Boardwalk Story

A Brief History of Boardwalk

Boardwalk began as a private company in 1984 when Sam Kolias and his brother Van, then aged 22 and 17, bought a drab 16-unit walk-up in Calgary using a down payment guaranteed by their father, a Greek immigrant and bricklayer. Units within this building were a mess, landscaping was unsightly, and the only occupied suite belonged to the resident manager who was not paying rent in exchange for her duties.

Unemployment was high during this time, and the brothers had no trouble finding help to refurbish the building which included new paint and carpeting. Once renovated, the building began to fill with residents who were instantly attracted to its new curb appeal. In addition to improved amenities, the rents in this newly renovated building were much lower compared to that of similar newly constructed buildings. Many other of the existing apartment buildings in the area during this time were poorly managed, with few owners willing and able to provide good customer service and a like-new product.

Within six months the brothers had turned the building into a desirable living address. Sam and Van then divested in this property for nearly double the original purchase price, using the proceeds to finance additional properties which were in need of refurbishing.

Boardwalk Rental Communities became a publicly traded entity as it made its debut on the Alberta Stock Exchange in 1994 under the symbol BEI. During that year, Boardwalk was able to identify and acquire approximately 1000 units within Calgary and Edmonton in which "value" was created and passed on to shareholders.

In 2004, Boardwalk became a Real Estate Investment Trust (REIT). Boardwalk REIT's principal objectives are to provide its unitholders with monthly cash distributions, partially on a Canadian income tax-deferred basis, and to increase the value of its units through the effective management of its residential multi-family revenue producing properties and the acquisition of additional properties.

Boardwalk's mission is: "to serve and provide our residents with quality rental communities." Boardwalk today continues to deliver on this statement. Focusing in on customers has allowed Boardwalk to grow into Canada's largest apartment landlord, owning and managing over 35,000 units.

In 1984, Sam and Van successfully started Boardwalk as a small family run operation. Today the company has approximately 1,500 skilled and dedicated associates who manage over 30 million net rentable square feet, and provide superior customer service to over 50,000 residents in 5 provinces across Canada.

For further information on Boardwalk, please contact Corporate Communications/Investor Relations at 403-531-9255 or investor@bwalk.com.