Q4 - 2010 Presentation - Boardwalk REIT

Funds From Operations(in $000’s, except per unit amounts)FFO Reconciliation 12 Months 12 MonthsIn $000's, except per unit amounts Dec-10 Dec-09 % ChangeNet earnings from continuing operations $ 36,246 $ 48,138AdjustmentsEarnings from discontinued operations $ 35,483 $ 13,929Deduct gain on dispositions $ (34,226) $ (11,614)Other income $ - $ (408)Future income taxes (recovery) $ 4,241 $ (5,646)Amortization of assets (capital and intangibles) $ 88,185 $ 88,695Funds from operations $ 129,929 $ 133,094 -2.4%Funds from operations - per unit $ 2.47 $ 2.51 -1.6%Source: Internally generatedBoardwalk Boardwalk Real Estate Real Estate Investment Investment Trust Trustwww.BoardwalkREIT.com31