Primaris REIT is exceptionally well positioned to participate in the recovery of the Canadian enclosed shopping center industry with a differentiated financial model, gold standard governance, a fully internal specialized management platform, and a portfolio of well maintained, well located shopping centers across Canada with significant occupancy improvement potential.

SIZE AND SCALE

National portfolio of dominant enclosed shopping centre properties in growing Canadian markets

CONSERVATIVE CAPITAL STRUCTURE

Debt to Total Assets of 28.8%¹, 5.1x Avg. Debt to Adjusted EBITDA²ˑ³ and target FFO payout ratio³ between 45% - 50%

EXPERIENCED AND INDEPENDENT MANAGEMENT PLATFORM

Robust, fully-internal property and asset management platform with experienced team

GROWTH VEHICLE POSITIONED AS INDUSTRY CONSOLIDATOR

Uniquely positioned and well capitalized in illiquid private market with limited institutional competition

DEMONSTRATED RESILIENCY THROUGHOUT THE COVID-19 PANDEMIC

Stable operating metrics and steady organic Adjusted EBITDA growth expected post the COVID-19 pandemic

EXCESS DENSITY AND SUBSTANTIAL INTENSIFICATION POTENTIAL

Portfolio includes several urban properties with significant intensification potential

STRONG INSTITUTIONAL ENDORSEMENT

HOOPP is Primaris’ largest unitholder with approximately 26% ownership

 

1. As at year end 2021. 2. Based on the total debt balance as of December 31, 2021, and the 2022 forecasted Adjusted EBITDA (see Section 12, Liquidity and Capital Resources, and Section 16, Financial Forecast, respectively, of the MD&A dated March 4, 2022). 3. Adjusted EBITDA is a non-GAAP financial measure and FFO Payout Ratio is a non-GAAP ratio, each as defined in National Instrument 52-112 - Non-GAAP and Other Financial Measures Disclosure (“NI 52-112”). These non-GAAP measures do not have a standardized meaning prescribed under generally accepted accounting principals (“GAAP”) in accordance with International Financial Reporting Standards (“IFRS”). FFO Payout Ratio is calculated by dividing Primaris' distribution per unit by Funds From Operations (“FFO”) per unit. Management believes these are useful measures of Primaris’ performance period over period and ability to meet its financial obligations. However, these non-GAAP measures should not be construed as an alternative to financial measures calculated in accordance with GAAP. Furthermore, these non-GAAP measures may not be comparable to similar measures presented by other real estate entities. Additional information regarding these non-GAAP measures can be found in the MD&A dated March 4, 2022, which information is incorporated by reference here.