Primaris Real Estate Investment Trust · TSX:PMZ.UN
Primaris Real Estate Investment Trust — Q2 2026 Earnings Presentation
49 slides from Primaris Real Estate Investment Trust's earnings presentation, Jul 30, 2026
Slide 1: Report to Unitholders Q2 2026
Report to Unitholders Q4 2025 Q2 2026 1
Slide 2: Caution Regarding Forward-Looking Statements
CAUTION Forward-Looking Statements and Future Orientated Financial Information Disclaimer: Certain statements included in this presentation constitute ‘‘forward-looking information’’ or “forward-looking statements” within the meaning of applicable securities laws. The words “will”, “expects”, “plans
Slide 3: Conestoga Mall, Waterloo, Ontario
Conestoga Mall, Waterloo, Ontario $5.2B $4.9B BBB (high) Stable 91.1% Investment Grade Rating Committed Occupancy National Portfolio Unencumbered Assets 14.6M SF $825 48.8% 6.0x 1 Average Net Debt** to Adjusted GLA Same Store Sales Productivity FFO Payout Ratio** EBITDA** 1. Supplementary financial
Slide 4: Canadian Enclosed Evolution
Canadian Enclosed Evolution A blank slate to design a best-in-class vehicle to take advantage of the recovery in enclosed shopping centres Expansion Through Retail in Transition Pandemic Growth Euphoria Over levered, too Retailers conclude much concentration bricks & mortar anchors omnichannel strat
Slide 5: Primaris Strategic Advantage
Differentiated financial model and a Primaris Strategic Advantage. mandate for growth Becoming the first call. Built to Grow and Thrive Size and Scale Proper Capitalization • $5.2 billion national portfolio of • Average Net Debt** to Adjusted leading enclosed shopping centres EBITDA**: 6.0x1 in grow
Slide 6: The Canadian Consolidation Opportunity
The Canadian Consolidation Opportunity 6
Slide 7: Canadian Consolidation Opportunity
Large opportunity to consolidate as Canadian Consolidation Opportunity institutions contemplate rebalancing, Primaris stands alone as a potential buyer Canada’s only enclosed shopping centre REIT $50 billion of Canadian enclosed Primaris stands alone as a shopping centres concentrated to institution
Slide 8: Target: Leading Shopping Centres in Growing Canadian Markets
Target: Leading shopping centres in growing Canadian markets October 10, 2025 June 17, 2025 January 31, 2025 January 31, 2025 Canada’s only Target Acquisition Promenades St-Bruno, Lime Ridge Mall, Southgate Centre (50%), Oshawa Centre, enclosed shopping Criteria Montreal, Quebec Hamilton, Ontario Ed
Slide 9: Acquisition Deal Structure Overview
Acquisitions further demonstrate Primaris as an attractive buyer for Canadian pension Acquisition Deal Structure Overview fund vendors of market leading Canadian shopping centres (in millions of Regent Mall Southgate (50%) and Halifax Shopping Canadian dollars (Remaining 50% interest) Promenades St-
Slide 10: The Canadian Advantage
Canadian retail property landscape differs The Canadian Advantage substantially from the United States Canada US The Canadian Advantage Retail Space per Capita 17 sf per person¹ 24 sf per person¹ 35% less space drives higher sales productivity Immigration Planned immigration rate 1% of population, P
Slide 11: Primaris Owns Leading Enclosed Shopping Centres
Primaris owns Leading Enclosed Shopping Centres in Canada's Largest and Growing Markets Primaris Shopping Centre 1 Red Dot = 500 People Sources: Environics Analytics. 11
Slide 12: Declining Supply of Quality Retail Space
Declining Supply of Quality Retail Space as Population Grows Low supply, rising 1 sales, population growth and increasing tenant demand is creating a significant opportunity to drive rents and occupancy, driving NOI growth 1. Source: Environics Analytics Estimates & Projections. 2.7% population grow
Slide 13: The Canadian Enclosed Mall Universe
High quality target assets in growing The Canadian target markets Enclosed Mall Universe // Sources: ICSC Canada Mall Property Performance Report, 2025. 13
Slide 14: Growing Portfolio Quality
Growing Portfolio Quality as Primaris High Quality Target Assets in Executes on the Consolidation Opportunity Growing Target Markets Sources: ICSC Canada Mall Property Performance Report, 2025. 14
Slide 15: 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 16: Shopping Centre Overview
Adding large Leading Regional Shopping Shopping Centre Overview Centres to the Primaris Portfolio Total CRU Same Store GLA at Share Property Name Location Sales Volume Sales (SF) Site Coverage 1 Southgate Centre Edmonton, AB $ (thousands)1 326,768 $ Productivity1 1,476 (thousands)2 423 48 % 7.5MSF 1
Slide 17: Disciplined Capital Allocation
Disciplined Capital Allocation 17
Slide 18: Capital Structure Strategy and Targets
Capital Structure Strategy and Targets Designed to provide significant financial flexibility and create a differentiated investment profile among Canadian REITs Committed to maintaining a conservative financial profile Maintain low leverage Maintain staggered and long dated debt maturity profile to
Slide 19: Highly Differentiated Financial Model
Highly Differentiated Financial Model Best-in-class structure built with flexibility, optionality and liquidity, enabling minimized cost of capital Convertible 6.0x $4.9B 2.5x BBB 1 Preferred LP Units Senior Unsecured 10% Debentures 38% Average Net Unencumbered Unencumbered (high) Stable Debt** to A
Slide 20: NCIB Compounding Capital at a Rapid Pace
A financial model built for measured NCIB Compounding Capital amount of Indefinite Buybacks funded at a Rapid Pace through Free Cash Flow, on a Leverage Neutral Basis Compounding Capital Highly Differentiated Lowest Leverage and Free Cash FCF available for through Unit • Leverage remains neutral FFO
Slide 21: The Primaris REIT Portfolio
The Primaris REIT Portfolio 21
Slide 22: Leading Enclosed Shopping Centre Portfolio
Leading Enclosed Shopping Centre Portfolio Primaris owns and manages regional enclosed shopping centres in growing, Canadian markets NOI** by Asset Class NOI** by Region Professional British Columbia Centre + 9% Industrial 1% Alberta Quebec Open Air Retail 19% 3% 16% Grocery- Anchored Plaza 1% Marit
Slide 23: Strong Senior Leadership Team
Strong Senior Leadership Team Experienced Senior Leadership Team with significant real estate investment and operations expertise Alex Avery Patrick Sullivan Julian Schonfeldt Rags Davloor Chief Executive 23 7 President & 33 22 Chief Investment 22 Chief Financial 38 4 Officer Chief Operating Officer
Slide 24: Substantial Progress on Former HBC Space
Substantial Progress on Former HBC Space 84% As at June 26, 2026 Former HBC Anticipated (881,400 square feet) Weighted Weighted ($ thousands and Average Net Average Net Anticipated Percentage of leased or in advanced negotiations thousands of square Former HBC Rent per Anticipated Rent per Growth ov
Slide 25: Land Optimization Strategy
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 26: Well Positioned for Growth
Resilience Through Economic Cycles Well Positioned for Growth and Poised for Future Growth 95.3% 95.6% 94.8% 94.4% 94.8% 94.8% 93.7% 94.2% 93.9% 94.2% 93.4% 92.1% 92.2% 92.0% 92.5% 92.6% 92.5% 92.8% 92.7% 92.8% 92.4% 91.8% 91.5% 91.5% 91.2% 91.3% 90.9% 91.0% 91.0% 91.0% 90.5% 90.6% 91.2% 91.1% 89.9%
Slide 27: Achieving Economies of Scale
Achieving Economies of Scale as the Portfolio Achieving Economies of Scale Grows and the internal management platform is leveraged G&A as a % of Revenue 5.8% 5.7% • G&A has stabilized as 5.6% Primaris reaches scale 5.5% across its national portfolio, 5.4% Scale benefiting from operating leverage. 5.
Slide 28: Value, Staples and Necessity Type Tenants
Creditworthy Top Tenants Create Value, Staples and Necessity Type Tenants a High Quality Tenants Roster Annualized Store WALT² Credit Ratings Top Tenants¹ Sector Minimum Rent Count (yrs) (S&P/DBRS) (% of Total) 1 Value Retail 4.3% 31 4.0 - / BBB Tenant Mix (% of Gross Rent) 2 Grocery 2.7% 21 5.2 - /
Slide 29: Mall Merchandise Mix has Evolved
With the rise and ultimate fall of anchor tenants Primaris' merchandising mix has Mall Merchandise Mix has Evolved, lower exposure De-risking the Tenant Base 2009 - Anchor Weighted 2026 - Balanced Tenant Mix • Apparel GLA declined Tenant Mix (% of Gross Rent) Tenant Mix (% of Gross Rent) modestly as
Slide 30: Strong Canadian Retail Tenants
Canadian retail REIT tenants largely dominated by grocery, pharmacy and Strong Canadian Retail Tenants value retailers, representative of the Canadian consumer Common Retailer Other Canadian Retail REITs¹ across 5+ REITs Primaris REIT A B C D E F 1 Canadian Tire Canadian Tire Walmart Loblaws Empire/
Slide 31: Current Markets Demonstrate Strong Growth Characteristics
Current Markets Demonstrate Strong With the rising cost of living in Canada's largest cities, high-growth markets, where Growth Characteristics Primaris owns leading malls, are population growth May 2026 Rolling 12 Months Same Stores Sales PSF $1,476 $1,079 $1,144 $1,017 $834 $874 $814 $885 $834 $79
Slide 32: Positive Leasing Momentum
Strong large-format Positive Leasing Momentum leasing year-to-date momentum with high-quality tenants Weighted Average GLA Weighted Average Weighted Average Net For the three months ended June 30, 2026 Count Spread on Renewing (000s of SF) Lease term (in years) Rent per OSF3 Rents CRU1 New tenants 4
Slide 33: Retailer Affordability
Retailer Affordability 33
Slide 34: Retailer Affordability Core Focus
Retailer Affordability Core Focus Efficient cost structure Park Place Mall, Lethbridge, AB • Operate with a lower cost structure • Target GROC1 ratio of <15% • Actual GROC ratio of 12.6%2 • Prudent total operating costs inflation of 3% • Use economies of scale to tender contracts portfolio wide • Ag
Slide 35: Capital Expenditure Programs Enable Prudent Cost Management
Properties maintained to a high standard Capital Expenditure Programs Enable while keeping focus on controlling costs and adherence to our long-term capital plan Prudent Cost Management Prudent 15-Year Capital Plans • All properties have a 15-year capital plan • Includes useful life of capital proje
Slide 36: Unique Lease Structure Captures Growth
Property operating costs are recovered from Unique Lease Structure Captures Growth tenants who absorb the impact of rising inflation Lease Structure + • Long-term contractual net rents Net Rent • Incremental rent escalation Primaris unique lease structure provides the opportunity to Operating grow r
Slide 37: Financial Results
Financial Results 37
Slide 38: Q2/26 Results; Reaffirms Guidance
Strong performance has underlined our commitment to, and confidence in our clear, and focused strategy of acquiring, owning Q2/26 Results; and managing leading, Canadian enclosed shopping centres Reaffirms Guidance 91.1% Committed Significant growth to be captured as occupancy drives to historical 2
Slide 39: 2026 Financial Outlook
2026 Financial Outlook Management anticipates the following for the year ended 2026 Metrics 2026 Previously Published 2026 Updated Additional Notes Occupancy 86% to 88% No change in guidance Contractual rent steps in rental $5.0 to $5.5 million No change in guidance revenue Straight-line rent adjust
Slide 40: Sustainability Linked to Business Strategy
Sustainability Linked to Business Strategy In 2025, Primaris updated its Sustainability Strategic Plan and 3-year Roadmap CG&N Committee oversees and monitors Primaris’ performance against the ESG Strategy • Strategic Plan and Roadmap based on the Materiality Assessment, aligning to investor focused
Slide 41: Sustainability Targets
As part of Primaris’ commitment to ESG Sustainability Targets initiatives, in 2024 the REIT developed ESG targets informed by the material ESG factors and their link to business performance KPIs Targets Current Measurement Period Actions to Achieve or Maintain Targets * Denotes a core ESG factor. 1.
Slide 42: Primaris Screens Well Against Retail REIT Peers on All Metrics
Primaris trades at a discount, despite its Primaris Screens Well Against Retail REIT focused and clearly defined strategy, with its Differentiated Financial Model Peers on All Metrics and Disciplined Capital Allocation 1. Based on analyst estimates. 2. Primaris reports Average Net Debt** to Adjusted
Slide 43: Appendix
Appendix = |
Slide 44: Guided by Skilled Independent Board of Trustees
Tremendous Strategic Resource: Experiential Retailing, Institutional Property Guided by Skilled Independent Brokerage, Investment Management, REIT Operations, Financial Strategy, Public Company Board of Trustees Reporting, Retail Technology Avtar Bains Louis Forbes Deborah Weinswig • President of Pr
Slide 45: Well-Staggered Lease Maturity
Well-Staggered Lease Maturity Balanced lease profile 5,540,850 $49.34 55 3.9yr Weighted Average Net Rent per occupied sq. ft.² 50 Weighted $43.61 45 Average Lease Occupied GLA (in thousands sq. ft.) $38.03 $37.21 40 Term $34.17 $32.54 $31.92 35 30 3.5yr 25 CRU Weighted 20 Average Lease Term 15 5.1yr
Slide 46: Asset List - Shopping Centres
Asset List - Shopping Centres Cash GLA at Site Site Mortgag All Stores Same Store Pop- Store Building NOI** In-place Mortgage Contractual # Property Name Location Type Share Share Acres at Coverage e Sales1 Major Tenants ulation Count Certs (million Occupancy (thous) Interest Sales PSF1 (SF) Share a
Slide 47: Asset List - Shopping Centres Continued
Asset List - Shopping Centres Continued Same GLA at Site Cash All Stores Pop- Site Acres Coverage Store Building In-place Mortgage Contractual Mortgage Store # Property Name Location Type Share Share NOI** Sales1 Major Tenants ulation at Share Count Certs Occupancy (thous) Interest Maturity Sales (S
Slide 48: Asset List - Other Property Types
Asset List - Other Property Types Site Mortgage Contractual Mortgage All GLA at Site Acres Store Building Cash Stores # Property Name Location Type Share Share Coverage In-place Same Store (SF) at Share Count Certs NOI** Sales1 Major Tenants at Share Occupancy (thous) Interest Maturity Sales PSF1 (m
Slide 49: Invest With Us
Invest With Us TICKER: PMZ.UN S&P/TSX Capped Total Portfolio of REIT Index and BBB (high) Stable Internally Managed Strong Institutional $5.2 Billion, S&P/TSX Investment Grade Exchange: TSX Independent Board Endorsement Providing Scale and Composite Index Credit Rating Trading Liquidity Member Conta
Primaris Real Estate Investment Trust — Q2 2026 Earnings Presentation on 6ix