Mr. Andrew Tamlin reports

MORGUARD REAL ESTATE INVESTMENT TRUST ANNOUNCES NORMAL COURSE ISSUER BID

The Toronto Stock Exchange has accepted Morguard Real Estate Investment Trust's notice of intention to make a normal course issuer bid through the facilities of the TSX and/or alternative Canadian trading systems.

The notice provides that the trust may, during the 12-month period commencing Feb. 9, 2026, and ending Feb. 8, 2027, purchase for cancellation up to 3,321,655 units in total, being approximately 5 per cent of the outstanding units. The daily repurchase restriction for the units is 2,834. Additionally, the trust may, during the 12-month period commencing Feb. 9, 2026, and ending Feb. 8, 2027, purchase for cancellation up to $9.8-million principal amount of the 5.25 per cent convertible unsecured subordinated debentures due Dec. 31, 2026, being 10 per cent of the public float of outstanding debentures. The daily repurchase restriction for the debentures is $14,053.

The price that the trust will pay for any such units or debentures will be the market price at the time of acquisition. The actual number of units and debentures that may be purchased and the timing of any such purchases will be subject to compliance with the TSX guidelines.

Under its current normal course issuer bid due to expire Feb. 8, 2026, the trust was approved to purchase up to 3,214,634 units and $9.8-million principal amount of debentures. No units were purchased for cancellation and no debentures were purchased for cancellation during the last 12 months through the facilities of the TSX and/or alternative Canadian trading systems. As of Jan. 31, 2026, there were 66,433,117 units of the trust outstanding with an average daily trading volume for the prior six months of 11,337. Additionally, as of Jan. 31, 2026, there were $159-million principal amount debentures of the trust outstanding with an average daily trading volume for the prior six months of $56,212.

The trust believes that its units and debentures, at times, trade in a price range that does not adequately reflect the value of such units and debentures in relation to the business of the trust and its future business prospects. As a result, depending upon future price movements and other factors, the trust believes that its outstanding units and debentures may represent an attractive investment for itself. Furthermore, the purchases may benefit all persons who continue to hold units by increasing their equity interest in the trust. All units and debentures purchased by the trust under the normal course issuer bid will be cancelled.

About Morguard Real Estate Investment Trust

The trust is a closed-end real estate investment trust, which owns a diversified portfolio of 45 high-quality retail, office and industrial income-producing properties in Canada, consisting of approximately 8.1 million square feet of leasable space.