TSX SYMBOL: BEI.UN January 07, 2010
Boardwalk REIT announces automatic trust unit purchase plan in connection with normal course issuer bid
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CALGARY, Jan. 7 /CNW/ - Boardwalk Real Estate Investment Trust ("BEI.UN" - TSX) - Boardwalk
Real Estate Investment Trust ("Boardwalk REIT" or the "Trust") announced today that it has
entered into an automatic trust unit purchase plan with a broker in order to facilitate
repurchases of its trust units under its previously announced normal course issuer bid.
On August 20, 2009, Boardwalk REIT announced that it had received approval from the Toronto
Stock Exchange (TSX) to make a normal course issuer bid to purchase up to a maximum of
3,932,211 trust units representing approximately 10% of the publicly listed float.
The normal course issuer bid commenced on August 24, 2009 and will terminate on
April 23, 2010, or such earlier date as the Trust may complete repurchases under the bid.
Under the Trust's automatic trust unit purchase plan, the Trust's broker may repurchase
trust units under the normal course issuer bid at times when the Trust would ordinarily
not be permitted to due to self-imposed blackout periods.
Boardwalk REIT anticipates renewing the plan from time to time during the course of its
normal course issuer bid to enable purchases of its trust units to be made during internal
blackout periods. Purchases will be made by the Trust's broker based upon the parameters
prescribed by the TSX and applicable Canadian securities laws and the terms of
the parties' written agreement. The automatic trust unit purchase plan has been approved
by the TSX and will be implemented effective as of December 31, 2009.
A total of 1,436,000 trust units were repurchased for cancellation under the Trust's previous
normal course issuer bid, which expired on August 19, 2009.
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 public owner/operator of multi-family rental communities.
Boardwalk REIT currently owns and operates in excess of 260 properties with 36,418 rental units
totaling approximately 31 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 Enterprise Value is approximately $4.0 billion. Additional
information about Boardwalk REIT can be found on the Company website at www.boardwalkreit.com.
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 CALGARY,
For further information: Boardwalk REIT, Sam Kolias, CEO, (403) 531-9255; Roberto Geremia, President,
(403) 531-9255; William Wong, CFO, (403) 531-9255
