Primaris Real Estate Investment Trust · TSX:PMZ.UN
Primaris Real Estate Investment Trust — Investor Day (October 2026)
58 slides from Primaris Real Estate Investment Trust's investor day presentation, Oct 7, 2026
Slide 1: Hitting Our Stride: The Next Chapter of Primaris
Hitting Our Stride The Next Chapter of Primaris Primaris’ Investor Day at Promenades St-Bruno Montreal, QC | October 7, 2026
Slide 2: Caution Regarding Forward-Looking Statements
CAUTION Forward-Looking Statements and Future-Oriented Financial Information Disclaimer: Certain statements included in this presentation as well as oral statements made during the course of the oral presentation constitute ‘‘forward-looking information’’ or “forward-looking statements” within the m
Slide 3: Welcome to Primaris' Investor Day at Promenades St-Bruno
Welcome to Primaris’ Investor Day at Promenades St-Bruno 3
Slide 4: Where We Started. Where We Are. What's Next?
Where We Started. Where We Are. What’s Next? Alex Avery CEO 5
Slide 5: Primaris at a glance: $5.6B portfolio, 15.6M SF
Conestoga Mall, Waterloo, Ontario $5.6B $5.3B BBB (high) 91.1% Stable National Portfolio Unencumbered Assets Committed Occupancy Investment Grade Rating 1 5.7x 2 15.6MSF $829 48.8% 1 Average Net Debt** to Adjusted GLA Same Store Sales Productivity FFO Payout Ratio** EBITDA** Proforma Upper Canada Ma
Slide 6: Primaris' Strategic Pillars Built to Grow and Thrive
Primaris’ Strategic Pillars Differentiated financial model and a mandate for growth Built to Grow and Thrive Built to Grow and Thrive Size and Scale Proper Capitalization • $5.6 billion national portfolio of • Average Net Debt** to Adjusted leading enclosed shopping centres EBITDA**: 5.7x1 in growin
Slide 7: Building a Best-in-Class Portfolio
Acquisitions Since Spinout Building a Best-in-Class Portfolio $2,500M 3.9M 4.0M 4.0M $2,000M 3.0M $1,500M GLA 1.6M 2.0M $1,000M 1.2M 1.0M 1.0M Growing Portfolio of Leading Enclosed Shopping Centres $500M $800M $640M $325M $1,650M $495M $1.6B $495M $5.6B $0M .0M 2022 2023 2024 2025 Proforma Q2 1 Cons
Slide 8: Growing Portfolio Quality
Growing Portfolio Quality Strong tenant sales demonstrate the strength of our portfolio construction and the quality of our shopping centres and markets Tenant Sales1 Average CRU Sales Volume per Mall 1 $5.5B $1,000 25 centres $151M $4.5B $800 $829 +41% 26 centres $137M Growth in Same $705 $750 Stor
Slide 9: Primaris' Report Card: On Track and Delivering
Primaris’ Report Card: On Track and Delivering 3 Year Targets Progress to Date Notes September 24, 2024 to December 31, 2027 86.6%1 New Target: 94% to 96% HBC filed for In-place Occupancy 93%, x-HBC1 (updated July 30, 2025) Prior Target: 96% CCAA in 2025 96% Committed, x-HBC1 Annual Same Properties
Slide 10: How Far We've Come
How Far We’ve Come Primaris has Significantly Outperformed the Canadian REIT Sector Cumulative Total Return 250 Annualized Total Oct'26: Acquire Upper Canada Mall Return, CAGR 230 PMZ: 127% Primaris REIT 19% Dec'21: Avg of 6 other CDN 210 6% WAIR: 2.73% Retail REITs Oct'25: Acquire WATM: 1.7 yrs Pro
Slide 11: The Mall is Back!
The Mall is Back! Patrick Sullivan President & COO 12
Slide 12: Top Tenant Mix Has Improved to Value, Staples and Necessity
Top 10 Tenant Mix has Improved to Value, Staples and Necessity Type Retailers vs Apparel in Earlier Years 3 2010 Proforma Q2 2026 Top Tenants¹ Min. Rent (%) Total GLA WALT² WALT² (yrs) Top Tenants¹ Min. Rent (%) Total GLA (yrs) 1 6.9% 2,278,448 7.4 1 4.3% 831,327 4.0 2 3.0% 217,743 4.0 2 2.7% 482,76
Slide 13: Declining Supply of Quality Retail Space as Population Grows
Declining Supply of Quality Retail Space as Population Grows 1 -22% Low supply, rising Since the Peak sales, population in 1990 growth and increasing tenant demand is creating a significant opportunity to drive rents and occupancy, driving NOI growth 1. Source: Environics Analytics Estimates & Proje
Slide 14: Retailers are Growing their Footprint in Canada
Retailers are Growing their Footprint in Canada Our growing portfolio comes with significant lease up opportunities to expand with tenants able to pay higher rents Growing Store Sizes New to Market CRU to 15,000sf+ Large Format 15
Slide 15: Proven Success of the Primaris Management Platform
Proven Success of the Primaris Management Platform Drivers that grow net rent Positive Leasing Improving Reducing Strategic Rightsizing Momentum Tenant Variable Rent Remerchandising Shopping Affordability Structures Centres 2% annual contractual Prudent cost Consistent reduction in Leverage relation
Slide 16: Enclosed Shopping Centres Unique Lease Structure
Enclosed Shopping Centres Unique Lease Structure Base Contractual Rent Operating Expense Recovery • Long-term contractual base rents • Flow-through operating expense recovery of CAM, Tax, HVAC and marketing costs • Standard built-in incremental rent escalation set at 2% per year • Tenant bears infla
Slide 17: Leasing Strategy: Fill Up First, Then Optimize
Leasing Strategy: Fill Up First, Then Optimize Below Target Occupancy At Target Occupancy Grow Occupancy • Recover all eligible proportionate tenant expenses 96% Drive Base Rents • Leverage national relationships Target • Re-merchandise with new and existing concepts • Drive foot traffic to the mall
Slide 18: Internal Growth: Accelerating Leasing Velocity
Internal Growth Accelerating Leasing Velocity 14.0% Leased GLA to New Deals as % of Total Portfolio GLA Growing net new GLA occupancy continues to support NOI** growth, 12.0% reflecting strong leasing velocity, healthy retailer demand, and continued 10.0% expansion across the retail 2026F market 7.0
Slide 19: The Path to 1000bps
The Path to 1000bps Future NOI** growth anticipated to be fueled by the increased leasing momentum as retailers absorb vacancy and centres are leased up to stabilized Visibility to Stabilized In-Place Occupancy ~9% 100.0% 99.0% 98.0% of portfolio GLA sits in former HBC spaces 97.0% 97.0% 96% Target
Slide 20: Optimizing The Rental Process
Optimizing The Rental Process Gross Rent Occupancy Cost (%) 15% Target GROC • Deals are updated to market rents for the retail category capturing RENEWALS percentage rent overages into base rent 14.1% 12.5% 12.4% 12.6% • Recovery clauses are optimized 11.6% 11.1% 2019 2022 2023 2024 2025 Q2 2026 Ave
Slide 21: Improving Recovery Ratios Drive NOI and FFO Growth
Improving Recovery Ratios are a Significant Driver of NOI** and FFO** Growth Recovery ratios measure the landlord's ability to recover mall operating and maintenance costs, such as common area maintenance, utilities, and property taxes Tax Recovery 76% +0% +3% +4% 93% 100% 2025 2026F 2027F 2028F Tar
Slide 22: Substantial Progress on Former HBC Space
Substantial Progress on Former HBC Space 84% As at June 26, 2026 (881,400 square feet) Former HBC Anticipated Weighted Weighted leased or in advanced negotiations ($ thousands and Average Net Average Net Anticipated thousands of square feet, unless Former HBC Rent per Anticipated Rent per Growth ove
Slide 23: Growth Beyond Long Term Leasing
Growth Beyond Long Term Leasing IN-LINE SPECIALTY 30-35% ANCILLARY SPECIALTY LEASING 65-70% BRAND BUILDING & LEASING of SL REV of SL REV COMMUNITY INVOLVEMENT Primarily short-term leases occupying Generate additional revenue from ancillary activations including Improving brand awareness and focus in
Slide 24: Questions?
Questions?
Slide 25: Break
Break
Slide 26: Differentiated Financial Model
Differentiated Financial Model Leslie Buist SVP, Finance 27
Slide 27: Every Dollar Competes
Every Dollar Competes Based on Return | Risk | Per Unit Accretion | Strategic Fit | Balance Sheet Impact Maintain Balance Sheet Strength and Flexibility 1 2 3 4 5 Allocate capital Maintain capacity dynamically as Focus on per unit Disciplined growth: Preserve financial to act when relative outcomes
Slide 28: Highly Differentiated Financial Model
Highly Differentiated Financial Model Best-in-class structure built with flexibility, optionality and liquidity, enabling minimized cost of capital 5.7x $5.3B 2.7x BBB(high) 1,2 2 2 Average Net Unencumbered Unencumbered Stable Debt** to Assets Assets to Investment Grade Total Capitalization Adjusted
Slide 29: A Balance Sheet Built for Optionality
A Balance Sheet Built for Optionality BBB(high) Stable Conservative leverage, ample liquidity and investment grade credit rating Investment Grade Rating • Primaris can access unsecured debt at a lower cost than secured mortgage 5.0x – 6.0x 1 financing, enhancing overall financing efficiency • Primar
Slide 30: Investing for Growth
Investing for Growth Julian Schonfeldt CIO 31
Slide 31: Optimizing Capital Across the Opportunity Set
Optimizing Capital Across the Opportunity Set “Every dollar has a cost - Every dollar has an alternative use” SOURCES USES Asset Dispositions Optimizing Sources Asset Acquisitions Selling to upgrade the portfolio: - Non-core malls: lower growth and Uses to: Strategic acquisitions with meaningful ups
Slide 32: Land Optimization Strategy Creates Value by Reallocating Capital
Land Optimization Strategy Creates Value by Reallocating Capital from non-income-producing land, into higher yielding core shopping centres Significant portion of Opportunities have been Primaris’ land base consists evaluated to ensure execution ESTIMATED VALUE REALIZATION of excess or underutilized
Slide 33: Turning Outparcel Sale Proceeds into Core Mall NOI
Turning Outparcel Sale Proceeds into Core Mall NOI** GRENFELL ST THE ASSETS Recent mall acquisitions include non-core outparcels outside the “ring road” Not core to Primaris’ operating platform, can be a “distraction” THE VALUATION GAP Public markets value these assets at Primaris’ ~8% implied cap r
Slide 34: Turning Outparcel Sale Proceeds into Core Mall NOI (Site Plan)
Turning Outparcel Sale Proceeds into Core Mall NOI** GRENFELL ST LEGEND: ELMGROVE AVE. Property Line Transit Terminal Near-Term Excess Land Non-Core Outparcels No Build/ Restrictive Zone SITE DETAILS AUTOROUTE SIR. WILFRED LAURIER TOTAL ACRES 116 SITE COVERAGE A1 4.7 acres 15% EXCESS LAND ~20 acres
Slide 35: Why Primaris Wins
Why Primaris Wins Alex Avery CEO 36
Slide 36: Why Primaris Wins
Why Primaris Wins MANAGEMENT’S FOCUS Grow AFFO** per Unit Translate operating performance, investment Drive NOI** within the and disciplined capital allocation into Allocate Capital Existing Portfolio sustainable AFFO** per unit growth with Discipline Capture embedded NOI** opportunity by Deploy cap
Slide 37: A Decade of Growth, Already in Motion
A Decade of Growth, Already in Motion Lease-Up Today, Optimize Tomorrow 2029 – 2035 Operational Efficiency Operations, AI**, and margin expansion • Leverage scale to optimize leasing strategies, 2029 – 2032 consolidate purchasing and vendor relationships • Assess deployment of AI and automation to 2
Slide 38: What's Next: The Next 3 Years
What’s Next: The Next 3 Years Fiscal Year End 2027, 2028, & 2029 Average Annual In-place Occupancy 96 % FFO** 4 % to 8 % per unit1 growth (fully diluted) Average Annual Average Annual Same Properties Cash NOI** 3% to 5 % Distribution Growth 4 % to 8 % growth Average Dispositions > $ 500 million Net
Slide 39: Capital Allocation Philosophy Quote
“We will continue to allocate capital in the best interests of our fellow unitholders, with rigorous capital allocation discipline at the core of every decision, supported by our differentiated financial model and a relentless focus on growing value per unit.” Primaris REIT — Capital Allocation Phil
Slide 40: Questions?
Questions?
Slide 41: Hitting Our Stride
Hitting Our Stride The Next Chapter of Primaris Primaris’ Investor Day at Promenades St-Bruno Montreal, QC | October 7, 2026
Slide 42: Lunch
Lunch
Slide 43: Promenades St-Bruno Property Tour
Promenades St-Bruno Property Tour 44
Slide 44: Promenades St-Bruno: The Asset, The Opportunity, & The Growth
Promenades St -Bruno The Asset, The Opportunity, & The Growth Patrick Sullivan President & COO 45
Slide 45: Regional Operations Management & Leasing Team
Regional Operations Management & Leasing Team Stephan Landry Lauren Robbers Director, Operations VP, Leasing Stephan Landry is a seasoned expert in shopping centre With 15+ years of leasing experience in the shopping centre management and development, with over 30 years of industry industry, Ms. Rob
Slide 46: Most Productive Shopping Centre on the South Shore of Montreal
Most Productive Shopping Centre on the South Shore of Montreal Source: 2025 ICSC Mall Sales Report 47 47
Slide 47: Be in a Captive Growing Market
Be in a Captive Growing Market 2035 Population of 1,055,239 (+10.6%) 2025 Total 2030 Trade Area Population of Population of 925,121 902,398 (+2.5%) Primary Trade Area Population: 487,857 Secondary Trade Area Population: 414,541 Total Trade Area Population: 902,398 Source: Environics 48
Slide 48: Shopping Centre Overview
Shopping Centre Overview Adding large Leading Regional Shopping Centres to the Primaris Portfolio Total CRU Sales Same Store GLA at Share 8.0MSF Property Name Location Volume Sales (SF) Site Coverage (thousands)1 Productivity1 (thousands)2 1 Southgate Centre Edmonton, AB $ 326,768 $ 1,476 423 48 % 1
Slide 49: Promenades St-Bruno
Significant NOI** Growth Potential as Primaris’ full-service Promenades management platform integrates and operates the property. Opportunities to increase operating income include: St-Bruno • Redemise and lease approximately 130,600 square feet of former anchor space to strong covenant, high-qualit
Slide 50: Strong Tenant Mix with Unique to Market Retailers
Strong Tenant Mix with Unique to Market Retailers Tenant Mix June 30, 2026 (% of Gross Rent) Large Format Non- Grocery/ Pharmacy, Fashion, 3% 5% Other, 8% Personal Services, 13% Large Format Fashion, 14% Food, 10% General Merchandise, 8% Apparel, 40% 51
Slide 51: $50 Million Food Court Redevelopment
$50 Million Food Court Redevelopment with 20,300 square feet of Incremental Retail GLA 52
Slide 52: $50 Million Redevelopment to Drive NOI and Customer Experience
$50 Million Redevelopment to Drive NOI** and Enhance the Customer Experience A modernized food court, new outdoor terrace and 20,300 sf of new retail $50M $5M 10% Investment Incremental NOI** Project Yield Modern, right-sized food court with 1,100 seats, 2x current capacity New outdoor terrace and d
Slide 53: Former Food Court Lease Plan – Level 1
Former Food Court Lease Plan – Level 1 Converting underutilized food court space into large format tenancy 20,300 sf Large Format Large format tenant · former food court & seating Tenant 20,272 ft2 20,300 sf single user 1 In the former food court and seating area 1 2 Infill upper level floor opening
Slide 54: Promenades St-Bruno Property Tour
Promenades St-Bruno Property Tour 55
Slide 55: Promenades St-Bruno Property Tour
Promenades St -Bruno Property Tour Julie Morin General Manager 56
Slide 56: Floor Plan – Level 1
Floor Plan — Level 1 ST-BRUNO Saint-Bruno-de-Montarville, Quebec ‘Committed Ay, cocoamiunt I Under negotiation [EI New Food Court lecmpusi3 sighs Redevelopment project 2027 New tenant (21,000sf) Nov. 2028 VICTORIA'S SECRET __4 April 2027 floor plan - level one Primaria“ August 06,2008,
Slide 57: Floor Plan – Level 2
Floor Plan — Level 2 Saint-Bruno-de-Montarville, Quebec ST- BRUNO ‘committed iz Under negotiation Ma esyrons = NEW 2 restaurants Opening Nov. 2027 = NEW Food Court (19 units) Opening Nov. 2027 Brilerie Faro Moulins y fed Lafayette NEW L'Imaginaire Opening Nov. 2027 souris mini Redevelopment project
Slide 58: Thank you for attending Primaris' Investor Day
Thank you for attending Primaris’ Investor Day at Promenades St-Bruno 60
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