Primaris REIT Renews Normal Course Issuer Bid

Executive Summary

• Primaris Real Estate Investment Trust received TSX acceptance to renew its NCIB, allowing repurchase of up to 9,042,733 Series A Units (≈10% of public float).
• The renewed NCIB will commence on March 11, 2026 and run until March 10, 2027 or until the purchase limit is reached.
• A new Automatic Securities Purchase Plan (ASPP) will be effective March 11, 2026 to facilitate purchases during blackout periods.

Key Details

• NCIB Capacity: Up to 9,042,733 Units (≈10% of public float as of Feb 27, 2026).
• Current Outstanding Units: 117,865,178 Units (as of Feb 27, 2026).
• Commencement & Term: Starts March 11, 2026; ends the earlier of March 10, 2027 or full utilization of the purchase limit.
• Daily Purchase Limit: Based on average daily volume (279,707 Units, Sep 1 2025‑Feb 28 2026), daily purchases capped at 69,926 Units (excluding TSX block‑purchase exception).
• Pricing: Repurchased Units will be bought at prevailing market price at time of acquisition.
• Funding Source: General funds of Primaris will finance the repurchases.
• ASPP Details: New ASPP authorized to allow broker‑executed purchases during periods when Primaris would otherwise be restricted (e.g., blackout periods, insider trading rules).
• Prior NCIB Activity: Under the previous NCIB (Mar 11 2025‑Mar 10 2026), approval was for up to 7,554,561 Units; 4,340,300 Units had been repurchased at a weighted average price of $15.1003 per Unit as of Feb 27, 2026.

Notable Quotes

• “Primaris continues to believe that, from time to time, the market price of the Units may not fully reflect the intrinsic value of the Units… using the NCIB to return capital to its unitholders who choose to participate is a desirable use of Primaris’ funds.” – Alex Avery, CEO

All forward‑looking statements are subject to risks and uncertainties detailed in Primaris’ MD&A and annual information form.