Mr. K. Rai Sahi reports

MORGUARD NORTH AMERICAN RESIDENTIAL REAL ESTATE INVESTMENT TRUST ANNOUNCES VOTING RESULTS FROM THE 2023 ANNUAL MEETING OF UNITHOLDERS

Morguard North American Residential REIT has released the results of matters voted on at its annual unitholder meeting held on May 3, 2023, which included the election of trustees of the real estate investment trust, all of the nominees listed in its management information circular dated March 14, 2023. The voting results for each of the matters presented at the meeting are presented herein.

The total number of units and special voting units represented by holders present in person or by proxy at the meeting was 37,951,198, representing 67.42 per cent of the REIT's total outstanding units and special voting units.

1. Election of trustees

The seven nominees proposed by management were elected as trustees of the REIT to hold office until the termination of the next annual meeting of unitholders or until their successors are duly elected or appointed, subject to the provisions of the REIT's declaration of trust. Proxies were received on this matter for units and special voting units of the REIT as shown in an attached table.

2. Appointment of auditor

The firm of Ernst & Young LLP, chartered accountants, was appointed as auditor of the REIT to hold office until the close of the next annual meeting of the unitholders or until their successors are duly appointed and to authorize the trustees to fix the remuneration of the auditor. Proxies were received on this matter for units and special voting units of the REIT as shown in an attached table.

Votes for         %     Votes withheld         %   

37,734,591    99.43            216,407      0.57

About Morguard North American Residential REIT

The REIT is an unincorporated, open-ended real estate investment trust that owns, through a limited partnership, interests in Canadian residential apartment communities located in Alberta and Ontario, and U.S. residential apartment communities located in Colorado, Texas, Louisiana, Illinois, Georgia, Florida, North Carolina, Virginia and Maryland.