Morguard North American Residential REIT Announces Completion of its Previously Announced Public Offering of $60 Million of Trust Units


MISSISSAUGA, ON, Jan. 9, 2017 /CNW/ - Morguard North American Residential Real Estate Investment Trust (the "REIT") (TSX: MRG.UN) announced today that it has completed its previously announced public offering with a syndicate of underwriters, co-led by RBC Capital Markets and TD Securities, on a bought deal basis, of 4,370,000 trust units (the "Units") at a price of $13.75 per Unit representing gross proceeds of $60,087,500 (the "Offering").

As part of the transaction, Morguard Corporation purchased $10,037,500 of the Units being offered, being 730,000 Units, at the offering price. Morguard Corporation currently holds an approximate 46.0% effective interest in the REIT through ownership of Units and Class B LP Units.

The net proceeds from the Offering will be used to fund future acquisitions, repay debt and for general trust purposes.

Copies of the REIT's short form prospectus are available on SEDAR at

The Units have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered, sold or delivered, directly or indirectly, in the United States or to, or for the account or benefit of, "U.S. persons" (as defined in Regulation S under the United States Securities Act of 1933, as amended). This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the Units in the United States or to, or for the account or benefit of, U.S. Persons.

About Morguard North American Residential REIT

The REIT is an unincorporated, open-ended real estate investment trust which owns, through a limited partnership, interests in a portfolio of 15 Canadian residential apartment communities, located in Alberta and Ontario, and 31 U.S. low-rise and mid-rise, garden-style apartment communities located in Alabama, Colorado, Florida, Georgia, Louisiana, North Carolina and Texas consisting of more than 13,000 residential suites.

Forward-Looking Information

Certain information in this press release may constitute forward-looking statements that involve a number of risks and uncertainties, including statements regarding the outlook for the REIT's business results of operations. Forward-looking statements use the words "believe", "expect", "anticipate", "may", "should", "intend", "estimate" and other similar terms, which do not relate to historical matters. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, events or developments to be materially different from any future results, events or developments expressed or implied by such forward-looking statements. Such factors include, among others, the following: general economic and business conditions, both nationally and in the regions in which the REIT operates; changes in business strategy or development/acquisition plans; environmental exposures; financing risk; existing governmental regulations and changes in, or the failure to comply with, governmental regulations; liability and other claims asserted against the REIT; and other factors referred to in the REIT's filings with Canadian securities regulators. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. The REIT does not assume the obligation to update or revise any forward looking statements.

SOURCE Morguard North American Residential Real Estate Investment Trust

For further information: please contact: K. Rai Sahi, Chief Executive Officer, (905) 281-3800; Robert D. Wright, Chief Financial Officer, (905) 281-3800


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