Page 1

MorGuard FOR IMMEDIATE RELEASE MISSISSAUGA , ON ( October 26 , 2021 ) - Morguard North American Residential REIT ( the " REIT ” ) ( TSX : MRG.UN ) today announced its financial results for the three and nine months ended September 30 , 2021 . Third Quarter Highlights The REIT is reporting third quarter performance of : Net operating income ( " NOI " ) of $ 37.1 million for the three months ended September 30 , 2021 , a decrease of $ 1.7 million ( or 4.3 % ) compared to 2020 , and Proportionate NOI $ 32.6 million for the three months ended September 30 , 2021 a decrease of $ 1.1 million ( or 3.2 % ) compared to 2020. The change in foreign exchange rate decreased NOI and Proportionate NOI by $ 1.4 million and $ 1.1 million , respectively . ● ● ● ● ● Morguard North American Residential REIT Announces 2021 Third Quarter Results ● ● Same Property Proportionate NOI in Canada decreased by $ 0.3 million ( or 2.4 % ) , and in the U.S. increased by US $ 0.1 million ( or 0.7 % ) , compared to 2020 . The REIT is reporting the following corporate and portfolio highlights : The REIT's redevelopment property , 1643 Josephine Street , New Orleans , Louisiana , reached stabilized occupancy and is currently 90.4 % occupied and 98.2 % leased . The repositioned asset further improves the overall quality of the portfolio having an average monthly rent ( " AMR " ) of $ 1,822 . Basic funds from operations ( " FFO ” ) of $ 16.2 million for the three months ended September 30 , 2021 compared to $ 16.1 million over the same period in 2020 . Basic FFO of $ 0.29 per Unit for the three months ended September 30 , 2021 , compared to $ 0.29 per Unit over the same period in 2020 . FFO payout ratio for the three months ended September 30 , 2021 of 60.9 % compared to 61.1 % in 2020 . Net income of $ 86.7 million for the three months ended September 30 , 2021 , compared to $ 53.5 million over the same period in 2020 . As at October 26 , 2021 , the REIT's collection of rental revenue in Canada and in the U.S. continues to be strong , exceeding 99 % on average throughout the first three quarters of 2021 . As at September 30 , 2021 , AMR in Canada increased by 3.3 % compared to September 30 , 2020 , while occupancy decreased to 92.7 % at September 30 , 2021 , compared to 96.4 % at September 30 , 2020 . As at September 30 , 2021 , AMR in the U.S. on a Same Property basis increased by 4.1 % compared to September 30 , 2020 , while occupancy maintained optimum levels at 96.4 % at September 30 , 2021 , compared to 93.3 % at September 30 , 2020 . As at September 30 , 2021 , indebtedness to gross book value ratio was 40.2 % , compared to 42.8 % as at December 31 , 2020 . MORGUARD.COM 1