The Trust suspended its DRIP effective Feb 29, 2008. Notification to that effect was mailed to DRIP participants on Feb 15, 2008 (see Notification of Suspension).

The DRIP provided efficient and cost-effective equity to support the Trust's financing strategy. However, with its current liquidity and Normal Course Issuer Bid, the Trust no longer requires this source of funding. The Trust may reinstate the DRIP in the future if required to fund new investing activities. For more information on the Normal Course Issuer Bid, please see the information under the heading “Strategy for Growth-Normal Course Issuer Bid” in the Trust’s Renewal Annual Information Form, a copy of which may be found here.

The suspension of the DRIP does not affect regular distributions and Unitholders will continue to receive the regular distribution as declared.

Unitholders must consider the tax consequences of their past participation in the DRIP and the disclosure below should assist Unitholders in this regard.

Canadian Federal Tax considerations for DRIP participants

Electing distribution reinvestment option

Unitholders must consider the tax consequences of their past participation in the DRIP. Generally, where Participants elect to accumulate additional Units under the distribution reinvestment plan, the Participants reinvest their distributions in additional Units at approximately 97% of the Average Market Price. (A copy of the DRIP can be found on the Trust’s website at www.bwalk.com/Content/Investors/BREIT-DRIP.pdf for a description of the Plan.)

The Canada Revenue Agency (the "CRA") generally takes the position that under a DRIP where the fair market value of the Units acquired exceeds the purchase price, the difference is a benefit and must be included in the Participant's income for tax purposes. The cost of the Units acquired under the DRIP is the amount reinvested plus the amount of the benefit. The units acquired under the DRIP must be averaged with the cost of all other Units the Participant holds for the purpose of determining the adjusted cost base of all the Participant's Units. Capital gains or losses arising on a disposition of the Participant's Units will be measured by reference to the adjusted cost base of all the Participant's Units.

Distribution Reinvestment Plan ("DRIP")

To encourage participation and reward unitholders, investors registered in the Distribution Reinvestment Plan ("DRIP") will continue to receive a "bonus" distribution of additional Trust Units representing 3% of the amount of their cash distributions reinvested pursuant to the Plan.