Investor Presentation September / October 2006 - Boardwalk REIT

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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
Page 1 and 2: BOARDWALK REAL ESTATE INVESTMENT TR
Page 3 and 4: Topics for Discussion• Trust Over
Page 5: Trust Overview• Started in 1984 a
Page 9 and 10: What’s New2006 Activity - Equity
Page 11 and 12: Portfolio Expansion -Recent Acquisi
Page 13 and 14: What’s New2006 DispositionsDispos
Page 15 and 16: Rental Revenue CycleRents increaseA
Page 17 and 18: Mortgage Debt / Total Capitalizatio
Page 19 and 20: Boardwalk REIT Overview• Business
Page 21 and 22: - Example of Boardwalk investingin
Page 23 and 24: Current Development StatsProject #
Page 25 and 26: Canadian REIT Market Context• Boa
Page 27 and 28: Portfolio Summary By ProvinceBy Pro
Page 29 and 30: Quality PortfolioBoardwalk Centre,
Page 31 and 32: Multi-Family Sector - OverviewUnder
Page 33 and 34: Affordability for HomeownershipDecl
Page 35 and 36: Unemployment RateUnemployment Rate,
Page 37 and 38: Alberta’s Powerful DrawQ4 2005Pro
Page 39 and 40: Internal Growth PotentialSensitivit
Page 41 and 42: Alberta Monthly Rental RevenueStati
Page 43 and 44: Stabilized AnalysisSix months ended
Page 45 and 46: Capital InvestmentFor the 6 months
Page 47 and 48: Why Invest in Boardwalk REIT• Pro
Page 49 and 50: Questions and AnswersContact Inform
Page 51 and 52: AcquisitionsAcquisition/Disposition
Page 53 and 54: Portfolio Expansion -Recent Acquisi
Page 55 and 56: VictoriaVancouverCalgaryEdmontonReg
Page 57 and 58:
Multi-Family Supply and DemandMulti
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Investor Presentation September / October 2006 - Boardwalk REIT

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