Mr. Rai Sahi reports

MORGUARD ANNOUNCES COMPLETION OF $175 MILLION OFFERING OF 9.5% SERIES H SENIOR UNSECURED DEBENTURES

Morguard Corp. has completed its previously announced issuance of $175-million aggregate principal amount of Series H senior unsecured debentures. These debentures bear interest at a rate of 9.5 per cent per annum and will mature on Sept. 26, 2026. The debentures were offered through a syndicate of underwriters co-led by RBC Capital Markets, TD Securities and Scotiabank. RBC Capital Markets and TD Securities acted as joint bookrunners. DBRS Morningstar has provided a rating of "BB (high)" with a "stable" trend relating to the debentures.

The net proceeds of the offering will be used toward the repayment on maturity of the $175-million principal amount of Morguard's 4.402 per cent Series G senior unsecured debentures due Sept. 28, 2023.

The offering was made on a private placement basis in each of the provinces of Canada, and the debentures were issued pursuant to Morguard's trust indenture dated Dec. 10, 2013, as supplemented. The debentures rank pari passu with Morguard's outstanding senior unsecured debentures.

About Morguard Corp.

Morguard is a major North American real estate and property management company. It has extensive retail, office, hotel and residential holdings owned directly and through its investment in Morguard Real Estate Investment Trust and Morguard North American Residential REIT. Morguard also provides real estate management services to institutional and other investors. Morguard's owned and managed portfolio of assets is valued at $18.6-billion.

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