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

Strategic positioning and market overview

• Halifax Shopping Centre is the leading regional enclosed shopping centre in Halifax, Nova Scotia, with a prime location at the entrance to the peninsula and direct access to a major transit node.

• The property benefits from a growing trade area population, projected to reach over 1 million by 2030, and a total trade area of 954,049 as of 2025.

• Halifax Shopping Centre is Atlantic Canada's most productive shopping centre, with the highest sales productivity ($1,144/sf) and total CRU sales volume ($304M) in the region.

• The centre attracts significant foot traffic, reaching 5.9 million annual visitors in 2025 and 2026, with 58% of visits lasting over 60 minutes.

Financial and operational performance

• As of June 30, 2026, committed occupancy stands at 91.1% portfolio-wide, with Halifax Shopping Centre at 94.7% in-place occupancy.

• Same store sales productivity at Halifax Shopping Centre is $1,144/sf, outperforming the portfolio average of $825/sf.

• The property reported $304M in annual retail sales for the twelve months ended May 31, 2026.

• Weighted average net rent per square foot is $42.47, with CRU space achieving $59.89/sf.

• FFO payout ratio is 48.8%, and average net debt to adjusted EBITDA is 6.0x for the rolling four quarters ending May 31, 2026.

Asset management and growth initiatives

• Significant NOI growth potential is identified through leasing vacant or temporary spaces, converting preferred rent deals to market leases, and cost management strategies.

• Recent capital investments include a $54M Sears redevelopment (2023) and a $70M expansion and food court upgrade (2017).

• The merchandising mix is actively managed, with a focus on leading retailers and continual tenant upgrades to drive rental rate growth.

• Notable tenants include Simons, Winners, Zara, Apple, Sephora, and Aritzia, with ongoing renovations and new store openings planned.