Primaris Strategic Advantage

Built to Grow and Thrive

Size and Scale

  • $3.8B 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

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

Strategy in Action.

$3.8B

National Portfolio

$3.3B

Unencumbered Assets

BBB (high) Stable

Investment Grade Rating

94.8%

Committed Occupancy

12.4M SF

Gross Leasable Area