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Morguard North American Residential REIT to make normal course issuer bid

Morguard North American Residential REIT received approval to purchase for cancellation up to 2,552,924 units under a normal course issuer bid on the Toronto Stock Exchange.

The units subject to the bid make up roughly 10% of the company's public float of outstanding units, with a daily repurchase limit of 5,557 units.

Morguard may also purchase for cancellation up to C$5.5 million of its 4.65% convertible unsecured subordinated debentures due March 30, 2018, with a daily repurchase restriction of C$5,125.

The bid runs from Dec. 21 to Dec. 20, 2018. The company repurchased no units under its current bid, which allows it to acquire up to 2,237,224 units and C$5.5 million of debentures.