Primaris closes $147.5-million bought deal offering

Mr. Alex Avery reports PRIMARIS REIT ANNOUNCES CLOSING OF $147.5 MILLION BOUGHT DEAL EQUITY OFFERING Primaris Real Estate Investment Trust has closed the previously announced public offering of trust units of Primaris to a syndicate of underwriters bookrun by TD Securities Inc., RBC Capital Markets and Desjardins Capital Markets, on a bought deal basis. A total of 10 million units were issued at a price of $14.75 per unit pursuant to the offering for total gross proceeds to Primaris of $147.5-million. Pursuant to the terms of the acquisition agreement governing the trust's previously disclosed acquisition of Promenades St-Bruno in Montreal, Que., from Cadillac Fairview, the trust will deliver the net proceeds of the offering to the vendor in connection with the closing of the acquisition. The trust has also granted the underwriters an overallotment option to purchase up to an additional 1,448,599 units on the same terms and conditions, exercisable at any time, in whole or in part, up to 30 days after the date hereof. The units were offered in each of the provinces and territories of Canada pursuant to a prospectus supplement dated Oct. 7, 2025, filed under Primaris's short form base shelf prospectus dated Aug. 6, 2024. The terms of the offering are described in the prospectus supplement, which is available under the trust's profile on SEDAR+. 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 $5.4-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. We seek Safe Harbor.