Boardwalk's anticipated initial distribution level announced assuming successful REIT reorganization

Boardwalk's anticipated initial distribution level announced
assuming successful REIT reorganization 


CALGARY, April 7  /PRNewswire-FirstCall/ -- Boardwalk Equities Inc. ("BEI" -
TSX)

Boardwalk's management announces that upon successful completion of the closing
of the previously disclosed reorganization to a Real Estate Investment Trust,
the anticipated initial distribution level would be $1.24 per outstanding unit
on an annualized basis (approximately $0.103 per unit on a monthly basis), and
is based upon 53,332,347 total units outstanding which include the exercise of
all Boardwalk Equities Inc. employee stock options. This anticipated initial
distribution represents approximately 85% of estimated distributable income as
outlined in the declaration of trust.

In a press release dated March 12, 2004, Boardwalk's Board of Directors called a
Special Meeting of the Shareholders and Optionholders of the Corporation to vote
on a proposal to reorganize the Company into a Real Estate Investment Trust
(REIT). The Special Meeting will be held at 3:00 pm (MST) on April 28, 2004, at
the Calgary Petroleum Club, 319 - 5th Ave SW, Calgary, Alberta. The completion
of the conversion subsequent to a successful vote is expected to be on or about
May 3, 2004.

Corporate Profile

Boardwalk Equities Inc. is Canada's largest owner/operator of multi- family
rental communities. Boardwalk currently owns and operates in excess of 250
properties with over 31,400 units totaling approximately 26 million net rentable
square feet. The Company's portfolio is concentrated in the provinces of
Alberta, Saskatchewan, Ontario and Quebec. Boardwalk is headquartered in Calgary
and its shares are listed on the Toronto Stock Exchange under the symbol BEI.
The Company has a total market capitalization of approximately $2.3 billion.

Forward Looking Information

This press release may contain forward looking statements. These statements
relate, but are not limited to, the Corporation's expectations, intentions,
plans and beliefs. These forward looking statements can generally be identified
by the use of words "anticipated", "would", "estimated" 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 Management
Information Circular of Boardwalk available on http://www.sedar.com/. 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.

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 believes that the
expectations reflected in the forward-looking statements are reasonable, there
can be no assurance that future results, levels of activity, performance or
achievements will occur as anticipated. None of Boardwalk, Boardwalk REIT nor
any other person assumes responsibility for the accuracy and completeness of any
forward-looking statements, and no one has any obligation 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.

Distributable Income is not a measure recognized under GAAP and does not have a
standardized meaning prescribed by GAAP. Distributable Income is presented in
this press release as management believes this non-GAAP measure is a relevant
measure of the ability of Boardwalk REIT to earn and distribute cash returns to
Unitholders. Distributable Income as computed by Boardwalk REIT may differ from
similar computations as reported by other similar organizations and,
accordingly, may not be comparable to distributable income as reported by such
organizations. Distributable Income is calculated by reference to net income of
Boardwalk REIT on a consolidated basis, as determined in accordance with GAAP,
subject to certain adjustments as set out in the Declaration of Trust. For a
more complete definition and description of Distributable Income see the
definition thereof in the "Glossary of Terms and Expressions" and the section
entitled "Distribution Policy" contained in the Management Information Circular
of Boardwalk dated March 29, 2004 available on http://www.sedar.com/. 

DATASOURCE: Boardwalk Equities Inc.



CONTACT: Boardwalk Equities Inc., Sam Kolias, President and CEO,

[phone]; Roberto Geremia, Senior Vice President, Finance and

Chief Financial Officer, [phone]; Mike Hough, Senior Vice President,

[phone]; Paul Moon, Director of Corporate Communications,

[phone].

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