BOARDWALK REAL ESTATE INVESTMENT ... - Boardwalk REIT

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- 25 -City/Province Property Name Building Type# ofUnitsNet RentableSquareFootageAverageUnit SizeStonebridge Apartments Garden 162 131,864 814Stonebridge Townhomes I & II Townhouse 100 135,486 1,355Wildwood Ways B Garden 54 43,961 8141,988 1,692,643 851Vancouver, BCHorizon Towers (Burnaby, BC) Highrise 206 139,160 676Surrey Village (Surrey, BC) Highrise 266 162,371 610472 301,531 639Windsor, ONAnchorage Apartments Highrise 135 110,245 817Anchorage on the Park Townhouse 31 38,750 1,250Askin Tower Highrise 60 39,675 661Buckingham Tower Highrise 34 30,805 906Caron Tower Highrise 47 36,947 786Empress Court Apartments Garden 40 8,250 706Frances Tower Highrise 53 43,906 828Glenwood Apartments Highrise 33 25,619 776Janisse Tower Highrise 75 45,000 600Karita Tower Highrise 41 28,950 706Lauzon Towers Highrise 178 137,784 774Marine Court Highrise 68 49,206 724Randal Court Garden 47 38,775 825Regency Colonade Highrise 133 113,205 851Riverdale Manor Townhouse 97 77,850 803Rivershore Tower Apts Highrise 96 63,300 659Sandilands Tower Highrise 47 38,775 825Sandwich Tower Highrise 66 40,650 616Seaway Tower Highrise 152 112,037 737Sun Crest Tower Highrise 58 43,100 743Sun Ray Manor Highrise 41 29,950 730Tecumseh Eastview Apts. (Tecumseh, ON) Highrise 98 71,606 731University Tower Highrise 50 36,100 7221,680 1,280,485 762OtherBoardwalk Park Estates 2(Grande Prairie, AB) Townhouse 32 30,210 944Parkview Portfolio (Grande Prairie, AB) Garden 369 306,850 832Prairie Sunrise Portfolio(Grande Prairie, AB) (1)Walk-up/Highrise 244 201,992 828Elk Valley Estates (Banff, AB) Garden 76 53,340 702Tower Lane I & II (Airdrie, AB) Garden 163 130,920 803Springwood Place Apartments(Spruce Grove, AB) Low Rise 160 122,640 767Sturgeon Point Villas (St. Albert, AB) Walk-up 280 284,953 1,018Townhouse/Walk-up 161 155,405 965Christie Point Apartments (Victoria, BC)Kings Tower (Kitchener, ON) Highrise 226 171,100 757Westheights Place (Kitchener, ON) Highrise 103 91,920 8921,814 1,549,330 854Total - As at Dec 31, 2010 35,277 29,936,001 849
- 26 -City/Province Property Name Building Type# ofUnitsNet RentableSquareFootageAverageUnit SizeNote1. One building in the Prairie Sunrise Portfolio, consisting of 31 units and 26,600 net rentable square feet, wascompletely destroyed in a November 28, 2009 fire. Boardwalk settled with the insurers and abandoned any plans torebuild the building.1 Highrise – A multi-storey (usually ten or more) residential building, typically with an elevator2 Midrise – A multi-storey (usually six to nine) residential building, typically with an elevator3 Townhouse – One of several single family homes (sometimes called rowhouses) joined by common walls4 Garden – A walk-up or lowrise (usually between three and 5 storey) apartment building, typically without an elevatorNone of the residential properties in the Contributed Assets' portfolio accounts for 10 percent or more of thecombined reportable revenue of Boardwalk REIT.STRATEGY FOR GROWTHThe strategy of Boardwalk REIT is to provide Unitholders with a stable and growing return on theirinvestment through participation in distributions of cash flow from a revenue producing real property portfoliothat is diversified by geographic location. Boardwalk REIT can best achieve its goal by strategically:1. Maximizing customer satisfaction by providing an above-average level of service and product;2. Acquiring selected multi-family residential properties;3. Selling properties with lower future growth prospects or condominium converting properties and thereinvesting of these funds back into other accretive opportunities or Trust Units on the open market;4. Purchasing Trust Units on the open market;5. Enhancing property values, operating returns and cash flows through pro-active management,stabilization and capital improvements;6. Review and consideration of the development of new selective multi-family projects, if theeconomics warrant;7. Managing capital prudently while maintaining a conservative financial structure;8. Pursuing opportunities to form selective partnerships or joint ventures; and9. Reinvestment of released equity from asset sales back into the Trust's portfolio to create additionalvalue added opportunities.Maximizing Customer SatisfactionBoardwalk REIT feels the best way to increase long-term Unitholder value is to provide its customerswith an above average level of service and a high quality product and, in return, to receive a competitive marketrent. Boardwalk REIT offers its tenants 24 hour on call maintenance service as well as on-site managers, inaddition to a 24-hour, seven day a week toll-free call centre. Boardwalk REIT's properties are of high quality and,in most cases, recently renovated. During the 12 months ended December 31, 2010, Boardwalk REIT spent anaggregate of approximately $71.6 million (during the fiscal year ended December 31, 2009 - $70.4 million) forrenovations to its existing building portfolio. Boardwalk REIT continues to review its existing portfolio and,where appropriate, reviews and budgets the required funds for selective value added upgrades. Boardwalk REIThas also begun the process of developing strategic partnerships with key vendors designed to provide additionalvalue added services to Boardwalk REIT customers.
Page 1: BOARDWALK REAL ESTATE INVESTMENT TR
Page 6 and 7: - 5 -All of these documents are ava
Page 8 and 9: - 7 -in amounts at least sufficient
Page 10 and 11: - 9 -liable as principal obligor to
Page 12 and 13: - 11 -
Page 14 and 15: - 13 -("Unitholders") in the manner
Page 16 and 17: - 15 -Disclosure is required to be
Page 18 and 19: - 17 -Gary GoodmanAl W. MawaniAudit
Page 20 and 21: - 19 -information relating to Board
Page 22: - 21 -Boardwalk PortfolioCity/Provi
Page 25: - 24 -City/Province Property Name B
Page 29 and 30: - 28 -Sale of PropertiesA part of t
Page 31 and 32: - 30 -LiquidityIn late 2008, with a
Page 33 and 34: - 32 -Boardwalk REIT continues to b
Page 35 and 36: - 34 -Pursuing Partnerships or Join
Page 37 and 38: - 36 -(j) notwithstanding paragraph
Page 39 and 40: - 38 -REIT UnitsEach REIT Unit repr
Page 41 and 42: - 40 -Units for each day that there
Page 43 and 44: - 42 -adjourned for not less than t
Page 45 and 46: - 44 -(e) for any purpose (except o
Page 47 and 48: - 46 -the Acquisition and the Arran
Page 49 and 50: - 48 -in each case with accrued and
Page 51 and 52: - 50 -(d) a breach of or default in
Page 53 and 54: - 52 -Boardwalk REIT, like most rea
Page 55 and 56: - 54 -any of its properties nor is
Page 57 and 58: - 56 -• Developing a specific ren
Page 59 and 60: - 58 -Rent Control RiskRent Control
Page 61 and 62: - 60 -unsuccessful, our losses may
Page 63 and 64: - 62 -Acquisition Performance RiskB
Page 65 and 66: - 64 -An Investment in REIT Units i
Page 67 and 68: - 66 -relates to gains on the dispo
Page 69 and 70: - 68 -Unitholders Limited Liability
Page 71 and 72: - 70 -Investment in this area has s
Page 73 and 74: - 72 -residents of the United State
Page 75 and 76: - 74 -purposes or in connection wit
Page 77 and 78:
- 76 -by the holders thereof during
Page 79 and 80:
- 78 -"Subordination/Security" abov
Page 81 and 82:
- 80 -sufficient to allow Boardwalk
Page 83 and 84:
- 82 -A Units and LP Class B Units,
Page 85 and 86:
- 84 -Partnership Tax Loss is not t
Page 87 and 88:
- 86 -Name and Municipality ofResid
Page 89 and 90:
- 88 -LEGAL PROCEEDINGSNeither the
Page 91 and 92:
- 90 -Policy StatementSCHEDULE "A"A
Page 93 and 94:
- 92 -(b) discuss with the manageme
Page 95:
- 94 -13. The Audit Committee shall
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BOARDWALK REAL ESTATE INVESTMENT ... - Boardwalk REIT

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