Mr. Alex Avery reports

PRIMARIS REIT ANNOUNCES CLOSING OF UPPER CANADA MALL; $41.8 MILLION DISPOSITION

Primaris Real Estate Investment Trust has closed the acquisition of Upper Canada Mall in Newmarket, Ont., which was previously announced on Sept. 30, 2026, and it has agreed to sell its 50-per-cent managing interest in Cataraqui Centre in Kingston, Ont., for $41.8-million.

The acquisition, which was subject to customary closing conditions, all of which have been fulfilled or waived, was satisfied in cash on Oct. 15, 2026, for $411-million, as described in the Sept. 30, 2026, press release.

Non-core disposition

The non-core disposition of Primaris's 50-per-cent managing interest in Cataraqui Centre fully aligns with Primaris's disciplined capital recycling strategy, monetizing a non-core asset and redeploying capital into opportunities that are expected to generate stronger long-term value for unitholders.

"The sale improves overall portfolio quality, reduces exposure to assets with more limited growth opportunities, simplifies ownership structures and provides additional financial flexibility to support strategic growth initiatives and capital allocation priorities," said Alex Avery, chief executive officer.

Additional property level details include:

• 572,600-square-foot enclosed shopping centre located in Kingston, Ont.;
• 67-per-cent in-place occupancy;
• $639 in same-store-sales productivity;
• 113,000-square-foot former HBC-anchored space (as at June 30, 2026, the property was classified as an asset held for sale and, accordingly, excluded from Primaris's disclosures of former HBC exposure and leasing results); and
• $33.4-million mortgage encumbrance at a contractual interest rate of 5.29 per cent, at share.

Primaris intends to allocate the net proceeds of the disposition to debt repayment and general trust purposes. The disposition is anticipated to close by Jan. 6, 2027, subject to the satisfaction of customary closing conditions, including any required regulatory approvals.

About Primaris Real Estate Investment Trust

Primaris is Canada's only enclosed shopping-centre-focused real estate investment trust, with ownership interests in leading enclosed shopping centres located in growing Canadian markets. The pro forma portfolio totals 15.3 million square feet, valued at approximately $5.6-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.