Q4 - 2010 Presentation - Boardwalk REIT

Internal OpportunityFFO Sustainability &Core Rental Growth$3.50$3.28$3.00$2.50$2.00$1.50$1.66$2.07$1.55$2.27$1.70$2.47$1.80$2.67$2.00$2.87$2.16$2.46$1.25$1.00$0.50$-Rent - 100 Rent - 50 Rent -25 Current Rent +25 Rent + 50 Rent +100FFODistributionSource – Internally generated, amount generated are based on existing occupancy levels and assume no impact of any changes inoperating costs.. Rent + numbers assume distribution at 75%Updated: Fourth Quarter 2010Boardwalk Real Estate Investment Trust 11