Morguard Real Estate Investment Trust Announces Normal Course Issuer Bid

MISSISSAUGA, ON, Feb. 5, 2018

The notice provides that Morguard may, during the twelve month period commencing February 7, 2018 and ending February 6, 2019, purchase for cancellation up to 3,034,586 units ("Units) in total, being approximately 5% of the outstanding Units.  The daily repurchase restriction for the Units is 7,431.  Additionally, Morguard may purchase for cancellation up to $11,500,000 principal amount of the 4.50% Convertible Unsecured Subordinated Debentures due December 31, 2021 (TSX:MRT.DB) ("Debentures"), being 10% of the public float of outstanding Debentures.  The daily repurchase restriction for the Debentures is $12,825.

The price which Morguard will pay for any such Units or Debentures will be the market price at the time of acquisition.  The actual number of Units and Debentures which may be purchased and the timing of any such purchases will be subject to compliance with the TSX guidelines.

Under its current normal course issuer bid due to expire February 6, 2018, Morguard was approved to purchase up to 3,030,072 Units and $11,500,000 principal amount of Debentures.  50,300 Units were purchased for cancellation during the last twelve months at an average cost per share of $15.20 through the facilities of the TSX and/or alternative Canadian trading systems and no Debentures were purchased for cancellation during the last twelve months.  As of February 1, 2018, there were 60,691,729 Units of Morguard outstanding with an average daily trading volume for the prior six months of 29,725.  Additionally, as of February 1, 2018 there were $175,000,000 principal amount Debentures of Morguard outstanding with an average daily trading volume for the prior six months of $51,300.

Morguard believes that its Units and Debentures, at times, trade in a price range which does not adequately reflect the value of such Units and Debentures in relation to the business of Morguard and its future business prospects.  As a result, depending upon future price movements and other factors, Morguard believes that its outstanding Units and Debentures may represent an attractive investment for itself.  Furthermore, the purchases may benefit all persons who continue to hold Units by increasing their equity interest in Morguard.  All Units and Debentures purchased by Morguard under the normal course issuer bid will be cancelled.

About Morguard Real Estate Investment Trust
The Trust is a closed-end real estate investment trust, which owns a diversified portfolio of 49 high quality retail, office and industrial income producing properties in Canada consisting of approximately 8.7 million square feet of leaseable space.

For more information, please visit Morguard.com.