Ms. Beverley G. Flynn reeports

MORGUARD RELEASES ESG REPORT HIGHLIGHTING COMMUNITY IMPACT, REDUCED EMISSION, AND OPERATIONAL IMPROVEMENTS

Morguard Corp. today released its 2025 ESG (environmental, social and governance) report, highlighting community programs, stronger governance practices and operational advancements through technology across its owned and managed real estate portfolio in Canada and the United States.

"In 2025, we moved from ESG strategy to focused implementation, with practical initiatives designed to improve operating performance and strengthen long-term resilience," said Angela Sahi, president and chief executive officer, Morguard. "We believe sustainable decision-making supports strong business performance and creates lasting value for our stakeholders."

The report highlights Morguard's efforts in executing and advancing its ESG strategy, with a focus on reducing environmental impact, enhancing community engagement and strengthening governance practices. Prepared in alignment with Global Reporting Initiative (GRI) standards and the United Nations Sustainable Development Goals (SDGs), the report reflects Morguard's data-driven approach to responsible real estate management.

"This year's report reflects meaningful progress in how we measure, manage and advance our ESG priorities," said Beverley G. Flynn, senior vice-president, responsible for legal, risk and ESG. "Across the business, we are improving how we manage risk, support communities and advance responsible real estate operations."

Key highlights from the report include:

• Expanded biodiversity and climate adaption, launching Buzz, Bloom and Build -- Morguard's enterprise-wide nature-based amenity and education program;
• Strengthened community impact through initiatives such as Check-In! with Kids Help Phone, facilitating more than 27,000 connections and contributing $50,000 to youth mental health services;
• Strengthened governance ESG integration in acquisitions, enhanced enterprise risk practices;
• Improved supplier risk compliance and responsible procurement practices;
• Achieved a 20-per-cent reduction in greenhouse gas emissions compared with the 2019 baseline, alongside 8-per-cetn reduction in electricity, across the portfolio;
• Advanced decarbonization initiatives to modernize assets and support long-term emissions reduction goals.

Morguard continues to align sustainability with operational excellence and long-term value creation, supported by a diversified portfolio and disciplined investment approach.

The full 2025 ESG report is available on Morguard's website.

About Morguard Corp.

Morguard is one of North America's leading fully integrated real estate and investment management companies with more than 50 years of experience. Listed on the Toronto Stock Exchange, the company and its subsidiaries, Morguard Real Estate Investment Trust and Morguard North American Residential REIT, provide property management services across a diversified portfolio of multisuite residential, retail, office and industrial properties, delivering operational excellence through innovative systems, responsive tenant and resident support, and responsible sustainability practices.

As at June 30, 2026, Morguard's owned and managed portfolio of assets was valued at $24.2-billion.