Morguard Real Estate Investment Trust (the Trust) is an unincorporated closed-end trust. During the year ended December 31, 2008, the Trust owned, within its continuing operations, a diversified real estate portfolio of 50 retail, office and mixed-use properties consisting of approximately 7.6 million square feet of gross leasable area (GLA) located in the provinces of British Columbia, Alberta, Saskatchewan, Manitoba, Ontario and Quebec. The Trust’s retail portfolio is composed of two categories: enclosed full scale, regional shopping centres, and neighborhood and community shopping centers. Neighborhood and community shopping centres are anchored by food retailers, junior department stores and banking institutions. In 2008, the Trust owned a 100% interest in 14 such properties comprising 1.3 million square feet of GLA, as well as a 50% interest in one additional property. The Trust’s office portfolio is focused on office buildings in urban centres across Canada.