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

Executive summary

• Q2 2025 delivered strong operational and financial performance, with robust same property NOI and FFO/AFFO per unit growth, supported by major acquisitions, portfolio repositioning, and a focused strategy on leading Canadian malls.

• Portfolio repositioned through $2B in top-tier mall acquisitions, including Lime Ridge Mall, and $300M+ in noncore asset sales, now representing 60% of portfolio value.

• Leasing momentum remained strong, with a 6.7% average spread on renewals and committed occupancy at 90.5%.

• Capital allocation focused on disciplined asset recycling, significant unit repurchases at a discount to NAV, and green financing initiatives.

• ESG initiatives advanced, including green debenture issuance and progress on GHG reduction targets.

Financial highlights

• Same property cash NOI up 5.5% year-over-year for Q2 2025; FFO per unit diluted increased 5.5% to $0.445; AFFO per unit up 24.6%.

• Weighted average net rent per square foot rose to $28.88, driven by acquisitions and lease changes.

• Tenant sales productivity reached $784 per square foot including acquisitions, an all-time high.

• Portfolio in-place occupancy at 88.8%, would be 93.3% excluding lease disclaimers and new acquisitions.

• Net Asset Value per unit at $21.43; total assets reached $5.0 billion.

Outlook and guidance

• 2025 guidance for cash NOI raised to $340M–$345M and FFO per unit to $1.74–$1.79, reflecting accretive acquisitions and leasing strength.

• Same property cash NOI growth expected at 3%–4% for 2025; in-place occupancy target updated to 94%–96% by 2027.

• Annual FFO per unit growth targeted at 4%–6% through 2027; annual distribution growth targeted at 2%–4%.

• Redevelopment capital expenditures guidance maintained at $48–$50M for 2025.

• Management notes risk of material variation in actual results due to market uncertainties.