Primaris Strategic Advantage

Built to Grow and Thrive

Size and Scale

  • $4.6B national portfolio of leading enclosed shopping centres in growing markets across Canada
  • Full-service, internal national platform

Proper Capitalization

  • Average Net Debt** to Adjusted EBITDA**: 5.8x1
  • Target FFO Payout Ratio**: 45% - 50% of FFO

1. The debt ratios are non-GAAP ratios. Average Net Debt** to Adjusted EBITDA** was calculated on a rolling four-quarter basis. See Section 10.4, "Capital Structure" of the MD&A.

Strategy

Focus on Retailer Affordability

  • Cost management discipline
  • Economies of scale
  • Support omni-channel integration

Scale and Consolidation Opportunity

  • Canada's only enclosed shopping centre REIT
  • Well-capitalized, scalable management platform
  • Limited institutional competition

Disciplined Capital Allocation

  • Unit repurchases
  • Monetization of excess density and intensification
  • Debt repayment
  • Distributions to unitholders

Becoming the first call.

$4.6B

National Portfolio

$4.1B

Unencumbered Assets

BBB (high) Stable

Investment Grade Rating

95.6%

Committed Occupancy

15.0M SF

Gross Leasable Area