TSX SYMBOL: BEI.UN Febuary 18, 2010
Boardwalk REIT Announces Solid Fourth Quarter and Full Year 2009 Financial Results; FFO Per Unit For 2009
up 5.0% and DI Per Unit For 2009 up 5.8% YOY; and Confirms Monthly Per Unit Distribution for February, March
and April 2010.
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CALGARY, Feb. 18 /CNW/ - Boardwalk Real Estate Investment Trust ("BEI.UN" - TSX) - Boardwalk
Real Estate Investment Trust ("Boardwalk", "Boardwalk REIT" or the "Trust") today announced
solid financial results for the fourth quarter of 2009 and fiscal 2009; Funds From Operations
("FFO") per unit down 4.9% and Distributable Income ("DI") per unit down 3.3% for the fourth
quarter of 2009 compared to the same period last year and full-year FFO per unit up 5.0% and
DI per unit up 5.8% YOY; and confirmed its February, March, and April 2010 Distribution of
$0.15 per Trust Unit per month. FFO and DI are non-GAAP measures; the reconciliation to Net
Earnings and Total Operating Cash Flows, respectively, can be found in the Management's
Discussion and Analysis (MD&A) for the year ended December 31, 2009, under the section titled,
"Performance Measures". During fiscal 2009, the Trust sold a total of 367 units in Surrey,
British Columbia, Levis, Quebec, Quebec City, Quebec, and Calgary, Alberta, plus the last unit
in a condominium converted property located in Calgary, Alberta.
For the fourth quarter ended December 31, 2009, the Trust reported FFO of $30.8 million and
FFO per unit of $0.58 on a diluted basis, compared to FFO of $32.5 million and FFO per unit of
$0.61 for the same period last year. DI for the quarter was $31.1 million and DI per unit was
$0.59 on a diluted basis, compared to $32.8 million and $0.61 per unit for the same period last
year.
The majority of the decreases reported in FFO and DI for the fourth quarter relate to the
increased interest costs incurred by the Trust as a result of its decision to significantly
increase its cash liquidity position by increasing the financing levels on selective NHA-insured
mortgage loans. At December 31, 2009 the Trust's cash liquidity amount was in excess of $190
million.
For further detail, please refer to pages 10-12 of the MD&A.
Additional Information
A more detailed analysis is included in the Management's Discussion and Analysis and Consolidated
Financial Statements, which have been filed on SEDAR and can be viewed at www.sedar.com or on the
Trust's website at www.boardwalkreit.com. Additionally, more detail on our operations will be found
in our conference call presentation and other supplemental materials, to be posted on our web site
today at http://www.boardwalkreit.com/FinancialReports/. The webcast for this presentation will
also be made available on our web site at http://www.boardwalkreit.com/.
$ million, except per unit amounts
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Highlights of the Trust's Fourth Quarter 2009 and Year-End 2009 Financial
Results
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Twelve Twelve
Three Three Months Months
Months Months Dec Dec %
Dec 2009 Dec 2008 % Change 2009 2008 Change
Rental Revenue $107.1 $107.1 0.0% $427.7 $419.8 1.9%
Vacancy Loss $3.7 $5.5 $19.3 $20.7
Net Operating
Income (NOI) $67.2 $66.1 1.6% $276.1 $263.7 4.7%
Funds From Operations
(FFO) $30.8 $32.5 -5.1% $133.1 $129.9 2.4%
Adjusted Funds From
Operations (AFFO) $26.7 $28.3 -5.7% $116.6 $113.4 2.8%
FFO Per Unit $0.58 $0.61 -4.9% $2.51 $2.39 5.0%
AFFO Per Unit $0.51 $0.53 -3.8% $2.20 $2.08 5.8%
Distributable Income
(DI) $31.1 $32.8 -5.1% $135.3 $131.4 2.9%
DI Per Unit $0.59 $0.61 -3.3% $2.55 $2.41 5.8%
Distributions Declared $23.7 $24.1 $95.3 $98.0
Distributions Declared
Per Unit $0.45 $0.45 $1.80
(2009 Target $1.80 Per
Unit on an annualized
basis)
Payout as a % AFFO 88.8% 85.1% 81.7% 86.4%
Payout as a % DI 76.3% 73.6% 70.4% 74.5%
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For further detail, please refer to pages 10-12 & 14-15 of the MD&A.
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Portfolio Highlights for the Fourth Quarter 2009
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Dec 2009 Sep 2009 Dec 2008
Average Occupancy (3 Months) 96.63% 95.54% 95.32%
Average Monthly Rent (3 Months) $981 $976 $978
Average Market Rent (Period Ended) $998 $1,002 $1,047
Average Occupied Rent (Period Ended) $1,013 $1,021 $1,028
Loss-to-Lease ($ million) (Period Ended) ($6.4) ($8.0) $8.0
Loss-to-Lease Per Trust Unit (Period
Ended) ($0.12) ($0.15) $0.15
Cash & Cash Equivalents (Period Ended
($ million) $190.3 $200.2 $123.2
Debt-to-GBV ("Gross Book Value")
(Period Ended) 61.1% 61.8% 60.5%
Operating Margin (3 Months) 62.7% 67.0% 61.7%
% Change % Change
Year-Over- Year-Over-
Year - 3 Year - 12
Months Dec Months Dec
Same Property Results 2009 2009
Rental Revenue 0.3% 1.8%
Operating Costs -1.8% -3.7%
Net Operating Income (NOI) 1.5% 4.9%
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For further detail, please refer to pages 18-22 & 31-32 of the MD&A.
Sequential Revenue Analysis
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Q4 2009 Q3 2009 Q2 2009 Q1 2009
Stabilized Revenue vs. Q3 vs. Q2 vs. Q1 vs. Q4
Growth No. of Units 2009 2009 2009 2008
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Calgary 5,028 -0.9% -1.2% -0.7% -1.3%
Edmonton 12,423 0.1% -0.4% -1.2% 0.4%
Other Alberta 2,203 -1.7% -3.4% -1.6% 0.7%
British Columbia 954 2.2% 0.1% -0.2% -0.8%
Ontario 4,265 2.1% -0.2% 0.0% 0.3%
Quebec 6,587 1.4% 0.4% 0.7% -0.2%
Saskatchewan 4,660 2.0% 2.4% 3.2% 1.5%
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36,120 0.5% -0.2% -0.2% 0.1%
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On a sequential basis, stabilized revenues increased 0.5% from Q3 2009 to Q4 2009, decreased
0.2% from Q2 2009 to Q3 2009, decreased 0.2% from Q1 2009 to Q2 2009, and increased 0.1%
from Q4 2008 to Q1 2009.
For further detail, please refer to pages 20-21 of the MD&A.
Rental Market Fundamentals:
As a result of downward adjustments in market rent over the year, we reported a negative
mark-to-market (the difference between actual rents obtained and market rental rates) for
December of 2009. Occupied rents remained higher than market rents in Calgary and Edmonton
for the same period; as is common with the rental market, it will take time for our occupied
rent to fully reflect our downward adjustments in market rent.
With weaker rental market fundamentals in 2009, focus shifted to increasing occupancy to
maximize revenue. Over the 12-month period, we increased overall occupancy for our portfolio,
and in the fourth quarter, occupancy increased both quarter-over-quarter and year-over-year.
By increasing occupancy and reducing vacancy loss, rental revenue for the fourth quarter was
slightly positive. Vacancy loss represents potential revenue from currently unoccupied suites
that can offset declining rents, further explained by slides 11 and 12 in the presentation
for our fourth quarter conference call (available on our website at www.BoardwalkREIT.com).
We believe our current incentives are an investment in our stakeholders, helping to create
loyalty and retention and ensuring long-term value for our Unitholders.
For further detail, please refer to pages 20-21 of the MD&A.
Economic Market Fundamentals From Across Canada:
Unemployment, migration and wages
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Market Fundamentals
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BC Alberta Saskatchewan
-- ------- ------------
Jan 2010 Jan 2009 Jan 2010 Jan 2009 Jan 2010 Jan 2009
Unemployment Rate 8.1% 6.1% 6.6% 4.4% 4.7% 4.1%
Q3 2009 Q3 2008 Q3 2009 Q3 2008 Q3 2009 Q3 2008
Net Interprovincial
Migration 3,457 1,484 -2,535 4,927 823 2,064
Net International
Migration 16,989 18,210 10,415 13,191 2,527 1,771
Total Net Migration 20,446 19,694 7,880 18,118 3,350 3,835
Nov Nov Nov Nov Nov Nov
2008 to 2007 to 2008 to 2007 to 2008 to 2007 to
Nov Nov Nov Nov Nov Nov
2009 2008 2009 2008 2009 2008
Average Weekly
Wages Growth 0.3% 1.3% 1.4% 5.8% 1.4% 4.2%
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-------------------------------------------------------
Market Fundamental
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Ontario Quebec
------- ------
Jan 2010 Jan 2009 Jan 2010 Jan 2009
Unemployment Rate 9.2% 8.0% 8.0% 7.7%
Q3 2009 Q3 2008 Q3 2009 Q3 2008
Net Interprovincial
Migration -1,748 -3,200 -120 -3,046
Net International
Migration 36,504 37,005 17,522 16,386
Total Net Migration 34,756 33,805 17,402 13,340
Nov Nov Nov Nov
2008 to 2007 to 2008 to 2007 to
Nov Nov Nov Nov
2009 2008 2009 2008
Average Weekly
Wages Growth 1.1% 2.6% 2.1% 1.4%
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Source: Statistics Canada
Western Canada:
In the latter half of 2009, we began to see economic fundamentals improve in our Western
markets. Both Alberta and Saskatchewan posted positive employment gains for the second
consecutive month in December. Historically, employment growth is a significant contributor
to increased rental demand. As of January 2010, Alberta's unemployment rate remained
unchanged from December at 6.6%, the third lowest out of the provinces. Saskatchewan posted
the lowest unemployment rate in the country for another consecutive month in January, at 4.7%
compared to 4.8% in December. In British Columbia, the January unemployment rate decreased
to 8.1% from 8.3% the previous month as a result of an employment increase of 12,000.. All
three provinces continue to see positive wage growth on a year-over-year basis. While natural
gas prices remain historically low, the price of oil rebounded in 2009, increasing from just
over $40 a barrel at the beginning of January to just below $80 at the end of December. The
Petroleum Services Association of Canada forecasts that 9,000 new oil and gas wells be drilled
in Canada in 2010, with over 6,000 in Alberta. In January 2010, ConocoPhillips and Total
announced plans to expand production at the Surmont oil sands project by 2015, creating 2,500
construction jobs and 300 full-time operating positions. Suncor and Imperial are also moving
forward with their Firebag and Kearl projects, respectively, in 2010. As of December, investment
in Alberta's oil sands was estimated at $141.7 billion. According to the latest migration numbers,
Alberta continued to attract international migrants, although the province posted its first
interprovincial loss for the third quarter since 1994. International migration made up most of
Saskatchewan's net migration gains in the same period. British Columbia gained 3,5000 residents
from other provinces in the third quarter, its highest interprovincial gains since 1997. It is
expected that the West will continue to attract residents in 2010, contributing to rental demand
in the province.
Eastern Canada:
Economic fundamentals in the East remain weaker than our Western markets. As of January 2010,
Ontario's unemployment rate was 9.2%. We are pleased to note that employment in the province
rose by 30,000 for the same month. In the last nine months of 2009, the number of workers in
the province changed little, compared to tremendous manufacturing losses in the last quarter
of 2008 and first quarter of 2009. In December, the unemployment rate in Quebec fell from 8.4%
to 8.0%. Employment in both Ontario and Quebec has been on an upward trend since July 2009, and
wage growth in both provinces remaines positive year-over-year. Automotive manucturing is
expected to show positive growth in 2010, according to the Conference Boardwalk of Canada, after
an anticipated $2.3 billion loss in 2009. As automotive companies increase production to meet
growing demand, employment in the sector will also increase, although losses in the short term
are still expected. Although both Ontario and Quebec posted interprovincial losses, Quebec
posted its first gains from Alberta for the quarter since 1994. International migration to both
provinces remained high.
MLS Housing Prices:
As the rental market is in direct competition with the housing market, Boardwalk reports on MLS
Housing Prices each quarter. MLS Housing Prices have historically been a leading indicator for
rental rates.
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MLS Housing Prices
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British Columbia Vancouver CMA Victoria CMA
Dec 2009 Dec 2008 Dec 2009 Dec 2008
Average Single Family $766,816 $648,421 $651,316 $548,025
Average Condo $382,573 $333,275 $348,546 $280,487
Alberta Calgary CMA Edmonton CMA
Dec 2009 Dec 2008 Dec 2009 Dec 2008
Average Single Family $451,349 $417,398 $366,761 $351,870
Average Condo $288,640 $274,919 $244,174 $234,286
Saskatchewan Saskatoon CMA Regina CMA
Dec 2009 Dec 2008 Dec 2009 Dec 2008
Average Overall $291,554 $266,411 $241,644 $224,308
Ontario London CMA Windsor CMA
Dec 2009 Dec 2008 Dec 2009 Dec 2008
Average Single Family $228,307 $207,747 na na
Average Condo $160,950 $135,883 na na
Average Overall na na $153,898 $152,589
Quebec Montreal CMA
Dec 2009 Dec 2008
Average Overall $285,356 $267,045
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Internally generated, NA = Data not available, (*) Internally
calculated based on volume of sales and total sales as provided by the
Greater Montreal Real Estate Board. Source: Association of Regina
REALTORS(R), Calgary Real Estate Board, Canada Mortgage and Housing
Corporation, Canadian Real Estate Association, Edmonton Real Estate
Board, Greater Montreal Real Estate Board, London and St. Thomas
Association of REALTORS(R), Real Estate Board of Greater Vancouver,
Saskatoon Region Association of REALTORS(R), Victoria Real Estate Board,
Windsor-Essex County Real Estate Board
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Western Canada:
Housing prices were higher year-over-year for our Western provinces, as of December 2009,
and with more sales and reduced inventory, the market continues to stabilize. In Alberta,
Calgary and Edmonton saw single family sale prices increase 8% and 4% respectively compared
to December 2008, while condominium prices increased by 5% and 4% respectively. Average
residental sale prices in Saskatoon and Regina increased 9% and 8% respectively year-over-year
for the month of December. Vancouver and Victoria also saw increases year-over-year, with
single family home prices up 18% and 19% respectively, and condonimum prices higher by 15%
and 24% year-over-year. With interest rates slowly on the rise and employment expected to
increase, sustained growth in the housing market is expected to continue for 2010. Higher
house prices traditionally go hand-in-hand with lower home affordability, making renting an
attractive option for potential homebuyers, historically increasing demand for rental housing.
Eastern Canada:
The housing markets in Eastern Canada are also showing improvement. The average residential
sale price for Windsor remained fairly steady in December 2009 compared to the same month
in the prior year, while the sales-to-listings ratio for the area increased in the same month.
In London, the month of December saw increased sale numbers compared to 2008, and single family
and condominium prices increased 10% and 18% respectively, year-over-year. It is expected that
both markets will continue to perform well. In Quebec, the average residential sale price rose
approximately 7% year-over-year for December, and a new record was set for number of sales in
the same month. Increasing home prices and interest rates make real estate an attractive
investment for buyers, contributing to sale numbers.
Acquisitions and Dispositions
With the gap between public apartment companies and private market cap rates, acquisitions
would be dilutive at this point in time. This may provide unique opportunities, from time to
time, to selectively sell apartment assets to private buyers and redeploy these proceeds to
acquire our Trust Units as part of our Normal Course Issuer Bid.
In 2009, the Trust's dispositions were as follow:
Clos-
Building Cap $/ ing
Name City Type Units Price Rate $/Unit Sq.Ft. Date
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Gateway Surrey, Walk 133 $11,000,000 5.23% $82,707 $80 June
Place BC Up 18,
2009
Domaine du Levis, Walk 64 $5,300,000 6.59% $82,813 $78 Octo-
Rocher QC Up ber 22,
2009
Le Laurier Quebec High 105 $13,050,000 5.59% $124,286 $174 Decem-
City, QC Rise ber 17,
2009
Cedar Court Calgary, Walk 65 $10,223,000 6.25% $157,277 $175 Decem-
Gardens AB Up ber 18,
2009
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Total 367 $39,573,000 5.79% $107,828 $117
---------------------------------------------
---------------------------------------------
NOTES:
Dispositions exclude the final unit, sold and closed in the third quarter
of 2009, in a 90-unit property developed into condominium units for sale.
Acquisitons for the fourth quarter of 2009 consisted of 1 additional
apartment unit for the purchase price of $217,000 in the property known
as Lord Byron Townhouses, located in Edmonton, Alberta, of which
Boardwalk already owned 146 units.
For further detail, please refer to page 12 of the MD&A.
Unit Buyback
In August 2009, Boardwalk successfully renewed its Normal Course Issuer Bid (the "Third Bid"),
which allows Boardwalk to purchase up to 3,932,211 Trust Units, representing 10% of its public
float of Trust Units, through the facilities of The Toronto Stock Exchange. The Bid commenced
on August 24, 2009 and will terminate on August 23, 2010 or such earlier time as the Bid is
complete. With its current significant liquidity position, the Trust continues to look for
opportunities to deploy a portion of surplus funds. During the third quarter, Boardwalk deployed
approximately $31.8 million on the paying down of selective secured maturing mortgages. This
action increased the Trust's portfolio of unsecured assets, which can be re-leveraged in the
future, if warranted, and also allows a better return than it currently earns on surplus cash.
As of December 31, 2009, no Trust Units were purchased and cancelled under the Third Bid.
The Trust continues to view the purchase of its Trust Units on the public market as a good
investment; however, it believes that a balanced approach is necessary with respect to its buyback
strategy compared to other options for deploying surplus cash. During the twelve months of 2009,
the Trust purchased a total of 790,000 Trust Units for cancellation at a total purchase price of
approximately $22.8 million, or an average cost of $28.81 per Trust Unit. Cumulatively, since
August 17, 2007, the Trust purchased and canceled 3,958.447 Trust Units, representing a total
purchase cost of $146.7 million, or an average cost of $37.07 per Trust Unit. The Trust continues
to review all available options that management believes will provide the greatest return to our
Unitholders.
As at December 31, 2009, Boardwalk REIT had 48,269,467 issued and outstanding Trust Units, plus
4,475,000 Class "B" Units of Boardwalk REIT Limited Partnership exchangeable for Trust Units
on a one-for-one basis at the option of the holder. Accordingly, if all of the LP B Units were
exchanged for REIT Units, the total issued and outstanding REIT Units would be 52,744,467.
For further detail, please refer to pages 32-33 of the MD&A.
Liquidity and Continued Financial Strength
The Trust continued to build on its solid financial position throughout the fourth quarter of
2009. Boardwalk REIT's total principal mortgage and debt outstanding was $2.35 billion as of
December 31, 2009, as compared to $2.25 billion as of December 31, 2008. As of December 31, 2009,
the Trust's total debt had an average term maturity of approximately 3 years with a weighted
average interest rate of 4.52% and the debt-to-total enterprise value ratio was 53.6%.
At December 31, 2009, the Trust had available cash on its Balance Sheet of approximately $190
million. In addition, the Trust has access to a committed revolving credit facility in the amount
of approximately $200 million, resulting in a total current liquidity of $390 million. For fiscal
2010, the Trust has maturing mortgages totalling approximately $446.2 million, which currently
represents an approximate 48% loan-to-underwriting value ratio and, thus, represents a source of
additional potential liquidity.
Current new and renewal interest financing rates on National Housing Act insured mortgages are
well below the stated 4.63% on its 2010 maturing mortgages.
The Trust's interest coverage ratio, excluding gains, for the year ended December 31, 2009 was
2.28 times compared to 2.29 times for the same period last year.
For further detail, please refer to pages 28-30 of the MD&A.
Outlook and 2010 Financial Guidance
Our Financial Guidance for 2010 remains unchanged from the last quarter,
and is as follows:
------------------------------------------------------
Description 2010 Guidance
------------------------------------------------------
Acquisitions No new apartment acquisitions
------------------------------------------------------
Stabilized Building NOI
growth -2% to 0%
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FFO per Trust Unit $2.45 to $2.60
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DI per Trust Unit $2.47 to $2.62
------------------------------------------------------
As is customary, management will update the market on our Annual 2010 Guidance on a quarterly
basis. The reader is cautioned that this information is forward-looking information and actual
results may vary materially from those reported.
For further detail, please refer to page 55 of the MD&A.
2010 Distribution
As is its normal practice, the Trust's Board of Trustees confirmed distributions for the next
three months in the amount of $0.15 per Trust Unit ($1.80 on an annualized basis) as per the
following schedule:
-------------------------------------------------
Month Record Date Distribution Date
-------------------------------------------------
February 2010 Feb 28, 2010 Mar 15, 2010
-------------------------------------------------
March 2010 Mar 31, 2010 Apr 15, 2010
-------------------------------------------------
April 2010 Apr 29, 2010 May 16, 2010
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Supplementary Information
Boardwalk produces the Quarterly Supplemental Information that provides detailed information
regarding the Trust's activities during the quarter. The Fourth Quarter 2009 Supplemental
Information is available on our investor website at www.boardwalkreit.com.
Teleconference on Fourth Quarter 2009 Financial Results
We invite you to participate in the teleconference that will be held to discuss these results
this same morning (February 18, 2010) at 11:00 am EST. Senior management will speak to the
fourth quarter financial results and provide an update. Presentation materials will be made
available on our investor website at www.boardwalkreit.com prior to the call.
Participation & Registration: Please RSVP to Investor Relations at 403-206-6808 or by email
to investor@bwalk.com.
Teleconference: The telephone numbers for the conference are 647-427-7450 (local/international
callers) or toll-free 1-888-231-8191 (within North America).
Note: Please provide the operator with the below Conference Call ID or Topic when dialing
in to the call.
Conference ID: 44835302
Topic: Boardwalk Fourth Quarter Results
Webcast: Investors will be able to listen to the call and view our slide presentation over
the Internet by visiting http://www.boardwalkreit.com/ 15 min. prior to the start of the call.
An information page will be provided for any software needed and system requirements.
The webcast and slide presentation will also be available at
http://www.newswire.ca/en/webcast/viewEvent.cgi?eventID=2905320.
Replay: An audio recording of the teleconference will be available from 2:30 pm ET on Thursday,
February 18, 2010 until 11:59 pm ET on Thursday, February 25, 2010. You can access it by dialing
416-849-0833 and using the passcode 44835302.
Corporate Profile
Boardwalk REIT is an open-ended real estate investment trust formed to acquire all of the assets
and undertakings of Boardwalk Equities Inc. 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 260 properties with 36,419 units totalling
approximately 31 million net rentable square feet, and is Canada's largest owner/operator of
multi-family rental communities. Boardwalk REIT's portfolio is concentrated in the provinces of
Alberta, British Columbia, Saskatchewan, Ontario and Quebec.
(1) Funds From Operations ("FFO") is a generally accepted measure of operating performance of
real estate investment trusts and companies; however, it is a non-GAAP measure. The Trust calculates
FFO by taking net earnings after discontinued operations, adjusting for gains or losses on disposal
of discontinued operation assets and extraordinary items, and adding non-cash expenses including
future income taxes and amortization. The determination of this amount may differ from that of other
real estate investment trusts and companies. Distributable Income ("DI") is calculated based on the
definition as set out in the Trust's declaration of trust and is computed by taking FFO and adding
back amortization on any deferred financing charges incurred prior to May 3, 2004 as well as
adjusting for any discounts or premiums relating to the amortization of mark-to-market debt
adjustment incurred subsequent to the real estate investment trust conversion date of May 3, 2004.
CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING STATEMENTS
Information in this news release that is not current or historical factual information may constitute
forward-looking information within the meaning of securities laws. Implicit in this information,
particularly in respect of our objectives for 2009 and future periods, our strategies to achieve
those objectives, as well as statements with respect to management's beliefs, plans, estimates and
intentions, and similar statements concerning anticipated future events, results, circumstances,
performance or expectations, are estimates and assumptions subject to risks and uncertainties,
including those described in the Management's Discussion & Analysis of Boardwalk REIT's 2008 Annual
Report under the heading "Risks and Risk Management", which could cause our actual results to differ
materially from the forward looking information contained in this news release. Specifically we have
assumed that the general economy remains stable, interest rates are relatively stable, acquisition
capitalization rates are stable, competition for acquisition of residential apartments remains intense,
and equity and debt markets continue to provide access to capital. These assumptions, although
considered reasonable by the Trust at the time of preparation, may prove to be incorrect. For more
exhaustive information on these risks and uncertainties you should refer to our most recently filed
annual information form which is available at www.sedar.com. Forward-looking information contained
in this news release is based on our current estimates, expectations and projections, which we believe
are reasonable as of the current date. You should not place undue importance on forward-looking
information and should not rely upon this information as of any other date. While we may elect to,
we are under no obligation and do not undertake to update this information at any particular time.
%SEDAR: 00020684E
For further information, please contact:
Boardwalk REIT
Sam Kolias, CEO, (403) 531-9255;
Roberto Geremia, President, (403) 531-9255;
William Wong, CFO, (403) 531-9255;
