Boardwalk REIT - TSX Accepts Renewal of Normal Course Issuer Bid

CALGARY, June 30, 2015 /CNW/ - Boardwalk Real Estate Investment Trust ("BEI.UN" – TSX)

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 "Bid").

Boardwalk has 47,536,970 issued and outstanding trust units as of June 16, 2015.  The public float of trust units of Boardwalk is 38,557,668.  The Bid allows Boardwalk to purchase up to 3,855,766 trust units, representing 10% of its "public float" of trust units. The average daily trading volume for the six calendar months prior to the date hereof was 152,026 trust units (25% being 38,006 trust units, which shall be the daily purchase limit under the Bid).  The Bid will commence on July 3, 2015 and will terminate on July 2, 2016 or such earlier time as the Bid is complete.  Purchases of trust units pursuant to this Bid will be effected through the facilities of the TSX and any alternative trading systems in Canada.

Boardwalk has also entered into an automatic purchase plan agreement ("APP") with a broker to allow for the purchase of its trust units under the Bid at times when Boardwalk ordinarily would not be active in the market due to self-imposed trading blackout periods. Before entering into a blackout period, Boardwalk may, but is not required to, instruct the designated broker to make purchases under the Bid in accordance with the terms of the APP. Such purchases will be determined by the broker in its sole discretion based on parameters established by Boardwalk prior to the blackout period in accordance with TSX rules, applicable securities laws and the terms of the APP. The terms of the APP have been pre-cleared by the TSX. Outside of these pre-determined blackout periods, trust units will be purchased based on management's discretion, in compliance with TSX rules and applicable securities laws.

Boardwalk has purchased 378,500 trust units within the past 12 months at a weighted average price of $67.59 per trust unit.

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 strives to be Canada's friendliest landlord and currently owns and operates more than 220 communities with over 34,000 residential units totalling approximately 29 million net rentable square feet. Boardwalk's principal objectives are to provide its Residents with the best quality communities and superior customer service, while providing Unitholders with sustainable monthly cash distributions, and increase the value of its trust units through selective acquisitions, dispositions, development, and effective management of its residential multi-family communities. Boardwalk REIT is vertically integrated and is Canada's leading owner/operator of multi-family communities with over 1,500 Associates bringing Residents home to properties located in Alberta, Saskatchewan, Ontario, and Quebec. Boardwalk REIT's Trust units are listed on the Toronto Stock Exchange, trading under the symbol BEI.UN. Additional information about Boardwalk REIT can be found on the Trust's website at www.BoardwalkREIT.com.

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 Boardwalk's objectives for 2015 and future periods, Boardwalk's 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 2014 Annual Report under the heading "Risks and Risk Management", which could cause Boardwalk's actual results to differ materially from the forward-looking information contained in this news release. Specifically Boardwalk has 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 Boardwalk's most recently filed annual information form, which is available at www.sedar.com. Forward-looking information contained in this news release is based on Boardwalk's current estimates, expectations and projections, which Boardwalk believes 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 the Trust may elect to, Boardwalk is under no obligation and does not undertake to update this information at any particular time.

SOURCE Boardwalk Real Estate Investment Trust