Investor Presentation September / October 2006 - Boardwalk REIT

BOARDWALK REAL ESTATE INVESTMENT TRUSTInvestor PresentationBoardwalk Real Estate Investment Trust1

Forward Looking InformationThis presentation contains forward-looking statements relating to ouroperations and the environment in which we operate which are based on ourexpectations, estimates, forecast and projections, which we believe arereasonable as of the current date. These statements are not guarantees offuture performance and involve risks and uncertainties that are difficult tocontrol or predict. For more exhaustive information on these risks anduncertainties, one should refer to our most recently filed annual informationform, available at www.sedar.com. Actual outcomes and results may differmaterially from those expressed in these forward-looking statements .Readers, therefore, should not place undue reliance on any such forwardlookingstatements. Further, a forward-looking statement speaks only as ofthe date on which such statement is made and should not be relied upon asof any other date. While we may elect to, we undertake no obligation topublicly update any such statement to reflect new information or theoccurrence of future events or circumstances at any particular time.Boardwalk Real Estate Investment Trust2

Topics for Discussion• Trust Overview• Boardwalk REIT Highlights• Portfolio Statistics• Multi-family Market Overview• Financial Review• Summary•Q& ABoardwalk Real Estate Investment Trust3

Focused Vision and MissionOur Vision:Boardwalk is committed to beingCanada’s leading multi-family Trustand to expanding our operationsinto a truly national platform.Our Mission:To Serve and Provide our Residentswith Quality Rental Communities.Boardwalk Real Estate Investment Trust4

Trust Overview• Started in 1984 as a private company• Became a public company in 1994• Converted into a REIT in May of 2004• Canada’s largest multi-family owner/operator• Over 33,900 rental units– (Rental universe of over 1.5MM units in major Canadian CMA’s)• Listed on TSX (BEI.UN)• Inclusion in the S&P/TSX Composite and Income TrustIndices• Trust Limited Liability issue resolved• Total market capitalization: C$3.3 BillionBoardwalk Real Estate Investment Trust5

Trust Overview• Experienced Professional Management Team– significant ownership stake in the Trust– absence of conflicts of interest– proven track record of growth and adding value• Quality Portfolio– high concentration in dynamic markets– over $350M spent over past 5 years on capital upgrades andimprovements prior to converting to a REIT• Strong Financial PositionBoardwalk Real Estate Investment Trust6

Attractive Distribution• Annualized distributions of $1.26 per REIT unit, payable monthly– Equivalent distribution of approx. $5.00 pre-split since becoming public in1994 with $0.25 IPO price• Payout ratio in the range of 83% of Distributable Income• Approximation for 2005: 70% return of capital, 30% considered income• Current equity yield of approx. 3.94% (September 26 th , 2006, closing price of $32.00)• Initiation of a DRIP – 3% bonus• Effective pre-tax total yield of 6 - 8%• Conservative capital structure, with leverage of approximately 61% ofthe REIT’s Gross Book Value 1• Debt to Total Enterprise Value is 45%1 Boardwalk REIT will be required to record the value of the Contributed Assets at their historical carrying values, instead of their exchange values. As aresult, Gross Book Value (“GBV”) includes a one time addition equal to the difference between the Entity Value and the net book value as of theEffective Date. Entity Value is determined by multiplying the total fully diluted number of REIT Units (including REIT Units issuable on the exchange ofLP Class B Units) by the 10 day weighted average trading price of the REIT Units on the TSX for the 10 trading days immediately following the EffectiveDate. GBV is a non-GAAP term that is defined in the Trust’s Declaration of Trust.Boardwalk Real Estate Investment Trust7

Sustainable Distribution• Future Payout Policy– Low average rent base of $776 (Q2 2006 avg. rent across portfolio)– Target 80% (83% for 2006)– Future cash flow increase shared between Unitholders & capitalexpenditures• $350M+ spent on portfolio over 5 years prior to REIT conversion• $18.6M spent on capital expenditures during the first six months of2006• Further upside in rental revenues from recovering concession andvacancy loss – approx. $3.3M or $0.06 per unit annualized• Potential upside from mortgage debt mark-to-market – approx. $11Mat June 30, 2006 or approx $0.19 per unit annualized.Boardwalk Real Estate Investment Trust8

What’s New2006 Activity – Equity Offering and AcquisitionsEquity OfferingTrust Units Issued Offering Proceeds Price / Unit6-Mar 2,915,000 $66,462,000 $22.80AcquisitionsBuilding Name Closing City # of Units Price $/unit Cap Rate Avg sq ft $/sq ftComplex Deguire March 13, 2006 Montreal 322 $ 24,000,000 $ 74,534 7.10% 858 $87Jones Portfolio March 30, 2006 Vancouver 238 $ 17,550,000 $ 73,739 6.39% 1022 $72Sturgeon Point May 17, 2006 Edmonton 280 $ 18,500,000 $ 66,071 7.00% 1018 $65Total 840 $ 60,050,000 $ 71,488 6.86% 958 $76Boardwalk Real Estate Investment Trust9

Portfolio Expansion –Recent Acquisition HighlightsJones PortfolioWillow Glenn:13619 Bentley Road, 11022 – 136 Street &10965 – 136 Street, Surrey, BCBraemar Court:600 Smith Avenue, Coquitlam, BCAcquisition Date: March 30, 2006Acquisition Price: $17.5 millionResidential Units: 238Going in Cap Rate: 6.39%Price / Rental Unit: $73,739Price / Sq. Ft.: $72 (Avg 1022 Sq. Ft. / Unit)Boardwalk Real Estate Investment Trust10

Portfolio Expansion –Recent Acquisition HighlightsComplexe Deguire50 & 55 Quintin & 101 Deguire,St. Laurent (Montreal), QuebecAcquisition Date: March 15, 2006Acquistion Price: $24 millionResidential Units: 322Going in Cap Rate: 7.10%Price / Rental Unit: $74,534Price / Sq. Ft.: $87 (Avg 858 Sq. Ft. / Unit)Boardwalk Real Estate Investment Trust11

Portfolio Expansion –Recent Acquisition HighlightsSturgeon Point Villas500 Rivercrest Crescent, St. Albert (Edmonton)Acquisition Date: May 31, 2006Acquistion Price: $18.5 millionResidential Units: 280Going in Cap Rate: 7.0%Price / Rental Unit: $66,071Price / Sq. Ft.: $65 (Avg 1018 Sq. Ft. / Unit)Boardwalk Real Estate Investment Trust12

What’s New2006 DispositionsDispositionspPurchase Price/ Avg. Price/Building Name Closing Date City Units Price Unit Cap Rate Sq. Ft. Sq. Ft.Leighton House 2/17/2006 Calgary 38 $ 4,000,000 $105,263 5.40% 684 $ 154.0Glamis Green 3/1/2006 Calgary 156 $ 16,700,000 $107,051 5.50% 1114 $ 96.0Glamis cap rate includes required capital expendituresTOTAL 194 $ 20,700,000 $ 106,701 5.48% 1030 107.36Boardwalk Real Estate Investment Trust13

Q2 06 Rental Revenue SummaryReally Hot >5% Hot - 2% to 5% Warm - 0% to 2% Cold -

Rental Revenue CycleRents increaseAlberta market is currentlybeginning optimum phaseIncentives decreaseMove-outs > Move-insVacancy risesVacancy dropsIncentives increaseMove-outs < Move-insRents decreaseBoardwalk Real Estate Investment Trust15

Boardwalk REIT HighlightsQuarterly Incentives and Vacancy Loss (000’s except per unit)Vacancy Loss Incentives Total Per UnitQ2 2005 $3,164 $1,471 $4,634 $0.09Q3 2005 $2,721 $1,171 $3,892 $0.07Q4 2005 $2,396 $915 $3,311 $0.06Q1 2006 $2,668 $613 $3,282 $0.06Q2 2006 $2,685 $512 $3,197 $0.06Further upside from concession and vacancy loss recovery of approx. $3.3M or $.06 per unitannualized (assuming a base level of 3% occupancy and no further incentives)Boardwalk Real Estate Investment Trust16

Mortgage Debt / Total Capitalization/ Replacement Value($MMs)1000080006000400020000$100 per foot$120 per foot$150 per foot$175 per foot$200 per foot$250 per footMortgageReplacement ValueTotal Capitalization• Mortgages represent low percentage of replacement cost.• Current Debt to Total Enterprise Value is 45%.Boardwalk Real Estate Investment Trust17

Declining Cap Rates on Unit PricesSensitivity AnalysisCap Rate Unit Price7.00% $ 21.336.75% $ 23.136.50% $ 25.066.25% $ 27.156.00% $ 29.425.75% $ 31.885.50% $ 34.57Current implied marketcapitalization rate = 5.70%based on revised guidanceThe above amounts have been computed based on estimated 2006operating resultsBoardwalk Real Estate Investment Trust18

Boardwalk REIT Overview• Business Strategy– The strategy of Boardwalk REIT is to be the best team with a focus onacquiring, financing, owning and managing quality multi-family rentalproperties and to provide Unitholders with a stable and growing cashflow distribution– Boardwalk REIT can best achieve its goal by strategically:– maximizing customer satisfaction by providing an above-average levelof service and product with our exceptional team– acquiring selected multi-family residential properties throughout Canada– selling properties classified as held for resale and reinvesting the saleproceeds back into new and existing properties– enhancing property values through pro-active management and capitalimprovements– managing capital prudently while maintaining a conservative financialstructure– pursuing opportunities to form selective partnerships or joint venturesBoardwalk Real Estate Investment Trust19

Boardwalk REIT Overview• Business Strategy (cont’d)– Boardwalk REIT will seek to capitalize on economies of scale derivedfrom its substantial presence in Western Canada, as well as growingpresence in Eastern Canada– Boardwalk REIT will focus on markets that are typified by strongeconomic outlook and relatively low vacancy rates– Due to Boardwalk’s size and relationship with various commerciallenders and Canada Mortgage and Housing Corporation, financingfor acquisitions can often be negotiated on favourable terms• 99% of Boardwalk REIT’s debt is NHA insured, thus virtually eliminatingthe risk of non-renewalBoardwalk Real Estate Investment Trust20

- Example of Boardwalk investingin value added opportunities.- 121 suites located in the Southtower of Brentview Towers inNW Calgary, AB.- Construction Cost = $2.7M.- NOI increase $700k/yearstabilized- Grand Opening June 17, 2006.Boardwalk Retirement Community –Value Added OpportunityBoardwalk Real Estate Investment Trust21

Boardwalk Retirement Community –Value Added Opportunity- The BRC offers assisted livingto Seniors, including dining roomservice, recreation planning, linenservice, in suite lighthousekeeping.- 44 suites currently rented.- Average monthly rental goal =seven suites.Boardwalk Real Estate Investment Trust22

Current Development StatsProject # Units Sold Price DateVantage Pointe 352 95% $300 Q2 06 www.vantagepoinecalgary.comStella 181 100% $350 Q2 06 www.stellasliving.comSasso 200 100% $375 Q2 06 www.sassolife.comArriva I 176 93% $450 Q1 07 arrivacondos.comFive West 155 55% $400 Q3 07 www.lacaille.caCastello 106 50% $300 Q1 08 www.castello.caRenoir 126 100% $375 Q1 08 www.renoirsuites.comVetro 302 91% $425 Q1 08 www.vetrolife.comUnionSquare 163 75% $450 Q1 08 www.unioncondos.comSkyTower 220 100% $275 Q1 08 www.skytowerliving.comColours 209 50% $400 Q2 08 www.battistella.caMidtown 589 80% $300 Q2 08 www.gatewaymidtown.comMontana 190 50% $450 Q1 09 www.themontana.caArriva II 200 35% $450 Q1 09 arrivacondos.comLargedelivery gapin 2007TOTAL 3169 79% $367Boardwalk Real Estate Investment Trust23

Conversion Opportunity – Century TowerOPTION 2Condo ConversionNumber of Units 90Average Size (SqFt) 823Total Size (SqFt) 74070Selling Price ($/SqFt) $ 300Gross Proceeds $ 22,221,000Vend in Price ($/unit) $ 74Gross Vend Price $ 6,600,000Upgrade Costs $ 7,500,000Net Gain $ 8,121,000Mrkt Value Appreciation 10%Net Gain with Appreciation $ 10,343,100Gain Per Unit $ 0.20Boardwalk Real Estate Investment Trust24

Canadian REIT Market Context• Boardwalk REIT is the fifth largest REIT in Canada– Boardwalk REIT has an equity market capitalization of $1.8 billion, thelargest Residential REIT in Canada.Market Cap Summary(in $millions)5000450040003500300025002000150010005000REI HR CWT BEI REF CSH CAR D RRR LGY CUF INN HOT MRT IUR NPR AN AP NAR RYL RMMMarket Capitalization as at May 11, 2006Boardwalk Real Estate Investment Trust25

Portfolio Statistics• Boardwalk REIT’s portfolio consists of over $1.9billion invested in over 260 properties• Properties have approx. 28 million square feet ofrentable area• Portfolio avg. unit size of 838 sq. ft - 2 bedroom• Overall avg. rent $776/month (Q2 2006)• 94% of the Trust's portfolio is stabilized – owned fora period of more than 24 months• Portfolio located in 17 market areas in 5 provincesBoardwalk Real Estate Investment Trust26

Portfolio Summary By ProvinceBy ProvinceProvince Number of Units % of Units Net Rentable Square Footage % of Square Footage Average Unit SizeAlberta 17,392 51% 14,682,795 51% 844British Columbia 871 3% 700,211 2% 804Saskatchewan 4,660 14% 3,855,658 14% 827Ontario 4,360 13% 3,410,651 12% 782Quebec 6,661 20% 5,865,580 21% 881Total 33,944 100% 28,514,895 100% 840Unit BreakdownNet Operating Income – June 30, 2006Quebec19.6%Quebec20%Ontario12.8%Alberta51.2%Saskatchew an10%Saskatchewan13.7%British Columbia2.6%Alberta57%Ontario10%BritishColombia3%Boardwalk Real Estate Investment TrustPortfolio as at Dec. 31, 200527

Portfolio – Geographic DiversityGrande PrairieFort McMurrayEdmonton SaskatoonRed DeerVancouver Banff AirdrieVictoria Calgary ReginaQuebec CityGatineau MontrealLondon KitchenerWindsorBoardwalk Real Estate Investment Trust28

Quality PortfolioBoardwalk Centre, EdmontonNuns’ Island, MontrealBrentview Towers, CalgaryWestheights Place, KitchenerBoardwalk Real Estate Investment Trust29

Portfolio Growth & DiversificationEdmonton49%1995 1998 Q2 2006Other AB4%Calgary47%Regina11%Other AB4%Saskatoon6%Edmonton51%Calgary28%Kitchener, ON1%Quebec City, QC4%Montreal, QC15%Gatineau, QC1%Saskatoon, SK6%Regina, SK8%London, ON7%Windsor, ON5%Victoria, BC0% Vancouver, BC2%Calgary, AB14%2,700 Units 19,500 Units 33,944 UnitsEdmonton,AB 30%Fort McMurray,AB 1%Grande Prairie, AB1%Red Deer, ABother-AB 3%2%Boardwalk Real Estate Investment Trust30

Multi-Family Sector – OverviewUnderlying fundamentals for sector remain healthy:• Positive demographic trends expected to continuethroughout decade – will have positive impact on demandfor multi-family rental properties• New supply of rental product has been minimal for over 15years and remains limited across the country• Vacancy rates continue low in most markets across thecountry• CMHC forecasting vacancy rates will continue to be stable,with a projection of 2.9% for 2006 versus 2.7% in 2005.• Housing market continues to experience high inflationarypressureBoardwalk Real Estate Investment Trust31

Affordability for HomeownershipDeclining in AlbertaAverage Combined ResidentialResale Price – Q2 YOY (in 000’s)$400$358$350$300$250$246$241Calgary – Up 45.63% YOYEdmonton – Up 22.92% YOY$200$196$150Q2 1 2005 Q2 2 2006Source: Calgary Real Estate Board, Edmonton Real Estate BoardBoardwalk Real Estate Investment Trust32

Affordability for HomeownershipDeclining in AlbertaCalgary – Average Home Price YOY ChangeSource: Calgary Real Estate BoardBoardwalk Real Estate Investment Trust33

Affordability for HomeownershipDeclining in AlbertaEdmonton – Average Home Price YOY Change$200,000$190,000$180,000$170,000$160,000$150,000$140,000$130,000$120,000$110,000$100,0001993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005Source: Edmonton Real Estate BoardBoardwalk Real Estate Investment Trust34

Unemployment RateUnemployment Rate, Alberta RegionsUnadjusted 3-Month Moving AverageYOY Jun-06 Jun-05 % of Bwalk PortfolioWood Buffalo - Cold Lake 4.10% 3.00% 1.0%Athabasca - Grande Prairie 3.40% 3.50% 1.2%Edmonton 3.70% 4.70% 31.0%Red Deer 4.30% 3.40% 2.5%Banff - Jasper - Rocky Mountain House n/a n/a n/a 0.2%Calgary 3.20% 3.20% 14.7%Camrose - Drumheller 2.80% 3.60% 0.0%Lethbridge - Medicine Hat 2.90% 3.90% 0.0%Since the start of the year, employment in Alberta has grown by 3.9% (+69,000), three times the national average.Source: Alberta Human Resources and EmploymentBoardwalk Real Estate Investment Trust35

Unemployment RateUnemployment Rate, Canada and ProvincesSeasonally AdjustedJun-06 3.5 4.3 4.9 3.6 5.9 8 8 8.2 10.5 14.8 6.1Jun-05 3.9 5.8 4.9 4.8 6.7 8.1 9.9 8.8 11.9 14 6.8Source: Statistics Canada, Labour Force SurveyBoardwalk Real Estate Investment Trust36

Alberta’s Powerful DrawQ4 2005Provincial Population ChangeBritish Columbia 0.19%Alberta 0.76%Saskatchewan -0.21%Manitoba 0.02%Ontario 0.08%Quebec 0.09%Newfoundland / Labrador -0.23%Nova Scotia -0.12%New Brunswick -0.08%Prince Edward Island -0.09%Yukon -0.27%Northwest Territories / Nunavut -0.45%Boardwalk Real Estate Investment Trust37

Multi-Family SectorCondo Ownership Costs vs. Renting (2004)ApartmentVacancy RateAverage Rent ($) for aTwo-BedroomApartment*Monthly MortgagePayment ($)** PIT Difference ($) Difference (%)Calgary 4.3 806 1206 400 49.6Edmonton 5.3 730 984 254 34.7Halifax 2.9 747 1507 760 101.8Hamilton 3.4 789 881 92 11.7Kitchener 3.5 765 812 47 6.2Montreal 1.5 594 1080 486 81.9Ottawa 3.9 940 1958 1018 108.2Regina 2.7 602 908 306 50.9Saskatoon 6.3 580 923 343 59.1Toronto 4.3 1052 1385 333 31.7Vancouver 1.3 984 2004 1020 103.7Victoria 0.6 799 1728 929 116.3Windsor 8.8 776 838 62 7.9Winnipeg 1.1 664 1244 580 87.3* Privately initiated two-bedroom apartments October 2004.** Based on the average price of new condominium apartments absorbed from January to December 2004Down payment of five per cent, five year mortgage rate of 5.05 per cent and amortization of 25 yearsand taxes at one percent of value. Does not include other costs such as maintenance, cap ex, insurance,utilities or management/condo fees. Management estimates that an additional $300/month on averagebe added to PIT which represents costs not reflected in the current numbers.Boardwalk Real Estate Investment Trust38

Internal Growth PotentialSensitivity AnalysisMonthly increase in gross rents $25 $50 $75 $100 $125 $150Monthly impact on FFO ($MM) $ 0.8 $ 1.7 $ 2.5 $ 3.4 $ 4.2 $ 5.1Annual Impact on FFO($MM) $ 10.2 $ 20.4 $ 30.5 $ 40.7 $ 50.9 $ 61.1Per Unit $ 0.18 $ 0.37 $ 0.55 $ 0.73 $ 0.92 $ 1.10Boardwalk Real Estate Investment Trust39

Portfolio Rental Revenue StatisticsThree Months Ended June 2006Market Rent per Unit – Current Q2 2006Market Market Rent Rent per per Unit Unit –– Dec Dec 2005 2005Occupied Rent per Unit – Q1 2006Occupied Rent per Unit – Q2 2006Average Rent per Unit – Q1 2006Average Average Rent Rent per per Unit Unit –– Q1 Q2 2005 2006Average Rent per Unit – Q2 2005$769$750$776$749$816$814$813$810$926$400 $500 $600 $700 $800 $900 $1000Under existing occupancy, “Loss-to-lease” = approx. $43M or $0.73 per Trust unit.Boardwalk Real Estate Investment Trust40

Alberta Monthly Rental RevenueStatistics Three Months Ended June 2006654321Market Rent per Unit – Q2 2006 $1036Market Rent per Unit – Mar 31, 2006$958Market Rent per Unit – Dec 31, 2005Occupied Rent per Unit – Q2 2006$814$826Average Rent per Unit – Q2 2006 $804Average Rent per Unit – Q2 2005 $756$400 $500 $600 $700 $800 $900 $1000 $1100Under existing occupancy, “Loss-to-lease” = approx. $41 million or $0.73 per Trust unit.Boardwalk Real Estate Investment Trust41

Stabilized AnalysisThree months ended June, 2006City Revenue Operating Costs NOI % of NOICalgary 7.3% 0.5% 11.0% 18%Edmonton 5.0% -2.2% 9.6% 34%Other Alberta 9.2% -4.9% 17.1% 6%Saskatchewan 2.1% 10.7% -4.5% 10%Ontario 2.0% 1.5% 2.4% 11%Quebec -0.1% 9.9% -6.1% 20%3.8% 2.9% 4.3% 100%Increase mainly inutilitiesIncreased operatingcostsBoardwalk Real Estate Investment Trust42

Stabilized AnalysisSix months ended June, 2006City Revenue Operating Costs NOI % of NOICalgary 6.3% -5.3% 12.6% 19%Edmonton 4.1% -2.6% 8.6% 34%Other Alberta 8.9% -7.0% 19.0% 6%Saskatchewan 1.9% 2.3% 1.6% 11%Ontario 1.7% -1.1% 5.0% 10%Quebec 0.0% 11.0% -7.6% 20%3.2% 0.7% 5.1% 100%Increased turnovers andhigher operatingexpenses, particularly R& MExcluding Altaprovincial rebate:4.3%Boardwalk Real Estate Investment Trust43

Mortgage MaturitiesYearMortgage Balance asat June 30, 2006Weighted Averageby Maturity2006 124,367,466 4.87%2007 248,726,249 5.21%2008 233,380,186 6.00%2009 203,169,631 5.72%2010 253,496,369 4.81%2011 114,683,718 5.84%2012 219,495,549 5.10%2013 55,314,059 5.14%2014 4,439,806 5.91%2015 30,647,912 4.68%2016 21,367,111 5.55%Subsequent 22,548,944 6.26%Grand Total 1,531,637,000 5.35%Estimated current renewal rates: 5 years – 4.29%, 10 Years – 4.40%The average maturity of the portfolio is 3.5 yearsMark to market on debt is approx $11 million at March 31 2006Boardwalk Real Estate Investment Trust44

Capital InvestmentFor the 6 months ended June 2006Capital Investment (in 000’s except per suite amounts)Jun-06 Per Suite Dec-05 Per SuiteRepairs and Maintenance - expense $8,787 $262 $13,812 $416On-Site Maintenance Personnel - expense $7,655 $228 $14,932 $449$16,442 $491 $28,744 $865Invested Capital - cost $18,572 $546 $29,676 $893$35,014 $1,036 $58,420 $1,758Estimated Maintenance Capital Expenditures $13,400 $400Boardwalk Real Estate Investment Trust45

Outlook / Summary• Well positioned for continued internal growth– high portfolio concentration in growth markets– Alberta continues to lead country in economic growth• Increasing portfolio diversification and scope– provides lower volatility– enhances access to expansion opportunities• Strong balance sheet and cash flows tocapitalize on acquisition opportunities• Consistent, sustainable and superior long-termgrowth in FFO per share and value forunitholdersBoardwalk Real Estate Investment Trust46

Why Invest in Boardwalk REIT• Proven and performance-driven management team withexisting internal management systems• Management continues to own in excess of 25% of the Trust• Strongest financial position in Trust’s history• Strong Liquidity• 99% of outstanding debt is NHA insured• Very completive interest rate pricing• Virtually eliminates renewal risk• High-quality, well-maintained portfolio concentrated in some ofthe best apartment markets in the country• Strong local market positions in the markets in which we operateBoardwalk Real Estate Investment Trust47

Boardwalk REIT 2006 GuidanceOriginal Revised Q1 2006 Revised Q2 20062006 Objectives 2006 Objectives 2006 ObjectivesFFO Rental Operations $1.37 to $1.46 $1.39 to $1.48 $1.45 to $1.52Distributable Income $1.41 to $1.51 $1.43 to $1.53 $1.48 to $1.55New Unit Acquisitions 1,000 to 2,000 1,000 to 2,000 1,000 to 2,000Stabilized Buildings NOI growth 0.00% 2.00% 3.00%Boardwalk Real Estate Investment Trust48

Questions and AnswersContact Information:Sam Kolias, President and CEORoberto Geremia, Senior VP, Finance and CFOKim O’Brien, VP, InvestmentsEmail: Investor@bwalk.comPh: 403-531-9255 or 403-206-6808Certain statements in this presentation may be considered forward-looking statements within the meaning ofexisting securities laws. Although Boardwalk believes that the expectations set forth in such statements arebased on reasonable assumptions, Boardwalk’s future operations and its actual performance may differmaterially from those in any forward – looking statements. Additional information that could cause actualresults to differ materially from these statements are detailed in the earnings press release and in otherpublicly filed documents, including Boardwalk’s annual report, Annual Information Form and quarterly reports.Boardwalk Real Estate Investment Trust49

BOARDWALK REAL REAL ESTATE INVESTMENT TRUSTAppendixBoardwalk Real Estate Investment Trust50

AcquisitionsAcquisition/Disposition Activity2005PurchasePriceBuilding Name Date Aquired City UnitsQ1 2005Varsity Place Apartments 2/1/2005 Calgary, AB 70 $ 5,250,000 $75,000 6.86% 673 $ 111.4Portfolio purchase:Sarcee Trail Place 2/1/2005 Calgary, AB 376Horizon Towers 2/1/2005 Burnaby/Vancouver, BC 206Surrey Village 2/1/2005 Surrey/Vancouver, BC 266848 $ 83,052,000 $97,939 6.39% 710 $ 137.9Christie Point Apartments 2/16/2005 Victoria, BC 161 $ 16,750,000 $104,037 6.39% 965 $ 107.8Neveu Portfolio:Place Chamonix 3/10/2005 Charlesbourg/Quebec City, QC 200Place Sully 3/10/2005 Charlesbourg/Quebec City, QC 46246 $ 10,175,000 $41,362 9.38% 961 $ 43.0Total 1325 $ 115,227,000 $86,964 6.68% 786 $ 110.7Price/UnitGoing inCap RateAvg.Sq. Ft.Price/Sq.Ft.** purchase price includes 40,137 sq ft. from Surrey Village commercial space.After deducting value of commercial space, this equates to $93,270 per residential rental unit and 131.3 per sq/ft.DispositionsTotalTotalPrice/Price/Avg.Avg.Price/Price/BuildingBuildingNameName DateDateSoldSoldCityCityUnitsUnitsProceedsProceedsUnitUnitCapCapRateRateSq.Sq.Ft.Ft.Sq.Sq.Ft.Ft.Q2 2005Village Acres 6/30/2005 6/30/2005 EdmontonEdmonton, AB 186 186 $ 9,533,000 $ 9,533,000 $ 51,253 $51,2535.78% 5.78% 841 841 $60.9 60.9Centre 15 12/20/2005 Calgary 78,000 sq ft $ 10,500,0008.45% $ 134.6Boardwalk Real Estate Investment Trust51

Portfolio Expansion –Alberta and British Columbia PortfolioAB and B.C. PortfolioUnits: 848Date Acquired:Feb. 1, 2005Purchase Price:$83.1MMGoing in CapRate: 6.39%Per rental unit:$93,300Per sq. ft.: $131.3(avg. 710 sq. ft.)Boardwalk Real Estate Investment Trust52

Portfolio Expansion –Recent Acquisition HighlightsChristie Point2861 – 3037 Craigowan Road,Victoria, BCUnits: 161Date acquired: Feb. 16, 2005Purchase Price: $16.8MMGoing in CapRate: 6.39%Per rental unit:$104,000Per sq. ft.: $107.8 (avg. 965 sq. ft.)Boardwalk Real Estate Investment Trust53

REIT BenchmarkingNorth American Residential REITsBoardwalk Real Estate Investment Trust54

VictoriaVancouverCalgaryEdmontonReginaSaskatoonKitchenerLondonWindsorMontrealQuebec CityWeighted AverageBoardwalk’s Market ShareMajor Markets0% 5% 10% 15% 20% 25%Boardwalk Real Estate Investment Trust55

Multi-Family Sector - OverviewApartment Vacancy Rate - Canada567.0%6.0%5.0%4.0%3.0%2.0%1.0%0.0%Oct-91Oct-92Oct-93Oct-94Oct-95Oct-96Oct-97Oct-98Oct-99Oct-00Oct-01Oct-02Oct-03Oct-04Boardwalk Real Estate Investment TrustSource: CMHC

Multi-Family Supply and DemandMultiple Starts (units)% changeCMA 2003 2004 2005 2006 2004 2005 2006Victoria 1,039 1,325 1,380 1,150 27.5% 10.2% -10.6%Vancouver 10,244 13,816 14,600 13,800 34.9% 5.7% -4.1%Edmonton 5,989 4,874 4,200 4,000 -18.6% -13.8% -4.8%Calgary 5,116 5,775 5,000 4,650 12.9% -10.0% -3.8%Saskatoon 999 825 850 600 -17.4% 3.0% -29.4%Regina 368 637 650 600 73.1% 2.0% -7.7%Windsor 605 748 655 745 23.6% -30.5% -6.7%London 1,134 742 1,351 620 -34.6% 67.1% -41.1%Kitchener 1,292 1,538 1,420 1,350 19.0% 23.5% -1.6%Ottawa 3,326 3,998 3,400 3,300 20.2% -31.2% -9.1%Gatineau 1,294 1,666 1,050 900 28.7% -40.0% 10.0%Montreal 13,961 18,095 15,500 13,600 29.6% -14.3% -18.1%Quebec 2,925 3,482 2,700 2,200 19.0% -9.5% -23.8%All CMA's 81,568 88,649 82,491 75,830 8.7% -6.9% -8.1%Sources: CMHC, Canadian Real Estate Association,Local R/E boards, Statistics Canada, CMHC Forecast 2005-2006Boardwalk Real Estate Investment Trust57

6050WTI Crude Price ($/bbl)4030Jan-0558WTI Crude Price and Edmonton/Calgary Avg. Rents1000900800700600500400300200100Jan-84Jan-85Jan-86Jan-87Jan-88Jan-89Jan-90Jan-91Jan-92Jan-93Jan-94Jan-95Jan-96Jan-97Jan-98Jan-99Jan-00Jan-01Jan-02Jan-03Jan-04Average Rent ($)Boardwalk Real Estate Investment Trust20100Rents vs. Oil PricesWTI Crude Price (U.S. per barrel) Edmonton/Calgary Avg. Rent (CMHC)