PORTFOLIO SUMMARY MORGUARD CORPORATION (TSX: MRC) As at June 30, 2015 Morguard Corporation is a real estate investment company listed on the Toronto Stock Exchange (TSX) under the symbol MRC. The Company and its subsidiaries, Morguard REIT (TSX: MRT.UN) and Morguard North American Residential REIT (TSX: MRG.UN), own a diversified portfolio of 168 real estate properties across multiple asset classes including multi-unit residential, retail, office, industrial and hotel. Together, the properties are located in prime locations across North America. $7.6B 52 44 REAL ESTATE MULTI-UNIT RESIDENTIAL RETAIL PROPERTIES PROPERTIES PROPERTIES 168 66 6 TOTAL PROPERTIES OFFICE AND INDUSTRIAL HOTEL PROPERTIES PROPERTIES Page 1 / 5 MORGUARD CORPORATION PORTFOLIO SUMMARY As at June 30, 2015 MULTI-UNIT RESIDENTIAL PORTFOLIO Ownership Province/ Interest Property City State Ownership (%) Suites CANADA Mayfair Village South Edmonton AB MRC 100 237 Square 104 Edmonton AB MRG 100 277 Margaret Place Kitchener ON MRG 100 472 The Arista Mississauga ON MRG 100 458 The Elmwoods Mississauga ON MRG 100 321 The Forestwoods Mississauga ON MRG 89 300 The Maplewoods Mississauga ON MRG 87 300 Meadowvale Gardens Mississauga ON MRG 100 325 1563 Mississauga Valley Blvd. Mississauga ON MRC 95 168 1405 Mississauga Valley Blvd. Mississauga ON MRC 95 168 Tomken Place Mississauga ON MRG 100 142 The Valleywoods Mississauga ON MRG 91 373 The Bay Club Toronto ON MRC 100 293 The Colonnade Toronto ON MRC 100 157 The Heathview Toronto ON MRC 100 587 Leaside Towers Toronto ON MRC 100 989 Rideau Towers 1 Toronto ON MRG 90 287 Rideau Towers 2 Toronto ON MRG 100 380 Rideau Towers 3 Toronto ON MRG 100 474 Rideau Towers 4 Toronto ON MRG 100 400 Condominium Units Toronto ON MRC 100 4 Rouge Valley Residence Scarborough ON MRG 100 396 126 Sparks Street Ottawa ON MRC 100 36 SUBTOTAL 7,544 U.S. Retreat at City Center Aurora CO MRG 100 225 Settlers’ Creek Fort Collins CO MRG 100 229 Grand Venetian Irving TX MRG 100 514 The Retreat at Spring Park Garland TX MRG 100 188 Verandah at Valley Ranch Irving TX MRG 100 319 Colonial Manor Harahan LA MRG 100 48 Garden Lane Gretna LA MRG 100 261 The Georgian New Orleans LA MRG 100 135 Greenbrier Slidell LA MRG 100 144 Magnolia Place New Iberia LA MRG 100 148 Steeplechase Lafayette LA MRG 100 192 Villages of Williamsburg Shreveport LA MRG 100 194 Alta at K Station Chicago IL MRC 100 848 Bel Air Apartment Homes Mobile AL MRG 100 202 The Estates at Lafayette Square Mobile AL MRG 100 675 Hampton Park Mobile AL MRG 100 300 Pine Bend Mobile AL MRG 100 152 Barrett Walk Kennesaw GA MRG 100 290 Briarhill Apartments Atlanta GA MRG 100 292 The Savoy Apartments Atlanta GA MRG 100 232 Blue Isle Coconut Creek FL MRG 100 340 Emerald Lake Lake Worth FL MRC 100 337 Governors Gate I Pensacola FL MRG 100 240 Governors Gate II Pensacola FL MRG 100 204 Jamestown Estates Pensacola FL MRG 100 177 Woodcliff Apartment Homes Pensacola FL MRG 100 184 Mallory Square Tampa FL MRG 100 383 Village Crossing West Palm Beach FL MRG 100 189 210 Watermark Bradenton FL MRG 100 216 Woodbine Apartment Homes Riviera Beach FL MRG 100 408 The Lodge at Crossroads Cary NC MRG 100 432 Perry Point Raleigh NC MRG 100 432 SUBTOTAL 9,130 TOTAL MULTI-UNIT RESIDENTIAL 16,674 Page 2 / 5 MORGUARD CORPORATION PORTFOLIO SUMMARY As at June 30, 2015 RETAIL PORTFOLIO Ownership Total Ownership Province/ Interest Area Area Property City State Ownership (%) (SF) (SF) CANADA Shelbourne Plaza Victoria BC MRT 100 57,000 57,000 Burquitlam Plaza Coquitlam BC MRT 100 67,500 67,500 Pine Centre Mall Prince George BC MRT 100 476,000 476,000 Prairie Mall Grande Prairie AB MRC/MRT 100 296,000 296,000 Airdrie Co-op Centre Airdrie AB MRT 100 65,000 65,000 Airdrie Rona Centre Airdrie AB MRT 100 44,000 44,000 Heritage Towne Centre Calgary AB MRT 100 131,000 131,000 Parkland Mall Red Deer AB MRT 100 429,500 429,500 The Centre at Circle and Eighth Saskatoon SK MRT 100 489,500 489,500 Brandon Shoppers Mall Brandon MB MRT 100 366,500 366,500 Charleswood Centre Winnipeg MB MRT 100 116,000 116,000 Southdale Mall Winnipeg MB MRT 100 175,500 175,500 Wonderland Corners London ON MRT 100 47,500 47,500 Cambridge Centre Cambridge ON MRT 100 726,000 726,000 Kingsbury Centre Mississauga ON MRT 100 70,000 70,000 Bramalea City Centre Brampton ON MRC 21 1,407,000 295,500 Woodbridge Square Vaughan ON MRT 50 113,000 56,500 Aurora Centre Aurora ON MRT 100 288,500 288,500 Yonge & McGill Toronto ON MRC 100 7,500 7,500 100 Cavell Avenue Toronto ON MRC 100 5,500 5,500 Centerpoint Mall Toronto ON MRC 100 607,000 607,000 The Colonnade Toronto ON MRC 100 97,000 97,000 East York Town Centre Toronto ON MRC 100 382,500 382,500 Guildwood Village Toronto ON MRC 100 52,500 52,500 Market Square Kanata ON MRT 100 58,000 58,000 Hampton Park Ottawa ON MRT 100 102,000 102,000 Home Base Ottawa ON MRT 100 10,000 10,000 St. Laurent Centre Ottawa ON MRT 100 852,500 852,500 SUBTOTAL 7,540,000 6,372,000 U.S. Alta at K Station Chicago IL MRC 100 13,000 13,000 Airline Park Matairie LA MRC 100 54,000 54,000 Azalea Gardens Jefferson LA MRC 100 45,000 45,000 Colonial Harahan LA MRC 100 44,000 44,000 Gonzales Plaza Gonzales LA MRC 100 73,000 73,000 North Shore Square Slidell LA MRC 100 429,500 429,500 Southland Mall Houma LA MRC 100 445,000 445,000 Westgate Alexandria LA MRC 100 168,000 168,000 Westland Kenner LA MRC 100 109,000 109,000 Boynton Town Center Boynton Beach FL MRC 100 209,500 209,500 Florida Shores Edgewater FL MRC 100 79,500 79,500 Lantana Plaza Lake Worth FL MRC 100 245,500 245,500 Rainbow Square Dunnellon FL MRC 100 116,000 116,000 Town & Country Palatka FL MRC 100 196,500 196,500 Weeki Wachee Village Brooksville FL MRC 100 82,500 82,500 Westward West Palm Beach FL MRC 100 225,000 225,000 SUBTOTAL 2,535,000 2,535,000 TOTAL RETAIL 10,075,000 8,907,000 Page 3 / 5 MORGUARD CORPORATION PORTFOLIO SUMMARY As at June 30, 2015 OFFICE AND INDUSTRIAL PORTFOLIO Ownership Total Ownership Interest Area Area Property City Province Ownership (%) (SF) (SF) CANADA Seymour Place Victoria BC MRT 100 235,500 235,500 Chancery Place Vancouver BC MRT 100 142,500 142,500 111 Dunsmuir Vancouver BC MRT 100 222,000 222,000 Alberta Treasury Calgary AB MRT 100 41,500 41,500 7315 – Eighth Street Calgary AB MRT 100 19,500 19,500 Centre 810 Calgary AB MRT 100 77,500 77,500 Deerport Centre Calgary AB MRT 100 47,500 47,500 Duncan Building Calgary AB MRT 100 81,000 81,000 505 Third Street Calgary AB MRT 50 142,000 71,000 Citadel West Calgary AB MRT 100 78,500 78,500 Penn West Plaza Calgary AB MRT 100 636,500 636,500 Scotia Place Edmonton AB MRT 20 570,000 114,000 Petroleum Plaza Edmonton AB MRT 50 304,000 152,000 4211 Albert Street Regina SK MRC 100 37,500 37,500 444 St. Mary Avenue Winnipeg MB MRC 20 247,500 49,500 Maple Leaf Foods Dist. Centre Puslinch ON MRC 59 282,203 166,500 33 City Centre Drive Mississauga ON MRC 50 215,000 107,500 55 City Centre Drive Mississauga ON MRC 50 175,000 87,500 77 City Centre Drive Mississauga ON MRC 50 194,000 97,000 201 City Centre Drive Mississauga ON MRC 50 215,000 107,500 2920 Matheson Blvd. East Mississauga ON MRC 50 233,000 116,500 Bramalea City Centre Brampton ON MRC 21 79,614 16,500 77 Bloor Street West Toronto ON MRT 50 393,000 196,500 200 Yorkland Toronto ON MRT 100 149,000 149,000 Creekside Corporate Centre Toronto ON MRC 100 301,500 301,500 945 Wilson Avenue Toronto ON MRC 32 228,125 73,000 Leaside Corporate Centre Toronto ON MRC 95 94,211 89,500 1875 Leslie Toronto ON MRT 100 52,000 52,000 2041-2141 McCowan1 Toronto ON MRT 100 196,500 196,500 279 Yorkland Toronto ON MRT 100 18,000 18,000 285 Yorkland Toronto ON MRT 100 25,000 25,000 Quinte Courthouse Belleville ON MRC 50 173,000 86,500 525 Coventry Ottawa ON MRT 100 42,500 42,500 Green Valley Office Park Ottawa ON MRT 100 123,000 123,000 Heritage Place Ottawa ON MRT 50 217,000 108,500 St. Laurent Business Centre Ottawa ON MRT 100 88,000 88,000 Standard Life Ottawa ON MRT 50 381,000 190,500 Time Square Ottawa ON MRT 100 111,000 111,000 301 Laurier Ave Ottawa ON MRT 50 26,000 13,000 181 Queen Street Ottawa ON MRC 100 251,500 251,500 131 Queen Street Ottawa ON MRC 100 329,000 329,000 350 Sparks Ottawa ON MRC / MRT 100 173,000 173,000 Performance Court Ottawa ON MRC 50 370,000 185,000 Centre de la Cité Montreal QC MRT 100 127,500 127,500 825 Des Érables Salaberry-de-Valleyfield QC MRT 50 485,000 242,500 Place Innovation Saint-Laurent QC MRC / MRT 100 896,000 896,000 Saint John City Hall Saint John NB MRC 50 157,000 78,500 Industrial Portfolio Various Various MRC 100 537,500 537,500 TOTAL OFFICE AND INDUSTRIAL 10,222,153 7,389,500 1 properties held for sale and excluded from Morguard REIT Portfolio Summary Page 4 / 5 MORGUARD CORPORATION PORTFOLIO SUMMARY As at June 30, 2015 HOTEL PORTFOLIO Ownership Interest Property City Province Ownership (%) Suites CANADA Courtyard Marriott Mississauga Mississauga ON MRC 100 144 Residence Inn Marriott Mississauga ON MRC 100 100 Toronto Airport Marriott Toronto ON MRC 95 424 Courtyard Marriott Vaughan Vaughan ON MRC 100 144 Courtyard Marriott Markham Markham ON MRC 100 144 Residence Inn Marriott Markham ON MRC 100 100 TOTAL HOTEL 1,056 Page 5 / 5.