Primaris Real Estate Investment Trust · TSX:PMZ.UN
Primaris Real Estate Investment Trust — Q1 2026 Earnings Presentation
53 slides from Primaris Real Estate Investment Trust's earnings presentation, Apr 30, 2026
Slide 1: Report to Unitholders Q4 2025 Q1 2026
Report to Unitholders Q4 2025 Q1 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: Primaris at a glance: $5.2B national portfolio
Conestoga Mall, Waterloo, Ontario $5.2B $4.8B BBB (high) Stable 89.9% Investment Grade Rating National Portfolio Unencumbered Assets Committed Occupancy 15.1M SF $801 51.8% 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 Euphoria Retail in Transition Pandemic Growth Retailers conclude Over levered, too bricks & mortar anchors much concentration 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 Southgate (50%) and Halifax Shopping Canadian dollars Promenades St-Bruno Lime Ridge Mall Oshawa Centres
Slide 10: 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, 2024 and 2025. Primaris REIT Investor Presentation Q1 2026 10
Slide 11: Growing Portfolio Quality as Primaris Executes
High Quality Target Growing Portfolio Quality as Primaris Assets in Growing Executes on the Consolidation Opportunity Target Markets Sources: ICSC Canada Mall Property Performance Report, 2024. Primaris REIT Investor Presentation Q1 2026 11
Slide 12: 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 13: Lime Ridge Mall
Significant NOI** Growth Potential as Primaris’ full-service Lime management platform integrates and operates the property. Opportunities to increase operating income include: Ridge Mall • Redemise and lease approximately 266,200 square feet of former anchor box space to strong covenant, high-qualit
Slide 14: Southgate Centre
Significant NOI** Growth Potential as Primaris’ full- service management platform integrates and operates the Southgate property. Opportunities to increase operating income include: Centre • The conversion of tenants on preferred rent deals to standard market leases; • Lease up of temporary tenanted
Slide 15: Oshawa Centre
Significant NOI** Growth Potential as Primaris’ full- service management platform integrates and operates the Oshawa property. Opportunities to increase operating income include: Centre • The conversion of tenants on preferred rent deals to standard market leases; • Lease up of temporary tenanted or
Slide 16: Les Galeries de la Capitale
Significant NOI** Growth Potential as Primaris’ full-service Les Galeries de management platform integrates and operates the property. Opportunities to increase operating income include: • Conversion of tenants on preferred rent deals to la Capitale standard market leases and co-tenancy clause resol
Slide 17: Halifax Shopping Centre
Significant NOI** Growth Potential as Primaris’ full- service management platform integrates and operates the Halifax property. Opportunities to increase operating income include: Shopping Centre • Lease up of vacant or temporary tenanted space to strong tenants at market rents; • Conversion of tena
Slide 18: Conestoga Mall
Significant NOI** Growth Potential as Primaris’ full- Conestoga service management platform integrates and operates the property. Mall Opportunities to increase operating income at include: • Lease up of vacant or temporary tenanted space to strong tenants at market rents; • Conversion of tenants on
Slide 19: 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)1 320,613 Productivity1 $1,443 (thousands)2 423 39 % 7.5MSF 10
Slide 20: Declining Supply of Quality Retail Space
Declining Supply of Quality Retail Space as Population Grows Low supply, rising 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 growth
Slide 21: Disciplined Capital Allocation
Disciplined Capital Allocation 21
Slide 22: 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 23: Highly Differentiated Financial Model
Best-in-class structure built with Highly Differentiated Financial Model flexibility, optionality and liquidity, enabling minimized cost of capital Convertible 6.0x $4.8B 2.4x BBB 1 Preferred LP Units Senior Unsecured 8% Debentures 38% Average Net Unencumbered Unencumbered (high) Stable Debt** to As
Slide 24: 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 25: The Primaris REIT Portfolio
The Primaris REIT Portfolio 25
Slide 26: 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 Centre British Columbia + Industrial, 1% 9% Open Air Retail, 3% Quebec Alberta 19% 17% Grocery-Anchored Plaza, 1% Non
Slide 27: 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 28: 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% 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% 90.6% 91.0% 91.0% 90.5% 90.6% 91.2% 89.9% Commi
Slide 29: 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% benefiting from operating Scale leverage. 5.
Slide 30: 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 4.4% 34 3.6 BBB/ BBB Tenant Mix (% of Gross Rent) 2 Grocery 2.9% 22 5.4 BB
Slide 31: 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 32: HBC: Leasing and Status Update on Former Anchor Space
All of these properties now offer significant intensification opportunities spanning retail outparcels, the potential sale of excess lands for HBC: Leasing and Status Update on multi-residential, hotel, or other high density uses, Former Anchor Space and the future expansion of the malls themselves.
Slide 33: 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 February 2026 Rolling 12 Months Same Stores Sales PSF $1,443 $1,063 $1,137 $1,007 $847 $857 $816 $860 $84
Slide 34: 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 March 31, 2026 Count Spread on Renewing (000s of SF) Lease term (in years) Rent per OSF3 Rents CRU1 New tenants
Slide 35: Retailer Affordability
Retailer Affordability 35
Slide 36: 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 37: 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 38: 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 39: Financial Results
Financial Results 39
Slide 40: Q1/26 Results; Reaffirms Guidance
Strong performance has underlined our commitment to, and confidence in our clear, and focused strategy of acquiring, owning Q1/26 Results; and managing leading, Canadian enclosed shopping centres Reaffirms Guidance 89.9% Committed Significant growth to be captured as occupancy drives to historical 2
Slide 41: 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 42: 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 43: 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 44: Primaris Screens Well Against Retail REIT Peers
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 45: Investment Proposition
Investment Proposition Implied discount to Net Asset Value** a compelling investment opportunity $21.50 $19.03 11.5% Capital Recycling Occupancy Compounding Increasing Rents Upside to Opportunities Improvements Excess Free Upon Renewal NAV** Cash Flow1 • Intend on regular annual distribution 51.8% 4
Slide 46: Appendix
Appendix = |
Slide 47: 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 48: 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 23 sf per person¹ 35% less space drives higher sales productivity Immigration Record high immigration targets for Limiting
Slide 49: Well-Staggered Lease Maturity
Well-Staggered Lease Maturity Balanced lease profile 5,435,850 $45.99 $44.13 50 4.0yr Weighted Average Net Rent per occupied sq. ft.² 45 Weighted $37.07 40 Average Lease Occupied GLA (in thousands sq. ft.) $36.24 $34.28 Term $32.38 35 $30.17 30 25 3.5yr CRU Weighted 20 Average Lease 15 Term 10 5 5.2
Slide 50: 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 51: 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 52: 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 53: 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
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