Morguard to acquire a $1.0 billion stake in a $5.0 billion residential portfolio and assume property and asset management responsibilities

MISSISSAUGA, ON, Feb. 25, 2026 – Morguard Corporation (“Morguard”) (TSX: MRC) and Morguard North American Residential REIT (“Morguard Residential REIT”) (TSX: MRG.UN) today announced that they have jointly agreed to invest $1.0 billion in a Canadian multi-suite residential real estate portfolio currently owned by TD Asset Management Inc. (“TDAM”). This equals an approximate 20 percent undivided interest in a 106-property portfolio valued at around $5.0 billion.

The strategic partnership with TDAM involves the transition of property management responsibilities for the portfolio to Morguard, creating a significant institutional management mandate. The collaboration combines a substantial ownership stake with shared asset management responsibility across the portfolio.

The geographically diversified portfolio includes over 15,500 suites in properties across major Canadian urban and suburban markets: 36% in the Greater Toronto-Hamilton Area, 19% in Southwest Ontario, 13% in Ottawa, with additional presence in Alberta (12%), Quebec (12%) and Nova Scotia (8%). The assets are located in well-established rental markets supported by population growth and long-term housing demand. The portfolio also features a select number of recently delivered and in-progress rental developments that provide built-in growth and support ongoing asset modernization.

“This transaction marks significant growth in Morguard’s residential services, made possible by our deep experience and success as an asset and property manager for institutional-quality multi-suite residential communities,” said Angela Sahi, President and Chief Executive Officer at Morguard. “We’re advancing our owner-operator model, demonstrating our alignment with partners, strong execution capabilities, and building on our existing relationship with TDAM.”

“The multi-unit residential sector is a strategic allocation within our diversified open-ended real estate fund, and this transaction positions the portfolio to redeploy capital into exciting value-add and development projects,” said Andrew Croll, Managing Director, Head of Global Real Estate Investments. “Morguard brings operational expertise and a long track record in this asset class, supporting both stability and future growth across the TDAM Real Estate platform. Our priority is to ensure this transition is seamless for all stakeholders while continuing to deliver durable value for our clients.”

The transaction is expected to be immediately accretive to both Morguard and Morguard Residential REIT and significantly expand Morguard’s third-party managed residential portfolio. Additionally, it will boost Morguard’s portfolio presence in Montreal, Calgary and Edmonton and add new exposure to Halifax. The transaction is slated to close in a single tranche in Q3 2026, subject to approvals and due diligence, and will be financed through a mix of vendor financing, assumed mortgages, cash on hand, and the remainder via short-term borrowings.

Morguard has strong confidence in the multi-suite residential asset class, supported by sustained rental demand and resilient operating fundamentals. Over the past four years, Morguard’s owned Canadian portfolio has delivered an average same-property net operating income growth of approximately 7.4%. This performance reflects consistent execution across high-quality urban and suburban assets.

Starting in the second quarter of 2026, Morguard and TDAM will implement a structured transition plan. The focus will be on maintaining operational continuity, integrating employees, and ensuring a consistent resident experience, with day-to-day property operations continuing without disruption as responsibilities shift to Morguard.

With this portfolio, Morguard’s owned and managed assets—including its fully owned investment management platform—grow to approximately $24.0 billion. The residential platform expands to 162 properties and 33,300 suites across Canada and the United States, establishing this asset class as a core growth driver within a diversified real estate platform that includes office, industrial, retail, and hotel assets.

About Morguard Corporation
Morguard Corporation is a Toronto Stock Exchange-listed (TSX: MRC) real estate investment company. The firm and its subsidiaries—Morguard REIT (TSX: MRT.UN) and Morguard North American Residential REIT (TSX: MRG.UN)—own a diversified portfolio of real estate assets across multiple classes, including office, industrial, retail, multi-suite residential and hotel. Morguard also provides real estate management services to institutional and other investors. As of December 31, 2025, Morguard’s owned and managed portfolio of assets was valued at $18.9 billion.

About Morguard North American Residential REIT
Morguard North American Residential REIT (TSX: MRG.UN) is an unincorporated, open-ended real estate investment trust that holds interests in Canadian residential apartment communities in Alberta and Ontario, and U.S. residential apartment communities in Colorado, Texas, Louisiana, Illinois, Georgia, Florida, North Carolina, Virginia, and Maryland.

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SOURCE Morguard Corporation