Real Estate — July 30, 2009

Morguard Corporation Provides Financing Update

    MISSISSAUGA, ON, July 30 /CNW/ - Morguard Corporation (TSX: MRC)
announced today that the Company has successfully refinanced or obtained
commitments to refinance virtually all of the mortgages maturing during 2009.
As of today's date, one Canadian retail asset and two multi-unit residential
assets have been refinanced. A commitment to refinance a third multi-unit
residential asset has been received and is expected to be funded during the
third quarter of 2009. Gross proceeds from the four previously mentioned
refinancings will total $123 million which will be used to repay maturing
mortgages of $57 million, reduce bank indebtedness with the balance to be used
for general corporate purposes.
    Including refinancing activities from December 2008, Morguard has
received gross proceeds of approximately $289 million against which $139
million was used to repay maturing mortgages. The weighted average interest
rate on all new debt financed since December 2008 is 4.57%.
    The table below provides a further breakdown of the refinancings.

                                                                    Refinanc-
                                                     Expiring          ing(*)
                                               ------------------- ----------
                                                         Weighted
                                      No. of              Average
                            Month /    Prop-  Principal  Interest       New
    Asset Type                 Year   erties   Maturing      Rate  Principal
    -------------------------------------------------------------------------
    Canada retail           Q2 2009      1      $17,000     6.75%    $40,000

    Multi-unit residential  Q3 2009      3      $40,000     6.14%    $83,000

    Multi-unit residential  Q4 2008      4      $82,000     6.07%   $166,000
                                        -------------------------------------
                                         8     $139,000     6.17%   $289,000
                                        -------------------------------------
                                        -------------------------------------


                                                  Refinancing(*)
                                              ---------------------
                                               Weighted
                                      No. of    Average
                            Month /    Prop-   Interest
    Asset Type                 Year   erties       Rate      Term
    ---------------------------------------------------------------
    Canada retail           Q2 2009      1        6.59%   5 years

    Multi-unit residential  Q3 2009      3        4.08%   5 years

    Multi-unit residential  Q4 2008      4        4.33%   5 years
                                        ---------------------------
                                         8        4.57%
                                        ----------------
                                        ----------------
    (*) Refinanced or commitment received.

    Upon funding the remaining multi-unit residential mortgage, the Company
expects to have cash, loans due on demand and borrowing capacity under
existing credit facilities of approximately $165 million.

    Morguard Corporation is a real estate company, which owns a diversified
portfolio of 103 retail, office, multi-unit residential properties comprising
6.7 million square feet of commercial space and 10,504 apartment suites in
Canada Page 1 and the United States. Morguard provides management services to
institutional and other investors for commercial and multi-unit residential
properties through Morguard Investments Limited.
    For more information, visit the Company's website at www.morguard.com.

For further information: Morguard Corporation, K. (Rai) Sahi, Chief
Executive Officer, (905) 281-3800; Paul Miatello, Chief Financial Officer,
(905) 281-3800

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