On December 18, 2023, Boardwalk Real Estate Investment Trust ("Boardwalk") announced an offering of 3,185,000 Trust Units, aiming to raise gross proceeds of approximately C$218.17 million. The units were priced at C$68.50 per unit. The offering is being facilitated by a group of underwriters led by TD Securities Inc. and RBC Dominion Securities Inc., acting as joint bookrunners, along with BMO Nesbitt Burns Inc., Desjardins Securities Inc., National Bank Financial Inc., CIBC World Markets Inc., Scotia Capital Inc., Cormark Securities Inc., and Laurentian Bank Securities Inc.

The net proceeds, estimated at C$209.45 million after deducting the underwriters' fees of C$8.73 million and offering expenses of approximately C$800,000, are intended to finance future acquisitions, repay construction facility debt, and provide capital for other growth opportunities in Boardwalk's pipeline. Legal counsel for Boardwalk was provided by McCarthy Tétrault LLP, and Blake, Cassels & Graydon LLP represented the underwriters.

The offering includes an over-allotment option for an additional 477,750 Trust Units, potentially increasing total proceeds to C$240.86 million. The expected closing date is on or about December 22, 2023, with an option to extend to December 29, 2023.