Purpose and Performance: Morguard Releases 2024 ESG Report

New ESG Strategic Framework, Significant GHG Emission Reduction, and Award-Winning Decarbonization Projects Highlight a Milestone Year

MISSISSAUGA, ON, May 8, 2025 /CNW/ - Morguard Corporation ("Morguard") (TSX: MRC) today released its 2024 Environmental, Social and Governance (ESG) Report, detailing key accomplishments and outlining its path forward on sustainability, decarbonization, risk management, governance, and stakeholder engagement. To download the 2024 ESG Report, visit morguard.com/sustainability.

"As we celebrate our 50th anniversary, we are sharpening our focus on long-term resilience, climate action, and community impact," said Angela Sahi, President and COO, Morguard. "We are committed to creating measurable value for our stakeholders by driving environmental progress and supporting communities through a strong and purpose-driven ESG approach."

Environmental Highlights: Toward Net Zero
In 2024, Morguard renewed its commitment to climate resilience and operational efficiency through an updated ESG Strategic Framework while continuing efforts to align future disclosures with the Sustainability Accounting Standards Board (SASB) and Canada's new Sustainability Disclosure Standards (CSDS).

As part of its net-zero roadmap, Morguard reaffirmed its long-term targets, including a 50% reduction in greenhouse gas (GHG) emissions by 2030 and achieving net-zero across its portfolio by 2050. Progress toward these goals includes:

• 23.1% reduction in GHG emissions from the 2019 baseline
• 12.1% reduction in energy use across the portfolio
• A multi-phase decarbonization project at Rideau Towers in Toronto, resulting in a 1,400-tonne reduction in annual GHG emissions
• 94 properties underwent major retrofits or conservation upgrades, including HVAC systems, lighting retrofits, and energy-efficient windows
• Nearly 200 nationally recognized green building certifications and sustainability achievements

By integrating sustainability into its operations and planning, Morguard is advancing its broader strategy to incorporate smart building technologies and sustainable practices across its portfolio, reducing its environmental footprint while building a more resilient, energy-efficient real estate platform.

Social Highlights: Creating Community Impact
Morguard believes that sustainable buildings are essential to thriving communities. In 2024, the company deepened its commitment to community well-being and strengthened its social partnerships:

• Over 27,000 individuals engaged with the CHECK-IN! mental wellness initiative at 18 enclosed shopping centres in partnership with Kids Help Phone, fostering mental well-being and community connection
• 4,218 kg of textiles diverted, 8,100 pairs of eyeglasses recycled, and over 200 families supported through community drives
• Awarded the Call2Recycle Leader in Sustainability 2024 for battery diversion campaigns

These initiatives are part of our broader Sustainable Morguard's program, which brings together environmental action and community engagement across its retail and commercial properties.

Governance Highlights: Embedding Responsibility
Over the past year, Morguard strengthened its governance framework by enhancing oversight, improving ESG reporting, and expanding risk management practices. Key milestones include:

• Re-established ESG Executive Committee and integrated ESG into annual business planning and board-level reporting
• Completed a physical climate risk assessment process for all managed properties
• Strengthened cybersecurity protocols aligned with NIST-CSF and CIS standards, and hosted the inaugural Be Cyber Aware Summit

"We are proud of how far we have come, and this year's progress reflects the dedication of our teams and the strength of our values," said Beverley G. Flynn, Senior Vice President responsible for Legal, Risk and ESG. "As we look ahead, we remain committed to evolving our ESG practices to meet rising expectations and advancing positive impact across our communities. Together with our employees, tenants, residents, and partners, we are building communities that are resilient, inclusive, and prepared for the future."

About Morguard Corporation
Morguard Corporation is a major North American real estate and property management company. It has extensive retail, office, industrial, 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. This year, Morguard proudly celebrates 50 years of leadership, innovation, and growth in the real estate industry.

For more information, visit www.morguard.com or follow us on LinkedIn and Instagram.

SOURCE Morguard Corporation

For further information: Beverley G. Flynn, Senior Vice President; John Smičiklas, Director, ESG, T 905-281-3800. or email [email protected]