Boardwalk

August 18, 2008

CALGARY — Boardwalk Real Estate Investment Trust (TSX:BEI.UN), a Calgary-based rental property owner, says the Toronto Stock Exchange has accepted the trust’s plan to buy back more than four million trust units, or 10 per cent of its publicly traded securities.

Boardwalk said Monday it plans to repurchase and cancel the units, which the company believes are undervalued. The trust said it bought more than 2.5 million trust units over the last year at an average price of $41.16.

By buying back its units, Boradwalk reduces its equity base, spreading profits over fewer shares. That increases its return on equity and earnings per unit, two key ratios used to determine a company’s financial health and investment rating.

In addition, most share buybacks lead to stock price increases as there are fewer shares on the market for investors.

“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,” the property owner said.

“At the same time, Boardwalk plans to continue its property acquisition and capital improvement programs.”

Boardwalk, with a stock market value of $4.1 billion, is Canada’s largest owner-operator of multi-family rental units, with more than 260 properties, concentrated in Alberta, British Columbia, Saskatchewan, Ontario and Quebec.

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