Ms. Angela Sahi reports

MORGUARD ANNOUNCES COMPLETION OF $250 MILLION OFFERING OF 4.307% SERIES J SENIOR UNSECURED DEBENTURES

Morguard Corp. has completed its previously announced issuance of $250-million aggregate principal amount of Series J senior unsecured debentures. These debentures bear interest at a rate of 4.307 per cent per annum and will mature on June 18, 2029. The debentures were offered on an agency basis by a syndicate of agents with RBC Capital Markets and TD Securities acting as joint bookrunners and co-lead agents. Morningstar DBRS has provided a rating of BBB (low) with a stable trend relating to the debentures.

The net proceeds of the offering will be used toward the early redemption on June 22, 2026, of all of Morguard's outstanding 9.5 per cent Series H senior unsecured debentures due Sept. 26, 2026, and for general corporate purposes.

Angela Sahi, president and chief executive officer, commented: "This offering marks an important milestone for Morguard as our first unsecured debenture issuance since regaining an investment-grade rating. The strong support we received from institutional investors reflects confidence in the quality of our real estate platform, our disciplined approach to capital allocation and our long-term strategy. We are grateful for the trust placed in Morguard and remain focused on creating long-term value for our shareholders, partners and investors."

Paul Miatello, chief financial officer and senior vice-president, added: "The offering was exceptionally well received, generating more than $1.3-billion of investor demand and resulting in the largest order book in Morguard's history. This strong market reception enabled us to secure financing at an attractive 4.307-per-cent coupon rate, significantly reducing our cost of debt relative to the debentures being redeemed. The transaction further enhances our financial flexibility and demonstrates the tangible benefits of the improvements we have made to our balance sheet and credit profile."

The offering was made on a private placement basis in each of the provinces of Canada, and the debentures were issued pursuant to Morguard's trust indenture dated Dec. 10, 2013, as supplemented. The debentures rank pari passu with Morguard's outstanding senior unsecured debentures.

About Morguard Corp.

Morguard is a major North American real estate and property management company. It has extensive retail, office, hotel and residential holdings owned directly and through its investment in Morguard Real Estate Investment Trust and Morguard North American Residential REIT. Morguard also provides real estate management services to institutional and other investors. Morguard's owned and managed portfolio of assets is valued at $18.7-billion.

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