Company Announcements

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MISSISSAUGA, ON , June 11, 2026 /CNW/ - Morguard Corporation ("Morguard") (TSX: MRC) announced today that it has agreed to issue $250 million aggregate principal amount of series J senior unsecured debentures. These debentures will bear interest at a rate of 4.307% per annum and will mature on June 18, 2029. The anticipated closing date of the transaction is June 18, 2026. The debentures are being offered on an agency basis by a syndicate of agents with RBC Capital Markets and TD Securities acting as joint bookrunners and co-lead agents. Morningstar DBRS has assigned a provisional rating of "BBB (low)" with a "Stable" trend relating to the debentures.

Morguard also announced that it will redeem all of its outstanding 9.5% Series H senior unsecured debentures due September 26, 2026 (the "2023 Debentures") on June 22, 2026 (the "Redemption Date"). The net proceeds of the offering will be used towards the early redemption of the 2023 Debentures and for general corporate purposes.

The redemption price has been determined in accordance with the provisions of the trust indenture dated December 10, 2013 (the "Trust Indenture") and the supplemental indenture related to the 2023 Debentures. The redemption price will be paid in cash and is approximately $1,014.753 per $1,000 principal amount of 2023 Debentures, together with accrued and unpaid interest on the 2023 Debentures up to, but excluding, the Redemption Date.

Notice of redemption has been delivered today, June 11, 2026, to CDS & Co. ("CDS") and the trustee, Computershare Trust Company of Canada.

Non-registered holders (banks, brokerage firms or other financial institutions) who maintain their interests in the 2023 Debentures through CDS should contact their CDS customer service representative with any questions about the redemption. Alternatively, beneficial holders with any questions about the redemption should contact their respective brokerage firm or financial institution, which holds interests in the 2023 Debentures through CDS on their behalf.

The offering is being made on a private placement basis in each of the provinces of Canada, and the debentures will be issued pursuant to the Trust Indenture, as supplemented. The debentures will rank pari passu with Morguard's outstanding senior unsecured debentures.

The debentures offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the debentures in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Morguard Corporation

Morguard Corporation is a major North American real estate and property management company. It has extensive retail, office, hotel and residential holdings owned directly and through its investment in Morguard Real Estate Investment Trust 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 $18.7 billion. For more information, visit Morguard's website at www.morguard.com.

Forward-looking information

Certain information in this press release may constitute forward-looking statements, including statements regarding the outlook for Morguard's business and results of operations, that are not based on historical or current fact, including, without limitation, statements containing the words "anticipates," "believes," "may," "continue," "estimate, "should", "expects" and "will" and words of similar expression." Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, events or developments to be materially different from any future results, events or developments expressed or implied by such forward-looking statements. Such factors include, among others, the following: general economic and business conditions, both nationally and regionally; changes in business strategy or development/acquisition plans; environmental exposures; financing risk; existing governmental regulations and changes in, or the failure to comply with, governmental regulations; liability and other claims asserted against Morguard; and other factors. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Morguard does not assume the obligation to update or revise any forward-looking statements.

For more information, visit Morguard.com

SOURCE Morguard Corporation