Morguard North American Residential REIT Completes IPO

Morguard North American Residential Real Estate Investment Trust (the “REIT”) completed its initial public offering of trust units. The offering, which raised gross proceeds of approximately $82,500,000 (including the full exercise of the over-allotment option), was underwritten by a syndicate of underwriters co-led by RBC Capital Markets and TD Securities, and including CIBC, BMO Capital Markets, Scotiabank, HSBC Securities (Canada) Inc., National Bank Financial Inc., Canaccord Genuity Corp. and Dundee Securities Ltd. The trust units of the REIT are listed on the Toronto Stock Exchange under the symbol “MRG.UN.”

A total of 8,250,000 trust units were issued (including an over-allotment option exercised in full for 750,000 trust units on April 26, 2012) and sold at a price of $10 per trust unit. The aggregate net proceeds of the offering were used by the REIT to indirectly acquire interests in a portfolio of 14 Canadian multi-unit residential properties and three US multi-unit residential properties consisting of interests in 5,439 residential suites that are located in Ontario, Alberta and Louisiana, with an IFRS value of approximately $676.9 million as of December 31, 2011.

The REIT was represented by Stikeman Elliott LLP, with a team led by William Braithwaite that included David Weinberger, Adam Kline, Jeff Hershenfield and Ryan Kirvan (corporate/securities); Eric Carmona and Melissa Schyven (real estate) and John Lorito and Francesco Gucciardo (tax). The REIT was also represented by Beverley Flynn, General Counsel of Morguard Corporation.

The underwriters were represented by Torys LLP, with a team that included Simon Knowling, Philip Mohtadi, Michael Zackheim and Christine Hunter (corporate/securities); David Dell and Andy Gibbons (Ontario real estate); Michael Fortier (environmental); Corrado Cardarelli and Grace Pereira (Canadian tax); Andrew Bedford and Renee Matthews (Alberta corporate/real estate); Gavin Scotti (US corporate/real estate); Andy Beck and Chris Roehrig (US securities) and Peter Keenan and Ari Feder (US tax).

Robert Kutcher of Chopin, Wagar, Richard & Kutcher, LLP acted as special Louisiana counsel to the REIT and the underwriters and Jonathan Melmed and Erez Tucner of Chadbourne & Parke LLP acted as special US counsel to the REIT.

Lawyer(s)

David Weinberger Andy Gibbons Michael J. Fortier David A. Dell John G. Lorito Beverley G. Flynn Grace Pereira Jeffrey M. Hershenfield Christine Hunter William J. Braithwaite Adam J. Kline Renée Matthews Philip Mohtadi Eric Carmona Francesco G. Gucciardo Melissa Schyven Michael Zackheim Corrado Cardarelli Andrew P. Bedford Simon C. Knowling Ryan Kirvan

Firm(s)

Stikeman Elliott LLP Torys LLP Chadbourne & Parke LLP