Boardwalk REIT Announces Solid Third Quarter Financial Results; FFO Per Unit down 2.9% YOY and DI Per Unit unchanged YOY; and Maintains Monthly Per Unit Distributions for November and December 2009 and January 2010

Boardwalk REIT Announces Solid Third Quarter Financial Results; FFO Per Unit
down 2.9% YOY and DI Per Unit unchanged YOY; and Maintains Monthly Per Unit
Distributions for November and December 2009 and January 2010

CALGARY, Nov. 13 /PRNewswire-FirstCall/ - Boardwalk Real Estate Investment
Trust ("BEI.UN" - TSX) - Boardwalk Real Estate Investment Trust ("Boardwalk",
"Boardwalk REIT" or the "Trust") today announced solid financial results for
the third quarter of 2009; Funds From Operations ("FFO") per unit down 2.9%
and Distributable Income ("DI") per unit unchanged YOY; and its November and
December 2009 and January 2010 Distribution. These decreases were primarily
the result of increased finance related charges driven by the Trust's decision
to significantly increase its overall available liquidity position and the
write-off of approximately $1.0 million of deferred financing charges related
to the payout of certain maturing mortgages associated with the Trust's
properties located in Windsor, Ontario. FFO, AFFO (Adjusted Funds From
Operation), and DI are non-GAAP measures; the reconciliation to Net Earnings
and Total Operating Cash Flows, respectively, can be found in the Management's
Discussion and Analysis (MD&A) for the third quarter and for the first nine
months of 2009 ended September 30, 2009, under the section titled,
"Performance Measures".
For the third quarter ended September 30, 2009, the Trust reported FFO of
$35.0 million and FFO per unit of $0.66 on a diluted basis, compared to FFO of
$36.8 million and FFO per unit of $0.68 for the same period last year. DI for
the quarter was $36.3 million and DI per unit was $0.69 on a diluted basis,
compared to $37.2 million and $0.69 per unit for the same period last year.

Additional Information

A more detailed analysis is included in the Consolidated Financial Statements
and Management's Discussion and Analysis, which have been filed on SEDAR and
can be viewed at www.sedar.com or on the Trust's website at
www.boardwalkreit.com.

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$ million, except per unit amounts
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Highlights of the Trust's Third Quarter 2009 Financial Results
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Three Three
Months Months
Sep 2009 Sep 2008 % Change
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Rental Revenue $107.2 $107.8 -0.5%
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Net Operating Income (NOI) $71.8 $71.8 0.0%
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Funds From Operations (FFO) $35.0 $36.8 -5.1%
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FFO Per Unit $0.66 $0.68 -2.9%
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Adjusted Funds from Operations
(AFFO) Per Unit $0.58 $0.61 -4.9%
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Distributable Income (DI) $36.3 $37.2 -2.4%
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DI Per Unit $0.69 $0.69 0.0%
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Distributions Declared $23.7 $24.3
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Distributions Declared Per Unit $0.45 $0.45
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(2009 Target $1.80 Per Unit
on an annualized basis)
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Payout as a % AFFO 76.9% 79.6%
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Payout as a % DI 65.4% 65.2%
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For further detail, please refer to pages 12 & 13 of the MD&A.

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Portfolio Highlights for the Third Quarter 2009
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Sep 2009 Dec 2008 Sep 2008
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Average Occupancy (3 Months) 95.5% 95.3% 95.4%
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Average Monthly Rent (3 Months) $976 $978 $977
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Average Market Rent (Period Ended) $1,002 $1,047 $1,070
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Average Occupied Rent (Period Ended) $1,021 $1,028 $1,027
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Loss-to-Lease ($ million) (Period Ended) ($8.1) $8.0 $18.2
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Loss-to-Lease Per Trust Unit
(Period Ended) $(0.15) $0.15 $0.34
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Cash & Cash Equivalents
(Period Ended) ($ million) $200.2 $123.2 $39.2
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Debt-to-GBV ("Gross Book Value")
(Period Ended) 61.8% 60.5% 59.6%
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Same Property Results (3 Months) % Change Year-Over-Year
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Rental Revenue -0.3%
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Operating Costs -0.2%
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Net Operating Income (NOI) -0.3%
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For further details, please refer to pages 16-19 & 24-25 of the MD&A.

Sequential Revenue Analysis

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Q3 2009 Q2 2009 Q1 2009 Q4 2008
Stabilized # of vs. vs. vs. vs.
Revenue Growth Units Q2 2009 Q1 2009 Q4 2008 Q3 2008
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Calgary 5,093 -1.2% -0.7% -1.3% -0.9%
Edmonton 12,423 -0.4% -1.2% 0.4% -1.0%
Other Alberta 2,203 -3.4% -1.6% 0.7% 1.0%
British Columbia 954 0.1% -0.2% -0.8% 2.0%
Ontario 4,265 -0.2% 0.0% 0.3% 0.0%
Quebec 6,692 0.4% 0.7% -0.2% -0.5%
Saskatchewan 4,660 2.4% 3.2% 1.5% 2.8%
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36,290 -0.2% -0.2% 0.1% -0.1%
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On a sequential basis, stabilized revenues decreased slightly by 0.2% from Q2
2009 to Q3 2009, decreased 0.2% from Q1 2009 to Q2 2009, increased 0.1% from
Q4 2008 to Q1 2009, and decreased 0.1% from Q3 2008 to Q4 2008.

Market Fundamentals From Across Canada:

Unemployment, Migration and Wages

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Market Fundamentals
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BC Alberta Saskatchewan
-- ------- ------------
Oct 2009 Oct 2008 Oct 2009 Oct 2008 Oct 2009 Oct 2008
Unemployment
Rate 8.3% 5.1% 7.5% 3.7% 5.3% 4.0%

Q2 2009 Q2 2008 Q2 2009 Q2 2008 Q2 2009 Q2 2008
Net
Interprovincial
Migration 1,752 2,815 4,737 7,215 550 362

Net
International
Migration 11,521 15,021 8,683 13,606 2,664 1,831

Total Net
Migration 13,273 17,836 13,420 20,821 3,214 2,193

Aug 2008 Aug 2007 Aug 2008 Aug 2007 Aug 2008 Aug 2007
to to to to to to
Aug 2009 Aug 2008 Aug 2009 Aug 2008 Aug 2009 Aug 2008

Average Weekly
Wages Growth -0.1% 3.1% 2.0% 4.8% 1.3% 4.9%
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-----------------------------------------------------
Market Fundamentals
-----------------------------------------------------
Ontario Quebec
------- ------
Oct 2009 Oct 2008 Oct 2009 Oct 2008
Unemployment
Rate 9.3% 6.5% 8.5% 7.2%

Q2 2009 Q2 2008 Q2 2009 Q2 2008
Net
Interprovincial
Migration -4,006 -3,502 -3,465 -4,399

Net
International
Migration 36,013 38,605 19,123 17,375

Total Net
Migration 32,007 35,103 15,658 12,976

Aug 2008 Aug 2007 Aug 2008 Aug 2007
to to to to
Aug 2009 Aug 2008 Aug 2009 Aug 2008

Average Weekly
Wages Growth 1.6% 2.8% 3.8% 0.7%
-----------------------------------------------------

Source: Statistics Canada

Western Canada:

Although rental market fundamentals remain lower than at the same time last
year, Western Canada is showing signs of economic recovery, with unemployment
declining in September and predictions that GDP and employment growth will
rebound in 2010.
Alberta lost 14,900 jobs in October, compared to a gain of 3,000 jobs the
previous month. The province maintained the third-lowest rate for
unemployment, at 7.5%. Albertans continued to enjoy the highest average weekly
earnings in the country, and wage growth remained positive. While the most
recent numbers showed interprovincial migration to the province was down over
last year, Alberta attracted the most people from other provinces, and
combined with strong immigration numbers, posted the highest population growth
rate. It is expected that 2010 will bring positive employment and GDP growth
for the province. Oil sands investment totaled over $137 billion in August, up
from just under $136 billion in June, and oil prices are predicted to rise
into next year, a positive sign for the economy. Canada led the globe in the
third quarter for oil and gas mergers and acquisitions, most notably the $23
billion merger of Suncor and Petro-Canada, and spending on the country's
unconventional petroleum sector is expected to reach $34 billion as of the end
of this year. In October, EnCana announced a new multi-billion dollar oil
sands project, Narrows Lake, which is expected to produce between 80 and 100
thousand barrels of bitumen when completed. In contrast to this announcement,
both Suncor and EnCana announced plans to sell off portions of their natural
gas holdings due to the weak market, as well as increased competition for the
Alberta natural gas industry from British Columbia and the United States.
Saskatchewan continued to post the lowest unemployment rate in the country, at
5.3% for the month of October. The province is the only one expected to post
positive GDP growth in 2009, partly due to high potash prices, and is expected
to lead the country in GDP growth again in 2010. As the producer of one third
of the world's supply of potash and uranium, and the second largest provincial
producer of oil, Saskatchewan will continue to benefit from rebounding
commodity prices. The province saw gains in both interprovincial and
international migration, contributing to its high population growth rate.
British Columbia lost 12,900 jobs in October, a change from its gain of 14,400
jobs the previous month. The unemployment rate in the province rose from 7.4%
in September to 8.3% in September. While weekly earnings in British Columbia
tied for the third highest out of the provinces in August, they saw a slight
decline year-over-year. International migration to the province remained
strong, and the province also saw gains in interprovincial migration. British
Columbia was initially expected to see an $11 billion windfall from the
upcoming 2010 Winter Olympic Games. However, with the recession, as well as
the $4 billion invested in infrastructure for the games, the province
announced in September it is expecting to post a deficit of close to $3
billion this year.

Eastern Canada:

Ontario has suffered the effects of the slump in the manufacturing and
automotive industries. Over half of its job losses since October 2008 have
been in manufacturing. The province saw a slight increase in unemployment for
October, to 9.3% from 9.2% the previous month. Ontario's population growth was
below the national average for a seventh consecutive quarter, with a net loss
of 4,000 residents to other provinces, as the West continues to attract
residents. International migration was down year-over-year, but remained
positive. In Quebec, unemployment fell to 8.5% in October as a result of a
decreased labour force, and employment held relatively steady for the third
consecutive month. The province saw strong wage growth in August, with weekly
earnings up 3.8% compared to the same time last year. The province also saw
the highest population growth for the quarter since 1991, a result of
increased immigration. Employment and GDP growth in both Ontario and Quebec
are expected to improve in 2010, in line with predictions for the rest of the
country.

MLS Housing Prices:

As the rental market is in direct competition with the housing market,
Boardwalk reports on MLS Housing Prices each quarter. This allows us to
predict how our rental markets will perform based on MLS price trends.

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MLS Housing Prices
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British Columbia Vancouver CMA Victoria CMA
Sep 2009 Sep 2008 Sep 2009 Sep 2008
Average Single Family $741,632 $726,331 $619,936 $549,284
Average Condo na na $327,487 $319,562

Alberta Calgary CMA Edmonton CMA
Sep 2009 Sep 2008 Sep 2009 Sep 2008
Average Single Family $459,085 $444,048 $371,947 $362,097
Average Condo $290,253 $287,426 $245,546 $252,234

Saskatchewan Saskatoon CMA Regina CMA
Sep 2009 Sep 2008 Sep 2009 Sep 2008
Average Overall $279,457 $297,836 $242,196 $234,945

Ontario London CMA Windsor CMA
Sep 2009 Sep 2008 Sep 2009 Sep 2008
Average Single Family $228,405 $227,794 na na
Average Condo $173,364 $152,353 na na
Average Overall na na $158,162 $160,280

Quebec Montreal CMA
Sep 2009 Sep 2008
Average Overall $284,882 $263,308
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Internally generated, NA = Data not available, * Internally calculated based
on volume of sales and total sales as provided by the Greater Montreal Real
Estate Board. Source: Association of Regina REALTORS(R), Calgary Real Estate
Board, Canada Mortgage and Housing Corporation, Canadian Real Estate
Association, Edmonton Real Estate Board, Greater Montreal Real Estate Board,
London and St. Thomas Association of REALTORS(R), Real Estate Board of Greater
Vancouver, Saskatoon Region Association of REALTORS(R), Victoria Real Estate
Board, Windsor-Essex County Real Estate Board

Western Canada:

Western Canada saw housing prices increase year-over-year in September, a sign
that housing markets are beginning to stabilize. In Calgary and Edmonton, the
sales to listings ratio for September was higher compared to the same time
last year, a result of fewer new listings, and both centres saw single-family
sale prices increase 3% year-over-year. Calgary also saw more condominium
sales compared to September 2008, with a slight increase in price, while
Edmonton's condo prices fell by 3%. The average residential sale price in
Saskatoon was down 6% year-over-year in September, but sales increased by 43%,
with fewer new listings for the month. As inventory declines, the market will
continue to stabilize, and housing starts are expected to increase moderately
in 2010. Regina's housing market continues to keep a strong pace, with
residential sales in September increasing 18%, while new listings were down
34% compared to the same period last year. The average residential sale price
in Regina rose 3% year-over-year for the same period. After several months of
decline, single-family sale prices in Vancouver rose 2% year-over-year in
September. Victoria had reduced inventories in September, which applied upward
pressure to prices for the month. Single-family sale prices increased 13%
year-over-year, while condominium prices increased 2% for the same period.

Eastern Canada:

There have been positive signs for the housing market in Eastern Canada. In
London, single-family sale prices in September were up slightly
year-over-year, and condominium prices saw a significant increase of 14%. In
Windsor, sales were up and inventories were down for the month, but the
average residential sale price for the area was still slightly lower compared
to September 2008. In Quebec, Montreal enjoyed a record month for September,
with sales increasing 5% over the same time last year. Steadily increasing
home prices continue to prove an attractive investment for buyers.

Acquisitions and Dispositions

To date in 2009, the Trust has not acquired any new property and disposed of
two properties as follow:

Sold
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Building # Cap $/ Date
Name City Units Type Price Rate $/unit sq ft Closed
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Domaine Levis, 64 Walk Up $ 5,300,000 6.59% $82,813 $78 October
du Rocher QC 22, 2009

Gateway Surrey, 133 Walk Up $11,000,000 5.23% $82,707 $80 June
Place BC 18, 2009

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TOTAL 197 $16,300,000 5.67% $82,741 $79
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For further detail, please refer to page 21 of the MD&A.

Normal Course Issuer Bid Renewal

In August of this year, Boardwalk successfully renewed its Normal Course
Issuer Bid (the "Third Bid"), which 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 Bid commenced on
August 24, 2009 and will terminate on August 23, 2010 or such earlier time as
the Bid is complete. With its current significant liquidity position, the
Trust continues to look for opportunities to deploy a portion of surplus
funds. During the quarter, Boardwalk deployed approximately $31.8 million on
the paying down of selective secured maturing mortgages. This action increased
the Trust's portfolio of unsecured assets, which can be re-leveraged in the
future, if warranted, and also allows a better return than it currently earns
on surplus cash.
No Trust Units have yet been purchased and cancelled under the Third Bid. The
Trust continues to view the purchase of its Trust Units on the public market
as a good investment; however, it believes that a balanced approach is
necessary with respect to its buyback strategy compared to other options for
deploying surplus cash. During the first nine months of 2009, the Trust
purchased a total of 790,000 Trust Units for cancellation at a total purchase
price of approximately $22.8 million, or an average cost of $28.81 per Trust
Unit. Cumulatively, since August 17, 2007, the Trust purchased and canceled
3,958,447 Trust Units, representing a total purchase cost of $146.7 million,
or an average cost of $37.07 per Trust Unit. The Trust continues to review all
available options available that we believe will provide the greatest return
to our Unitholders
As at September 30, 2009, Boardwalk REIT had 48,236,079 issued and outstanding
Trust Units, plus 4,475,000 Class "B" Units of Boardwalk REIT Limited
Partnership exchangeable for Trust Units on a one-for-one basis at the option
of the holder.
For further detail, please refer to pages 22 & 23 of the MD&A.

Continued Financial Strength

The Trust continued to build on its solid financial position throughout the
third quarter of 2009. Boardwalk REIT's total principal mortgage and debt
outstanding was $2.37 billion as of September 30, 2009, compared to $2.14
billion as of September 30, 2008. As of September 30, 2009, the Trust's total
debt had an average term maturity of 3 years with a weighted average interest
rate of 4.62% and a Debt-to-Total Gross Book Value ratio of 61.8%.
The liquidity position of the Trust is the strongest in its history. With over
$200 million in the bank and access to an additional $198 million committed
credit facility, the Trust is well-positioned to take advantage of
opportunities that present themselves. The Trust's interest coverage ratio,
excluding gains, for the nine-month period ended September 30, 2009 was 2.31
times compared to 2.30 times in the same period last year. The Trust is also
looking into opportunities to acquire a portion of its existing outstanding
NHA-insured mortgages as an alternative investment for its excess liquidity.
For further detail, please refer to pages 24 & 25 of the MD&A.

Outlook and 2009 Financial Guidance

Each quarter, we review our key assumptions in providing our financial
guidance. Although the first nine months of the year posted solid results, we
expect continued headwinds in the fourth quarter of the year, particularly on
the property tax expense side. As a result of this, and based on our review of
other key variables, we are increasing the lower end while maintaining the
upper end of our guidance range. Our 2009 financial guidance range for FFO per
Trust Unit will be between $2.50 - $2.55 (DI between $2.52 - $2.57). The
following table summarizes our 2009 Financial Guidance:

2009 Financial Guidance

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Description Revised Guidance Original Guidance
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Acquisitions No new apartment No new apartment
acquisitions acquisitions
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Stabilized Building 4% to 6% 4% to 6%
NOI growth
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FFO per Trust Unit $2.50 to $2.55 $2.45 to $2.55
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DI per Trust Unit $2.52 to $2.57 $2.47 to $2.57
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For further detail, please refer to page 28 of the MD&A.

2010 Financial Guidance

As is customary in the Trust's third quarter report, the Trust is providing
financial guidance for the upcoming 2010 fiscal year. The following table
summarizes management's estimate of FFO and DI for fiscal 2010:

-----------------------------------------
Description 2010 Objectives
-----------------------------------------
Acquisitions None
-----------------------------------------
Stabilized Building -2% to 0%
NOI growth
-----------------------------------------
FFO per Trust Unit $2.45 to $2.60
-----------------------------------------
DI per Trust Unit $2.47 to $2.62
-----------------------------------------

The Trust anticipates 2010 to be a challenging year. However, we remain
focused on our Customers' needs in an effective and efficient manner, while
keeping in mind our objective of creating Unitholder value in these tougher
times.

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Capital Budget 2010 Budget Per Suite

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Total Approved $79,000 $2,155
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Maintenance Capital $16,493 $450
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Stabilizing & Value Added Capital 62,507 $1,705
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------------------------
$79,000 $2,155
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------------------------

The above reported guidance is based on internal estimates and the reader is
cautioned that if the assumptions for these estimates are materially
different, it may result in actual results being materially different from our
2010 objectives.
For further detail, please refer to page 29 of the MD&A.

2009 Distributions

The Trust has declared its distributions in the amount of 15.00 cents per
Trust Unit ($1.80 on an annualized basis) as per the following schedule:

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Month Record Date Distribution Date
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November 2009 November 30, 2009 December 15, 2009
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December 2009 December 31, 2009 January 15, 2010
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January 2010 January 29, 2010 February 15, 2010
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Supplementary Information

Boardwalk produces the Quarterly Supplemental Information Package that
provides detailed information regarding the Trust's activities during the
quarter. The Third Quarter 2009 Supplemental Information Package is available
on our investor website at www.boardwalkreit.com.

Teleconference on Third Quarter 2009 Financial Results

We invite you to participate in the teleconference that will be held to
discuss these results this same morning (November 13, 2009) at 11:00 am ET.
Senior management will speak to the third quarter financial results and
provide an update. Presentation materials will be made available on our
investor website at www.boardwalkreit.com prior to the call.
Participation & Registration: Please RSVP to Investor Relations at
403-206-6808 or by email to investor@bwalk.com.
Teleconference: The telephone numbers for the conference are 647-427-7450
(Toronto & International) or toll-free 888-231-8191 (within North America).
Note: Please provide the operator with the below Conference Call ID or Topic
when dialing in to the call.

Conference ID: 31248787
Topic: Third Quarter Results

Webcast: Investors will be able to listen to the call and view our slide
presentation over the Internet by visiting www.boardwalkreit.com 15 min. prior
to the start of the call. An information page will be provided for any
software needed and system requirements. The live audiocast and presentation
will also be available at
http://www.newswire.ca/en/webcast/viewEvent.cgi?eventID=2810720
Replay: An audio recording of the teleconference will be available from 2:00
pm ET on Friday, November 13, 2009 until 11:59 pm ET on Friday, November 20,
2009. You can access it by dialing 402-220-7733 and using the passcode
31248787.

Corporate Profile

Boardwalk REIT is an open-ended real estate investment trust formed to acquire
all of the assets and undertakings of Boardwalk Equities Inc. Boardwalk REIT's
principal objectives are to provide its unitholders with monthly cash
distributions, partially on a Canadian income tax-deferred basis, and to
increase the value of its units through the effective management of its
residential multi-family revenue producing properties and the acquisition of
additional properties. Boardwalk REIT currently owns and operates (as at
September 30, 2009) in excess of 260 properties with 36,652 units totalling
approximately 31 million net rentable square feet, and is Canada's largest
owner/operator of multi-family rental communities. Boardwalk REIT's portfolio
is concentrated in the provinces of Alberta, British Columbia, Saskatchewan,
Ontario and Quebec.

(1) Funds From Operations ("FFO") is a generally accepted measure of
operating performance of real estate investment trusts and companies;
however, it is a non-GAAP measure. The Trust calculates FFO by taking
net earnings after discontinued operations, adjusting for gains or
losses on disposal of discontinued operation assets and extraordinary
items, and adding non-cash expenses including future income taxes and
amortization. The determination of this amount may differ from that
of other real estate investment trusts and companies. Distributable
Income ("DI") is calculated based on the definition as set out in the
Trust's declaration of trust and is computed by taking FFO and adding
back amortization on any deferred financing charges incurred prior to
May 3, 2004 as well as adjusting for any discounts or premiums
relating to the amortization of mark-to-market debt adjustment
incurred subsequent to the real estate investment trust conversion
date of May 3, 2004.

CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING STATEMENTS

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 REIT'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.

SOURCE Boardwalk Real Estate Investment Trust

Boardwalk REIT, Sam Kolias, CEO, (403) 531-9255; Roberto Geremia, President,
(403) 531-9255; William Wong, CFO, (403) 531-9255