Investor Presentation September / October 2006 - Boardwalk REIT

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