Termination of Stapled Unit Structure

Northern Property Real Estate Investment Trust announced the termination of its stapled unit structure after the close of markets on January 31, 2014. NorSerCo Inc., NPR's related corporation has transferred all its active business assets to NPR Limited Partnership, and filed articles of dissolution with the Registrar of Corporations of Alberta. The NorSerCo common shares which traded as part of the NPR stapled security will be de-listed from the Toronto Stock Exchange ("TSX"). The NorSerCo common shares have historically only traded as part of the Stapled Security. These actions were approved by NorSerCo shareholders in a Special Meeting held July 13, 2012. Northern Property Real Estate Investment Trust units continue to be listed on the TSX in substitution of the stapled securities under the trading symbol NPR.UN. As at the date hereof, there are 31,900,380 trust units of NPR issued and outstanding and 67,796 Class B exchangeable limited partnership units issued and outstanding. NPR does not expect that monthly distributions for Trust Units will be affected by the asset transfer, unstapling and wind-up of NorSerCo.