Mr. Alex Avery reports

PRIMARIS REIT PUBLISHES INAUGURAL ANNUAL ESG REPORT

Primaris Real Estate Investment Trust has published its inaugural environmental, social and governance (ESG) report, in which Primaris outlines the formation of its ESG plan and the material ESG factors, governance practices, accomplishments and metrics that impact its business.

"Through a significant amount of hard work across all our functional departments, Primaris has transitioned beyond its continuing CSR initiatives to an established ESG plan that aligns to, and enhances our strategy and responsiveness to, the evolving needs of Primaris's stakeholders," said Alex Avery, chief executive officer. "Consistent with our quarterly financial disclosures, we aim to provide clear and transparent disclosure and communication about the REIT's business and our ESG practices. Primaris will work to achieve our business and ESG objectives while acting in a manner consistent with the best-in-class profile we have created, being a respected and sought-after partner and transaction counterparty, and a preferred place for employees to work."

ESG report highlights:

• Governance:
  • Board mandate and committee charters integrate ESG oversight;
  • Establishment of open and direct engagement between Primaris's trustees and Primaris's investors, in the absence of management;
  • Two trustees with climate expertise;
  • 33 per cent of Trustees are female.
• Environmental:
  • 100 per cent of shopping centres are Green Building certified;
  • Energy, greenhouse gas (GHG) emissions, water and waste data are third party assured.
• Social:
  • 86 per cent of employee survey participants state Primaris is a great place to work, leading to Great Place to Work certification;
  • Primaris obtained an 85-per-cent satisfaction score pursuant to its 2022 tenant engagement survey;
  • Females comprise the following:
    • 29 per cent of executives;
    • 55 per cent of senior management;
    • 57 per cent of total employees.

Primaris identified its material ESG factors through an ESG materiality assessment conducted in 2022. The material ESG factors are organized into three ESG pillars: environmental, social and governance. Primaris took a step further and fully integrated the material ESG factors into Primaris's well-articulated business strategy and key performance indicators. Primaris's business strategy comprises three strategic pillars: retailer affordability, consolidation opportunity and disciplined capital allocation. As depicted herein, Primaris's material ESG factors are strongly linked to its business strategy.

Primaris's inaugural ESG report can be found on Primaris's website.

About Primaris Real Estate Investment Trust

Primaris is Canada's only enclosed-shopping-centre-focused REIT, with ownership interests primarily in the leading enclosed shopping centres in growing markets. The pro forma portfolio totals 39 properties, or 12.5 million square feet, valued at approximately $3.9-billion at Primaris's share. Economies of scale are achieved through its fully internal, vertically integrated, full-service national management platform. Primaris is very well capitalized and is exceptionally well positioned to take advantage of market opportunities at an extraordinary moment in the evolution of the Canadian retail property landscape.

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