Boardwalk REIT - TSX accepts normal course issuer bid

    CALGARY, Aug. 10 /CNW/ - Boardwalk Real Estate Investment Trust
("Boardwalk") is pleased to announce that the Toronto Stock Exchange has
accepted its notice of intention to make a normal course issuer bid (the
    Boardwalk currently has 51,989,813 issued and outstanding trust units.
The public float of trust units of Boardwalk is 42,650,847. The Bid allows
Boardwalk to purchase up to 4,265,085 trust units, representing 10% of its
"public float" of trust units, through the facilities of The Toronto Stock
Exchange. The average daily trading volume for the six calendar months prior
to the date hereof was 166,116 trust units. The Bid will commence on August
17, 2007 and will terminate on August 16, 2008 or such earlier time as the Bid
is complete.
    Boardwalk has not purchased its trust units within the past 12 months.
    Boardwalk believes that the current and recent market prices of its trust
units do not reflect their underlying value. Boardwalk's management is
initiating this program as it feels that, at current market prices, an
investment in Boardwalk's own high quality portfolio will deliver strong
returns for unitholders and represents an effective use of its capital and
steadily increasing cash flows. At the same time, Boardwalk plans to continue
its property acquisition and capital improvement programs. Boardwalk will
purchase the trust units for cancellation with the intention of increasing the
proportionate interest of all remaining unitholders.

    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 total market capitalization 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 Real Estate Investment Trust: Sam
Kolias, Chairman and CEO, (403) 531-9255; Roberto Geremia, President, (403)
531-9255; Madeleine Baerg, Director of Corporate Communications, (403)
531-9255. Information can also be found on the Internet at

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