TSX SYMBOL: BEI.UN August 10, 2007
Boardwalk REIT - TSX accepts normal course issuer bid
Calgary, Alberta – August 10, 2007
- Boardwalk Real Estate Investment Trust ("BEI.UN" - TSX)
CALGARY, Aug. 10 /CNW/
- Boardwalk Real Estate Investment Trust
("Boardwalk") is pleased to announce that the
Toronto Stock Exchange has accepted its notice of
intention to make a normal course issuer bid
(the "Bid").
Boardwalk currently has 51,989,813 issued and
outstanding trust units.
The public float of trust units of Boardwalk is
42,650,847. The Bid allows Boardwalk to purchase up
to 4,265,085 trust units, representing 10% of its
"public float" of trust units, through the facilities
of The Toronto Stock Exchange. The average daily trading
volume for the six calendar months prior to the date
hereof was 166,116 trust units. The Bid will commence on
August 17, 2007 and will terminate on August 16, 2008 or
such earlier time as the Bid is complete.
Boardwalk has not purchased its trust units within
the past 12 months.
Boardwalk believes that the current and recent market
prices of its trust units do not reflect their
underlying value. Boardwalk's management is initiating
this program as it feels that, at current market prices,
an investment in Boardwalk's own high quality portfolio
will deliver strong returns for unitholders and represents
an effective use of its capital and steadily increasing
cash flows. At the same time, Boardwalk plans to continue
its property acquisition and capital improvement programs.
Boardwalk will purchase the trust units for cancellation
with the intention of increasing the proportionate interest
of all remaining unitholders.
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 total market capitalization 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,
CEO,
(403) 531-9255;
Roberto Geremia,
President,
(403) 531-9255;
