Controlling shareholders of Boardwalk Equities Inc. decide not to proceed with secondary offering

Controlling shareholders of Boardwalk Equities Inc. decide not to
proceed with secondary offering 


CALGARY, April 6  /PRNewswire-FirstCall/ -- Boardwalk Equities Inc. ("BEI" -
TSX)

Sam and Van Kolias, the controlling shareholders of Boardwalk Equities Inc.,
through their interest in Boardwalk Properties Company Limited, announced today
their intention not to proceed with the previously announced secondary offering
of approximately two-thirds of their common shares of Boardwalk ("Common
Shares") from their combined holdings (the "Secondary Offering"). The
controlling shareholders currently own or have control or direction over a total
of 15,150,000 Common Shares representing approximately 28.9% of the outstanding
Common Shares.

The decision not to proceed with the Secondary Offering was the result of
current market conditions with respect to the Common Shares and Messrs. Sam
Kolias' and Van Kolias' desire to retain as significant an interest in Boardwalk
Real Estate Investment Trust ("Boardwalk REIT"), following the successful
completion of the proposed conversion of the Corporation to a Real Estate
Investment Trust (the "Conversion"), as they have in the Corporation for the
immediate and near future.

Messrs. Sam Kolias and Van Kolias will, following successful completion of the
Conversion, divest themselves of smaller amounts of units of Boardwalk REIT
("REIT Units") from their combined holdings in quarterly sales as part of
transactions similar to the sales of Common Shares undertaken by them over the
course of the last four years.

Such sales, like those previously conducted by Messrs. Sam and Van Kolias, will
be undertaken to provide the controlling shareholders with a source of funds to
provide funding for their charitable causes, taxes, pay down existing
indebtedness and diversify their investment portfolios. The decision to engage
in these ongoing small sales of REIT Units in a similar fashion to the ones
previously conducted by Messrs. Sam and Van Kolias do not reflect any change in
the controlling shareholders' intention to maintain their significant equity
stake in Boardwalk REIT. Rather, the decision to conduct future sales reflects
the fact that over the past ten years, Sam and Van Kolias have taken nowage or
salary compensation from Boardwalk in their capacities as officers of the
Corporation.

Any future sales program will be similar to the one commenced by Messrs. Sam and
Van Kolias on November 7, 2003 for 450,000 Common Shares, which share sale was
completed on November 25, 2003. Assuming successful completion of the
Conversion, Messrs. Sam Kolias and Van Kolias currently intend to make regular
sales of up to a maximum of 500,000 REIT Units each fiscal quarter, or an
aggregate of 2,000,000 REIT Units per year from their combined holdings. In
addition, Messrs. Sam Kolias and Van Kolias intend to make a charitable donation
of 1,000,000 shares from their combined holdings just prior to the successful
completion of the Conversion. All proposed sales of REIT Units will be executed
in an orderly basis to avoid any adverse impact on the market for the REIT
Units. Notwithstanding such proposed sales, Messrs. Sam Kolias and Van Kolias
will, assuming successful completion of the Conversion, continueto hold a
material interest in Boardwalk REIT for the foreseeable future.

The controlling shareholders have appointed National Bank Financial to execute
any proposed sales through the facilities of the Toronto Stock Exchange. Any
sales of REIT Units by Sam Kolias and Van Kolias will not commence until after
successful completion of the Conversion, expected to be on or about May 3, 2004,
will be made in accordance with applicable securities regulations, and, in
accordance with past share sale programs conducted by Messrs. Sam and Van
Kolias, will be executed in an orderly basis so as to avoid adversely impacting
the market for the REIT Units. Notice of the controlling shareholders' intention
to sell any REIT Units will be filed with the applicable securities commissions
and the Toronto Stock Exchange prior to any such sales, in accordance with
applicable securities laws and stock exchange rules and regulations.

Some of any proposed sale of REIT Units by Sam and Van Kolias may be undertaken
concurrent with Boardwalk's normal course issuer bid, which began on August 25,
2003. In connection therewith, Messrs. Sam and Van Kolias will take appropriate
steps to ensure that none of the REIT Units sold in any future sales program are
purchased as partof Boardwalk's normal course issuer bid and will instruct
National Bank Financial not to sell any of the REIT Units in the sales program
through Boardwalk's normal course issuer bid.

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 both the Toronto Stock Exchange under the symbol
BEI. The Company has a total enterprise value of approximately $2.3 billion. 

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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