BOARDWALK REAL ESTATE INVESTMENT TRUST RENEWAL ANNUAL INFORMATION FORM DATE February 27, 2020 - 1 - BOARDWALK REAL ESTATE INVESTMENT TRUST ANNUAL INFORMATION FORM TABLE OF CONTENTS NOTE REGARDING FORWARD LOOKING STATEMENTS ........................................................... 5 PRESENTATION OF FINANCIAL INFORMATION AND NON-GAAP MEASURES ................... 6 PRESENTATION OF FINANCIAL INFORMATION .......................................................................................... 6 NON-GAAP FINANCIAL MEASURES ......................................................................................................... 6 NET OPERATING INCOME (“NOI”) ........................................................................................................... 6 FUNDS FROM OPERATIONS (“FFO”) ......................................................................................................... 7 ADJUSTED FUNDS FROM OPERATIONS (“AFFO”) .................................................................................... 7 ADJUSTED CASH FLOWS FROM OPERATIONS (“ACFO”) ......................................................................... 7 DISTRIBUTIONS AS A PERCENTAGE OF FFO, AFFO AND ACFO .............................................................. 7 OPERATING MARGINS ............................................................................................................................... 8 STABILIZED REVENUE GROWTH, STABILIZED OPERATING EXPENSE GROWTH AND STABILIZED NOI GROWTH ................................................................................................ 8 ENTERPRISE VALUE .................................................................................................................................. 8 CORPORATE STRUCTURE ................................................................................................................... 8 OVERVIEW OF THE ACQUISITION & THE ARRANGEMENT REPLACING THE CORPORATION AS A PUBLIC ENTITY WITH BOARDWALK REIT ................................. 9 PRE-ARRANGEMENT REORGANIZATION ................................................................................................... 9 ANCILLARY AGREEMENTS IN CONNECTION WITH THE ACQUISITION & THE ARRANGEMENT .............. 10 ARRANGEMENTS WITH BPCL ................................................................................................................. 12 SUBSIDIARIES ........................................................................................................................................ 12 OVERVIEW .............................................................................................................................................. 15 OBJECTIVES OF BOARDWALK REIT .............................................................................................. 16 MANAGEMENT OF BOARDWALK REIT ......................................................................................... 16 BOARD OF TRUSTEES .............................................................................................................................. 16 COMMITTEES .......................................................................................................................................... 20 AUDIT AND RISK MANAGEMENT COMMITTEE ....................................................................................... 20 COMPENSATION, GOVERNANCE & NOMINATIONS COMMITTEE ............................................................ 22 CORPORATE DEVELOPMENT COMMITTEE (AD HOC) ............................................................................... 22 SENIOR MANAGEMENT ........................................................................................................................... 23 BOARDWALK REIT ADMINISTRATIVE SERVICES AGREEMENT ............................................................. 23 BUSINESS & PROPERTIES OF BOARDWALK REIT ..................................................................... 25 STRATEGY FOR GROWTH ................................................................................................................. 31 MAXIMIZING TENANT/CUSTOMER SATISFACTION ................................................................................. 32 ACQUIRING SELECT MULTI-FAMILY RESIDENTIAL PROPERTIES ........................................................... 34 SALE OF PROPERTIES .............................................................................................................................. 35 INVESTMENT PHILOSOPHY...................................................................................................................... 36 COST OF CAPITAL ................................................................................................................................... 36 LIQUIDITY ............................................................................................................................................... 37 BRAND DIVERSIFICATION ....................................................................................................................... 38 - 2 - ENHANCING PROPERTY VALUES ............................................................................................................ 39 NET OPERATING INCOME OPTIMIZATION ............................................................................................... 39 PORTFOLIO OCCUPANCY RATES ............................................................................................................. 40 NEW APARTMENT DEVELOPMENT ......................................................................................................... 43 INVESTING IN BOARDWALK’S PROPERTIES - VALUE ADDED CAPITAL IMPROVEMENTS AND PROPERTY RE-POSITIONING PROGRAMS ............................................................. 45 NORMAL COURSE ISSUER BID ................................................................................................................ 47 MANAGING CAPITAL .............................................................................................................................. 47 BOARDWALK REIT'S DEBT MATURITY CHART ..................................................................................... 49 PURSUING PARTNERSHIPS OR JOINT VENTURES ..................................................................................... 50 INVESTMENT GUIDELINES & OPERATING POLICIES OF BOARDWALK REIT ........................................................................................................................ 50 INVESTMENT GUIDELINES ...................................................................................................................... 50 OPERATING POLICIES .............................................................................................................................. 53 DECLARATION OF TRUST & DESCRIPTION OF REIT UNITS .................................................. 55 REIT UNITS ............................................................................................................................................ 55 SPECIAL VOTING UNITS .......................................................................................................................... 55 ISSUANCE OF REIT UNITS ...................................................................................................................... 56 PURCHASE OF REIT UNITS ..................................................................................................................... 56 REIT UNIT REDEMPTION RIGHT............................................................................................................. 56 MEETINGS OF UNITHOLDERS .................................................................................................................. 58 LIMITATION ON NON-RESIDENT OWNERSHIP ......................................................................................... 59 AMENDMENTS TO THE DECLARATION OF TRUST & OTHER DOCUMENTS ............................................. 60 STOCK EXCHANGE LISTINGS, PRICE RANGE & TRADING VOLUME OF REIT UNITS ............................. 62 CHALLENGES & RISKS ....................................................................................................................... 62 RISKS DUE TO INVESTMENT IN REAL ESTATE ........................................................................................ 63 MULTI-FAMILY RESIDENTIAL SECTOR RISK .......................................................................................... 64 ENVIRONMENTAL RISKS ......................................................................................................................... 67 CLIMATE-RELATED RISK ........................................................................................................................ 67 GROUND LEASE RISK ............................................................................................................................. 67 COMPETITION RISK ................................................................................................................................. 68 GENERAL UNINSURED LOSSES ............................................................................................................... 68 CREDIT RISK ........................................................................................................................................... 68 MARKET RISK ........................................................................................................................................