Boardwalk Announces Management Promotions and Board Changes


    CALGARY, March 30 /CNW/ - Boardwalk Real Estate Investment Trust
("BEI.UN" - TSE) today announced, effective May 10, 2007 (the date of the next
annual meeting of unitholders (the "AGM")), the retirement of Paul J. Hill as
Chairman of the Board of Trustees; that Mr. Sam Kolias will assume the
position of Chairman of the Board after the upcoming AGM and will remain full
time as Boardwalk's Chief Executive Officer; that an independent trustee will
be appointed as a "lead" trustee following the AGM; the nomination of Arthur
L. Havener, Jr. to the Board; and the appointments of Roberto Geremia and
William Wong as the Trust's President and Chief Financial Officer,
    Mr. Geremia will assume the position of President of Boardwalk.
Mr. Geremia has more than 14 years of multi-family real estate experience. He
is currently the Senior Vice President and Chief Financial Officer of the
Trust. Mr. Geremia became CFO of Boardwalk in 1993. During his time as CFO,
Boardwalk became Canada's largest owner/operator of multifamily rental
communities, acquiring almost 270 properties with over 35,800 units. During
his tenure as CFO, Boardwalk's enterprise value grew from approximately $40
million to approximately $4.1 billion.
    "We are thrilled and excited that Rob will succeed me as President. With
his wealth of experience and expertise in the real estate sector and the
extensive relationships that he has built up over the years, Rob will make an
excellent President and we look forward to his continued contribution in
helping direct our future growth," commented Sam Kolias, who will remain full
time as Boardwalk's Chief Executive Officer and will assume the position of
Chairman of the Board after the upcoming AGM.
    Mr. Geremia commented on the management changes as follows: "Our
corporate philosophy remains the same - to focus on building an even stronger
and deeper management team, providing superior customer value, enhancing our
portfolio value and building sustainable long-term value for our unitholders."
    Mr. William Wong, currently Vice President and Controller of Boardwalk,
will replace Mr. Geremia as Senior Vice President and Chief Financial Officer
of the Trust. Mr. Wong has extensive real estate and finance experience,
having served as the Trust's controller since December 2004. Prior thereto,
Mr. Wong was Boardwalk's Director of Taxation and Financial Reporting, from
October 2002 to December 2004. Mr. Wong has several professional designations,
including Chartered Accountant, Chartered Financial Analyst and Certified
Management Accountant, and began his career as an accountant at Deloitte &
Touche LLP in Toronto from 1987 to 1990.
    Paul J. Hill will retire as Chairman and as a member of Boardwalk's Board
of Trustees after the annual meeting of unitholders on May 10, 2007. Paul Hill
is President of The Hill Companies and Harvard Developments Inc. He is an Ivey
School of Business MBA and has over 30 years of experience in the real estate
industry as well as seven years in the investment banking industry. He serves
as Chairman of Crown Life and Chairman and director of several other Canadian
and U.S. private companies. He also serves on the boards of the Canadian
Council of Chief Executives, the Fraser Institute, the C.D. Howe Institute,
the Conference Board of Canada, the Ivey School of Business, the Georgetown
University School of Business (Washington, D.C.), the Athol Murray College of
Notre Dame, the Saskatchewan Roughrider Football Club and the Canadian Olympic
Foundation (Governor). Mr. Hill is a past director of the Investment Dealers'
Association and the Canadian Council for Aboriginal Business. In addition, he
is an active member of the Chief Executive Organization and the World
Presidents Organization.
    Mr. Kolias commented on Mr. Hill's retirement as follows: "Paul has
provided the Board with strong stewardship and guidance and he has made a
strong contribution during the five years he has served as Chairman and
12 years on our Board as an independent trustee and director. With his
extensive business experience and knowledge of Boardwalk, he has served us
extremely well in his capacity as Chairman. I will always be grateful for his
    The Board has determined that Mr. Sam Kolias will assume the position of
Chairman of the Board after the upcoming annual meeting of unitholders on
May 10, 2007, and that an independent trustee will be appointed as a "lead"
trustee in accordance with the recommended practice under Canadian Securities
Administrators' National Policy 58-201.
    Boardwalk is also pleased to announce the nomination of Arthur L.
Havener, Jr. to the Board of Trustees. Mr. Havener has almost twenty years
experience in the real estate securities business and public markets, having
been, until recently, Vice President and Head of Research for A.G. Edwards and
Sons Inc. in the United States. Mr. Havener's extensive knowledge and
experience in real estate securities and capital markets will further
strengthen the Trust's Board.
    "The appointment of Rob as President and William as CFO, as well as the
nomination of Art Havener to our Board, are among the moves we are making to
further strengthen the overall level of corporate leadership and governance of
our organization. Rob and William will enhance our management team in their
new positions and their new appointments, along with Art's nomination to the
Board, will better prepare Boardwalk to assess and take advantage of future
opportunities," concluded Sam Kolias.

    Corporate Profile

    Boardwalk REIT is Canada's largest owner/operator of multi-family rental
communities. Boardwalk REIT currently owns and operates in excess of 260
properties with over 35,800 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 enterprise value is $4.1 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 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, President & CEO,
(403) 531-9255; Roberto Geremia, Senior Vice President, Finance and CFO, (403)

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