trust.
Mr. Wong has extensive real estate and finance experience,
having served as the Trust's controller since December 2004.
Prior thereto, Mr. Wong was Boardwalk's Director of
Taxation and Financial Reporting, from October 2002 to
December 2004. Mr. Wong has several professional
designations, including Chartered Accountant, Chartered
Financial Analyst and Certified Management Accountant,
and began his career as an accountant at Deloitte & Touche
LLP in Toronto from 1987 to 1990.
Paul J. Hill will retire as Chairman and as a member of
Boardwalk's Board of Trustees after the annual meeting of
unitholders on May 10, 2007. Paul Hill is President of
The Hill Companies and Harvard Developments Inc. He is an
Ivey School of Business MBA and has over 30 years of
experience in the real estate industry as well as seven
years in the investment banking industry. He serves as
Chairman of Crown Life and Chairman and director of
several other Canadian and U.S. private companies. He
also serves on the boards of the Canadian Council of
Chief Executives, the Fraser Institute, the C.D. Howe
Institute, the Conference Board of Canada, the Ivey School
of Business, the Georgetown University School of Business
(Washington, D.C.), the Athol Murray College of Notre Dame,
the Saskatchewan Roughrider Football Club and the Canadian
Olympic Foundation (Governor). Mr. Hill is a past director
of the Investment Dealers' Association and the Canadian
Council for Aboriginal Business. In addition, he is an
active member of the Chief Executive Organization and the
World Presidents Organization.
Mr. Kolias commented on Mr. Hill's retirement as follows:
"Paul has provided the Board with strong stewardship and
guidance and he has made a strong contribution during the
five years he has served as Chairman and 12 years on our
Board as an independent trustee and director. With his
extensive business experience and knowledge of Boardwalk,
he has served us extremely well in his capacity as Chairman.
I will always be grateful for his contribution."
The Board has determined that Mr. Sam Kolias will assume
the position of Chairman of the Board after the upcoming
annual meeting of unitholders on May 10, 2007, and that
an independent trustee will be appointed as a "lead"
trustee in accordance with the recommended practice under
Canadian Securities Administrators' National Policy 58-201.
Boardwalk is also pleased to announce the nomination of
Arthur L. Havener, Jr. to the Board of Trustees.
Mr. Havener has almost twenty years experience in the
real estate securities business and public markets,
having been, until recently, Vice President and Head of
Research for A.G. Edwards and Sons Inc. in the
United States. Mr. Havener's extensive knowledge and
experience in real estate securities and capital markets
will further strengthen the Trust's Board.
"The appointment of Rob as President and William as CFO,
as well as the nomination of Art Havener to our Board,
are among the moves we are making to further strengthen
the overall level of corporate leadership and governance
of our organization. Rob and William will enhance our
management team in their new positions and their new
appointments, along with Art's nomination to the Board,
will better prepare Boardwalk to assess and take advantage
of future opportunities," concluded Sam Kolias.
Corporate Profile
Boardwalk REIT is Canada's largest owner/operator of
multi-family rental communities. Boardwalk REIT currently
owns and operates in excess of 260 properties with over
35,800 rental units totaling approximately 30 million net
rentable square feet. The Trust's portfolio is concentrated
in the provinces of Alberta, British Columbia, Saskatchewan,
Ontario and Quebec. Boardwalk REIT's Trust units are listed
on the Toronto Stock Exchange, trading under the
symbol BEI.UN. The Trust's enterprise value is $4.1 billion.
Forward Looking Information
This press release may contain forward looking statements.
These statements relate, but are not limited to, Boardwalk
REIT'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 Annual
Information Form of Boardwalk REIT 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 REIT believes
that the expectations reflected in the forward-looking
statements are reasonable, there can be no assurances that
future results, levels of activity, performance or
achievements will occur as anticipated. None of Boardwalk
REIT nor any other person assumes responsibility for the
accuracy and completeness of any forward-looking statements,
and no one has any obligations 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.
%SEDAR: 00020684E
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For further information please contact:
Boardwalk REIT
Sam Kolias,
President and CEO,
(403) 531-9255;
Roberto Geremia,
Senior Vice President, Finance
and Chief Financial Officer,
(403) 531-9255;
