Morguard REIT (TSX:MRT.UN) filed a Notice of Intention and received approval from the Toronto Stock Exchange to commence a normal course issuer bid on January 25, 2012. Under the bid, Morguard will repurchase for cancellation up to 3,116,879 units, representing 5.39% of its outstanding shares and 10% of the public float and CAD 9.18 million worth of its principal amount of the 6.50% Convertible Unsecured Debentures due September 30, 2014, representing 10% of the public float of the outstanding debentures. The units will be repurchased through the facilities of the TSX. The price which will be paid for units or debentures will be the market price at the time of repurchase. The actual number of units and debentures which may be repurchased and the timing of repurchases will be subject to compliance with the TSX guidelines. The daily repurchase restriction for the units is 8,702 and the daily repurchase restriction for the debentures is $0.038 million. The bid will commence from January 28, 2012 and will end on January 27, 2013. As of January 19, 2012, Morguard REIT has 57,725,912 units and CAD 91.79 million worth of its principal amount debentures outstanding, with an average daily trading volume for the prior six months of 34,811 for units and CAD 0.15 million for debentures. As of January 23, 2013, no repurchases were made.

Morguard REIT's normal course issuer bid expired on January 27, 2013.