Primaris Real Estate Investment Trust : REIT Q3 2023 Earnings Call Presentation

Enclosed Malls. Open Opportunity.

Primaris REIT | November 2023

CAUTION REGARDING FORWARD- LOOKING STATEMENTS AND NON- GAAP MEASURES

Forward-Looking Statements and Future Orientated Financial Information Disclaimer: Certain statements included in this presentation constitute ''forward-looking information'' or "forward-looking statements" within the meaning of applicable securities laws. The words "will", "expects", "plans", "estimates", "intends" and similar expressions are often intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Specific forward-looking statements made or implied in this presentation include but are not limited to statements regarding: growth opportunities, estimated growth of Same Properties Cash NOI**, expected future distributions, the Trust's development activities, expected benefits from the Trust's normal course issuer bid activity, occupancy improvement, increasing rental rates, future acquisitions, reinvestment in select shopping centres, internal NOI** growth opportunity, refinancing risk, the Trust's targets for managing its financial condition, the recovery of tenant sales, and the movement of tenants back to traditional lease structures. Forward-looking statements are provided for the purpose of presenting information about management's current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. These statements are not guarantees of future performance and are based on estimates and assumptions that are inherently subject to risks and uncertainties, Primaris cautions that although it is believed that the assumptions are reasonable in the circumstances, actual results, performance or achievements of Primaris may differ materially from the expectations set out in the forward-looking statements. Material risk factors and assumptions include those set out in the MD&A which are available on SEDAR, and in Primaris' other materials filed with the Canadian securities regulatory authorities from time to time. Given these risks, undue reliance should not be placed on these forward-looking statements, which apply only as of their dates. Other than as specifically required by law, Primaris undertakes no obligation to update any forward-looking statements to reflect new information, subsequent or otherwise. Readers are cautioned that there is a significant risk that actual results for the year ending December 31, 2023 will vary from the financial outlook statements provided in this presentation and MD&A and that such variations may be material. Certain forward-looking information included in this presentation may also be considered "future-oriented financial information" or "financial outlook" for purposes of applicable securities laws (collectively, "FOFI"). FOFI about the Trust's prospective results of operations including, without limitation, anticipated funds from operations** per unit, anticipated NOI** growth, impact on rental revenue of contractual rent-steps, anticipated general and administrative expense levels, and anticipated capital spending, is subject to the same assumptions, risk factors, limitations and qualifications set out in the MD&A which will be available on SEDAR, and in Primaris' other materials filed with the Canadian securities regulatory authorities from time to time. The Trust and management believe that such FOFI have been prepared on a reasonable basis, reflecting management's best estimates and judgments. However, because this information is subjective and subject to numerous risks, it should not be relied on as necessarily indicative of future results. FOFI contained in this presentation was made as of the date of this presentation and was provided for the purpose of providing further information about the Trust's prospective results of operations. Readers are cautioned that the FOFI contained herein should not be used for purposes other than for which it is disclosed herein. Readers are also urged to examine the Trust's materials filed with the Canadian securities regulatory authorities from time to time as they may contain discussions on risks and uncertainties which could cause the actual results and performance of Primaris to differ materially from the forward-looking statements contained in this news release. All forward-looking statements in this presentation are qualified by these cautionary statements. These forward-looking statements are made as of November 2, 2023 and Primaris, except as required by applicable securities laws, assumes no obligation to update or revise them to reflect new information or the occurrence of future events or circumstances.

Non-GAAP Financial Measures: Primaris' unaudited interim condensed consolidated financial statements and the accompanying notes for the nine months ended September 30, 2023 (together the "Financial Statements") were prepared in accordance with International Financial Reporting Standards ("IFRS"), however, in this presentation, a number of measures are presented which do not have a standardized meaning prescribed under generally accepted accounting principles ("GAAP") in accordance with IFRS. These non-GAAP measures include non-GAAP financial measures and non-GAAP ratios, each as defined in National Instrument 52-112 - Non-GAAPand Other Financial Measures Disclosure. Non- GAAP measures in this presentation are denoted by the suffix "**". Management believes these non-GAAP measures are useful measures to assessing Primaris' performance period over period and its ability to meet its financial obligations. However, none of the non-GAAP measures should 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 and should not be construed as an alternative to financial measures determined in accordance with IFRS. Additional information regarding these non-GAAP measures including definitions, management's reasons as to why it believes the measures are useful to investors. and reconciliations, and use of operating metrics to the most directly comparable GAAP figure, where applicable, can be found in the MD&A for the for the nine months ended September 30, 2023.

Use of Operating Metrics: Primaris uses certain operating metrics to monitor and measure the operational performance of its portfolio. Operating metrics in this news release include, among others, investment property count, gross leasable area ("GLA"), in-place occupancy, committed occupancy, weighted average net rent per occupied square foot, same stores sales volume, and normalized average operating capital cost per square foot. Certain of these operating metrics, including weighted average net rent per occupied square foot and normalized average operating capital cost per square foot, may constitute supplementary financial measures as defined in NI 52-112. These supplementary measures are not derived from directly comparable measures contained in the Financial Statements but may be used by management and disclosed on a periodic basis to depict the historical or future expected financial performance, financial position or cash flow of the Trust. For an explanation of the composition of weighted average net rent per occupied square foot and normalized average operating capital cost per square foot, see "Section 8, "Operational Performance" - "Weighted Average Net Rent" and "Operating Capital Expenditures" in the MD&A, respectively.

This version of the Investor Presentation is dated November 2, 2023.

$3.4B

National

Portfolio

11.5MSF

GLA

$3.0B

Unencumbered

Assets

35.0%1

Debt to Total

Assets**

1. (high)
   Stable

Investment Grade

Rating

45% - 50%

Target FFO

Payout Ratio**

92.8%

Committed

Occupancy

5.3x1

Average Net Debt** to

Adjusted EBITDA**

1. The debt ratios are non-GAAP ratios calculated on the basis described in the indentures for the Series A, Series B and Series C debentures (the "Trust Indentures"). See Section 10.4, "Capital Structure" of the MD&A.

• Non-GAAPmeasure. Refer to the "Non-GAAP Measures" section of this presentation and of the MD&A.

Canadian Enclosed Evolution

A blank slate to design a best- in-class vehicle to take advantage of the recovery in enclosed shopping centres

Expansion Through Euphoria

Trophy asset pricing

Fortress assets

Institutional consolidation

Retail in Transition

Over levered, too much concentration

Department store failures

E-commerce headwinds

Cap rates rise, values fall

Pandemic

Retailers conclude bricks & mortar anchors omnichannel strategy:

• customer acquisition
• brand experience
• brand loyalty
• distribution

Real-time inventory management systems implemented

Weak retailers flushed out, 10-years of e-commerce adoption pulled forward

Reduced occupancy and rents

Growth

Rising rent

Rising occupancy

Rising tenant sales

Anchor replacement complete

2005

2015

2020

2022

2023+

4

Primaris Strategic Advantage Enclosed Malls. Open Opportunity.

Differentiated financial model and a mandate for growth

Built to Grow and Thrive

Size and Scale	Proper Capitalization
• $3.4B national portfolio of leading	• Debt to Total Assets**: 35.0%1
enclosed shopping centres in growing	• Average Net Debt** to Adjusted EBITDA**: 5.3x1
markets across Canada	• Target FFO Payout Ratio**: 45% - 50% of FFO
• Full-service, internal national platform

Strategy

Focus on Retailer Affordability	Scale and Consolidation Opportunity	Disciplined Capital Allocation
• Unit repurchases
• Cost management discipline	• Canada's only enclosed shopping centre REIT	• Monetization of excess density and
• Economies of scale	• Well-capitalized, scalable management platform	intensification
• Support omni-channel integration	• Limited institutional competition	• Debt repayment
		• Distributions to unitholders

1. The debt ratios are non-GAAP ratios calculated on the basis described in the Trust Indentures. See Section 10.4, "Capital Structure" of the MD&A.	5
** Non-GAAP measure. Refer to the "Non-GAAP Measures" section of this presentation and of the MD&A.

Strong Senior Leadership Team

Alex Avery			Patrick Sullivan
Chief Executive
	President & Chief
Officer
21	5	Operating Officer 31 20

Experienced Senior Leadership

Team with Significant Real

Estate Investment and

Operations Expertise

Rags Davloor			Leslie Buist
Chief Financial			SVP, Finance
Officer	36	2	14	5

Led the structuring and strategy of Primaris Spin-off. Former H&R REIT board member, EVP, Asset Management & Strategic Initiatives. Previously MD & Head of Real Estate Research at CIBC Capital Markets.

25-years of experience focused on enclosed shopping centres. Involved with investment, development, leasing and operations of more than 50 enclosed shopping centres across Canada.

35+ years of experience in Canadian capital markets, executive and board leadership roles in finance, operations and development. Extensive experience in mergers, acquisitions and strategic planning.

Extensive experience in public financial reporting and senior accounting roles. Previous roles include Senior Director at Choice Properties, First Capital, VP at Primaris Retail REIT.

Mordecai

Bobrowsky

SVP, Legal

19 10

Previous roles at Minden Gross LLP, RioCan REIT and First Capital Realty.

Graham Procter

SVP, Asset

Management 21 6

Previous senior roles at Brookfield Property Partners and Cogir Real Estate, in finance and operations.

Louise Sullivan
VP, People
+ Culture	23	1

Previous CEO & Founder of People + Culture Matters Inc. (2022-2023).

Previous Head of People + Culture at Dream Unlimited Corp (2013-2022).

Leigh Murray
VP, Leasing
(East)	21 20

Appointed VP, Leasing in 2017.

Previous roles at Oxford Properties Group and Boston Pizza (Real Estate).

Laurel Adamson VP, Leasing (West)

36 9

Appointed VP, Leasing in 2013.

Previous roles at Oxford Properties Group and Ivanhoe Cambridge.

Marco Biasiotto

VP, Retail & Digital

Strategy

28 6

Extensive experience in research and retail strategy.

Previous senior roles at Oxford Property Group and Primaris REIT in the Research Department.

Joseph Martino

VP, Information

Technology 21 2

Extensive experience in ERP and major Digital Transformation projects.

Previous roles include Global VP of IT at a market leader in the connected vehicle and sensor technology industry.

INDUSTRY EXPERIENCE

YEARS AT PRIMARIS

6

Leading Enclosed Shopping Centre Portfolio

NOI** by Asset Class

NOI** by Province

AB

Office, 1%33%

Open Air Retail, 5%

Grocery-Anchored Plaza, 1%

Non-Grocery Anchored Plaza, 6%

NB 4%

MB 5%

Enclosed Mall, 87%

BC 15%

ON 41%

QC 2%

Primaris owns and manages regional enclosed shopping centres in growing, mid-sized markets across Canada

** Non-GAAP measure. Refer to the "Non-GAAP Measures" section of this presentation and of the MD&A.

7

Target Markets with Strong Growth Profiles

Market Leading Shopping Centres

• Owning and operating shopping centres that constitute the primary retail node in their markets:
• • Annual retail sales of at least $80 million to enable critical mass, and
  • The largest retail centre in its primary and secondary trade areas, as defined by the radius comprising ~60% and 75% of consumer sales.

Target Market

• Own and operate leading shopping centres in markets that have growing primary populations,
• Trade area of at least 100,000 people,
• Diversified economic drivers:
• • No 2 cyclical industries accounting for more than 33% of GDP, and
• Preferably with some form of land constraints.

29.5%

Canadian population resides within a 30 minute drive of a Primaris mall3

1.	Source:: StatsCan - Statistics represent growth rates in respective primary trade areas.	8
2.	Source: Environics Analytics Estimates & Projections, 2020-2025 trade area growth.

3. Source: Environics Analytics Estimates & Projections.

Very Strong Mall Fundamentals

The combination of low supply, rising sales, population growth and increasing tenant demand creates the significant opportunity to drive rents and occupancy higher, driving NOI** growth

Occupancy Lease-Up

• 500bps of occupancy runway
• Canadian retail REIT peer set are essentially at stabilization at 95%

Below Market Rents

Rising Land Values

• Rents adjusted downwards due to the pandemic

• Currently, financially healthier tenant base

900+

• Close to major transportation nodes and public transit
• Broad zoning permitting a wide range of uses beyond
• Anchor closures and/or lease restructures have removed development constraint

Growing Population	Rebounding Tenant Sales
• Productivity and volumes surpassed
• Medium-sized markets outpacing
pre-pandemic levels
national average and larger cities
Increasing Tenant Demand
	• Growing Canadian footprint
	• New to market and market infill

Declining Retail Supply

• No new construction
• Failed department store space absorbed or demolished

Acres of Land

Located in the

Centre of Town

250bps

of Runway to arrive

at Stabilized

Occupancy

** Non-GAAP measure. Refer to the "Non-GAAP Measures" section of this presentation and of the MD&A.

9

Current Markets Demonstrate Strong Growth Characteristics

August 2023 Rolling 12 Months Same Stores Sales PSF

With the rising cost of living in Canada's largest cities, medium- sized high-growth markets, where Primaris owns leading malls, are experiencing historically, high population growth rates

$970

$809

$790

$612

$681

$651

$580

$723

$718

$728

$575

$670

$637

$507

$408

$515

$479

$497

$508

$529

$513

$534

Cataraqui

Conestoga

Devonshire

Dufferin

Grant Park

Kildonan

Lansdowne Marlborough

McAllister

Medicine

New

Orchard

Park Place

Peter

Place

Place du

Quinte

Regent

Sherwood

St. Albert

Stone

Sunridge

Town

Mall

Mall

Mall

Shopping

Place

Place

Mall

Place

Hat Mall

Sudbury

Park

Mall

Pond Mall

D'Orleans

Royaume

Mall

Mall

Park Mall

Centre

Road Mall

Mall

Centre

Centre

Centre

Shopping

Shopping

Centre

Centre

Strong Population Growth Anticipated in Primaris Trade Areas

750,000

21.7%

22.4%

19.0%

18.0%

17.4%

15.1%

14.1%

500,000

12.5%

12.4%

12.5%

12.2%

11.0%

Population

7.9%

9.4%

9.2%

9.8%

9.7%

2023-Change2033¹

ExpectedPopulation

6.8%

7.4%

250,000

0.7%

2.6%

(3.7)%

-

Cataraqui

Conestoga Devonshire

Dufferin

Grant

Kildonan

LansdowneMarlborough McAllister

Medicine

New

Orchard

Park

Peter

Place

Place du

Quinte

Regent

Sherwood

St. Albert

Stone

Sunridge

Town

Mall,

Mall

Mall

Park

Place

Place

Mall

Place

Hat Mall

Sudbury

Park

Place

Pond

D'Orleans

Royaume

Mall

Mall

Park Mall

Centre

Road

Mall

Centre

estimate

Shopping

Centre

Shopping

Mall

Mall

Shopping

Mall

Centre

Centre

Centre

1.

Source: Environics.

10