Mr. K. Rai Sahi reports

MORGUARD CORPORATION INCREASES OWNERSHIP POSITION IN MORGUARD REAL ESTATE INVESTMENT TRUST

Morguard Corp. has acquired 1,331,821 trust units of Morguard Real Estate Investment Trust through the facilities of the Toronto Stock Exchange and alternative Canadian trading systems.

The total units acquired by Morguard represent approximately 2.07 per cent of the outstanding units (all securityholding percentages are based on the issued and outstanding units as of Sept. 1, 2023, and were acquired at an average weighted price per unit of approximately $5.45.

Prior to the acquisitions, Morguard (together with Paros Enterprises Ltd. and K. Rai Sahi) owned 50,534,774 units (including units issuable upon conversion of the convertible debentures of the REIT), representing 78.67 per cent of the outstanding units. Following the acquisitions, Morguard (together with Paros Enterprises and Mr. Sahi) owns 51,866,595 units (including units issuable upon conversion of the convertible debentures of the REIT), representing 80.72 per cent of the outstanding units.

The units were acquired for investment purposes. Morguard and its affiliates may, from time to time, depending on market and other conditions or relevant factors, increase or decrease its beneficial ownership, control or direction over securities of the REIT through market transactions, private agreements or otherwise.

This press release is being issued pursuant to National Instrument 62-103, The Early Warning System and Related Take-Over Bid and Insider Reporting Issuers, which requires a report to be filed under the REIT's profile on SEDAR containing additional information respecting the foregoing matters. A copy of such report may be obtained by contacting Beverley Flynn at Morguard Corp., 55 City Centre Dr., Suite 1000, Mississauga, Ont., L5B 1M3.

About Morguard Real Estate Investment Trust

The REIT is a closed-end real estate investment trust, which owns a diversified portfolio of 46 high-quality retail, office and industrial income-producing properties in Canada consisting of approximately 8.2 million square feet of leasable space.

About Morguard Corp.

Morguard is a major North American real estate and property management company. It has extensive retail, office, industrial, hotel and residential holdings owned directly and through its investment in Morguard REIT 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 $18.6-billion.

Paros Enterprises Ltd. is a holding company controlled by Mr. Sahi and, together with its affiliates, owns approximately 61.9 per cent of the outstanding shares of Morguard.