Boardwalk REIT Announces Voting Results from 2020 Annual and Special Meeting of Unitholders

News provided by

Boardwalk Real Estate Investment Trust

May 15, 2020, 17:30 ET

CALGARY, May 15, 2020 /PRNewswire/ - Boardwalk Real Estate Investment Trust (TSX:BEI.UN) (the "Trust") announced today the results of matters voted on at its annual and special meeting of unitholders held on May 14, 2020 (the "Meeting"), which included the election of all the trustee nominees listed in the Trust's management information circular dated March 31, 2020. The voting results for each of the matters considered at the Meeting are presented below. All resolutions were conducted by ballot.

The total number of trust units (or Class B Units of Boardwalk REIT Limited Partnership exchangeable into trust units) represented by unitholders present in person or by proxy at the meeting was 39,967,638, representing 78.38% of the Trust's outstanding trust units, on a diluted basis.

1. Number of Trustees – The resolution to fix the number of Trustees to be elected at the meeting at no more than seven was passed as follows:

Votes For	Proxy % For	Votes Against	Percent % Against	Outcome
39,616,443	99.42%	232,753	0.58%	Carried

2. Election of Trustees – The following seven nominees were elected as trustees by resolution passed by a majority of the unitholders: Scott Morrison, Gary Goodman, Arthur L. Havener, Jr., Sam Kolias, Samantha Kolias-Gunn, Brian G. Robinson and Andrea Goertz. Each of the trustees received the following votes for their election:

Trustee	Proxy Votes For	Percent %	Proxy Votes Withheld	Percent %	Outcome
Scott Morrison	39,747,315	99.74%	101,881	0.26%	Carried
Gary Goodman	39,522,219	99.18%	326,977	0.82%	Carried
Arthur L. Havener, Jr.	37,979,524	95.31%	1,869,672	4.69%	Carried
Sam Kolias	39,047,326	97.99%	801,870	2.01%	Carried
Samantha Kolias-Gunn	39,393,354	98.86%	455,842	1.14%	Carried
Brian G. Robinson	39,292,920	98.60%	556,276	1.40%	Carried
Andrea Goertz	39,292,944	98.60%	556,252	1.40%	Carried

3. Appointment of Auditors – Deloitte LLP was reappointed as the auditor of the Trust (and the trustees were authorized to fix their remuneration) by resolution passed as follows:

Proxy Votes For	Proxy % For	Proxy Votes Withheld	Percent % Withheld	Outcome
39,589,520	99.05%	378,116	0.95%	Carried

4. Executive Compensation Advisory Note – The resolution, on an advisory, non-binding basis, to accept the approach to executive compensation disclosed in the "Compensation Discussion and Analysis" section of the management information circular of the Trust dated March 31, 2020 was passed as follows:

Votes For	Proxy % For	Votes Against	Percent % Against	Outcome
39,343,738	98.73%	505,456	1.27%	Carried

5. Amendments to, and Re-Adoption of, the Deferred Unit Plan – The resolution ratifying amendments to and approving additional amendments to, and re‑adoption of, the deferred unit plan of the Trust, to permit the Trust to continue issuing deferred units was passed as follows:

Votes For	Proxy % For	Votes Against	Percent % Against	Outcome
38,947,208	97.74%	901,986	2.26%	Carried

Corporate Profile

Boardwalk REIT strives to be Canada's friendliest communities and currently owns and operates more than 200 communities with over 33,000 residential units totaling over 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 multifamily communities. Boardwalk REIT is vertically integrated and is Canada's leading owner/operator of multifamily communities with 1,600 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.bwalk.com/investors

SOURCE Boardwalk Real Estate Investment Trust