Primaris Real Estate Investment Trust · TSX:PMZ.UN
Primaris Real Estate Investment Trust — Q4 2025 Earnings Presentation
53 slides from Primaris Real Estate Investment Trust's earnings presentation, Feb 12, 2026
Slide 1: Report to Unitholders Q4 2025
Report to Unitholders Q4 2025 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 $4.8B BBB (high) Stable 90.6% National Portfolio Unencumbered Assets Investment Grade Rating Committed Occupancy 5.8x 1 15.2M SF $800 45% - 50% Target FFO Payout Ratio** Average Net Debt** to GLA Same Store Sales Productivity Adjusted EBITDA** 1. Supplementary
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 leading • Average Net Debt** to Adjusted enclosed shopping centres in growing EBITDA**: 5.
Slide 6: The Canadian Consolidation Opportunity
The Canadian Consolidation Opportunity 6
Slide 7: Canadian Consolidation Opportunity
Large opportunity to be the consolidator as institutions contemplate Canadian Consolidation rebalancing, Primaris stands alone as a potential buyer Opportunity Canada’s only enclosed shopping centre REIT $50 billion of Canadian enclosed Primaris stands alone as a shopping centres concentrated to ins
Slide 8: Target: Leading shopping centres in growing Canadian markets
Target: Leading shopping centres in growing Canadian markets Canada’s only October 10, 2025 June 17, 2025 January 31, 2025 January 31, 2025 enclosed Target Acquisition Promenades St-Bruno, Montreal, Lime Ridge Mall, Southgate Centre (50%), Oshawa Centre, shopping centre Criteria Quebec Hamilton, Ont
Slide 9: Acquisition Deal Structure Overview
Acquisitions further demonstrate Primaris as an attractive buyer for Canadian pension Acquisition Deal Structure fund vendors of market leading Canadian shopping centres Overview (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 Enclosed Mall target markets Universe Sources: ICSC Canada Mall Property Performance Report, 2024 and 2025. 10
Slide 11: Growing Portfolio Quality as Primaris Executes on the Consolidation Opportunity
High Quality Target Growing Portfolio Quality as Primaris Assets in Growing Target Markets Executes on the Consolidation Opportunity 11 Sources: ICSC Canada Mall Property Performance Report, 2024.
Slide 12: Promenades St-Bruno
Promenades Significant NOI** Growth Potential as Primaris’ full-service 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
Lime Ridge Significant NOI** Growth Potential as Primaris’ full-service management platform integrates and operates the property. Opportunities to increase operating income include: 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- Southgate service management platform integrates and operates the property. Opportunities to increase operating income include: Centre • The conversion of tenants on preferred rent deals to standard market leases; • Lease up of approximately 56,0
Slide 15: Oshawa Centre
Significant NOI** Growth Potential as Primaris’ full- Oshawa service management platform integrates and operates the property. Opportunities to increase operating income include: Centre • The conversion of tenants on preferred rent deals to standard market leases; • Lease up of approximately 98,000
Slide 16: Les Galeries de la Capitale
Les Galeries Significant NOI** Growth Potential as Primaris’ full-service management platform integrates and operates the property. Opportunities to increase operating income include: de la • Conversion of tenants on preferred rent deals to standard market leases and co-tenancy clause resolutions; C
Slide 17: Halifax Shopping Centre
Significant NOI** Growth Potential as Primaris’ full- Halifax service management platform integrates and operates the property. Opportunities to increase operating income include: Shopping • Lease up of vacant or temporary tenanted space to strong tenants at market rents; • Conversion of tenants on
Slide 18: Conestoga Mall
Conestoga Significant NOI** Growth Potential as Primaris’ full- 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 Centres to the Primaris Portfolio Overview Total CRU Same Store GLA at Share Property Name Location Sales Volume Sales (SF) Site Coverage 1 Southgate Centre Edmonton, AB (thousands)1 $320,071,978 Productivity1 $1,419 (thousands)2 423 39% 7.6MSF
Slide 20: Declining Supply of Quality Retail Space as Population Grows
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 Designed to provide significant financial flexibility and create a differentiated and Targets 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 flexibility, optionality and liquidity, enabling minimized cost of capital Model 5.8x $4.8B 2.4x BBB Convertible 1 Preferred LP Units 8% Senior Unsecured Debentures Average Net Unencumbered Unencumbered (high) Stable 38% Debt** to As
Slide 24: NCIB Compounding Capital at a Rapid Pace
A financial model built for measured amount NCIB Compounding Capital of Indefinite Buybacks funded through Free Cash Flow, on a Leverage Neutral Basis at a Rapid Pace 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 Primaris owns and manages regional enclosed Centre Portfolio shopping centres in growing, Canadian markets NOI** by Asset Class NOI** by Region Professional Centre British Columbia + Industrial, 1% Alberta 10% 21% Open Air Retail, 3% Quebec Grocery-Anchored 12% Plaza, 4% No
Slide 27: Strong Senior Leadership Team
Strong Senior Leadership Team Experienced Senior Leadership Team with significant real estate investment and operations expertise Alex Avery 23 7 Patrick Sullivan 33 22 Rags Davloor 38 4 Leslie Buist 16 7 Chief Executive President & Chief Operating Chief Financial SVP, Finance Officer Officer Office
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% Committed 89.1% 8
Slide 29: Value, Staples and Necessity Type Tenants
Creditworthy Top Tenants Create a Value, Staples and Necessity High Quality Tenants Roster Type Tenants Annualized Store WALT² Credit Ratings Top Tenants¹ Sector Minimum Rent (% of Total) Count (yrs) (S&P/DBRS) Tenant Mix (% of Gross Rent) 1 Value Retail 4.2% 34 3.5 BBB/ BBB Apparel, 28% 2 Grocery 2
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: HBC: Leasing and Status Update on Former Anchor Space
All of these properties now offer significant HBC: Leasing and Status Update intensification opportunities spanning retail outparcels, the potential sale of excess lands for multi-residential, hotel, or other high density uses, on Former Anchor Space and the future expansion of the malls themselves.
Slide 32: Current Markets Demonstrate Strong Growth Characteristics
Current Markets Demonstrate With the rising cost of living in Canada's largest cities, high-growth markets, where Strong Growth Characteristics Primaris owns leading malls, are population growth December 2025 Rolling 12 Months Same Stores Sales PSF $1,419 1,033 1,131 $1,007 752 $833 $870 $811 $861 $
Slide 33: Positive Leasing Momentum
Strong large-format Positive Leasing Momentum leasing year-to-date momentum with high-quality tenants GLA Weighted Average Weighted Average Weighted Average For the three months ended December 31, Count Spread on Renewing 2025 (000s of SF) Lease term (in years) Net Rent per OSF3 Rents CRU1 New tenan
Slide 34: Retailer Affordability
Retailer Affordability 34
Slide 35: 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 13%2 • Prudent total operating costs inflation of 3% • Use economies of scale to tender contracts portfolio wide • Aggr
Slide 36: Capital Expenditure Programs Enable Prudent Cost Management
Properties maintained to a high standard Capital Expenditure Programs while keeping focus on controlling costs and adherence to our long-term capital plan Enable Prudent Cost Management Prudent 15-Year Capital Plans • All properties have a 15-year capital plan • Includes useful life of capital proje
Slide 37: Unique Lease Structure Captures Growth
Property operating costs are recovered from Unique Lease Structure tenants who absorb the impact of rising inflation Captures Growth Lease Structure Primaris unique lease structure + • Long-term contractual net rents Net Rent provides the opportunity to • Incremental rent escalation grow revenues in
Slide 38: Financial Results
Financial Results 38
Slide 39: Strong Q4/25 Results; Raises 2026 Guidance
Strong performance has underlined our commitment to, and confidence in our clear, and focused strategy of acquiring, owning Strong Q4/25 Results; and managing leading, Canadian enclosed shopping centres Raises 2026 Guidance Disposed of an open air and professional centre in Calgary, Non-Core Disposi
Slide 40: 2026 Financial Outlook
2026 Financial Outlook Management anticipates the following for the year ended 2026 2026 2026 Metrics Previously Published Updated Additional Notes Occupancy 86% to 88% No change in guidance Contractual rent steps in rental $3.5 to $4.0 million $5.0 to $5.5 million Impacted by the acquisition of Pro
Slide 41: Sustainability Linked to Business Strategy
Sustainability Linked to Business In 2025, Primaris updated its Sustainability Strategy 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 42: 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 43: Primaris Screens Well Against Retail REIT Peers on All Metrics
Primaris trades at a discount, despite its Primaris Screens Well Against focused and clearly defined strategy, with its Differentiated Financial Model Retail REIT Peers on All Metrics and Disciplined Capital Allocation 1. Based on analyst estimates. 2. Primaris reports Average Net Debt** to Adjusted
Slide 44: Investment Proposition
Investment Proposition Implied discount to Net Asset Value** a compelling investment opportunity $21.21 19% Upside Capital Recycling Convert pandemic Occupancy Compounding Increasing Rents to NAV** $17.22 Opportunities lease concessions Improvements Excess Free Upon Renewal to market rents Cash Flow
Slide 45: Appendix
Appendix = |
Slide 46: Case Study: Dufferin Grove Received Final Approval
Properties maintained to a high standard while Case Study: Dufferin Grove keeping focus on controlling costs and adherence to our long-term capital plan Received Final Approval Development Overview • $600 million intensification and redevelopment of Dufferin Mall’s northernmost parking area • Replac
Slide 47: Guided by Skilled Independent Board of Trustees
Tremendous Strategic Resource: Guided by Skilled Independent Experiential Retailing, Institutional Property 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 5,182,047 $41.65 $41.45 45 4.1yr Weighted Average Net Rent per occupied sq. ft.² $37.40 40 Weighted $35.92 $34.27 Average Lease Occupied GLA (in thousands sq. ft.) 35 $31.60 $29.78 Term 30 25 3.5yr 20 CRU Weighted Average Lease 15 Term 10 5 5.2yr
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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