Morguard Corporation declares regular quarterly dividend

    MISSISSAUGA, ON, May 21 /CNW/ - Morguard Corporation (MRC:TSX) announced
today at its annual meeting of shareholders that its Board declared a $0.15
per share quarterly dividend on its common shares payable on June 30, 2009 to
shareholders of record as at June 15, 2009.

    Morguard Corporation is a major Canadian real estate and property
management company. It has extensive retail, office, industrial and
residential holdings owned directly and through its investment in Morguard
REIT. Morguard provides management services to institutional and other
investors for commercial and residential real estate through Morguard
Investments Limited and Morguard Residential.

For further information:

For further information: Paul Miatello, Chief Financial Officer, Tel:
(905) 281-3800, Fax: (905) 281-5890,,

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