BOARDWALK REAL ESTATE INVESTMENT TRUST ANNUAL INFORMATION FORM February 25, 2021 - 2 - BOARDWALK REAL ESTATE INVESTMENT TRUST ANNUAL INFORMATION FORM TABLE OF CONTENTS NOTE REGARDING FORWARD-LOOKING STATEMENTS .......................................................... 6 PRESENTATION OF FINANCIAL INFORMATION AND NON-GAAP MEASURES ................... 7 PRESENTATION OF FINANCIAL INFORMATION .......................................................................................... 7 NON-GAAP FINANCIAL MEASURES ......................................................................................................... 8 NET OPERATING INCOME ......................................................................................................................... 8 FUNDS FROM OPERATIONS ....................................................................................................................... 8 ADJUSTED FUNDS FROM OPERATIONS ..................................................................................................... 9 ADJUSTED CASH FLOWS FROM OPERATIONS ........................................................................................... 9 DISTRIBUTIONS AS A PERCENTAGE OF FFO, AFFO AND ACFO ............................................................ 10 OPERATING MARGINS ............................................................................................................................. 10 STABILIZED REVENUE GROWTH, STABILIZED OPERATING EXPENSE GROWTH AND STABILIZED NOI GROWTH ......................................................................................................................................... 10 ENTERPRISE VALUE ................................................................................................................................ 10 OVERVIEW .............................................................................................................................................. 10 CORPORATE STRUCTURE AND BACKGROUND.......................................................................... 11 ARRANGEMENTS WITH BPCL ................................................................................................................. 12 PRE-ARRANGEMENT REORGANIZATION ................................................................................................. 13 ANCILLARY MATERIAL AGREEMENTS IN CONNECTION WITH THE ACQUISITION AND THE ARRANGEMENT WHICH REMAIN IN EFFECT ........................................................................................... 14 SUBSIDIARIES .......................................................................................................................................... 15 OBJECTIVES OF BOARDWALK REIT .............................................................................................. 18 MANAGEMENT OF BOARDWALK REIT ......................................................................................... 18 BOARD OF TRUSTEES .............................................................................................................................. 18 COMMITTEES .......................................................................................................................................... 23 AUDIT AND RISK MANAGEMENT COMMITTEE ....................................................................................... 23 COMPENSATION, GOVERNANCE AND NOMINATIONS COMMITTEE ........................................................ 25 CORPORATE DEVELOPMENT COMMITTEE (AD HOC) ............................................................................... 26 OFFICERS ................................................................................................................................................ 26 BOARDWALK REIT ADMINISTRATIVE SERVICES AGREEMENT ............................................................. 27 BUSINESS AND PROPERTIES OF BOARDWALK REIT ................................................................ 28 STRATEGY FOR GROWTH ................................................................................................................. 36 MAXIMIZING TENANT/CUSTOMER SATISFACTION ................................................................................. 37 ACQUIRING SELECT MULTI-FAMILY RESIDENTIAL PROPERTIES ........................................................... 37 SALE OF PROPERTIES .............................................................................................................................. 39 INVESTMENT PHILOSOPHY...................................................................................................................... 39 COST OF CAPITAL ................................................................................................................................... 40 LIQUIDITY ............................................................................................................................................... 40 BRAND DIVERSIFICATION ....................................................................................................................... 41 ENHANCING PROPERTY VALUES ............................................................................................................ 43 NET OPERATING INCOME OPTIMIZATION ............................................................................................... 43 - 3 - PORTFOLIO OCCUPANCY RATES ............................................................................................................. 44 NEW APARTMENT DEVELOPMENT ......................................................................................................... 47 INVESTING IN BOARDWALK'S PROPERTIES - VALUE ADDED CAPITAL IMPROVEMENTS AND PROPERTY RE-POSITIONING PROGRAMS ................................................................................................ 48 MANAGING CAPITAL .............................................................................................................................. 49 BOARDWALK REIT'S DEBT MATURITY CHART ..................................................................................... 51 INVESTMENT GUIDELINES AND OPERATING POLICIES OF BOARDWALK REIT........... 52 INVESTMENT GUIDELINES ...................................................................................................................... 52 OPERATING POLICIES .............................................................................................................................. 55 DECLARATION OF TRUST AND DESCRIPTION OF REIT UNITS ............................................. 57 REIT UNITS ............................................................................................................................................ 57 SPECIAL VOTING UNITS .......................................................................................................................... 58 ISSUANCE OF REIT UNITS ...................................................................................................................... 58 PURCHASE OF REIT UNITS ..................................................................................................................... 59 REIT UNIT REDEMPTION RIGHT............................................................................................................. 59 MEETINGS OF UNITHOLDERS .................................................................................................................. 61 LIMITATION ON NON-RESIDENT OWNERSHIP ......................................................................................... 62 AMENDMENTS TO THE DECLARATION OF TRUST AND OTHER DOCUMENTS ......................................... 63 STOCK EXCHANGE LISTINGS, PRICE RANGE AND TRADING VOLUME OF REIT UNITS ......................... 64 CHALLENGES AND RISKS .................................................................................................................. 65 COVID-19 PANDEMIC ............................................................................................................................ 65 DISEASE OUTBREAKS MAY NEGATIVELY IMPACT THE PERFORMANCE OF THE TRUST AND ITS SUBSIDIARIES .......................................................................................................................................... 67 RISKS DUE TO INVESTMENT IN REAL ESTATE ........................................................................................ 67 MULTI-FAMILY RESIDENTIAL SECTOR RISK .......................................................................................... 69 ENVIRONMENTAL RISKS ......................................................................................................................... 71 CLIMATE-RELATED RISK ........................................................................................................................ 71 GROUND LEASE RISK ............................................................................................................................. 72 COMPETITION RISK ................................................................................................................................. 72 GENERAL UNINSURED LOSSES ............................................................................................................... 72 CREDIT RISK ........................................................................................................................................... 72 MARKET RISK 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