Morguard North American Residential REIT Announces Normal Course Issuer Bid

Executive Summary

• Morguard North American Residential REIT announced TSX acceptance of its notice to commence a normal‑course issuer bid (NCIB) for up to 2,502,319 Units (≈10% of public float) and up to $4.9 M principal of 6.00% Convertible Unsecured Subordinated Debentures.
• The NCIB runs from Jan 12 2026 through Jan 11 2027 with daily purchase limits of 6,255 Units and $5,343 of Debentures; all acquired securities will be cancelled.
• To date, the REIT has repurchased 1,392,075 Units at a weighted‑average price of $17.02 per Unit and none of the Debentures in the prior twelve‑month NCIB period.

Key Details

• Bid Scope – Units: Up to 2,502,319 Units (≈10% of public float).
• Bid Scope – Debentures: Up to $4,900,000 principal amount of 6.00% Convertible Unsecured Subordinated Debentures due March 31 2028 (≈10% of public float).
• Bid Period: 12 months, Jan 12 2026 – Jan 11 2027.
• Daily Purchase Limits: 6,255 Units; $5,343 principal amount of Debentures.
• Pricing Mechanism: Market price at time of acquisition.
• Previous NCIB (expired Jan 11 2026): Authorized to purchase up to 2,648,573 Units and $4.9 M of Debentures.
• Historical Purchases (last 12 months): 1,392,075 Units repurchased at a weighted‑average price of $17.02 per Unit; no Debentures purchased.
• Outstanding Securities (as of Dec 31 2025): 34,929,731 Units outstanding; average daily volume 25,021 Units (six‑month).
• Outstanding Debentures (as as of Dec 31 2025): $56,000,000 principal amount; average daily volume $21,373 (six‑month).
• Purpose Statement: REIT believes current market prices may not fully reflect intrinsic value and that repurchases can enhance equity interest for remaining Unit holders.

Notable Quotes

(No direct quotes were provided in the release.)