Mr. Alex Avery reports

PRIMARIS REIT ANNOUNCES $200 MILLION EQUITY OFFERING

Primaris Real Estate Investment Trust has entered into an agreement with a syndicate of underwriters bookrun by TD Securities Inc., Desjardins Capital Markets and RBC Capital Markets, pursuant to which the underwriters will purchase, on a bought deal basis, an aggregate of 9.91 million units of Primaris at a price of $20.20 per REIT unit for gross proceeds of approximately $200-million. The offering is expected to close on or about Sept. 22, 2026, and is subject to customary closing conditions, including the approval of the Toronto Stock Exchange.

Primaris has granted the underwriters an overallotment option to purchase up to an additional 1,486,500 REIT units from treasury on the same terms and conditions, exercisable at any time, in whole or in part, for a period of 30 days following the closing of the offering. If the overallotment option is exercised in full, the total gross proceeds of the offering to Primaris will be approximately $230-million.

Primaris intends to use the net proceeds from the offering to finance the trust's future acquisitions and for general trust purposes. The trust is in various stages of negotiations on potential acquisitions with an aggregate potential purchase price of over $1-billion.

"Primaris continues to benefit from a strong balance sheet, growing cash flow and a differentiated portfolio of market-leading enclosed shopping centres. This offering further enhances our financial flexibility and liquidity, positioning us to capitalize on attractive acquisition opportunities while maintaining our disciplined approach to capital allocation and leverage management," said Alex Avery, chief executive officer.

The REIT units will be offered in all provinces and territories of Canada pursuant to Primaris's base shelf prospectus, dated Sept. 8, 2026, as supplemented by a prospectus supplement to be filed with the Canadian securities regulators in all of the provinces and territories of Canada. Access to the shelf prospectus supplement, the corresponding base shelf prospectus and any amendment to the documents is provided in accordance with securities legislation relating to procedures for providing access to a shelf prospectus supplement, a base shelf prospectus and any amendment to the documents. The base shelf prospectus is accessible, and the shelf prospectus supplement will be accessible within two business days, through SEDAR+.

An electronic or paper copy of the shelf prospectus supplement, the corresponding base shelf prospectus and any amendment to the documents may be obtained, without charge, from: TD Securities at 1625 Tech Ave., Mississauga, Ont., L4W 5P5, attention: Symcor, NPM, by telephone at 289-360-2009 or by e-mail at sdcconfirms@td.com; or Desjardins Capital Markets at 25 York St., 10th floor, Toronto, Ont., M5J 2V5, attention: equity capital markets or by e-mail at ecm@desjardins.com; or RBC Dominion Securities Inc., 180 Wellington St. West, eighth floor, Toronto, Ont., M5J 0C2, attention: distribution centre or by e-mail at Distribution.RBCDS@rbccm.com, by providing the contact with an e-mail address or address, as applicable. The base shelf prospectus and prospectus supplement will contain important detailed information about the trust and the offering. Prospective investors should read the shelf prospectus and prospectus supplement (when filed) and the other documents the trust has filed on SEDAR+ before making an investment decision.

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 14.6 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.

We seek Safe Harbor.