Primaris Real Estate Investment Trust · TSX:PMZ.UN
Primaris Real Estate Investment Trust — Corporate Update (June 2026)
51 slides from Primaris Real Estate Investment Trust's corporate update, Jun 25, 2026
Slide 1: Welcome to Primaris' Oshawa Centre Property Tour
Welcome to Primaris’ Oshawa Centre Property Tour Oshawa, ON June 25, 2026
Slide 2: Caution Regarding Forward-Looking Statements and Non-GAAP
CAUTION Forward-Looking Statements: 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 meaning of applicable securities laws. The words "will",
Slide 3: Oshawa Centre Property Tour
Oshawa Centre Property Tour Oshawa, ON June 25, 2026
Slide 4: South-Eastern Ontario Competitive Retail Market: December 2025
Adding Large Leading Regional Shopping Centres to the South-Eastern Ontario Primaris Portfolio Competitive Retail Market: December 2025 Lansdowne Place Primaris REIT 406,544 sf - $684 psf Quinte Mall CF Markville Primaris REIT Cadillac Fairview 568,539 sf - $576 psf 853,058 sf - $1,060 psf Oshawa Ce
Slide 5: South-Eastern Ontario Mall Sales Productivity 2015-2025
South-Eastern Ontario Mall Sales Productivity 2015-2025 $1,200 $1,100 $1,073 $1,000 $966 $926 $887 $886 $872 $900 $842 $837 $827 $789 $800 Sales Productivity ($/SF) $748 $710 $723 $731 $710 $667 $700 $686 $684 $669 $657 $635 $636 $566 $561 $600 $584 $548 $554 $508 $516 $515 $495 $496 $496 $500 $486$
Slide 6: South-Eastern Ontario Annual Mall CRU Sales Volume 2022-2025
South-Eastern Ontario Annual Mall CRU Sales Volume 2022-2025 $400 $350 $341 $328 $304 $300 $288 $261 Sales Volume ($ MIllions) $250 $235 $238 $208 $200 $149 $150 $139 $131 $122 $100 $83 $75 $79 $78 $50 $0 Oshawa Centre Scarborough Town Centre The Shops at Pickering City Centre Lansdowne Place 2022 2
Slide 7: Welcome! Alex Avery, CEO
Welcome! Alex Avery, CEO 7
Slide 8: Primaris Strategic Advantage. Becoming the first call.
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 9: Why Oshawa?
Why Oshawa? Hailey Wright, Director, Business & Economic Development Oshawa Economic Development 9
Slide 10: Welcome to Oshawa
< NY a aaa "WELCOME TO OSHAWA. Vw |
Slide 11: Economic Development Snapshot
ECONOMIC DEVELOPMENT SNAPSHOT
Slide 12: We're Growing
WE’RE GROWING Oshawa Population 26% 220K 207K 16% 16% 175K 14% 14% 13% 12% 5%
Slide 13: Record-Setting Growth
RECORD-SETTING GROWTH. $4.36 BILLION - TOTAL DEVELOPMENT (2019-26) $1.45 BILLION - ICI DEVELOPMENT (2019-26) BUILDING PERMIT VALUES (MILLIONS) $902 $639 $649 $565 $480 $513 (YTD) $327 $291
Slide 14: A Strong & Diverse Economy
Household A STRONG & DIVERSE ECONOMY. Income • LABOURFORCE OF 108,000 • 3,627 LOCAL BUSINESSES EMPLOYING 40,548 • $16 BILLION G.D.P. Household Income Per Capita ($) Economic structure (0 = not diverse, 1 = highly diverse) Total Employment (000's) - Census Area 0.91 Real GDP at Basic Prices ($ millio
Slide 15: Major Employers
MAJOR EMPLOYERS EMPLOYERS DRIVING OSHAWA’S ECONOMY
Slide 16: Talent
TALENT Over 35,000 students studying annually Durham College • 140+ programs • eSports Gaming Arena, MRC Studio, Centre for Cybersecurity Innovation & AI/Hub Ontario Tech University • 115 programs, 80 specialized research facilities and 11 Canada Research Chairs in fields such as: • Ethical artifici
Slide 17: GO East Expansion
ECONOMIC ASSETS GO EAST EXPANSION
Slide 18: Downtown Oshawa
Downtown Oshawa
Slide 19: Completed Downtown Developments
COMPLETED DOWNTOWN DEVELOPMENTS 80 Bond 70 King 100 Bond As part of a $125 million two phase Bond and The Genosha Hotel Heritage Building 100 Bond East features 239 deluxe suites Mary development, 370 units are now complete Revitalization is now complete. This built to condo standards with ensuite f
Slide 20: Proposed Downtown Developments
PROPOSED DOWNTOWN DEVELOPMENTS Post Lofts 47 Simcoe St. S. Richmond and Mary Development Kenneth, Division and Bond Atria Development continues to play a key This proposal for two 18-storey residential A new development with more than 233 towers will bring 630 units of living space apartments and gr
Slide 21: Proposed Downtown Developments
PROPOSED DOWNTOWN DEVELOPMENTS 39 Athol St. W. 70 King Phase II 135 Bruce St. Twelve-storey building comprising a total of 140 A 21-storey 114-unit apartment has A 2,241 unit mixed-use development, this residential units. A total of 99 parking spaces will been proposed as a phase II project project
Slide 22: Tribute Communities Centre
Tribute Communities Centre The City of Oshawa is pleased to share more details on the $50-million project to modernize the Tribute Communities Centre (TCC). The project has now been issued for tender, supported by a developed design that will continue to evolve through subsequent phases of the proje
Slide 23: Zoning
ZONING In June 2025, Oshawa City Council adopted By-law 82-2025 which is an amendment to the City’s Zoning By-law*. By-law 82-2025: • Modifies the zoning of the Oshawa Centre to permit increased building heights in the northern section of the site, and reduce required residential parking in the nort
Slide 24: Protected Major Transit Station Area (PMTSA)
PROTECTED MAJOR TRANSIT STATION AREA (PMTSA) • Zoning in Downtown Oshawa has been updated to increase densities by 2x - 10x in certain areas with amendments to permit up to 20 storey buildings across the downtown core and 8-to-12 storeys in shoulder areas. • In 2025 the City new permissions and regu
Slide 25: PMTSA Oshawa Central Station
PMTSA Oshawa Central Station
Slide 26: Oshawa Economic Development contacts
Anthony Ambra Commissoner, Economic & Development Services $4 aambra@oshawa.ca We’re ready to assist you. Contact us today. Hailey Wright Director, Business & Economic 9 Site Selection Development Services . 54 hwright@oshawa.ca iii Data Analytics Brett Murphy < Industry Connections Senior Manager,
Slide 27: Oshawa Centre
Oshawa Centre Patrick Sullivan, President & COO 27
Slide 28: Growing Portfolio Quality as Primaris Executes on the Consolidation Opportunity
Growing Portfolio Quality as Primaris Executes on the Consolidation Opportunity Sources: ICSC Canada Mall Property Performance Report, 2025. 28
Slide 29: Shopping Centre Overview Primaris Portfolio
Adding Large Leading Regional Shopping Centres to the Shopping Centre Overview Primaris Portfolio Total CRU Sales Same Store GLA at share Property Name Location Volume Sales (SF) Site Coverage 1 Southgate Centre (at 100%)1 Edmonton, AB (thousands)2 $320,613 Productivity2 $1,443 (thousands) 423 39 %
Slide 30: Oshawa Centre
Significant NOI** Growth Potential as Primaris’ full-service management platform integrates and operates the property. Oshawa Opportunities to increase operating income include: • The conversion of tenants on preferred rent deals to standard Centre market leases; • Lease up of temporary tenanted or
Slide 31: Oshawa Centre: Home to many unique to the Region Retailers
Strong Tenant Mix with Unique to Market Tenants Oshawa Centre: Home to many unique to the Region Retailers Tenant Mix (% of Gross Rent) Large Format Non-Fashion, 3% Grocery/ Pharmacy, 3% Other, 12% Large Format Fashion, 11% Personal Services, 16% Food, 11% Fashion, 31% General Merchandise, 13% 31
Slide 32: Committed / Under Negotiation
Committed Under Negotiation 32
Slide 33: Oshawa Centre Floor Plan - Lower Level
OSHAWA CENTRE Oshawa, Ontario HE omittes [EDD Under Negotiation floor plan - lower level Brimane * March 28, 025
Slide 34: CRU Long-Term Occupancy
Since Acquisition, Primaris has Leased Significant CRU1 Space, Improving the Overall Tenant Mix and Rental Income Quality Significant Lease Up of Long-Term Tenanted CRU Space Increasing and Improving Cash Flow Quantity and Quality 100% HBC Vacant HBC Vacant HBC 500,000 • 71,000 sf of vacancy Format
Slide 35: How Much Land does a Mall need to Function Optimally?
How Much Land does a Mall need to Function Optimally? Scale of the centre: Parking requirements: Zoning constraints: GLA, large format Often the largest land Setbacks, landscaping, Key tenants, amenities use driver density limits Factors: Access and circulation: Site characteristics: Shape, Future f
Slide 36: Land Optimization
Land Optimization Julian Schonfeldt, CIO 37
Slide 37: Primaris' Land Optimization Strategy
Primaris’ Land Optimization Strategy Active Land Offering Example: • Portfolio-wide excess land has been identified and prioritized for monetization (amount to be disclosed in press release) • Executing highest-and-best-use across priority sites, including: • Multi-residential • Seniors housing • Ho
Slide 38: Oshawa Centre - Site Map
Oshawa Centre - Site Map GRENFELL ST ELMGROVE AVE. GIBBONS ST Excess Land B for Sale Demolition Underway, 4.6 acres Outparcels Site Details: 2026 Transit Completion Terminal • Total Acres: 81 Excess Land A for Sale KING ST. 4.1 acres • Site Coverage: 27% GIBB ST. Demolition • Total GLA: 1.1M SF Unde
Slide 39: Oshawa Centre – Multi-Res Density (Excess Land A)
Oshawa Centre – Multi-Res Density (Excess Land A) 4.1 4 Residential Towers, ~1,000 Suites Acres 18-22 Storeys 5.2 Rezoning ~900,000 FAR Complete Buildable SF 41
Slide 40: Oshawa Centre – Outparcel Monetization Opportunity
Oshawa Centre – Outparcel Monetization Opportunity GRENFELL ST Outparcel Potential Monetization Example: • Recent mall acquisitions include non-core retail pads outside the “ring road” • Non-core to Primaris’ operating platform • Public markets value these assets at Primaris’ ~8% implied cap rate •
Slide 41: Questions?
Questions? 44
Slide 42: Thank you for attending the Oshawa Centre Property Tour
Thank you for attending the Oshawa Centre Property Tour Oshawa, ON June 25, 2026
Slide 43: Appendix
Appendix 46
Slide 44: New Entrance as a Result of Sears Demolition
New Entrance as a Result of Sears Demolition
Slide 45: New Entrance as a Result of Sears Demolition
New Entrance as a Result of Sears Demolition
Slide 46: Regional Operations Management & Leasing Team
Regional Operations Management & Leasing Team David Greene Chris Keillor Director, Operations, East Oshawa Centre David has +28 years of experience in the industry and has held Regional Manager, Operations various progressive roles in the real estate accounting field until he Chris Keillor is the Re
Slide 47: History of Oshawa Centre
• Opens November 1, 1956 • Developed and owned by Principal Investments Ltd. as an open-air shopping plaza 1956 • Development cost: $10 million • Original anchors included Eaton’s, Loblaws, Zellers, and Reitmans • Canada's first underground truck concourse • Converted to a fully enclosed mall with n
Slide 48: Well Laddered Lease Maturity Profile
Well Laddered Lease Maturity Profile 200,000 180,000 160,000 140,000 120,000 GLA 100,000 80,000 60,000 40,000 20,000 6% 12% 16% 13% 14% 10% 7% 22% 0 MTM 2026 2027 2028 2029 2030 2031 2032 - onward Expiry (SF) % of Total 52
Slide 49: South-Eastern Ontario Annual Mall Traffic Visits 2022-2025
South-Eastern Ontario Annual Mall Traffic Visits 2022-2025 20,000,000 18,000,000 16,000,000 14,000,000 Annual Mall Traffic Visit 12,000,000 10,000,000 8,000,000 6,000,000 4,000,000 2,000,000 0 Oshawa Centre Scarborough Town Centre The Shops at Pickering City Centre Lansdowne Place 2022 2023 2024 202
Slide 50: South-Eastern Ontario Market Share of Mall Traffic Visits
South-Eastern Ontario Market Share of Mall Traffic Visits 2019-2024 50% 45% 40% Market Share of Mall Traffic 35% 30% 25% 20% 15% 10% 5% 0% Oshawa Centre Scarborough Town Centre The Shops at Pickering City Centre Lansdowne Place 2022 2023 2024 2025 Source: Pelmorex 55
Slide 51: Thank you for attending the Oshawa Centre Property Tour
Thank you for attending the Oshawa Centre Property Tour Oshawa, ON June 25, 2026
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