SECURITIES AND EXCHANGE COMMISSION WASHINGTON, ~~D.C.~~DC 20549

~~Form~~ FORM 6-K

~~Report~~REPORT ofOF ~~Foreign~~FOREIGN ~~Private~~PRIVATE ~~Issuer~~ISSUER ~~Pursuant~~PURSUANT toTO ~~Rule~~ RULE 13a-16 orOR 15d-16 ~~of the~~UNDER ~~Securities~~THE ~~Exchange~~SECURITIES ~~Act~~EXCHANGE ofACT OF 1934

For the month of ~~December~~January, ~~2003~~2004

Boardwalk Equities Inc. (Translation of registrant’s name into English)

~~Suite~~ 200, 1501 –- 11st Street ~~S.W.~~ SW, Calgary, Alberta, Canada (Address ~~T2R~~of ~~0W1~~principal executive offices)

~~Commission~~ Indicate ~~File~~by ~~Number:~~check 1mark whether the registrant files or will file annual reports under cover of Form 20-~~15162~~F or Form 40-F:

~~[Indicate by check mark whether the registrant files or will file annual reports under cover~~ Form 20-F or[ ] Form 40-F. [X]

~~Form~~ Indicate ~~20-F~~by ocheck mark whether by furnishing the information contained in this Form, 40the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-F2(b) þunder the Securities Exchange Act of 1934.

Yes [~~Indicate~~ by] ~~check~~No mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.[X]

If “ Yes” ois Nomarked, þindicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-

[If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): ]

TABLE OF CONTENTS

~~DOCUMENTS FURNISHED HEREUNDER: SIGNATURES CHANGES IN CAPITAL STRUCTURE OF LISTED COMPANIES Exercise Recap Report with Taxable Comp. Cancellation Recap Report Cancellation Recap Report~~SIGNATURE

~~DOCUMENTS FURNISHED HEREUNDER:~~SIGNATURE

1. Pursuant ~~Toronto~~to ~~Stock~~the ~~Exchange~~requirements ~~Changes in Capital Structure~~ of ~~Listed~~the ~~Companies~~Securities ~~(Employee~~Exchange ~~Stock~~Act ~~Options~~of ~~and Stock Purchase Plans~~1934, ~~Options for Services and Related Matters)~~the registrant, ~~together~~Boardwalk ~~with~~Equities ~~detailed listing of specific options issued~~Inc, ~~cancelled~~has orduly ~~exercised,~~caused ~~with~~this ~~respect~~report to ~~optionholders~~be ofsigned ~~the~~on its ~~registrant~~behalf ~~for~~by the ~~month~~undersigned, ofthereunto ~~December,~~duly ~~2003~~authorized.

~~SIGNATURES~~ Date: January 9, 2004 Boardwalk Equities Inc.

~~Pursuant~~By: to/s/ ~~the~~Paul ~~requirements~~Moon ofPaul ~~the~~Moon ~~Securities~~Director ~~Exchange Act~~ of ~~1934,~~Corporate ~~the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.~~ Communications

		BOARDWALK EQUITIES INC.
January 6, 2004		By:		“Roberto Geremia” Roberto Geremia Vice-President Finance and Chief Financial Officer

(BOARDWALK LETTERHEAD)

~~CHANGES IN CAPITAL STRUCTURE OF LISTED COMPANIES Employee Stock Options and Stock Purchase Plans~~January 9, ~~Options for Services and Related Matters TSE Toronto Stock Exchange~~2004

Company Name:		Boardwalk Equities Inc.
Stock Symbol:		BEI
For Month Ending:		December 31, 2003
Date Prepared:		January 6, 2004
Company Contact:		Stuart M. Olley

NEWS RELEASE FOR IMMEDIATE DISTRIBUTION

Outstanding Stock Options Summary

Stock Options Outstanding — Opening Balance

2,619,793

Options Granted:

(Add)

Date of Grant

Name

Expiry Date

Price

Number

None

Subtotal

Options Exercised:

(Subtract)

Date

Name

Date of Grant

Price

Number

As per attached

171,565

Subtotal

Options Cancelled:

(Subtract)

Date

Name

Date of Grant

Price

Number

As per attached

49,400

Subtotal

Closing Stock Option Plan Balance

2,398,828

Shares Reserved for Share Compensation Arrangements

Opening Reserve Balance

Additional Listing Under Plan (Add)

Stock Options Exercised (Subtract)

Closing Reserve Balance

Issued and Outstanding Share Capital Summary

Reason for Increase or Reduction

Issued and Outstanding — Opening Balance

50,696,554

Stock Options Exercised

171,565

Share Purchase Plan

Nil

Warrants — No Warrants held in Calgary

Nil

Private Placement

Nil

Issuer Bid Cancellation

Nil

Closing Issued Capital Balance

50,877,430

BOARD APPROVES PROPOSAL TO REORGANIZE BOARDWALK INTO A REIT

~~The~~Calgary, ~~Exchange~~Alberta ~~Tower 130~~– ~~King Street West~~January 9, ~~3rd~~2004 ~~Floor Toronto,~~– ~~Ontario M5X~~Boardwalk ~~1J2~~Equities ~~Fax~~Inc. (~~416) 947~~BEI -~~4547~~ TSE; NYSE)

~~Table~~The Board of ~~Contents~~Directors of Boardwalk Equities Inc. is pleased to announce that the Special Committee of the Board of Directors formed on November 5, 2003 has recommended approval of management’s proposal to reorganize the business of the Corporation into a real estate investment trust to be called Boardwalk REIT. The Special Committee’s recommendation is based on a number of factors including the advice of its financial advisor, RBC Capital Markets. At a meeting held on January 8, 2004, the Board accepted this recommendation and voted in favour of the reorganization. In order to achieve various structural efficiencies the reorganization will be completed through the acquisition of the Corporation by Boardwalk Properties Company Limited, a private holding company indirectly owned by Messrs. Sam and Van Kolias. This acquisition will occur following the transfer of the assets and business of the Corporation to Boardwalk REIT. The business formerly conducted by the Corporation would then be conducted by Boardwalk REIT and public Shareholders would receive one unit of Boardwalk REIT for each common share of the Corporation. Shareholders will now be given the opportunity to consider the reorganization proposal at a special meeting called for this purpose. An Information Circular for the shareholder’s meeting has been prepared, however, as the transaction is a “going private” transaction for the purpose of US law, the Circular is subject to review by the SEC and will be filed with the SEC on EDGAR. Upon completion of such review, the meeting date will be set and the Circular will be mailed to all shareholders. At the meeting shareholders will be asked to vote on the reorganization and other related matters. In connection with the reorganization the Board of Directors has also resolved to effectively waive the application of the Shareholder Rights Plan adopted by the shareholders in 2001.

~~Exercise~~The ~~Recap~~Board ~~Report~~of Directors, at the January 8, 2004 meeting, has also resolved to apply to de-list the common shares from the New York Stock Exchange. Recent regulatory changes in the United States will significantly increase the cost of complying with ~~Taxable~~US ~~Comp~~securities laws. ~~Boardwalk~~Although ~~Equities~~the ~~Inc~~directors believe that benefits are derived from the Corporation’s listing on the prestigious NYSE, the Board feels that these benefits are outweighed by the significantly increased compliance costs of such listing. It should also be noted that the majority of the trades in the Corporation’s shares are completed through the facilities of the Toronto Stock Exchange (“TSX”) and accordingly a liquid market for the shares of the Corporation will continue to exist. In light of the significant savings realized by the Corporation in taking this step, the application to de-list will be filed regardless of whether the shareholders vote in favour of the reorganization or reject the REIT proposal.

~~From~~Corporate ~~12/1/2003 to 12/31/2003 Entered from / / to / /~~Profile

Name/Optionee ID	Grant		Exercise		Options		Option		Exercise		Aggregate		Taxable
	Date		Date		Exercised		Price		Price		Option Cost		Compensation
Plan: Boardwalk Equities Inc. 10 YR.
Doug D. Biggs		3/9/1999		12/2/2003		1,300	$	12.700000	$	17.750000	$	16,510.00		6,565.00
SSN ###-##-####
Chanda F. Mitchell		3/4/2000		12/2/2003		1,800	$	15.230000	$	17.750000	$	27,414.00		4,536.00
SSN ###-##-####
Robert T. Squires		6/10/1999		12/2/2003		2,400	$	15.790000	$	17.750000	$	37,896.00		4,704.00
SSN ###-##-####
Michael Simon		11/24/1998		12/3/2003		2,000	$	16.730000	$	17.680000	$	33,460.00		1,900.00
SSN ###-##-####
Paul H. Moon		3/4/1999		12/4/2003		3,000	$	12.830000	$	17.610000	$	38,490.00		14,340.00
SSN ###-##-####
Roberto Geremia		11/24/1999		12/8/2003		66,100	$	9.110000	$	17.750000	$	602,171.00		571,104.00
SSN ###-##-####
Manjeet S. Dhillon		3/24/2000		12/9/2003		4,000	$	15.230000	$	17.820000	$	15,230.00		2,590.00
SSN ###-##-####
Manjeet S. Dhillon		9/3/1999		12/9/2003		44,000	$	14.050000	$	17.820000	$	618,200.00		165,880.00
SSN ###-##-####
Manjeet S. Dhillon		10/12/2000		12/9/2003		4,000	$	11.800000	$	17.820000	$	47,200.00		24,080.00
SSN ###-##-####
Judy Perkin		3/24/2000		12/9/2003		1,800	$	15.230000	$	17.820000	$	27,414.00		4,662.00
SSN ###-##-####
Felix C. Sanfelices		9/3/1999		12/10/2003		800	$	14.050000	$	17.750000	$	11,240.00		2,960.00
SSN ###-##-####
Mark A. Sewell		6/10/1999		12/10/2003		1,600	$	15.790000	$	17.750000	$	25,264.00		3,136.00
SSN ###-##-####
Helen M. Mix		10/12/2000		12/12/2003		3,000	$	11.800000	$	17.940000	$	35,400.00		18,420.00
SSN ###-##-####
Helen M. Mix		9/3/1999		12/2/2003		2,400	$	14.05000	$	17.940000	$	33,720.00		9,336.00
SSN ###-##-####
Vicki L. Parker		5/11/1999		12/12/2003		2,400	$	14.780000	$	17.940000	$	35,472.00		7,584.00
SSN ###-##-####

Boardwalk Equities Inc. is Canada’s largest owner/operator of multi-family rental communities. Boardwalk currently owns and operates in excess of 250 properties with over 31,200 units totaling approximately 26 million net rentable square feet. The Company’s portfolio is concentrated in the provinces of Alberta, Saskatchewan, Ontario and Quebec. Boardwalk is headquartered in Calgary and its shares are listed on both the Toronto Stock Exchange and the New York Stock Exchange and trade under the symbol BEI. The Company has a total market capitalization of approximately $2.3 billion.

1For further information please contact:

~~Table~~Boardwalk Equities Inc. Sam Kolias, President and CEO, (403) 531-9255; Roberto Geremia, Senior Vice-President, Finance and Chief Financial Officer, (403) 531-9255; Mike Hough, Senior Vice President, (416) 364-0849; Paul Moon, Director of ~~Contents~~Corporate Communications, (403) 531-9255.

Exercise Recap Report with Taxable Comp. Boardwalk Equities Inc.

From 12/1/2003 to 12/31/2003 Entered from / / to / /

Name/Optionee ID	Grant		Exercise		Options		Option		Exercise		Aggregate		Taxable
	Date		Date		Exercised		Price		Price		Option Cost		Compensation
Luis A. Ventura		3/24/2000		12/12/2003		1,200	$	15.230000	$	17.940000	$	18,276.00		3,252.00
SSN ###-##-####
Doug D. Biggs		3/9/1999		12/15/2003		14,700	$	12.700000	$	18.000000	$	186,690.00		77,910.00
SSN ###-##-####
Sharon J. Friesen		5/11/1999		12/16/2003		2,400	$	14.780000	$	17.920000	$	35,472.00		7,536.00
SSN ###-##-####
Antonio Rino		1/13/2000		12/16/2003		1,200	$	12.520000	$	17.920000	$	15,024.00		6,480.00
SSN ###-##-####
Belinda Seckinger		3/24/2000		12/16/2003		1,800	$	15.230000	$	17.920000	$	27,414.00		4,842.00
SSN 625-00-2019
Yvette (Vicky) Ayotte		4/9/1999		12/18/2003		2,400	$	12.270000	$	17.800000	$	29,448.00		13,272.00
SSN ###-##-####
Yvette (Vicky) Ayotte		9/3/1999		12/18/2003		1,777	$	14.050000	$	17.800000	$	24,966.85		6,663.75
SSN ###-##-####
Lizaine S. Wheeler		9/3/1999		12/18/2003		288	$	14.050000	$	17.800000	$	4,046.40		1,080.00
SSN ###-##-####
Troy S. Nickolel		9/3/1999		12/22/2003		1,600	$	14.050000	$	17.600000	$	22,480.00		5,680.00
SSN ###-##-####
Kevin B. Perry		12/20/1999		12/23/2003		1,000	$	10.500000	$	17.530000	$	10,500.00		7,030.00
SSN ###-##-####
Sean P. Sweetnam		7/7/1999		12/23/2003		1,600	$	14.960000	$	17.530000	$	23,936.00		4,112.00
SSN ###-##-####
Kerilyn J. Anweiler		7/7/1999		12/30/2003		1,600	$	14.960000	$	17.950000	$	23,936.00		4,784.00
SSN ###-##-####
Renato L. Saban		7/7/1999		12/30/2003		1,600	$	14.960000	$	17.950000	$	23,936.00		4,784.00
SSN ###-##-####
David W. Wu		12/20/1999		12/30/2003		800	$	10.500000	$	17.950000	$	8,400.00		5,960.00
SSN ###-##-####
Plan Totals						171,565						2,059,606.25		995,182.75

Exercise Recap Report with Taxable Comp. Boardwalk Equities Inc.

From 12/1/2003 to 12/31/2003 Entered from / / to / /

Name/Optionee ID

Grant

Exercise

Options

Option

Exercise

Aggregate

Taxable

Date

Exercised

Price

Option Cost

Compensation

Grand Totals

171,565

2,059,606.25

995,162.75

Cancellation Recap Report Boardwalk Equities Inc.

From / / to / / Entered from 12/22/2003 to 12/22/2003

	Grant		Grant	Cancellation			Options		SARs		Option		Aggregate
Name/Optionee ID	Date		Type	Date		Reason	Cancelled		Cancelled		Price		Option Price
Plan: Boardwalk Equities, Inc.
Edgar Banzuelo		12/23/1998	Non-Qualified		12/22/2003	Terminated		400		0	$	16.720000	$	6,688.00
SSN ###-##-####
Paul Cheveldeaw		12/23/1998	Non-Qualified		12/22/2003	Terminated		2,000		0	$	16.720000	$	33,440.00
SSN ###-##-####
Diane Scramsled		12/23/1998	Non-Qualified		12/22/2003	Terminated		3,000		0	$	18.720000	$	50,160.00
SSN ###-##-####
David A. Gwynn		1/5/1999	Non-Qualified		12/22/2003	Terminated		2,000		0	$	16.690000	$	33,380.00
SSN ###-##-####
Ronald J. MacIsaac		1/5/1999	Non-Qualified		12/22/2003	Terminated		2,000		0	$	16.690000	$	33,380.00
SSN ###-##-####
Robert J. Dahl		2/10/1999	Non-Qualified		12/22/2003	Terminated		2,000		0	$	14.720000	$	29,440.00
SSN ###-##-####
Patricia E. Bateman		5/11/1999	Non-Qualified		12/22/2003	Terminated		2,000		0	$	14.780000	$	29,580.00
SSN ###-##-####
Vicki L. Parker		5/11/1999	Non-Qualified		12/22/2003	Terminated		600		0	$	14.780000	$	8,868.00
SSN ###-##-####
Utah A. MacDonald		6/10/1999	Non-Qualified		12/22/2003	Terminated		3,000		0	$	15.790000	$	47,370.00
SSN ###-##-####
Nicole H. Schafer		6/10/1999	Non-Qualified		12/22/2003	Terminated		3,000		0	$	15.790000	$	47,370.00
SSN ###-##-####
Tammy J. Rowe		7/7/1999	Non-Qualified		12/22/2003	Terminated		500		0	$	14.960000	$	8,976.00
SSN ###-##-####
William V. Gallardo		8/9/1999	Non-Qualified		12/22/2003	Terminated		2,000		0	$	14.730000	$	29,480.00
SSN ###-##-####
Beverly A. Musseau		3/24/2000	Non-Qualified		12/22/2003	Terminated		2,000		0	$	15.230000	$	30,460.00
SSN ###-##-####
Cheryl L. Stout		6/20/2000	Non-Qualified		12/22/2003	Terminated		1,200		0	$	12.700000	$	15,240.00
SSN ###-##-####
Laura P. Walrond		6/20/2000	Non-Qualified		12/22/2003	Terminated		1,200		0	$	12.700000	$	15,240.00
SSN ###-##-####
Plan Totals								27,000		0			$	419,032.00

Cancellation Recap Report Boardwalk Equities Inc.

From / / to / / Entered from 12/22/2003 to 12/22/2003

Grant

Cancellation

Options

SARs

Option

Aggregate

Name/Optionee ID

Date

Type

Date

Reason

Cancelled

Price

Option Price

Grand Totals

27,000

419,032.00

Cancellation Recap Report Boardwalk Equities Inc.

From / / to / / Entered from 12/8/2003 to 12/8/2003

Grant

Cancellation

Options

SARs

Option

Aggregate

Name/Optionee ID

Date

Type

Date

Reason

Cancelled

Price

Option Price

Plan: Boardwalk Equities, Inc.

Jon Orpe

12/23/1998

Non-Qualified

12/8/2003

Terminated

400

16.720000

6,688.00

SSN ###-##-####

Petra Porisky

12/23/1998

Non-Qualified

12/8/2003

Terminated

2,000

16.720000

33,440.00

SSN ###-##-####

James N. McKibbin

3/9/1999

Non-Qualified

12/8/2003

Terminated

20,000

12.700000

254,000.00

SSN ###-##-####

Plan Totals

22,400

294,128.00

Cancellation Recap Report Boardwalk Equities Inc.

From / / to / / Entered from 12/8/2003 to 12/8/2003

Grant

Cancellation

Options

SARs

Option

Aggregate

Name/Optionee ID

Date

Type

Date

Reason

Cancelled

Price

Option Price

Grand Totals

22,400

294,128.00

Table of Contents

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Filing Compare · BOARDWALK EQUITIES INC