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Scott Hayes-Early Warning Press Release

TORONTO, ONTARIO -- (Marketwired) -- 04/21/14 -- Scott Hayes (the "Offeror") announced that, effective March 27, 2014 (the "Closing Date"), the Offeror acquired control of an aggregate 2,750,000 trust units ("Initial Trust Units") and 1,392,857 options to purchase trust units ("Initial Unit Options") of Boulevard Industrial Real Estate Investment Trust (the "REIT"), representing 10.67% of the issued and outstanding trust units (the "Trust Units") of the REIT. The Initial Trust Units and Initial Unit Options were issued pursuant to the terms of a plan of arrangement completed with HHT Investments Inc. whereby common shares and options to purchase common shares previously held in HHT Investments Inc. were exchanged for Trust Units and options to acquire Trust Units (the "Unit Options") of the REIT.

Pursuant to a plan of arrangement under Section 182 of the Business Corporations Act (Ontario) (the "Arrangement"), among other things: (i) the issued and outstanding common shares of HHT Investments Inc. were exchanged for Trust Units of the REIT on a one (1) for one (1) basis (the "Exchange Ratio"); and (ii) the issued and outstanding options and warrants to purchase common shares of HHT Investments Inc. were exchanged for Unit Options and warrants of the REIT to purchase Trust Units based upon the Exchange Ratio, on terms and conditions identical to the terms and conditions of the original options and warrants. Copies of the arrangement agreement entered into in connection with the Arrangement and the exchange agreement are available on the REIT's profile at

The Offeror currently has control and direction over 2,350,000 Trust Units through SPH Investments Inc., the Offeror's holding company, and indirect ownership of 731,000 Trust Units, which represents approximately 7.93% of the REIT's outstanding Trust Units. The Offeror also currently directly owns 1,517,857 Unit Options exercisable for 1,517,857 Trust Units, which if fully exercised would, along with the Trust Units currently owned and controlled by the Offeror, represent approximately 11.85% of the issued and outstanding Trust Units of the Company on a fully diluted basis.

The Trust Units of the REIT are held for investment purposes. The Offeror may, depending on market and other conditions, increase or decrease his beneficial ownership of securities of the REIT, whether in the open market, by privately negotiated agreements or otherwise, subject to a number of factors, including general market conditions and other available investment and business opportunities.

For further information or a copy of the
early warning report filed in connection
with this announcement, please contact:
Scott Hayes
(647) 795-8629

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