Mr. Rai Sahi reports

MORGUARD NORTH AMERICAN RESIDENTIAL REIT ANNOUNCES NORMAL COURSE ISSUER BID

The Toronto Stock Exchange has accepted Morguard North American Residential REIT'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 REIT may, during the 12-month period commencing Jan. 12, 2024, and ending Jan. 11, 2025, purchase for cancellation up to 2,795,028 units in total, being approximately 10 per cent of the public float of outstanding units. The daily repurchase restriction for the units is 6,634. Additionally, the REIT may purchase for cancellation up to $4.9-million principal amount of the 6 per cent convertible unsecured subordinated debentures due March 31, 2028, being 10 per cent of the public float of outstanding debentures. The daily repurchase restriction for the debentures is $5,546.

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

Under the current normal course issuer bid due to expire on Jan. 9, 2024, the REIT was approved to purchase up to 1,474,371 units through the facilities of the TSX and/or alternative Canadian trading systems. A total of 1,424,984 units at a weighted average price of $16.39 per unit were purchased for cancellation during the past 12 months through the facilities of the TSX and/or alternative Canadian trading systems. As of Dec. 29, 2023, there were 37,735,959 units of the REIT outstanding with an average daily trading volume for the prior six months of 26,536. Additionally, as of Dec. 29, 2023, there were $56-million principal amount debentures of the REIT outstanding with an average daily trading volume for the prior six months of $22,185.

The REIT believes that, from time to time, its units and debentures trade in a price range which does not adequately reflect the value of such units and debentures in relation to the business of the REIT and its future business prospects. As a result, depending on future price movements and other factors, the REIT 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 REIT. All units and debentures purchased by the REIT under the normal course issuer bid will be cancelled.

About Morguard North American Residential REIT

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