Ms. Angela Sahi of Morguard reports

TRADER JOE'S OPENS AT THE SQUARE IN ROCKVILLE

Morguard Corp. and Morguard North American Residential REIT have welcomed the highly anticipated opening of Trader Joe's at The Square in Rockville, Md.

With its doors officially open today, Trader Joe's marks a pivotal moment in the revitalization of The Square, joining a lineup of new retailers and restaurants that have transformed this Montgomery county destination into a vibrant hub for shopping, dining and community connection.

"This opening reflects Morguard's commitment to creating spaces that enrich local communities," said Angela Sahi, president and chief operating officer, Morguard. "The Square is a prime example of how thoughtful reinvestment can spark neighbourhood revitalization."

"We're excited to welcome Trader Joe's and continue expanding the experiences offered at The Square," said Joshua Nolan, associate vice-president, Morguard. "Working with the city and Mayor Monique Ashton, we continue to focus on bringing people together and supporting our community."

This announcement follows The Square's recent rebrand and the launch of several culinary destinations, including Little Miner Taco, Kusshi Sushi, Dirty Dough and Kung Fu Kitchen. Together, these additions are reshaping The Square as a must-visit destination that reflects the tastes, energy and spirit of the Rockville community.

Beyond its growing tenant mix, The Square continues to strengthen its role as a gathering space by hosting a year-round calendar of events, including the popular summer concert series and the highly anticipated tree lighting celebration. These events offer residents and visitors meaningful opportunities to come together, celebrate and create lasting connections.

Owned by the REIT and managed by Morguard, The Square stands as a cornerstone of Montgomery county's retail landscape. The reimagined destination spans 186,500 square feet of curated, experiential retail and dining, and is part of a larger mixed-use asset that includes Fenestra Apartments -- a suburban sanctuary comprising 492 suites. Together, these elements blend convenience, connection and community, redefining what it means to be a modern neighbourhood centre.

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 Real Estate Investment Trust and Morguard North American Residential. 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. This year, Morguard proudly celebrates 50 years of leadership, innovation and growth in the real estate industry.

About Morguard North American Residential REIT

Morguard North American Residential is a Canadian, unincorporated, open-ended real estate investment trust, based in Ontario, Canada, that owns, through a limited partnership, interests in Canadian residential apartment communities located in Alberta and Ontario, as well as U.S. residential apartment communities across Colorado, Texas, Louisiana, Illinois, Georgia, Florida, North Carolina, Virginia and Maryland.