Mr. Alex Avery reports

PRIMARIS REIT ANNOUNCES APPOINTMENT OF JULIAN SCHONFELDT AS CHIEF INVESTMENT OFFICER

Primaris Real Estate Investment Trust has appointed Julian Schonfeldt as chief investment officer (CIO), effective April 1, 2026.

With the significant growth of Primaris's portfolio over the past few years, and an increasing set of investment opportunities in its expanded portfolio, as well as continued acquisition and disposition opportunities, the appointment of a dedicated CIO further strengthens the management team and enhances focus across the organization. In his role as CIO, Mr. Schonfeldt will oversee Primaris's investment activities and capital allocation initiatives, including acquisitions, dispositions, portfolio optimization and investment underwriting. He will work closely with the rest of the executive team to ensure disciplined capital deployment remains aligned with Primaris's existing clear and focused strategy, and long-term value creation objectives. One area of particular focus will be surfacing value from the REIT's substantial excess lands recently made actionable by the departure of Hudson's Bay. This will include identifying optimal uses, suitable counterparties and partners, as well as evaluating development opportunities, structuring partnerships and executing land sales.

"Julian is a highly respected investment professional with an exceptional track record of disciplined capital allocation and strong alignment with Primaris's corporate culture and values," said Alex Avery, chief executive officer. "His depth of experience across acquisitions, dispositions and portfolio strategy will be highly additive as we continue to execute on our strategy of owning a growing portfolio of leading enclosed shopping centres."

"I am excited to be joining Primaris and to work with a strong management team that has demonstrated a disciplined approach to strategy and execution," said Mr. Schonfeldt. "Primaris has a high-quality mall portfolio, a clear investment strategy and a meaningful opportunity set. I look forward to supporting the continued thoughtful deployment of capital and building upon the REIT's success."

Mr. Schonfeldt brings extensive experience in real estate investment and capital markets. Most recently, he served as CIO at Canadian Apartment Properties REIT (CAPREIT), where he played a key role in advancing CAPREIT's investment strategy and capital allocation. During his tenure, Mr. Schonfeldt executed more than $6-billion of strategic transactions, supporting portfolio optimization and long-term value creation. Prior to joining CAPREIT, he held senior roles in investment banking, advising real estate and corporate clients on capital markets and strategic transactions.

About Primaris Real Estate Investment Trust

Primaris is Canada's only enclosed shopping centre focused REIT, with ownership interests in leading enclosed shopping centres located in growing Canadian markets. The current portfolio totals 15.2 million square feet, valued at approximately $5.2-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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