Company Overview

Primaris Real Estate Investment Trust (Primaris REIT) is a Canadian open-ended real estate investment trust focused exclusively on owning, managing, and enhancing enclosed shopping centres. The Trust operates within the retail real estate sector, with a strategy centered on dominant regional and super-regional malls in secondary and tertiary markets across Canada. Its primary revenue is generated through rental income from long-term leases with national and regional retailers, supplemented by ancillary income such as percentage rent, temporary leasing, and parking-related revenues.

Primaris REIT distinguishes itself through a pure-play focus on enclosed shopping centres, many of which serve as the primary retail destination in their respective trade areas. The Trust emphasizes active asset management, tenant mix optimization, and redevelopment to maintain relevance amid changing retail dynamics. Primaris REIT was originally established in 2005, taken private in 2016 through an acquisition by affiliates of Blackstone Group, and subsequently re-listed on the Toronto Stock Exchange in 2021 following a restructuring and public offering that re-established it as an independent publicly traded REIT.

Business Operations

Primaris REIT’s operations consist of a single reportable business focused on income-producing retail real estate, with properties held directly or through wholly owned subsidiaries. Its portfolio comprises enclosed shopping centres anchored by grocery stores, mass merchants, cinemas, and national fashion retailers, generating revenue primarily through base rent, recoveries of property operating costs, and contractual rent escalations. The Trust internally manages leasing, marketing, redevelopment, and property operations, allowing for centralized cost control and strategic consistency across assets.

All operating properties are located within Canada, and the Trust does not currently conduct international operations. Primaris REIT controls the majority of its properties outright and does not rely extensively on joint ventures. The platform includes integrated capabilities in property management, redevelopment planning, and leasing, which support initiatives such as densification, tenant repositioning, and selective capital recycling to enhance long-term net operating income.

Strategic Position & Investments

Primaris REIT’s strategy is focused on organic growth through leasing spreads, redevelopment, and targeted capital investments rather than large-scale acquisitions. Growth initiatives include repurposing underutilized space, introducing non-traditional tenants such as entertainment and service-oriented uses, and selectively adding mixed-use components where supported by zoning and market demand. The Trust has also invested in modernization projects aimed at improving energy efficiency, customer experience, and long-term asset competitiveness.

Since its re-listing, Primaris REIT has not pursued transformational acquisitions, instead prioritizing balance sheet strength and disciplined capital allocation. The Trust’s subsidiaries primarily function as property-holding entities rather than operating companies. Exposure to emerging retail technologies is indirect, primarily through tenant adoption of omnichannel retail models that integrate physical store locations with digital fulfillment strategies.

Geographic Footprint

Primaris REIT’s portfolio spans multiple provinces, with a strong presence in Ontario, Alberta, Quebec, Atlantic Canada, and Western Canada. Its headquarters are located in Toronto, Ontario, while properties are distributed across mid-sized urban and regional markets where enclosed shopping centres maintain strong foot traffic and local market dominance. This geographic diversification helps mitigate localized economic risk while maintaining a consistent national operating platform.

The Trust does not own or operate properties outside Canada, and it has no direct international investments. Its influence remains domestic, with leasing relationships that include national and international retail brands operating within the Canadian market.

Leadership & Governance

Primaris REIT is governed by an independent board of trustees and led by an executive team with extensive experience in Canadian retail real estate, capital markets, and property operations. The leadership team emphasizes disciplined capital allocation, operational efficiency, and long-term value creation through active asset management rather than external growth. Governance practices align with Canadian public REIT standards, with oversight of risk management, sustainability initiatives, and unitholder interests.

Key executives include:

• Patrick Sullivan – President and Chief Executive Officer
• Alexandra Panousis – Chief Financial Officer
• Darren K. Ritchie – Chief Operating Officer
• Michael J. Salfi – Executive Vice President, Leasing
• Karen A. Prentice – Senior Vice President, Legal and Corporate Secretary