TSX accepts renewal of normal course issuer bid

    CALGARY, Aug. 20 /CNW/ - Boardwalk Real Estate Investment Trust
("Boardwalk") is pleased to announce that The Toronto Stock Exchange has
accepted its notice of intention to renew its normal course issuer bid (the
    Boardwalk has 48,246,114 issued and outstanding trust units as of today's
date. The public float of trust units of Boardwalk is 39,322,114. The Bid
allows Boardwalk to purchase up to 3,932,211 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 132,753 (25% being 33,188). The Bid will commence on
August 24, 2009 and will terminate on August 23, 2010 or such earlier time as
the Bid is complete.
    Boardwalk has purchased 1,436,000 trust units within the past 12 months
at a weighted average price of $29.78.
    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 is Canada's largest public owner/operator of multi-family
rental communities. Boardwalk currently owns and operates in excess of 260
properties with 36,652 rental units totaling approximately 31 million net
rentable square feet. The Trust's portfolio is concentrated in the provinces
of Alberta, British Columbia, Saskatchewan, Ontario and Quebec. Boardwalk's
Trust units are listed on the Toronto Stock Exchange, trading under the symbol
BEI.UN. The Trust's total Enterprise Value is over $3.0 billion. Additional
information about Boardwalk can be found on the Company website at


    Information in this news release that is not current or historical
factual information may constitute forward-looking information within the
meaning of securities laws. Implicit in this information, particularly in
respect of our objectives for 2009 and future periods, our strategies to
achieve those objectives, as well as statements with respect to management's
beliefs, plans, estimates and intentions, and similar statements concerning
anticipated future events, results, circumstances, performance or
expectations, are estimates and assumptions subject to risks and
uncertainties, including those described in the Management's Discussion &
Analysis of Boardwalk's 2008 Annual Report under the heading "Risks and Risk
Management", which could cause our actual results to differ materially from
the forward looking information contained in this news release. Specifically
we have assumed that the general economy remains stable, interest rates are
relatively stable, acquisition capitalization rates are stable, competition
for acquisition of residential apartments remains intense, and equity and debt
markets continue to provide access to capital. These assumptions, although
considered reasonable by the Trust at the time of preparation, may prove to be
incorrect. For more exhaustive information on these risks and uncertainties
you should refer to our most recently filed annual information form which is
available at www.sedar.com. Forward-looking information contained in this news
release is based on our current estimates, expectations and projections, which
we believe are reasonable as of the current date. You should not place undue
importance on forward-looking information and should not rely upon this
information as of any other date. While we may elect to, we are under no
obligation and do not undertake to update this information at any particular
time. All forward-looking statements in this press release are qualified by
these cautionary statements. Except as required by applicable law, Boardwalk
undertakes no obligation to publicly update or revise any forward-looking
statement, whether as a result of new information, future events or otherwise.

    %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; William Wong, CFO, (403) 531-9255. Information can also be found on
the Internet at http://www.bwalk.com.

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