Primaris Real Estate Investment Trust (PMZ-UN) investor relations material

Executive summary

• Q3 same-properties cash NOI grew 3.1%; diluted FFO per unit rose 5.6% YoY to $0.468, supported by leasing momentum.

• Priorities include leasing former anchor space, improving occupancy and tenant mix, acquiring leading enclosed centres, and monetizing land.

Financial highlights

• Rental revenue was $175.8M versus $159.2M YoY; net income was $28.4M versus $40.9M.

• Cash NOI was $98.6M versus $89.4M; same-properties cash NOI rose 3.1% to $66.3M, driven mainly by base rent and percentage rent.

• FFO was $66.2M, or $0.468 per diluted unit, up 5.6%; AFFO was $43.9M, or $0.310 per diluted unit, up 2.3%.

• Same-store sales productivity was $826 per sq. ft., up 2.5%; weighted average net rent per occupied sq. ft. was $32.46 versus $29.16.

• The 5.7% distribution increase raises the annual amount from $0.88 to $0.93 per unit, effective for the Dec. 31, 2026 declaration.

Outlook and guidance

• 2026 guidance was reaffirmed: occupancy of 86%–88%, same-properties cash NOI growth of 1%–3%, cash NOI of $397M–$402M and diluted FFO per unit of $1.83–$1.88.

• 2027 guidance: occupancy of 88%–90%, same-properties cash NOI growth of 3%–5%, cash NOI of $427M–$433M and diluted FFO per unit of $1.93–$1.99.

• 2027–2029 targets include 96% in-place occupancy, 3%–5% average annual same-properties cash NOI growth, and 4%–8% annual FFO per unit and distribution growth.

• Three-year targets also include more than $500M of dispositions, more than $300M in capital expenditures, a 45%–50% FFO payout ratio and net debt/adjusted EBITDA of 5.0x–6.0x.

• Management expects internal NOI growth to accelerate through 2027 and 2028; leasing-spread assumptions are mid- to high-single digits, with 2%–3% annual lease increases.