Boardwalk REIT announces December monthly distribution



    CALGARY, Dec. 14 /CNW/ - Boardwalk Real Estate Investment Trust ("BEI.UN"
- TSX) has declared its December 2007 distribution in the amount of 15.00
cents per Trust unit. The distribution will be payable on January 15, 2008 to
Unitholders of Record on December 31, 2007.
    To encourage participation and reward unitholders, investors registered
in the Distribution Reinvestment plan ("DRIP") will continue to receive a
"bonus" distribution of additional Trust Units representing 3% of the amount
of their cash distributions reinvested pursuant to the Plan. A full copy of
the DRIP can be found on the Trust's website at www.boardwalkREIT.com.

    Corporate Profile

    Boardwalk REIT is Canada's largest owner/operator of multi-family rental
communities. Boardwalk REIT currently owns and operates in excess of 250
properties with over 36,486 rental units totaling approximately 30 million net
rentable square feet. The Trust's portfolio is concentrated in the provinces
of Alberta, British Columbia, Saskatchewan, Ontario and Quebec. Boardwalk
REIT's Trust units are listed on the Toronto Stock Exchange, trading under the
symbol BEI.UN. The Trust's total Enterprise Value is approximately
$4.3 billion.

    Forward Looking Information

    This press release may contain forward looking statements. These
statements relate, but are not limited to, Boardwalk REIT's expectations,
intentions, plans and beliefs. These forward looking statements can generally
be identified by the use of words "anticipated", "expected" or the negative
thereof or other comparable terminology. You should be aware that these
statements are subject to known and unknown risks, uncertainties and other
factors, including the risks discussed under the heading "Risk Factors" in the
Annual Information Form of Boardwalk REIT available on www.sedar.com. Actual
events or results may differ materially from those suggested by any
forward-looking statements. You should not place undue reliance on any
forward-looking statements contained in this press release. By their nature,
forward-looking statements involve numerous assumptions, inherent risks and
uncertainties, both general and specific, that contribute to the possibility
that the predictions, forecasts, projections and various future events will
not occur. Although management of Boardwalk REIT believes that the
expectations reflected in the forward-looking statements are reasonable, there
can be no assurances that future results, levels of activity, performance or
achievements will occur as anticipated. None of Boardwalk REIT nor any other
person assumes responsibility for the accuracy and completeness of any
forward-looking statements, and no one has any obligations to update or revise
any forward-looking statement, whether as a result of new information, future
events or such other factors which affect this information, except as required
by law.

    %SEDAR: 00020684E




For further information:

For further information: Boardwalk REIT: Sam Kolias, CEO, (403)
531-9255; Roberto Geremia, President, (403) 531-9255


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