Mr. Alex Avery reports

PRIMARIS REIT ANNOUNCES DISTRIBUTION FOR MAY 2024

Primaris Real Estate Investment Trust's board of trustees has declared a distribution of seven cents per unit for the month of May, 2024, representing 84 cents per unit on an annualized basis. The distribution will be payable on June 17, 2024, to unitholders of record on May 31, 2024.

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 portfolio totals 12.5 million square feet, valued at approximately $3.8-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.