MRG.UN Morguard North American Residential Real Estate Investment Trust

/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES./ MISSISSAUGA, ON, April 24, 2012 /CNW/ - Morguard North American Residential Real Estate Investment Trust (the "REIT") announced today that pursuant to the underwriting agreement dated April 5, 2012 among the REIT, Morguard Corporation and 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 underwriters have exercised in full their option to purchase 750,000 additional trust units of the REIT at a price of $10.00 per trust unit for aggregate consideration of $7,500,000. The net proceeds to the REIT from the exercise of the over-allotment option will be used by the REIT to reduce its outstanding debt and/or for general working capital purposes. The closing of the over-allotment option is expected to occur on April 26, 2012. Following closing of the over-allotment option, Morguard Corporation will indirectly own an approximate 67.6% effective interest in the REIT. The trust 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 trust 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 established under the laws of the Province of Ontario. The REIT has been formed to own multi-unit residential properties in Canada and the United States. Concurrently with the completion of the initial public offering of trust units, the REIT indirectly acquired from Morguard Corporation, through a limited partnership, interests in a portfolio of 14 Canadian multi-unit residential properties and three U.S. 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 at December 31, 2011. Forward-Looking Statements This press release may contain forward-looking information within the meaning of applicable securities legislation, which reflects the REIT's current expectations regarding future events. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the REIT's control, that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include the factors discussed under "Risk Factors" in the final prospectus of the REIT dated April 5, 2012. The REIT does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law. For more information, visit the REIT's issuer profile at www.sedar.com. Morguard Corporation CONTACT: Morguard North American Residential REITK. (Rai) SahiChief Executive Officer(905) 281-3800Paul MiatelloChief Financial Officer(905) 281-3800

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