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Mark Hogan-Early Warning Press Release

TORONTO, ONTARIO -- (Marketwired) -- 04/21/14 -- Mark Hogan (the "Offeror") announced that effective April 11, 2014 (the "Closing Date"), the Offeror acquired direct ownership of 133,500 trust units (the "Acquired Trust Units") of Boulevard Industrial Real Estate Investment Trust (the "REIT") at a price of $0.18 per trust unit of the REIT (each a "Trust Unit"). Prior to the Closing Date the Offeror had ownership of 2,312,500 Trust Units of the REIT and 1,517,857 options to acquire Trust Units (the "Unit Options"), which together with the Acquired Trust Units represents a 10.20% ownership of the REIT.

Following the Closing Date, the Offeror has direct ownership of 2,510,000 Trust Units and 1,517,857 Unit Options. The Unit Options are exercisable for 1,517,857 Trust Units, which if fully exercised would, along with the Acquired Trust Units represent approximately 10.37% of the issued and outstanding Trust Units of the REIT on a partially 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.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Contacts:
Mark Hogan
(416) 716-7157

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