Boardwalk REIT Announces Solid Second Quarter 2008 Financial Results

FFO Per Unit Up 13.2% and DI Per Unit up 15.1% YOY; its August 2008 Distribution and its intention to renew its Normal Course Issuer Bid

CALGARY, Alberta, Canada, Aug. 14, 2008 /PRNewswire-FirstCall/ -- Boardwalk Real Estate Investment Trust ("BEI.UN" - TSX) Boardwalk Real Estate Investment Trust ("Boardwalk REIT" or the "Trust") today announced solid financial results for the second quarter of 2008.

FFO per unit was up 13.2% and DI per unit up 15.1% YOY. Its August 2008 Distribution and its intention to renew its Normal Course Issuer Bid. FFO and DI are non-GAAP measures.

The reconciliation to Net Earnings and to Total Operating Cash Flows, respectively, can be found in Management's Discussion and Analysis (MD&A) for the second quarter ended June 30, 2008, under the section titled, "Performance Measures".

For the second quarter ended June 30, 2008, the Trust reported Funds From Operations ("FFO") of $32.9 million and FFO per unit of $0.60 on a diluted basis, compared to FFO of $29.8 million and FFO per unit of $0.53 for the same period last year.

Distributable income ("DI") for the quarter was $33.2Â million and DI per unit was $0.61 on a diluted basis, compared to $30.0Â million and $0.53 per unit for the same period last year.

For a complete detailed copy of the company's release, please contact Sam Kolias, CEO, Boardwalk REIT, (403) 531-9255; or Roberto Geremia, President, (403) 531-9255.