September 30, 2026
Growing Portfolio Quality as Primaris Executes on the Consolidation Opportunity
High Quality Target Assets in Growing Target Markets
Sources: ICSC Canada Mall Property Performance Report, 2025.
Target: Leading shopping centres in growing Canadian marketsTarget Acquisition Criteria | October 31, 20261 Upper Canada Mall, Newmarket, ON | October 10, 2025 Promenades St-Bruno, Montreal, Quebec | June 17, 2025 Lime Ridge Mall, Hamilton, Ontario | January 31, 2025 Southgate Centre (50%), Edmonton, Alberta | January 31, 2025 Oshawa Centre, Oshawa, Ontario | ||||||
Market | Total Trade Area Population of +200,000 | Yes | Population of 1,013,300 | Yes | Population of 860,000 | Yes | Population of 806,200 | Yes | Population of 1,020,300 | Yes | Population of 638,800 |
Growing Total Trade Area Population2 | Yes | 14.4% expected 10-year population growth | Yes | 6.4% expected 10-year population growth | Yes | 14.8% expected 10-year population growth | Yes | 29% expected 10-year population growth | Yes | 21% expected 10-year population growth | |
Diversified Local Economy | Yes | Health sciences, business services, manufacturing, retail | Yes | Aerospace, technology, education | Yes | Manufacturing, agribusiness, lifesciences, education | Yes | Energy, health and life sciences, manufacturing | Yes | Manufacturing, education, financial services | |
Asset | +$100 million Annual CRU Sales | Yes | $271 million | Yes | $288 million | Yes | $257 million | Yes | $327 million | Yes | $263 million |
Mass Rapid Transit Connection | Yes | Bus Rapid Transit adjacent | Yes | Exo station across Hwy 116 | Yes | Bus terminal on site, planned expansion | Yes | LFT and bus station | Yes | Bus terminal on site | |
Excess Land | Yes | 23% site coverage | Yes | 15% site coverage | Yes | 19% site coverage | Yes | 48% site coverage | Yes | 26% site coverage | |
Subject to customary closing conditions, including any required regulatory approvals.
Environics - Expected population change 2024-2035.
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Acquisitions further demonstrate Primaris as an attractive buyer for Canadian pension fund vendors of market leading Canadian shopping centres
Acquisition Deal Structure Overview(in millions of Canadian dollars unless otherwise indicated) | Upper Canada Mall Newmarket, ON | Promenades St-Bruno Montreal, QC | Lime Ridge Mall Hamilton, ON | Southgate (50%) and Oshawa Centres Edmonton, Alberta Oshawa, Ontario | Galeries de la Capitale Quebec City, Quebec | Halifax Shopping Centre Halifax, Nova Scotia | Conestoga Mall Waterloo, Ontario | |
Acquisition Date | October 31, 20261 | October 10, 2025 | June 17, 2025 | January 31, 2025 | October 1, 2024 | November 30, 2023 | July 12, 2023 | |
Cash | 100% | $411 | 57% $320 | 57% $235 | 57% $335 | 52% $170 | 54% $200 | 61% $165 |
Trust Units Issued at NAV** | 28% $160 | 20% $81 | 13% $75 | 17% $55 | 12% $45 | 9% $25 | ||
Exchangeable Preferred LP Units | 15% $85 | 24% $100 | 30% $175 | 31% $100 | 34% $125 | 30% $80 | ||
Total Consideration | $411 | $565 | $416 | $585 | $325 | $370 | $270 | |
1. Subject to customary closing conditions, including any required regulatory approvals.
** Non-GAAP measure. Refer to the "Non-GAAP Measures" section of this presentation and of the MD&A.
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8.0MSF
10 Most Productive Properties
Adding large Leading Regional Shopping Centres to the Primaris Portfolio
Property Name | Location | Total CRU Sales Volume (thousands)1 | Same Store Sales Productivity1 | GLA at Share (SF) Site Coverage (thousands)2 | ||
1 | Southgate Centre | Edmonton, AB | $ 326,768 | $ 1,476 | 423 | 48 % |
2 | Halifax Shopping Centre | Halifax, NS | $ 303,627 | $ 1,144 | 574 | 34 % |
3 | Promenades St-Bruno | Montreal, QC | $ 288,086 | $ 1,017 | 1,098 | 15 % |
4 | Upper Canada Mall | Newmarket, ON | $ 271,200 | $ 888 | 990 | 23 % |
5 | Oshawa Centre | Oshawa, ON | $ 262,738 | $ 834 | 1,061 | 26 % |
6 | Lime Ridge Mall | Hamilton, ON | $ 257,115 | $ 874 | 811 | 19 % |
7 | Orchard Park Shopping Centre | Kelowna, BC | $ 218,660 | $ 885 | 651 | 38 % |
8 | Les Galeries de la Capitale | Quebec City, QC | $ 212,446 | $ 834 | 1,100 | 21 % |
9 | Conestoga Mall | Waterloo, ON | $ 200,111 | $ 1,079 | 666 | 38 % |
10 | Devonshire Mall | Windsor, ON | $ 169,262 | $ 739 | 678 | 25 % |
Top 10 Properties | $ 2,239,084 | 8,052 | ||||
15.6MSF
Total Portfolio GLA
1 For the rolling twelve-month period ended May 31, 2026. Supplementary financial measures. Refer to the "Use of Operating Metrics" section of this presentation and of the MD&A.
2 Reflects Primaris' 50% proportionate share of the GLA for Southgate Centre.
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Upper Canada MallPremier shopping destination in York Region, located in Newmarket, Ontario, approximately 50km north of Toronto
Located at the intersection of Yonge St. and Davis Drive, with quick access to both Highway 400 and Highway 404. Viva and YRT transit terminal located adjacent to the south entrance, with the Newmarket GO station 1.8km away
Significant expansion completed in 2008 including a new food court and approximately 148,000sf of new retail space, and a new Yonge St. entrance completed 2025
Annual Retail Sales1
$888
Same Store Sales Productivity1
70.0%
In-place Occupancy
23%Approx. Site Coverage
Significant NOI** Growth Potential:
Opportunities to increase operating income include:
Redemise and lease approximately 263,400 square feet of former anchor and large format space to strong covenant, high-quality national retailers;
142,800 square feet of former Hudson's Bay is under negotiation;
47,600 square feet of former Toys R Us is under negotiation;
73,000 square feet former Sears spaced is committed to two national retailers;
33,800 square feet of vacant CRU space to strong tenants at market rents;
Identified over 6 acres of excess land available for potential retail pad development or monetization; and
Leverage Primaris' platform to deploy its cost management strategy.
990,114 Notable Tenants
SF GLA
6.6MRolling 12 Month Foot Traffic2
** Non-GAAP measure. Refer to the "Non-GAAP Measures" section of this presentation and of the MD&A.
1 Supplementary financial measures. Refer to the "Use of Operating Metrics" section of this presentation.
2 For the rolling twelve month period ended December 31, 2025.
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Major Insights: Newmarket, ON
Growing population with strong demographic trends driven by relatively attractive cost of living and stable employment opportunities
Employment & Labour Trends
Supports over 41,000 local jobs, making it the primary employment center of northern York Region
Over 70% of employed residents work within York Region, highlighting the growing economic strength of the region
Population & Demographics
Nearly 80% of households own their homes, reflecting a stable residential base
The intersection of Yonge Street and Davis Drive is designated as the Newmarket Centre Urban Growth Centre under the Growth Plan for the Greater Golden Horseshoe
The Town's Urban Centres Secondary Plan guides the corridor's transition to a transit-supported, mixed-use community planned for 33,000 residents and 32,000 jobs at build-out
Total Trade Area Projected Population1 Growth
1,159,411
Newmarket, ON Total Trade Area1
Average Household Income $179,000
933,997
1,013,314
1,083,643
Projected Population Growth by 2035 14.4%
2019 2025 2030 2035
1. Environics Analytics, Statistics Canada.
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Competitive Retail Environment9
Site Plan
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