Primaris REIT is exceptionally well positioned to participate in the recovery of the Canadian enclosed shopping centre industry with a differentiated financial model, best-in-class governance, a fully internal specialized management platform, and a portfolio of well maintained, well located shopping centres across Canada with significant occupancy improvement potential.
SIZE AND SCALE
$3.41 billion national portfolio of enclosed shopping centres that are market leading in their trade areas
CONSERVATIVE CAPITAL STRUCTURE
Debt to Total Assets of 35.0%1, 5.3x Avg. Net Debt to Adjusted EBITDA2 and target FFO payout ratio1 between 45% - 50%
EXPERIENCED AND INDEPENDENT MANAGEMENT PLATFORM
Robust, fully-internal property and asset management platform with experienced team
Primaris Stands Alone as a potential Industry Consolidator
Uniquely positioned and well capitalized to be the consolidator in the
enclosed mall space as institutions contemplate rebalancing
DEMONSTRATing RESILIENCY and Growth
Delivering strong Same-Property Cash NOI1 growth, rising
occupancy, and positive and strengthening leasing spread
REZONING AND Entitlement of Excess Land
Very low site coverage across numerous urban properties allows for
intensification, development, or subdivision of land
STRONG INSTITUTIONAL ENDORSEMENT
Healthcare of Ontario Pension Plan is Primaris’ largest unitholder with approximately 27% ownership
As at September 30, 2023. 1. Debt to Total Assets, Average Net Debt to Adjusted EBITDA, FFO Payout Ratio and Same-Property Cash NOI growth are non-GAAP financial measures and ratios. Refer to the "Non-GAAP Measures" section of the MD&A dated June 30, 2023.