Primaris Real Estate Investment Trust : REIT Q4 2022 Earnings Call Presentation

Enclosed Malls. Open Opportunity.

Primaris REIT | February 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 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 February 28, 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' consolidated and combined carve-out financial statements and the accompanying notes for the year ended December 31, 2022 (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 year ended December 31, 2022.

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, 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 February 28, 2023.

$3.2B

Total Assets

10.9MSF

GLA

$2.7B2

Unencumbered Assets

31.5%

Debt to Total

Assets

BBB Stable

Investment Grade

Rating

45% - 50%

Target FFO

Payout Ratio**

91.5%

Committed

Occupancy

5.0x1

Average Debt** to Adjusted EBITDA**

1. See Section 10.4 "Capital Structure" of the MD&A.
2. Subsequent to December 31, 2022, Primaris entered into a $85.0 million mortgage on Stone Road Mall in Guelph, Ontario, with funds used to repay outstanding amounts on the revolving credit facility.
3. • 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:

• 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

Pandemic fades

Rising occupancy

Anchor replacement complete

2005

2015

2020

2022

2023+

4

Primaris Strategic Advantage Enclosed Malls. Open Opportunity.

Built to Grow and Thrive

Size and Scale	Proper Capitalization
•	$3.1B national portfolio of dominant	• Debt to Total Assets: 31.5%
	enclosed shopping centres in growing	• Average Debt** to Adjusted EBITDA**: 5.0x¹
	markets across Canada	• Target FFO payout ratio**: 45% - 50% of FFO
•	Full-service, internal national platform

Differentiated financial model and a mandate for growth

Strategy

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

1. 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.