Boardwalk REIT announces September monthly distribution

    CALGARY, Sept. 15 /CNW/ - Boardwalk Real Estate Investment Trust
("BEI.UN" - TSX) has declared its September 2008 distribution in the amount of
15.00 cents per Trust unit. The distribution will be payable on October 15,
2008 to Unitholders of Record on September 30, 2008.

    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 36,785 rental units totaling approximately 40 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
$4.1 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 and should not rely
on such statements on any date other than the date of 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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