Diversified portfolio of Canadian retail, office and industrial real estate Annual Report Morguard REIT Time Square, Ottawa As part of our efforts to revitalize key properties, we completely renovated the atrium and main level of this property at 47 Clarence Street. The transformation enhances functionality and aesthetics, with features like modular seating, charging stations, and sleek wall finishes. An additional upgrade to the elevator lobby contributed to a refined, contemporary atmosphere. We’re seeing more companies leverage market conditions to revamp their space, and plan for staff increases as they move to a more active in-office presence. 100,000 SF Office space, 12,000 SF Retail space, BOMA Best Silver 1 2024 Annual Report 2024 was a year of steady progress for the Trust, marked by disciplined fundamentals, strategic investments and significant same-asset NOI improvements across all asset classes — creating value for our unitholders. K. Rai Sahi Chairman & CEO Contents Diversified Real Estate, Dependable Returns 02 Leadership Perspective: Elevating Our Portfolio 06 Driving Demand Through Innovation and Strategic Investments 10 Creating Value Through Sustainability 13 2024 Financial Highlights 14 2024 Real Estate Portfolio 19 Diversified Real Estate, Dependable Returns Morguard REIT (MRT.UN) owns and actively manages a diversified portfolio of high-quality real estate assets across Canada. This includes 45 commercial properties totalling 8.1 million square feet of gross leasable area in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario and Quebec. Our portfolio delivers steady returns and long-term value for unitholders. About Morguard REIT Retail: Our dominant regional shopping malls and community shopping centres are anchored by grocers, national retailers, banks and popular restaurant brands. These high-traffic destinations serve as vital community hubs, ensuring stability and reducing reliance on any single retail category. Office: Through a mix of single and multi-tenant office buildings in major urban centres, we house high-quality tenants including government and major financial institutions. Industrial: This smaller part of our real estate platform represents opportunity for rental growth and complements our broader portfolio. By leveraging geographic and sectoral diversity, Morguard REIT is well positioned to navigate changing economic and market conditions, capitalize on market strengths and deliver consistent, stable cash flows. Our proactive management and strategic approach position the Trust as a leader in Canadian real estate. We remain focused on meeting diverse tenant needs and preferences, investing in the longevity of our assets and creating consistent value for our unitholders over time. Top Retail Tenants Canadian Chartered Banks 15 Dollarama 10 Loblaw Companies 8 Canadian Tire Corporation 7 Goodlife Fitness 5 TJX (Winners and Marshalls) 4 Cineplex Odeon 3 Sobeys Inc. 3 Federated Co-operatives Ltd. 2 Walmart 2 Our Properties are Strategically Diversified Across Three Key Asset Classes: # of Locations 2 Morguard REIT CANADA 6 45 8.1M Provinces Properties Square Feet of Gross Leasable Space Real Estate Portfolio Across Canada Gross Leasable Area by Asset Class Retail 52% Retail 4.4M SF Industrial 2% Industrial 0.3M SF Office 46% Office 3.4M SF NOI by Percent 8.1M Square Feet Net Operating Income by Asset Class 3 2024 Annual Report 4 Place Innovation Saint-Laurent, QC Shoppers Mall, Brandon, MB As Brandon’s only enclosed shopping centre, this property serves as a premier retail destination, giving the Trust a strategic foothold in the market. Its unique status helps ensure steady traffic and strong tenant demand. It underwent a $30 million redevelopment in 2016—2018 anchoring it in Brandon’s commercial landscape. Major tenants include Sobeys Extra, Shoppers Drug Mart, Ardene, GoodLife Fitness, Landmark Cinemas, Sport Chek and Dollarama. 361,000 SF > 90 Stores & Services 1,800 Parking Spaces 903,000 SF BOMA Best Gold 5 77 Bloor Street West Toronto, ON 396,000 SF LEED Platinum BOMA Best Platinum Last year was defined by disciplined fundamentals and steady progress for Morguard REIT. Rather than relying on a single transformative event, we continued to invest in our high-quality Canadian portfolio. Our strategic improvements included renovating office properties, adding amenities and remerchandising our enclosed shopping centres. These focused efforts delivered solid results across our asset classes and reinforced the stability of the Trust. As a result, the Trust yielded consistent distributions of $0.02 per unit each month throughout 2024. Steady Performance Gains Revenue, NOI & FFO Our revenue rose to $259.2 million from $255.1 million in 2024, while Net Operating Income (NOI) grew to $128.5 million — a year-over-year increase of 2.0%. Funds from Operations (FFO) decreased by 3.2% year-over-year to $59.0 million. Dear Valued Unitholders, Leadership Perspective: Elevating Our Portfolio K. Rai Sahi Chairman & CEO Angela Sahi Executive Vice President and Trustee Occupancy & Leasing Driven by proactive leasing, market expertise and tenant engagement, we maintained an overall occupancy rate of 91.2% across our portfolio in 2024. Renewal activity led to growth in positive leasing spreads, which included improving trends in the office market. Creating Value Across our Diverse Portfolio Office: Navigating the New Normal Our office segment generated encouraging same- asset NOI gains and a modest occupancy uptick to 86.9%. One standout example is Penn West Plaza in Calgary, which transitioned from a single tenant to a multi-tenant roster. Through local market expertise, ready-to-lease spaces and targeted enhancements, we revitalized this property above local occupancy averages. This illustrates the Trust’s strategic approach to value creation. 6 Morguard REIT $7.9M Cash Total Revenue in Millions of Dollars ’20 ’22 ’21 ’23 ’24 $400 $200 $80 $300 $150 $60 $200 $100 $40 $100 $50 $20 Net Operating Income in Millions of Dollars ’20 ’22 ’21 ’23 ’24 Funds from Operations in Millions of Dollars ’20 ’22 ’21 ’23 ’24 93.4% 98.3% Occupancy Rate for Enclosed Regional Centres Occupancy Rate for Community Strip Centres 86.9% 91.2% Office Occupancy Industrial Occupancy Liquidity and Unencumbered Assets in Millions of Dollars $72.7M Unused Credit Facilities $221.3M Unencumbered Assets 7 2024 Annual Report Retail: Momentum in Enclosed Shopping Centres We saw promising results in our regional malls and community shopping centres. Occupancy rose to 94.7%, fuelled by new leases, growing foot traffic and strong in-store sales. NOI from enclosed malls increased by 3.1% to $44.9 million by year- end 2024, underscoring the value of our active management and remerchandising initiatives. Industrial: A Complementary Growth Opportunity While smaller in scale, our industrial portfolio remains an important component of our diversification strategy. It offers potential for rental growth and further balances our exposure across different sectors of the Canadian commercial real estate market. Liquidity & Balance Sheet Strength A key priority in 2024 was reinforcing our liquidity and balance sheet. We continued our measured approach of paying down debt. This objective dated back to the start of COVID-19, when the office and retail sectors faced significant pandemic- related challenges. By year-end 2024, available liquidity stood at $80.6 million ($72.7 million in unused credit facilities and $7.9 million in cash), plus $221.3 million in unencumbered assets. This prudent financial posture ensures capital resources are available for future investments and targeted improvements, and supports the potential for timely acquisitions. Driven by proactive leasing, market expertise and tenant engagement, we maintained an overall occupancy rate of 91.2% across our portfolio. Renewal activity led to growth in positive leasing spreads. Positioned for the Future Looking ahead, we will remain focused on thoughtful capital management and further enhancements to our existing assets. While we don’t have near-term plans for acquisitions, we will continue to carefully evaluate the market for opportunities as they arise. Morguard’s roots go back 50 years. Today, our commitment to sustainability and the longevity of our assets remains central to our strategy, positioning the Trust for continued steady performance and consistent unitholder returns. Our thanks to each of our unitholders for the ongoing confidence and trust you continue to place in the Trust. We look forward to enhancing our diversified real estate portfolio for years to come. Sincerely, K. Rai Sahi Chairman & CEO Angela Sahi Executive Vice President and Trustee 8 Morguard REIT Penn West Plaza Calgary, AB 637,000 SF BOMA Best Gold WiredScore Gold Pine Centre Mall Prince George, BC Strategically located in the northern BC capital of Prince George, this holding attracts 4.2 million shoppers per year. 9 Driving Demand Through Innovation and Strategic Investments Unique Attractions and Amenities Activating Value Cambridge Centre Cambridge, ON 656,000 SF 137 Stores & Services Morguard REIT continues to benefit from the redefinition of a traditional mall experience. We focus on amenity-driven spaces that cater to modern consumer preferences. The experiences vary. On Toronto’s Bloor Street, for example, demand has been strong for high-end fashion brands. At Cambridge Centre in Cambridge, ON, the introduction of entertainment retailers like K1 Speed, featuring indoor kart racing and laser tag, has added to the draw. Such developments are also surrounded by appealing dining and beverage options, creating holistic experiences, driving foot traffic and enhancing overall tenant performance. 10 Morguard REIT St. Laurent Centre, Ottawa, ON Several major tenants signed long-term lease renewals during the year, adding to the stability of the property and its income potential. For offices, St. Laurent Centre is desirable due to easy access to public transit, and amenities like the food court, fitness centre and retail offerings. The centre continues to see strong leasing demand in retail, with new deals for space with Lush, Linen Chest, Salara Beauty and Griffin Jewellery. This enhances the tenant mix and the appeal of this destination. St. Laurent Centre Business Centre: 89,000 SF 6 Floors, 23 Units, BOMA Best Silver Retail Centre: 797,000 SF 3 Floors, 181 Stores BOMA Best Platinum 11 Rice Howard Place, Edmonton, AB This twin-tower complex in the heart of the city’s downtown business district is one of Edmonton’s most celebrated buildings. We completed an extensive renovation focused on enhancing tenant amenities and food offerings. By relocating these features from the concourse to the main and second floor, we’ve introduced natural light and an invigorating atmosphere. Rice Howard Place 607,500 SF BOMA Best Platinum WiredScore Platinum Revitalizing Office Space Morguard REIT continues to elevate office properties by aligning with tenants’ evolving expectations, from sustainable building systems to amenities like gyms, lounges and bike facilities. Larger tenants are securing more square footage further in advance, reflecting renewed confidence in personal interactions. Across Canada, we’re also revitalizing key properties. For example, at Time Square in Ottawa’s ByWard Market, a fully renovated atrium enhances the tenant experience. And at Rice Howard Place in Edmonton, we relocated food and amenity spaces to brighter, more inviting floors. These strategic upgrades attract quality tenants, support long-term occupancy and create vibrant workplaces designed for future growth. 12 Morguard REIT Embedded in the Trust’s strategy is a commitment to integrating ESG in the reinvestment, management and operation of buildings and through our community investments. Creating Value Through Sustainability Our ESG commitment drives us to create sustainable communities, operate responsibly and deliver long-term value for our unitholders. Reducing Our Footprint By enhancing building efficiency and conserving resources, we can make a significant difference. Our efforts include: • developing a decarbonization and net-zero roadmap; • setting energy, water and waste reduction targets; and • embracing sustainable design and construction practices. All of this helps ensure that our real estate assets not only meet today’s standards but also set the benchmark for tomorrow. Engaging and Empowering Our Key Stakeholders Sustainability is as much about people as it is about our planet. We are actively building meaningful connections with our employees, tenants and local communities. In practice, that includes supporting employee growth, implementing tenant- focused ESG programs and launching impactful community initiatives. We are creating environments where everyone can thrive, together. Managing Risks for a Sustainable Future Our proactive risk management strategy safeguards our long-term success. We are integrating robust ESG governance, climate change risk assessments, rigorous health and safety standards, enhanced cybersecurity protocols and a responsible supply chain approach. Such priorities help to future-proof our assets against climate and ESG-related factors. We’ll continue to measure, monitor and report our sustainability efforts, setting the stage for enduring value and impact. 13 2024 Annual Report 2024 Financial Highlights Morguard REIT balances capitalizing on strong economic potential in diverse regions by utilizing upgrades to improve our varied asset portfolio. At the core of our strategy is the practice of prudent capital management. Simultaneously, we are carefully considering and navigating opportunities that look toward the future. 14 Morguard REIT The selected annual financial information in the 2024 Annual Report highlights certain key metrics for the Trust. As a result, this report should be read in conjunction with the Trust’s Consolidated Financial Statements for the year ended December 31, 2024, related Management’s Discussion and Analysis (MD&A) and the Annual Information Form (AIF). These documents are available on the Trust’s website at morguard.com. All continuous disclosure documents required by securities regulators are also filed on the System for Electronic Document Analysis and Retrieval (SEDAR+) and can be accessed electronically at sedarplus.ca. Specified Financial Measures The Trust reports its financial results in accordance with IFRS. However, this MD&A also uses specified financial measures that are not defined by IFRS, which follow the disclosure requirements established by National Instruments 52-112 Non-GAAP and Other Financial Measures Disclosure. Specified financial measures are categorized as non-GAAP financial measures, non-GAAP ratios and other financial measures, which are capital management measures, supplementary financial measures and total of segments measures. Non-GAAP Financial Measures Non-GAAP financial measures do not have any standardized meaning prescribed by IFRS and are not necessarily comparable to similar measures presented by other reporting issuers in similar or different industries. These measures should be considered as supplemental in nature and not as substitutes for related financial information prepared in accordance with IFRS. The Trust’s management uses these measures to aid in assessing the Trust’s underlying core performance and provides these additional measures so that investors may do the same. Management believes that the non-GAAP financial measures described below, which supplement the IFRS measures, provide readers with a more comprehensive understanding of management’s perspective on the Trust’s operating results and performance. The following discussion describes the non-GAAP financial measures the Trust uses in evaluating its operating results: Funds from Operations (“FFO”) FFO is a non-GAAP measure widely used as a real estate industry standard that supplements net income and evaluates operating performance but is not indicative of funds available to meet the Trust’s cash requirements. FFO can assist with comparisons of the operating performance of the Trust’s real estate between periods and relative to other real estate entities. FFO is computed by the Trust in accordance with the current definition of the Real Property Association of Canada (“REALPAC”) and is defined as net income adjusted for fair value changes on real estate properties and gains/(losses) on the sale of real estate properties. The Trust considers FFO to be a useful measure for reviewing its comparative operating and financial performance. A reconciliation of net income to FFO is presented under Part III, “Funds from Operations and Adjusted Funds from Operations”. Adjusted Funds from Operations (“AFFO”) AFFO is a non-GAAP measure that was developed to be a recurring economic earnings measure for real estate entities. The Trust presents AFFO in accordance with the current definition of the REALPAC. The Trust defines AFFO as FFO adjusted for straight-line rent and productive capacity maintenance expenditures (“PCME”). AFFO should not be interpreted as an indicator of cash generated from operating activities as it does not consider changes in working capital. A reconciliation of FFO to AFFO is presented under Part III, “Funds from Operations and Adjusted Funds from Operations”. Non-GAAP Ratios Non-GAAP ratios do not have any standardized meaning prescribed by IFRS and are not necessarily comparable to similar measures presented by other reporting issuers in similar or different industries. These measures should be considered as supplemental in nature and not as substitutes for related financial information prepared in accordance with IFRS. The Trust’s management uses these measures to aid in assessing the Trust’s underlying core performance and provides these additional measures so that investors may do the same. Management believes that the non-GAAP ratios described below provide readers with a more comprehensive understanding of management’s perspective on the Trust’s operating results and performance. The following discussion describes the non-GAAP ratios the Trust uses in evaluating its operating results: FFO/AFFO/ACFO Payout Ratio The Trust calculates its payout ratios by dividing the distributions per common unit by FFO/AFFO/ACFO per unit over the same period. Management uses these payout ratios to measure the Trust’s ability to pay distributions. 15 2024 Annual Report Balance Sheets In thousands of Canadian dollars As at December 31, 2024 2023 ASSETS Non-current assets Real estate properties $2,150,073 $2,254,642 Right-of-use asset 280 — Equity-accounted investment 4,210 7,755 2,154,563 2,262,397 Current assets Amounts receivable 8,050 9,341 Prepaid expenses and other 3,438 1,226 Cash 7,897 7,278 19,385 17,845 Total assets $2,173,948 $2,280,242 LIABILITIES AND UNITHOLDERS’ EQUITY Non-current liabilities Mortgages payable $746,230 $680,787 Convertible debentures 154,106 151,898 Lease liabilities 16,426 16,295 Derivative liability 2,389 — Accounts payable and accrued liabilities 5,799 5,981 924,950 854,961 Current liabilities Mortgages payable 213,055 334,199 Lease liabilities 161 88 Accounts payable and accrued liabilities 48,476 51,072 Morguard loan payable 35,000 — Bank indebtedness 68,079 78,737 364,771 464,096 Total liabilities 1,289,721 1,319,057 Unitholders’ equity 884,227 961,185 $2,173,948 $2,280,242 16 Morguard REIT Statements of Loss and Comprehensive Loss In thousands of Canadian dollars, except per unit amounts For the year ended December 31, 2024 2023 Revenue from real estate properties $259,174 $255,076 Property operating costs Property operating expenses (72,698) (72,066) Property taxes (49,173) (48,296) Property management fees (8,842) (8,741) Net operating income 128,461 125,973 Interest expense (67,378) (62,845) General and administrative (3,748) (3,843) Amortization expense (78) (76) Other income 20 11 Fair value losses on real estate properties (114,448) (131,765) Net loss from equity-accounted investment (1,652) (1,900) Net loss (58,823) (74,445) OTHER COMPREHENSIVE INCOME Item that may be reclassified to profit or loss in subsequent periods: Unrealized fair value loss on cash flow hedge (2,389) — Comprehensive loss ($61,212) ($74,445) NET LOSS PER UNIT Basic ($0.92) ($1.16) Diluted ($0.92) ($1.16) 17 2024 Annual Report Statements of Unitholders’ Equity In thousands of Canadian dollars, except number of units Number of Units Issue of Units Retained Earnings Equity Component of Convertible Debentures Contributed Surplus Accumulated Other Comprehensive Income Total Unitholders’ Equity Unitholders’ equity, January 1, 2023 64,226,854 $635,874 $401,617 $6,879 $6,458 $— $1,050,828 Net loss — — (74,445) — — — (74,445) Distributions to unitholders — — (15,198) — — — (15,198) Issue of units — DRIP1 41,047 222 (222) — — — — Unitholders’ equity, December 31, 2023 64,267,901 636,096 311,752 6,879 6,458 — 961,185 Net loss — — (58,823) — — — (58,823) Distributions to unitholders — — (15,746) — — — (15,746) Special distribution in units 616,180 3,408 (3,408) — — — — Consolidation of units (616,180) — — — — — — Issue of units — DRIP1 24,172 131 (131) — — — — Other comprehensive income — — — — — (2,389) (2,389) Unitholders’ equity, December 31, 2024 64,292,073 $639,635 $233,644 $6,879 $6,458 ($2,389) $884,227 1. Distribution Reinvestment Plan (“DRIP”). 18 Morguard REIT Statements of Cash Flows In thousands of Canadian dollars For the year ended December 31, 2024 2023 OPERATING ACTIVITIES Net loss ($58,823) ($74,445) Add items not affecting cash 121,052 138,125 Distributions from equity-accounted investment, net 1,893 2,003 Additions to tenant incentives and leasing commissions (5,516) (10,937) Net change in non-cash operating assets and liabilities (4,149) 11,573 Cash provided by operating activities 54,457 66,319 FINANCING ACTIVITIES Proceeds from new mortgages 290,896 286,534 Financing costs on new mortgages (2,735) (1,497) Repayment of mortgages Repayments on maturity (298,888) (289,156) Repayment due to early extinguishments (17,030) — Principal instalment repayments (29,690) (33,345) Payment of lease liabilities, net (154) (168) Proceeds from bank indebtedness 79,342 67,000 Repayment of bank indebtedness (90,000) (43,885) Proceeds from Morguard loan payable 70,000 — Repayment of Morguard loan payable (35,000) — Distributions to unitholders (15,296) (15,198) Cash used in financing activities (48,555) (29,715) INVESTING ACTIVITIES Capital expenditures on real estate properties (32,206) (25,176) Expenditures on properties under development (10,127) (13,862) Proceeds from sale of real estate properties, net 37,050 — Cash used in investing activities (5,283) (39,038) Net change in cash 619 (2,434) Cash, beginning of period 7,278 9,712 Cash, end of period $7,897 $7,278 19 2024 Annual Report 2024 Real Estate Portfolio Morguard REIT owns a dynamic portfolio of 45 retail, office and industrial properties across six Canadian provinces. Our assets reflect the rich diversity of tenant needs and preferences, tailored to various locations, communities and modern offerings. We are committed to ensuring the longevity of our assets, ensuring financial performance and the overall success of the Trust. 20 Morguard REIT Retail Portfolio Property City Province Ownership Interest (%) Total Area (SF) Ownership Area (SF) Occupancy (%) Burquitlam Plaza Coquitlam BC 100 68,500 68,500 90 Pine Centre Mall ❷ Prince George BC 100 361,000 361,000 97 Shelbourne Plaza Victoria BC 100 57,000 57,000 94 Airdrie Co-op Centre Airdrie AB 100 70,000 70,000 100 2649 Main Street S Airdrie AB 100 44,000 44,000 100 Prairie Mall ❸ Grande Prairie AB 50 263,000 131,500 90 Parkland Mall ❸ Red Deer AB 100 444,500 444,500 91 The Centre ❷ Saskatoon SK 100 499,000 499,000 94 Shoppers Mall ❷ Brandon MB 100 361,000 361,000 96 Charleswood Centre ❸ Winnipeg MB 100 123,000 123,000 97 Southdale Centre ❸ Winnipeg MB 100 175,500 175,500 98 Aurora Centre Aurora ON 100 304,000 304,000 100 Cambridge Centre ❶ Cambridge ON 100 656,000 656,000 91 Market Square Kanata ON 100 68,000 68,000 100 Kingsbury Centre Mississauga ON 100 70,000 70,000 100 Hampton Park Plaza Ottawa ON 100 102,000 102,000 95 St. Laurent ❶ Ottawa ON 100 797,000 797,000 95 Woodbridge Square Vaughan ON 50 112,000 56,000 97 Total Retail 4,575,500 4,388,000 95 Certifications ❶ BOMA Platinum ❷ BOMA Gold ❸ BOMA Certified 21 2024 Annual Report Office Portfolio Property City Province Ownership Interest (%) Total Area (SF) Ownership Area (SF) Occupancy (%) 111 Dunsmuir ❹❽❿ Vancouver BC 100 222,000 222,000 83 Chancery Place ❹ Vancouver BC 100 142,500 142,500 99 Seymour Place Victoria BC 100 235,500 235,500 100 505 3rd Street SW ❺❽❿ Calgary AB 50 142,000 71,000 66 7315 8th Street NE ❺ Calgary AB 100 19,500 19,500 100 Centre 810 ❺ Calgary AB 100 77,500 77,500 100 Citadel West Calgary AB 100 78,500 78,500 100 Deerport Centre ❺ Calgary AB 100 49,000 49,000 87 Duncan Building ❺ Calgary AB 100 76,500 76,500 100 National Bank Building Calgary AB 100 43,500 43,500 100 207 and 215 9th Avenue SW ❹❼❽❾❿ Calgary AB 100 637,000 637,000 100 Petroleum Plaza ❸ Edmonton AB 50 304,000 152,000 98 Rice Howard Place ❷❸❻ Edmonton AB 20 607,500 121,500 42 301 Laurier Avenue Ottawa ON 50 26,000 13,000 39 525 Coventry Ottawa ON 100 42,500 42,500 100 Green Valley Office Park ❺ Ottawa ON 100 123,000 123,000 67 Heritage Place ❹ Ottawa ON 50 218,000 109,000 77 St. Laurent Business Centre ❺ Ottawa ON 100 89,000 89,000 58 Standard Life ❺ Ottawa ON 50 371,000 185,500 92 Time Square ❺ Ottawa ON 100 112,000 112,000 42 200 Yorkland ❹❾ Toronto ON 100 151,000 151,000 75 77 Bloor Street West ❶❸❾ Toronto ON 50 396,000 198,000 87 Place Innovation ❹❾ Saint-Laurent QC 50 903,000 451,500 94 Total Office 5,066,500 3,400,500 87 Certifications ❶ LEED Platinum ❷ LEED in progress ❸ BOMA Platinum ❹ BOMA Gold ❺ BOMA SIlver ❻ WiredScore Platinum ❼ WiredScore Gold ❽ Energy Star ❾ RHF ❿ Fitwell 22 Morguard REIT Industrial Portfolio Property City Province Ownership Interest (%) Total Area (SF) Ownership Area (SF) Occupancy (%) 1875 Leslie Toronto ON 100 52,000 52,000 96 2041—2151 McCowan Toronto ON 100 189,000 189,000 88 279 Yorkland Toronto ON 100 18,000 18,000 100 285 Yorkland Toronto ON 100 24,000 24,000 100 Total Industrial 283,000 283,000 91 Total 9,925,000 8,071,500 91 23 2024 Annual Report K. Rai Sahi Chairman and Chief Executive Officer Angela Sahi Executive Vice President and Trustee Andrew Tamlin Chief Financial Officer Beverley Flynn Senior Vice President and General Counsel Paul Miatello Senior Vice President Morguard Real Estate Investment Trust is a closed-end trust listed on the Toronto Stock Exchange (TSX) under the symbol MRT.UN. The Trust had total real estate assets of $2.2 billion as at December 31, 2024. The mandate of the Trust is to accumulate a Canadian portfolio of high-quality real estate assets — then actively manage the portfolio to generate steady, dependable returns for unitholders, through a stable and increasing cash flow. This offers the potential for long-term capital appreciation. The Trust owns a diversified real estate portfolio of 45 commercial properties consisting of 8.1 million square feet of gross leasable area located in six provinces. The real estate portfolio primarily includes well-located, high-quality office properties in major urban centres, large enclosed full-scale regional shopping malls that are dominant in their respective markets, neighbourhood and community shopping centres and a small group of industrial properties. Head Office Morguard REIT 55 City Centre Drive, Suite 1000 Mississauga, ON L5B 1M3 T 905-281-3800 info@morguard.com Eligibility RRSP RPP RRIF TFSA DPSP Listing Toronto Stock Exchange Symbol MRT.UN MRT.DB Auditors Ernst & Young LLP Principal Bankers Bank of Montreal Toronto-Dominion Bank Transfer Agent Computershare Trust Company 1-800-564-6253 computershare.com Investor Relations Visit our website at morguard.com or view our filing on SEDAR+ at sedarplus.ca For additional information, contact: Andrew Tamlin Chief Financial Officer Beverley G. Flynn Senior Vice President and General Counsel T 905-281-3800 info@morguard.com Executive Directory Investor Information Morguard REIT (TSX:MRT.UN) Corporate Information K. Rai Sahi Chairman and Chief Executive Officer Morguard Corporation Angela Sahi President and Chief Operating Officer Morguard Corporation Donald W. Turple Corporate Director Bart S. Munn Corporate Director Timothy J. Walker Corporate Director Timothy J. Murphy Aecon Group Tullio Capulli Corporate Director Board of Trustees Independent Trustee Audit Committee Human Resources and Governance Committee Morguard 55 City Centre Drive, Suite 1000 Mississauga, ON L5B 1M3 905-281-3800 Morguard.com