Mr. Alex Avery reports

PRIMARIS REIT TO SHARE INSIGHTS TO FUTURE GROWTH AND PROVIDE NEW THREE-YEAR PERFORMANCE TARGETS AT INVESTOR DAY

Primaris Real Estate Investment Trust is hosting its investor day today, in Montreal, Que., where its leadership team will share future growth insights, leasing and operating strategies, merchandising mix, differentiated financial model, and capital allocation priorities, and will present new three-year performance targets.

"Primaris has a clear path to meaningful growth over the next three years, supported by significant opportunity embedded within our existing portfolio," said Alex Avery, chief executive officer. "Our near-term focus is on leasing up the portfolio, capturing embedded NOI and investing strategically in our properties, while maintaining a disciplined approach to capital allocation and our balance sheet. These initiatives are expected to drive sector leading FFO per unit growth, while positioning Primaris for the next phase of growth through tenancy optimization and greater operating efficiency."

New three-year performance targets

Management discloses financial outlook statements for the purpose of providing further information about the trust's prospective results of operations. These statements are based on factors and assumptions, such as historical trends, current conditions and expected developments. Management believes that such financial outlook statements have been prepared on a reasonable basis, reflecting management's best estimates and judgments. However, because these financial outlook statements are subjective and subject to numerous risks, they should not be relied on as necessarily indicative of future results.

Disciplined capital allocation is a key pillar of Primaris's strategy. To this end, Primaris established certain targets for managing the trust's financial condition (see Section 3, business overview and strategy, of the trust's management's discussion and analysis for the three and six months ended June 30, 2026 (quarterly MD&A).

On Sept. 24, 2024, Primaris announced three-year growth targets for the period ended Dec. 31, 2027. Primaris is now replacing those targets with updated three-year performance targets for the fiscal years ending 2027, 2028 and 2029. These new targets are not guidance, but are an outlook based on the anticipated execution of Primaris's strategic pillars.

The previously published three-year growth targets for the period from Sept. 24, 2024, to Dec. 31, 2027, together with the progress to date, are reproduced in an attached table. These growth targets have been replaced by the new three-year performance targets in the other attached table.

Readers are cautioned that there is a significant risk that the trust's actual performance against the three performance targets for the fiscal years ending Dec. 31, 2027, 2028 and 2029, as set forth in this news release, will vary from the financial outlook statements provided in this news release and that such variations may be material.

Investor day in Montreal

The investor day is being held today in person in Montreal and will be webcast live.

Date:  Wednesday, Oct. 7, 2026, at 10 a.m. ET

Link:  Please go to the investor relations section on Primaris's website.

About Primaris Real Estate Investment Trust

Primaris is Canada's only enclosed shopping centre focused REIT, with ownership interests in leading enclosed shopping centres located in growing Canadian markets. The pro forma portfolio totals 15.6 million square feet, valued at approximately $5.6-billion at Primaris's share. Economies of scale are achieved through its fully internal, vertically integrated, full-service national management platform. Primaris is very well capitalized and is exceptionally well positioned to take advantage of market opportunities at an extraordinary moment in the evolution of the Canadian retail property landscape.

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