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1 Strategy in Action This version of the Investor Presentation is dated October 31, 2024. Report to Unitholders Q4 2025 Q3 2026
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January 2025 This version of the Investor Presentation is dated October 31, 2024. 2 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, 2026 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 October 28, 2026 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 financial statements and the accompanying notes for the year ended December 31, 2025 (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-GAAP and 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, 2025. 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, long-term 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 8.2, "Weighted Average Net Rent" and Section 8.7, "Operating Capital Expenditures" in the MD&A, respectively. CAUTION REGARDING FORWARD- LOOKING STATEMENTS AND NON- GAAP MEASURES
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3 $5.2B National Portfolio $4.9B Unencumbered Assets BBB (high) Stable Investment Grade Rating 90.9% Committed Occupancy 14.5MSF GLA $826 Same Store Sales Productivity 47.0% FFO Payout Ratio** 5.7x Average Net Debt** to Adjusted EBITDA** 1. Supplementary financial measure, see Section 1, "Basis of Presentation" – "Use of Operating Metrics" of the MD&A. The debt ratio is a non-GAAP ratio calculated on a rolling four-quarters basis. For the rolling four-quarters ending August 31, 2026. ** Non-GAAP measure. Refer to the “Non-GAAP Measures” section of this presentation and of the MD&A. 1 Promenades St-Bruno, Montreal, Quebec
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4 Canadian Enclosed Evolution Real-time inventory management systems implemented E-commerce headwinds 2005 Expansion Through Euphoria 2015 2020 Pandemic Growth 2022 Retail in Transition A blank slate to design a best-in-class vehicle to take advantage of the recovery in enclosed shopping centres Fortress assets Trophy asset pricing Over levered, too much concentration Institutional consolidation Department store failures Weak retailers flushed out, 10-years of e-commerce adoption pulled forward Reduced occupancy and rents Cap rates rise, values fall Retailers conclude bricks & mortar anchors omnichannel strategy: • customer acquisition • brand experience • brand loyalty • distribution Rising tenant sales 2023 Rising rent 2026+ Rising recovery ratios HBC files for CCAA Strong demand for HBC space Creation of Primaris REIT Rising occupancy
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5 Primaris Strategic Pillars. Built to Grow and Thrive. Differentiated financial model and a mandate for growth Size and Scale • $5.2 billion national portfolio of leading enclosed shopping centres in growing markets across Canada • Full-service, internal national platform Proper Capitalization • Average Net Debt** to Adjusted EBITDA**: 5.7x1 • Target FFO Payout Ratio**: 45% - 50% of FFO Focus on Retailer Affordability • Cost management discipline • Economies of scale • Collaborative relationship building with tenant partners Scale and Consolidation Opportunity • Canada’s only enclosed shopping centre REIT • Well-capitalized, scalable management platform • Preferred counterparty for vendors Disciplined Capital Allocation • Acquisitions • Unit repurchases • Monetization of excess land, density, and intensification • Debt repayment • Distributions to unitholders 1. The debt ratio is a non-GAAP ratio calculated on a rolling four-quarters basis. For the rolling four-quarters ending August 31, 2026. ** Non-GAAP measure. Refer to the “Non-GAAP Measures” section of this presentation and of the MD&A.
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6 A Decade of Growth, Already in Motion Lease-up Today, Optimize Tomorrow • Enhance merchandising mix by introducing highly productive retailers and in-demand concepts • Replace underperforming tenants with stronger retailers at higher rents • Right-size and reposition space to better align with retailer demand and consumer preferences • Capture market rents as leases expire and spaces are renewed or re-leased • Drive incremental NOI through higher rents, improved recoveries, and stronger space productivity • Leverage scale to optimize leasing strategies, consolidate purchasing and vendor relationships • Assess deployment of AI and automation to streamline repetitive workflows, improve productivity and allow teams to focus on higher- value activities • Use data and AI to enhance decision-making across leasing, property operations, forecasting and capital allocation • Optimize G&A by simplifying processes and leveraging technology as the portfolio grows • Expand operating margins by growing rental revenues and capturing efficiencies from increased scale • Convert portfolio growth into operating leverage, allowing incremental NOI** and FFO** growth 2026 – 2029 Lease-Up Drive occupancy and capture embedded NOI** 2029 – 2032 Tenancy Optimization Upgrade the merchandising mix 2029 – 2035 Operational Efficiency Operations, AI, and margin expansion +$7M +$16M +$15M +$14M $52M $22M Former HBC $13M Future lease-up $17M Signed leases 2026 2027 2028 2029 Total A nnual Cash NO** ** Denotes a non-GAAP measure. See Section 1, "Basis of Presentation" - and Section 12, "Use of Non-GAAP Measures" of the MD&A.
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7 The Canadian Consolidation Opportunity
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8 Canada’s only enclosed shopping centre REIT Large opportunity to consolidate as institutions contemplate rebalancing, Primaris stands alone as a potential buyer $50 billion of Canadian enclosed shopping centres concentrated to institutional owners • Outsized weightings within real estate portfolio allocations • 3 of 10 of the largest real estate institutions globally are in Canada • Portfolio rebalancing initiatives could result in opportunities Primaris stands alone as a potential buyer • Institutional scale, as Canada's largest owner and manager of enclosed centres in Canada, by mall count • Providing liquidity in a market where none exists through structured transaction • Differentiated financial model and a mandate for growth $50B in Enclosed shopping centres owned by large Canadian institutions $5.2B Primaris REIT Canadian Consolidation Opportunity
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9 1. Environics - Expected population change 2024-2035. Conestoga Mall, Waterloo, Ontario October 15, 2026 October 10, 2025 June 17, 2025 January 31, 2025 January 31, 2025 Target Acquisition Criteria Upper Canada Mall, Newmarket, ON Promenades St-Bruno, Montreal, Quebec Lime Ridge Mall, Hamilton, Ontario Southgate Centre (50%), Edmonton, Alberta Oshawa Centre, Oshawa, Ontario Market Total Trade Area Population of +200,000 Yes Population of 1,013,300 Yes Population of 860,000 Yes Population of 806,200 Yes Population of 1,020,300 Yes Population of 638,800 Growing Total Trade Area Population1 Yes 14.4% expected 10-year population growth Yes 6.4% expected 10-year population growth Yes 14.8% expected 10-year population growth Yes 29% expected 10-year population growth Yes 21% expected 10-year population growth Diversified Local Economy Yes Health sciences, business services, manufacturing, retail Yes Aerospace, technology, education Yes Manufacturing, agribusiness, lifesciences, education Yes Energy, health and life sciences, manufacturing Yes Manufacturing, education, financial services Asset +$100 million Annual CRU Sales Yes $271 million Yes $294 million Yes $257 million Yes $331 million Yes $263 million Mass Rapid Transit Connection Yes Bus Rapid Transit adjacent Yes Exo station across Hwy 116 Yes Bus terminal on site, planned expansion Yes LFT and bus station Yes Bus terminal on site Excess Land Yes 23% site coverage Yes 15% site coverage Yes 19% site coverage Yes 48% site coverage Yes 27% site coverage Target: Leading shopping centres in growing Canadian markets
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10 (in millions of Canadian dollars unless otherwise indicated) Upper Canada Mall Newmarket, ON Promenades St- Bruno Montreal, QC Lime Ridge Mall Hamilton, ON Southgate (50%) and Oshawa Centres Edmonton, AB Oshawa, ON Galeries de la Capitale Quebec City, QC Halifax Shopping Centre Halifax, NS Conestoga Mall Waterloo, ON Acquisition Date October 15, 2026 October 10, 2025 June 17, 2025 January 31, 2025 October 1, 2024 November 30, 2023 July 12, 2023 Cash 100% $411 57% $320 57% $235 57% $335 52% $170 54% $200 61% $165 Trust Units Issued at NAV** 28% $160 20% $81 13% $75 17% $55 12% $45 9% $25 Exchangeable Preferred LP Units 15% $85 24% $100 30% $175 31% $100 34% $125 30% $80 Total Consideration $411 $565 $416 $585 $325 $370 $270 Halifax Shopping Centre, Halifax, Nova Scotia Acquisition Deal Structure Overview Acquisitions further demonstrate Primaris as an attractive buyer for Canadian pension fund vendors of market leading Canadian shopping centres ** Non-GAAP measure. Refer to the “Non-GAAP Measures” section of this presentation and of the MD&A.
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11 Canada US The Canadian Advantage Retail Space per Capita 17 sf per person¹ 24 sf per person¹ 35% less space drives higher sales productivity Immigration Planned immigration rate 1% of population, 3× higher than the U.S. Planned immigration rate 0.35% of population Drives demand for goods and services Lending Security Recourse Non-Recourse Limited CMBS, mostly balance sheet lenders Population Concentration 80% of population lives within 100 miles of the U.S. border Population dispersed with concentrations along coasts and sunbelt High consumer share of population lives in concentrated citiesTop 10 Census Metropolitan Areas = 56% of population Top 10 Metropolitan Statistical Areas = 25% of population Like-kind Exchange Non-existent Encourages speculative development for deferral of capital gains Reduces speculative development Retail Market Characteristics Market of oligopolies Competitive market Less competition, wider retail margins Consumer Profile Value-oriented Consumption-oriented Less discretionary spending Tenant Base Predominately non-discretionary Predominantly discretionary Essential spending dominant Mall productivity ~$625 sales per sf ~$450 sales per sf Significantly more productive Conventional Department Stores Through department store closure phase 1. ICSC. The Canadian Advantage Canadian retail property landscape differs substantially from the United States
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12 Sources: Environics Analytics. Primaris owns Leading Enclosed Shopping Centres in Canada's Largest and Growing Markets 1 Red Dot = 500 People Primaris Shopping Centre
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13 1. Source: Environics Analytics Estimates & Projections. 2.7% population growth 2023 (Statistics Canada) and estimated 2.0% from 2024 to 2030. Declining Supply of Quality Retail Space as Population Grows Low supply, rising sales, population growth and increasing tenant demand is creating a significant opportunity to drive rents and occupancy, driving NOI growth 1
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14 Sources: ICSC Canada Mall Property Performance Report, 2025. Proforma Upper Canada Mall which closed on October 15, 2026 and the disposition of Cataraqui Centre and Grant Park, which is anticipated to close by January 6, 2027 and on December 15, 2026, respectively, subject to the satisfaction of customary closing conditions, including any required regulatory approvals. Growing Portfolio Quality as Primaris Executes on the Consolidation Opportunity High Quality Target Assets in Growing Target Markets
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15 • Premier shopping destination in York Region, located in Newmarket, Ontario, approximately 50km north of Toronto • Located at the intersection of Yonge St. and Davis Drive, with quick access to both Highway 400 and Highway 404. Viva and YRT transit terminal located adjacent to the south entrance, with the Newmarket GO station 1.8km away • Significant expansion completed in 2008 including a new food court and approximately 148,000sf of new retail space, and a new Yonge St. entrance completed 2025 ** Non-GAAP measure. Refer to the “Non-GAAP Measures” section of this presentation and of the MD&A. 1 Supplementary financial measures. Refer to the "Use of Operating Metrics" section of this presentation. 2 For the rolling twelve month period ended December 31, 2025. Significant NOI** Growth Potential: Opportunities to increase operating income include: • Redemise and lease approximately 263,400 square feet of former anchor and large format space to strong covenant, high-quality national retailers; ◦ 142,800 square feet of former Hudson’s Bay is under negotiation; ◦ 47,600 square feet of former Toys R Us is under negotiation; ◦ 73,000 square feet former Sears spaced is committed to two national retailers; • 33,800 square feet of vacant CRU space to strong tenants at market rents; • Identified over 6 acres of excess land available for potential retail pad development or monetization; and • Leverage Primaris’ platform to deploy its cost management strategy. Upper Canada Mall Notable Tenants $271M Annual Retail Sales1 70.0% In-place Occupancy 990,114 SF GLA $888 Same Store Sales Productivity1 23% Approx. Site Coverage 6.6M Rolling 12 Month Foot Traffic2
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16 Orchard Park Shopping Centre, 10% Sunridge Mall, 7% Dufferin Mall, 7% Conestoga Mall, 7% Devonshire Mall, 6%Stone Road Mall, 5% Highstreet Shopping Centre, 5% Park Place Mall, 5% New Sudbury Centre, 4% Sherwood Park Mall, 4% Balance of Portfolio, 39% 1 For the rolling twelve-month period ended August 31, 2026. Supplementary financial measures. Refer to the "Use of Operating Metrics" section of this presentation and of the MD&A. 2 Represents Primaris' proportionate share of the GLA. 15.5MSF Total Portfolio GLA Total Portfolio NOI** Shopping Centre Overview 5.96MSF 10 Most Productive Properties Adding large Leading Regional Shopping Centres to the Primaris Portfolio Property Name Location Total CRU Sales Volume (thousands)1 Same Store Sales Productivity1 GLA at Share (SF) (thousands)2 Site Coverage 1 Southgate Centre Edmonton, AB $ 330,517 $ 1,466 496 42 % 2 Halifax Shopping Centre Halifax, NS $ 311,155 $ 1,170 175 55 % 3 Promenades St-Bruno Montreal, QC $ 294,420 $ 1,026 559 15 % 4 Upper Canada Mall Newmarket, ON $ 271,215 $ 888 990 11 % 5 Oshawa Centre Oshawa, ON $ 263,446 $ 832 473 25 % 6 Lime Ridge Mall Hamilton, ON $ 256,661 $ 847 487 19 % 7 Orchard Park Shopping Centre Kelowna, BC $ 218,997 $ 912 1,061 38 % 8 Les Galeries de la Capitale Quebec City, QC $ 211,878 $ 831 468 21 % 9 Conestoga Mall Waterloo, ON $ 203,309 $ 1,067 679 38 % 10 Devonshire Mall Windsor, ON $ 172,735 $ 710 574 25 % Top 10 Properties $ 2,263,389 5,962
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17 Disciplined Capital Allocation
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18 1. The debt ratio is a non-GAAP ratio calculated on a rolling four-quarters basis. ** Non-GAAP measure. Refer to the “Non-GAAP Measures” section of this presentation and of the MD&A. Capital Structure Strategy and Targets Designed to provide significant financial flexibility and create a differentiated investment profile among Canadian REITs Committed to maintaining a conservative financial profile Maintain low leverage Maintain staggered and long dated debt maturity profile to mitigate refinancing risk and interest rate risk Maintain investment grade credit rating Primarily unsecured borrowing program Maintain undrawn credit facilities to cover next 2-years debt maturities Retention of free cash flow available for reinvestment Intend to increase distributions annually, 6th distribution increase announced Oct 2026 at +5.7% As at or for the nine months ended September 30, (unaudited) 2026 Targets Average Net Debt** to Adjusted EBITDA**1 5.7x 5.0x – 6.0x Funds from Operations Payout Ratio** 49.1% 45% - 50% Secured Debt to Total Debt** 9.9% <40% Oshawa Centre, Oshawa, Ontario
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19 Secured Debt 10% Unsecured Debt 90% Fixed Rate 100% Mortgages 4% Senior Unsecured Debentures 36% Exchangeable Preferred LP Units 9% Equity 51% Total Capitalization 1. The debt ratios are non-GAAP ratios. Average Net Debt** to Adjusted EBITDA** was calculated on a rolling four-quarter basis. See Section 10.4, "Capital Structure" of the MD&A. ** Non-GAAP measure. Refer to the “Non-GAAP Measures” section of this presentation and of the MD&A. (in millions) Well Laddered Debt Maturity Profile Mortgages Senior Unsecured Debentures 2026 2027 2028 2029 2030 2031 2032 2033 $0 $200 $400 Debt Characteristics 5.7x Average Net Debt** to Adjusted EBITDA** $4.9B Unencumbered Assets 2.5x Unencumbered Assets to Unsecured Debt BBB (high) Stable Investment Grade Rating Highly Differentiated Financial Model Best-in-class structure built with flexibility, optionality and liquidity, enabling minimized cost of capital 1 WAIR = 5.10% Weighted Average Interest Rate 4.69% 5.79% 6.37% 4.47% 4.78% 5.30% 4.84%
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20 The Primaris REIT Portfolio
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21 ** Non-GAAP measure. Refer to the “Non-GAAP Measures” section of this presentation and of the MD&A. NOI** by Region Ontario 43%Manitoba 2% Maritimes 11% Alberta 16% British Columbia 9% Quebec 19% Leading Enclosed Shopping Centre Portfolio Primaris owns and manages regional enclosed shopping centres in growing, Canadian markets NOI** by Asset Class Enclosed Mall 93% Non-Grocery Anchored Plaza 1% Grocery- Anchored Plaza 1% Open Air Retail 3% Professional Centre + Industrial 1%
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22 INDUSTRY EXPERIENCE YEARS AT PRIMARIS Strong Senior Leadership Team Experienced Senior Leadership Team with significant real estate investment and operations expertise 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. Previously Director of Leasing. Currently,oversees leasing activity for properties in Ontario, Quebec, New Brunswick, and Nova Scotia. Prior was Director, Retail Leasing at JLL with increasingly senior roles at Ivanhoé Cambridge and Cadillac Fairview. Patrick Sullivan President & Chief Operating Officer 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. Alex Avery Chief Executive Officer 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. Rags Davloor Chief Financial Officer 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. Leslie Buist SVP, Finance 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. Graham Procter SVP, Asset Management Previous senior roles at Brookfield Property Partners and Cogir Real Estate, in finance and operations. Leigh Murray Head, National Leasing Appointed Head of Leasing in 2024, and VP, Leasing in 2017.Previous roles at Oxford Properties Group and Boston Pizza (Real Estate). Mordecai Bobrowsky SVP, General Counsel Previous roles at Minden Gross LLP, RioCan REIT and First Capital Realty. Craig McLellan VP, Leasing Julian Schonfeldt Chief Investment Officer Experience in real estate investment and capital markets.Previously Chief Investment Officer at CAPREIT. Formerly at RBC Capital Markets as Managing Director within Global Investment Banking. Lauren Robbers VP, Leasing Previously Director of Leasing. Currently oversees leasing activity for all properties located in British Columbia, Alberta, and Manitoba. Kathleen Girardeau VP, National Operations Previously General Manager at Oxford Property Group, Cadillac Fairview, and Ivanhoe Cambridge. Began at Primaris in 2010 as a general manager and rose to become Director of Portfolio Management before being named Vice President of National Operations. Stephen Roy Head, Development & Construction Led over $1 billion of major development projects at major institutional and pension fund companies. Currently, Steve leads the national development, construction, and major capital projects team. 16 7 13 13 22 38 4 23 22 417 27 3 23 8 23 7 33 22 21 12 38 16
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23 Orchard Park Shopping Centre, Kelowna, BC 1 Analysis excludes the disposition of Cataraqui Centre which is anticipated to close by January 6, 2027, subject to the satisfaction of customary closing conditions, including any required regulatory approvals, Devonshire is slated for demolition, and the acquisition of Upper Canada Mall, which closed on October 15, 2026. 2 Non-GAAP measure. Refer to the “Non-GAAP Measures” section of this presentation and of the MD&A. (882,000 square feet) leased or in advanced negotiations As at October 28, 2026 ($ thousands and thousands of square feet, unless otherwise indicated) (unaudited) Former HBC Annual Net Rent Former HBC Weighted Average Net Rent per occupied square foot* Anticipated Annual Net Rent Anticipated Weighted Average Net Rent per occupied square foot* Anticipated GLA Aggregate Annual Net Rent over and above Former HBC Percentage of Total Anticipated GLA Committed and conditional $2,582 $3.55 $12,223 $16.79 728.0 5 x 69 % Advanced discussions 1,168 $7.63 2,920 $18.96 154.0 2 x 15 % Total leased or in discussions $3,750 $4.25 $15,143 $17.17 882.0 4 x 84 % Future leasing 4,307 $24.17 178.2 16 % Total Anticipated $19,450 $18.35 1,060.2 100 % Common area 77.8 Partial property demolition 92.0 Total square footage 1,230.0 10 former HBC spaces1 $5,141 $4.18 1,230.0 84% Leases expected to generate approximately $15.1 million of annual rental revenue, compared to $3.8 million previously generated by HBC for the same space. 69% 4x increase in annual rent on the re-leased area (728,000 square feet) leased to high-quality tenants under long-term lease agreements Plus strong inbound interest on the remaining available space across multiple tenant categories including grocery, pharmacy, sporting goods, and other national and international high credit quality tenants. Substantial Progress on Former HBC Space
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24 1 Includes Dufferin Grove. ** Non-GAAP measure. Refer to the “Non-GAAP Measures” section of this presentation and of the MD&A. Primaris does not intend to own, manage, or develop residential properties. Primaris remains focused on its core strategy of owning and operating leading enclosed shopping centres. from non-income-producing land, into higher yielding core shopping centres Land Optimization Strategy Creates Value by Reallocating Capital ESTIMATED VALUE REALIZATION FROM LAND MONETIZATION: 275 375$$ M M LONG TERM (2029+)1: NEAR TERM (2026-2028): Significant portion of Primaris’ land base consists of excess or underutilized parcels that contribute minimal or no NOI**. Comprehensive assessment incorporates key constraints and site- specific considerations including no- build restrictions, parking requirements, zoning and entitlement considerations, utility infrastructure, parcel configuration, ownership, stormwater management, access, and other practical development limitations. Opportunities have been evaluated to ensure execution without disrupting mall operations. Land dispositions represent an attractive source of low-cost capital to fund future growth and enhance portfolio returns. Additional approx. $200 million of potential non-core, non-enclosed shopping centre properties and retail pads for potential disposition. TO 50$ M TO 75$ M 225$ M TO 300$ M
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25 6.6% 1.2% (0.7)% (4.2)% (1.8)% 0.6% (3.1)% (19.6)% 10.2% 10.7% 5.4% 4.5% 5.6% (2.1)% 0.5% 3.1% 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q1-26 Q2-26 Q3-26 ** Non-GAAP measure. Refer to the “Non-GAAP Measures” section of this presentation and of the MD&A. Committed Occupancy Same Properties Cash NOI** Growth 91.0% 91.8% 92.1% 92.2% 92.0% 92.5% 92.6% 91.2% 90.9% 92.5% 93.7% 93.9% 94.8% 95.3% 94.8% 91.0% 92.7% 92.4% 91.2% 93.4% 92.5% 89.1% 89.2% 88.1% 91.5% 91.5% 91.3% 91.0% 92.8% 94.2% 94.4% 94.8% 95.6% 94.2% 90.5% 92.8% 90.6% 89.9% 91.1% 90.9% Same Properties Total Q2-21 Q3-21 Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 COVID-19 Sears ImpactTarget Impact Well Positioned for Growth Resilience Through Economic Cycles and Poised for Future Growth
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26 G&A as a % of Revenue 5.8% 5.6% 5.4% 4.6% 5.7% 5.5% 5.2% 5.0% Primaris Canadian Retail REIT Average 2022 2023 2024 2025 Scale Achieving Economies of Scale Achieving Economies of Scale as the Portfolio Grows and the internal management platform is leveraged • G&A has stabilized as Primaris reaches scale across its national portfolio, benefiting from operating leverage. • Cost discipline and centralized systems continue to support efficiency • Portfolio growth is being absorbed
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27 Top Tenants¹ Sector Annualized Minimum Rent (% of Total) Store Count WALT² (yrs) Credit Ratings (S&P/DBRS) 1 Value Retail 4.3% 31 3.9 BBB/ BBB 2 Grocery 2.7% 21 5.0 BBB+ / A(L) 3 Value Retail 2.3% 21 4.3 A / - 4 Value Retail 2.1% 6 7.4 AA/ - 6 Apparel 2.1% 27 2.3 BB+ / - 5 Apparel 1.8% 16 4.9 BBB / - 7 Telecom 1.8% 81 2.3 BBB / BBB 8 Telecom 1.6% 58 2.5 - 9 Telecom 1.6% 66 2.4 BBB- / BBB 10 Other Retail 1.5% 10 5.7 B+ Top 10 21.8% 337 1. The names noted above may be the names of the parent entities and are not necessarily the covenants under the leases. 2. Weighted Average Lease Term. Tenant Mix (% of Gross Rent) Apparel, 29% Personal Services, 15% Other, 11% General Merchandise, 14% Large Format Fashion, 11% Grocery/ Pharmacy, 7% Large Format Non- Fashion, 4% Food, 10% Value, Staples and Necessity Type Tenants Creditworthy Top Tenant Create a High Quality Tenants Roster
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28 1. The names noted above may be the names of the parent entities and are not necessarily the covenants under the leases. 2. Weighted Average Lease Term. Mall Merchandise Mix has Evolved, De-risking the Tenant Base With the rise and ultimate fall of anchor tenants Primaris' merchandising mix has lower exposure 2009 - Anchor Weighted Tenant Mix 2009 (% of Gross Rent) Apparel, 33% Personal Services, 9% Other, 11% General Merchandise, 13% Large Format Fashion, 4% Grocery/ Pharmacy, 8% Large Format Non-Fashion, 15% Food, 7% • Apparel GLA declined modestly as anchor exposure diminished • Low rent paying anchor tenants replaced with higher paying large format and CRU • Combination of decrease in GLA of apparel and increase in rent from anchor replacements 2026 - Balanced Tenant Mix Tenant Mix (% of Gross Rent) Apparel 33% Personal Services 9% Other 11% General Merchandise 13% Large Format Fashion 4% Grocery/ Pharmacy 8% Large Format Non-Fashion 15% Food 7% 1. Large format non-fashion - HBC, Dollarama, brick, best buy, Homesense, petsmart, Canadian Tire Large format fashion - H&M, Zara, Marshalls Tenant Mix (% of Gross Rent) Apparel, 29% Personal Services, 15% Other, 11% General Merchandise, 14% Large Format Fashion, 11% Grocery/ Pharmacy, 7% Large Format Non- Fashion, 4% Food, 10%
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29 Positive Leasing Momentum For the three months ended September 30, 2026 Count GLA (000s of SF) Weighted Average Lease term (in years) Weighted Average Net Rent per OSF3 Weighted Average Spread on Renewing Rents CRU1 New tenants 33 78 7.9 $43.30 Renewing tenants 97 196 4.9 $56.30 14.4 % 130 274 $52.60 Large Format2 New tenants 3 70 10.1 $17.30 Renewing tenants 6 156 5.3 $20.60 7.2 % 9 226 $19.60 Office New tenants 1 2 5.0 $4.30 Renewing tenants 1 4 2.0 $6.20 — % 2 6 $5.50 Short term and percent rent in lieu 36 111 N/A N/A Total leasing 177 617 Renewing net rent leases 104 356 12.7 % Strong large-format leasing year-to-date momentum with high-quality tenants 83.6% Tenant Renewal Rate NEW 1. Commercial retail unit. 2. Tenants in excess of 15,000 square feet. 3. Weighed Average Net Rent per occupied square foot.
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30 Retailer Affordability
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31 Efficient cost structure • Operate with a lower cost structure • Target GROC 1 ratio of <15% • Actual GROC ratio of 12.6% • Prudent total operating costs inflation of 3% • Use economies of scale to tender contracts portfolio wide • Aggressively manage tax appeals to lower tax burden on tenants • Use fixed rate utility contracts to reduce utility pricing risk, where available • Benchmark major recoverable operating cost categories across the portfolio to identify outliers • Prudently manage 15-year property capital plans to ensure additional rent charges are reasonable and predictable for tenants and the properties are well maintained. Profitable retailer locations • Profitable tenant stores vs stores in super-regional malls operating at razor thin margins or a loss Adaptive lease structure • Capture percentage rents • Annual rent steps on all new leases 1. GROC = Gross Rent Occupancy Cost. Retailer Affordability Core Focus Park Place Mall, Lethbridge, AB
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32 Park Place Mall, Lethbridge, AB Orchard Park Shopping Centre, Kelowna, BC Devonshire Mall , Windsor, ON Devonshire Mall completed an $80M upgrade in 2022. Orchard Park Shopping Centre undergoing a $6M floor replacement to be completed in 2024. Park Place Mall completed a $4M food court renovation in 2022. The mall has received BOMA Best Platinum for 10 consecutive years. Capital Expenditure Programs Enable Prudent Cost Management Prudent 15-Year Capital Plans • All properties have a 15-year capital plan • Allows Primaris to properly manage Common Area Maintenance (CAM) and avoid cost volatility from year to year • Ensures additional rent charge is reasonable and predictable • Includes useful life of capital projects including roof, major parking lot replacement, electrical upgrades, flooring, food court, and common area furniture • Majority of expenditures are recoverable from tenants Properties maintained to a high standard while keeping focus on controlling costs and adherence to our long-term capital plan
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33 Lease Structure + Net Rent • Long-term contractual net rents • Incremental rent escalation + Operating Expense Recovery • Flow-through operating expense recovery • Tenant bears inflationary costs + Tenant Sales Capture • Participation rent when tenant sales exceed specific threshold = Total Gross Rent • Contractual downside protection and inflationary upside participation • Continuous monitoring of tenant performance through tenants sales reporting and analysis • Proactive management of tenant mix Primaris unique lease structure provides the opportunity to grow revenues in an inflationary environment. Percentage rent enables us to earn more revenue from tenants as their sales rise. Rising tenant sales are driven by strong market conditions, inflation on the cost of goods, and/or tenant out performance. Unique Lease Structure Captures Growth Property operating costs are recovered from tenants who absorb the impact of rising inflation
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34 Financial Results
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35 What's Next: The Next 3 Years Fiscal Year End 2027, 2028, & 2029 In-place Occupancy Average Annual Same Properties Cash NOI** growth Dispositions Capital Expenditure Average Annual FFO** per unit1 growth (fully diluted) Average Annual Distribution Growth Average Net Debt** to Adjusted EBITDA** Funds from Operations Payout Ratio** 96 3 5to 500 million 300 million 4 8to 5.0 6.0- 45 50to % % % $ $ > > ** Denotes a non-GAAP measure. See Section 1, "Basis of Presentation" – "Use of Non-GAAP Measures” and Section 12, "Non-GAAP Measures“ of the Trust’s MD&A. 1 Per weighted average diluted units outstanding calculated on a diluted basis, assuming the exchange of Exchangeable Preferred LP Units for Trust Units. See Section 10.6, "Unit Equity and Distributions". Readers are cautioned that there is a significant risk that actual results for the period for which the three-year targets are presented will vary from the financial outlook statements provided in this presentation and that such variations may be material. Section 2, "Forward-Looking Statements and Financial Outlook" in the Trust's management's discussion and analysis for the three months and years ended December 2025 and 2024 (the "MD&A") for further cautions on material factors, assumptions, risks and uncertainties that could impact the financial outlook statements. % % x x % % 4 8to% %
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36 2026 Guidance1 Reaffirms Guidance Significant Leasing Progress and HBC Locations Continued progress releasing the former HBC space with 882,000 square feet leased or in advanced negotiations expected to generate approximately $15.1 million of annual rental revenue, 4x the annual rent previously generated from the space when formerly occupied by HBC; Strategic Transactions • $411 million acquisition of Upper Canada Mall in Newmarket, Ontario • Announced the waiver of conditions for the sale of the remaining 50% managing interest in Cataraqui Centre in Kingston, Ontario for consideration of $41.8 million • Received the wavier of conditions for the sale of the remaining 50% managing interest in Grant Park Shopping Centre in Winnipeg, Manitoba for consideration of $44.4 million 3.1% Same Properties Cash NOI** Primarily driven by higher base rent, percentage rent and percent rent in lieu of base rent. 90.9% Committed Occupancy Significant growth to be captured as occupancy drives to historical levels Strong Leasing Spreads +12.7% weighted average spread on renewing rents across 356,000 square feet FFO** +5.6% growth in FFO** per average diluted unit, or $0.468 growth; +6.1% excluding the impacts of both the $2.1 million terminated transaction costs recorded in 2026 and the $2.9 million higher prior year property tax recoveries recorded in 2025 over 2026 47.0% FFO Payout Ratio** in the quarter Low Leverage 5.7x Average Net Debt** to Adjusted EBITDA** $4.9 billion in unencumbered assets $21.52 Net Asset Value** per unit Significant discount to current unit price 1. Full guidance for the 2026 fiscal years provided in the MD&A. ** Non-GAAP measure. Refer to the “Non-GAAP Measures” section of this presentation and of the MD&A. Q3/26 Results; Reaffirms Guidance Strong performance has underlined our commitment to, and confidence in our clear, and focused strategy of acquiring, owning and managing leading, Canadian enclosed shopping centres
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37 Metrics 2026 Previously Published 2026 Updated Additional Notes Occupancy 86% to 88% No change in guidance Contractual rent steps in rental revenue $5.0 to $5.5 million No change in guidance Straight-line rent adjustment in rental revenue $8.5 to $9.5 million No change in guidance Same Properties1 Cash NOI** growth 1.0% to 3.0% No change in guidance Same Property Cash NOI** growth excludes approximately $6 million of prior year impacts included in Cash NOI** in the 2025 fiscal year Cash NOI** $397 to $402 million No change in guidance Includes the acquisition of Upper Canada Mall and the disposition of Grant Park Shopping Centre General and administrative expenses $44 to $46 million No change in guidance Including $2.1 million of terminated transaction costs Operating capital expenditures Recoverable Capital $28 to $30 million Leasing Capital $25 to $30 million No change in guidance Redevelopment capital expenditures $60 to $64 million No change in guidance Approximately $35 million attributable to vacant HBC anchor spaces FFO** per unit2 fully diluted $1.83 to $1.88 No change in guidance Includes the the acquisition of Upper Canada Mall and the disposition of Grant Park Shopping Centre Readers are cautioned that there is a significant risk that actual results for the year ending December 31, 2026 will vary from the financial outlook statements provided and that such variations may be material. See Section 2, "Forward-Looking Statements and Future-Oriented Financial Information" of the MD&A for the three and nine months ended September 30, 2026 for further cautions on material factors, assumptions, risks and uncertainties that could impact the financial outlook statements. 2026 Financial Outlook ** Denotes a non-GAAP measure. See Section 1, "Basis of Presentation" – "Use of Non-GAAP Measures” and Section 12, "Non-GAAP Measures" of the MD&A. 1 Properties owned throughout the entire 24 months ended December 31, 2026, excluding properties under development or major redevelopment, are referred to as "Same Properties" for the purpose of the 2026 guidance. 2 Units outstanding and weighted average diluted units outstanding assumes the exchange of Exchangeable Preferred LP Units into Trust Units. See Section 10.6, "Unit Equity and Distributions" of the MD&A. Management anticipates the following for the year ended 2026
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38 Metrics 2027 Guidance Additional Notes MD&A Section Reference Occupancy 88% to 90% Section 8.1, "Occupancy" Contractual rent steps in rental revenue $5.5 to $6.5 million Section 9.1, "Components of Net Income (Loss)" Straight-line rent adjustment in rental revenue $11.0 to $12.0 million Section 9.1, "Components of Net Income (Loss)" Same Properties1 Cash NOI** growth 3.0% to 5.0% Section 9.1, "Components of Net Income (Loss)" Cash NOI** $427 to $433 million Excludes any acquisition or disposition activity in fiscal 2027 Section 9.1, "Components of Net Income (Loss)" General and administrative expenses $48 to $52 million Section 9.1, "Components of Net Income (Loss)" Operating capital expenditures Recoverable Capital $40 to $42 million Leasing Capital $40 to $42 million Section 8.7, "Operating Capital Expenditures" Redevelopment capital expenditures $160 to $180 million Section 7.4, "Redevelopment and Development" FFO** per unit2 fully diluted $1.93 to $1.99 Excludes any acquisition or disposition activity in fiscal 2027 Section 9.2, "FFO** and AFFO**" ** Denotes a non-GAAP measure. See Section 1, "Basis of Presentation" – "Use of Non-GAAP Measures” and Section 12, "Non-GAAP Measures". 1 Properties owned throughout the entire 24 months ended December 31, 2027, excluding properties under development or major redevelopment, are referred to as "Same Properties" for the purpose of the 2027 guidance. 2 Units outstanding and weighted average diluted units outstanding assume the exchange of Exchangeable Preferred LP Units into Trust Units.. See Section 10.6, "Unit Equity and Distributions". 2027 Financial Outlook Management anticipates the following for the year ended 2027
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39 CG&N Committee oversees and monitors Primaris’ performance against the ESG Strategy • Strategic Plan and Roadmap based on the Materiality Assessment, aligning to investor focused ESG standards and frameworks; SASB, TCFD and GRESB. • Linked the material ESG factors to Primaris’ strategic pillars, creating alignment and integration of ESG into the business. • Achieved 3 green stars on third GRESB submission • In 2026, Primaris will be focused on: ▪ Completed its fourth annual GRESB submission achieving a score of 3 green stars and an overall score of 83; ▪ Primaris Cares program selected as the winner for the Community Impact Award for the Leadership in Environmental Advancement Program, awarded by the Healthcare of Ontario Pension Plan; and ▪ Finalized decarbonization studies to support asset-level greenhouse gas emissions reduction plans, with initiatives being evaluated based on both financial performance and environmental impact. GHG Emissions Reduction Sustainability Linked to Business Strategy In 2025, Primaris updated its Sustainability Strategic Plan and 3-year Roadmap Green Building Certifications Tenant Engagement & Satisfaction Employee Engagement & Satisfaction GRESB Score Targets
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40 Sustainability Targets As part of Primaris’ commitment to ESG initiatives, in 2024 the REIT developed ESG targets informed by the material ESG factors and their link to business performance KPIs Targets Current Measurement Period Actions to Achieve or Maintain Targets * Denotes a core ESG factor. 1. This target includes scope 1, 2 and select scope 3 emissions. Select scope 3 emissions includes only downstream leased assets such as tenant emissions where data is available. Board of Trustees Diversity by Gender Absolute GHG Emissions Reduction*¹ Green Building Certifications Employee Engagement* Tenant Satisfaction* GRESB 30% Female 25% reduction by 2035 100% Shopping centres LEED or BOMA BEST Certified ≥85% ≥85% ≥80 pts 33% Female 4.9% reduction 100% 86% 83% 80 pts Annual Against baseline year, 2022 Annual Every 3 years Annual Annual Achieved Decarbonization plans including building automation system upgrades, LED retrofits, green building certifications, energy and water efficiencies, tenant education, electrification Achieved. Ensure shopping centres remain certified, elevate certifications where possible Achieved. Competitive benefits, rewards and recognition, work life balance programs, employee training and development Community and tenant engagement, asset-specific action plans, affordability, effective communication, maintenance, marketing, technology and innovation Achieved. ESG Plan execution
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Appendix
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42 Avtar Bains • President of Premise Properties, a private property owner across select North American centres • Spent more than 30 years as a leading property broker with Colliers International, brokering more than 100 shopping centres • Strong relationships in local, national and international property markets and frequent speaker at industry events Louis Forbes • Corporate Director with more than 30 years of real estate and finance experience • Former Senior Vice President and Chief Financial Officer of CT Real Estate Investment • Former Executive Vice President and Chief Financial Officer of Primaris Retail REIT, the predecessor to Primaris REIT • Served as Vice President, Director and Senior Canadian Real Estate Equities Analyst at Merrill Lynch Canada, and as Vice President Finance and Chief Financial Officer of Revenue Properties Company Ltd. Deborah Weinswig • Founder and CEO of Coresight Research • Ms. Weinswig served as Managing Director of Fung Global Retail and Technology (FGRT), the think tank of Fung Group. • Previously, Managing Director and Head of the Global Staples & Consumer Discretionary team at Citi Research, ranked the #1 analyst by Institutional Investor for 10 years in a row. • Serves on the board of directors GUESS?, Inc., Kiabi, and Xcel Brands, Inc. • Ms. Weinswig is on the advisory board of the World Retail Congress as well as several accelerators Guided by Skilled Independent Board of Trustees Tremendous Strategic Resource: Experiential Retailing, Institutional Property Brokerage, Investment Management, REIT Operations, Financial Strategy, Public Company Reporting, Retail Technology Anne Fitzgerald • Over 30 years of experience spanning litigation, commercial, competition, securities and real estate law • Corporate Director & previously Chief Legal Officer & Corporate Secretary, at Cineplex Inc. • Between 2004 and 2021, Ms. Fitzgerald was a key member of the Cineplex senior executive team during a period of transformation, directing approximately $1 billion in commercial acquisitions, multiple public offerings of equity and debt securities Tim Pire • Corporate Director & Lecturer at University of Wisconsin’s Applied Real Estate Investment Track program, more than 30 years of real estate experience • Served as a Managing Director with Heitman LLC, member of various committees at Heitman including the Board of Directors • Trustee on the Board of Monogram REIT between 2016 and 2017, when Monogram was privatized Alex Avery • Chief Executive Officer
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43 1. Includes month-to-month leases and leases on overhold. 2. Based on rental rates in the last term of the lease. Balanced lease profile 4.0yr Weighted Average Lease Term Occupied GLA (in thousands sq. ft.) Weighted Average Net Rent per occupied sq. ft.² $40.36 $48.14 $39.96 $34.68 $34.44 $33.07 $32.69 CRU Tenants Large Format Tenants Weighted Average Net Rent per occupied sq. ft.² Short-term¹ 2026 2027 2028 2029 2030 Thereafter — 5,846,400 0 5 10 15 20 25 30 35 40 45 50 55 3.6yr CRU Weighted Average Lease Term 5.0yr Large Format Weighted Average Lease Term Well-Staggered Lease Maturity
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44 # Property Name Location Pop- ulation Type Share GLA at Share (SF) Site Acres at Share Site Coverage at Share Store Count Building Certs Cash NOI** (million s) In-place Occupancy Mortgage (thous) Contractual Interest Mortgag e Maturity All Stores Sales1 (thous) Same Store Sales PSF1 Major Tenants 1 Conestoga Mall 550 King St N, Waterloo, ON 561,000 Enclosed 100% 665,567 49.6 38% 138 BOMA Gold $20.0 97.9% $203,309 $1,067 Galaxy Cinemas, Indigo, Sport Chek, Shoppers Drug Mart, Winners, Old Navy, H&M, Urban Behaviour 2 Devonshire Mall 3100 Howard Avenue, Windsor, ON 540,000 Enclosed 100% 678,635 83.3 25% 158 LEED Gold $18.2 90.2% $172,735 $710 Cineplex Cinemas, Sport Chek, Metro, Fit For Less, Indigo, Shoppers Drug Mart, Old Navy and H&M 3 Dufferin Mall 900 Dufferin Street, Toronto, ON 523,000 Enclosed 100% 574,396 21.3 56% 118 BOMA Silver $19.1 94.5% $105,138 $696 Walmart, No Frills, Marshalls, Winners, City of Toronto, Urban Planet, H&M, Mark's 4 Halifax Shopping Centre 7001 Mumford Rd, Halifax, NS 728,000 Enclosed 100% 572,355 21.8 55% 151 BOMA Gold $24.6 96.5% $311,155 $1,170 Sport Chek, Victoria's Secret, Lawtons Drugs, Gap, H&M, Zara, Simons, Winners, Pet Smart 5 Highstreet Shopping Centre 3122 Mount Lehman Rd, Abbotsford, BC 168,000 Open Air 100% 544,409 20.2 34% 82 LEED Silver, BOMA Silver 94.4% — Walmart, Cineplex Cinemas, Marshalls, H&M, Structube, Urban Behavior, Old Navy, Pet Smart 6 Kildonan Place 1555 Regent Ave W, Winnipeg, MB 403,000 Enclosed 50% 174,929 23.3 25% 87 BOMA Bronze 99.1% $77,563 $624 Marshalls, Cineplex Junxion, Save On Foods, H&M, Urban Planet 7 Lansdowne Place 645 Lansdowne St W, Peterborough, ON 204,000 Enclosed 100% 406,386 35.3 23% 110 LEED Silver 94.6% $78,301 $680 Real Canadian Superstore, Sport Chek, Old Navy, H&M, Urban Planet, Planet Fitness 8 Les Galeries de la Capitale 5401 Bd des Galeries, Québec, QC 798,000 Enclosed 100% 1,134,536 93.1 21% 215 BOMA Platinum $27.4 79.0% $211,878 $831 Browns, Nike, JD Sports, H&M, MEC, Sports Experts, Old Navy, Renaud-Bray, L'Équipeur, Dollarama, Urban Planet, Best Buy, Sephora, Simons, Ardene, Uniqlo 9 Lime Ridge Mall 999 Upper Wentworth St, Hamilton, ON 806,000 Enclosed 100% 810,755 61.9 19% 192 BOMA Platinum $29.2 62.9% $42,890 $847,104 H&M, Urban Planet, Tesla, Old Navy, Sport Chek 10 Medicine Hat Mall 3292 Dunmore Road SE, Medicine Hat, AB 150,000 Enclosed 100% 467,916 51.4 24% 99 BOMA Bronze 87.8% $113,871 $503 Freshco, Galaxy Cinemas, Marshalls, Home Sense, Best Buy, Shoppers Drug Mart, 11 New Sudbury Centre 1349 Lasalle Blvd, Sudbury, ON 588,000 Enclosed 100% 487,255 39.1 34% 112 BOMA Silver 97.2% $218,997 $836 Walmart, Sport Chek, H&M, Shoppers Drug Mart 12 Orchard Park Shopping Centre 2271 Harvey Avenue, Kelowna, BC 499,000 Enclosed 100% 608,507 49.4 0.4 166 BOMA Bronze $23.7 84.6% $218,997 $911.98 Sport Chek, Best Buy, Mark's, Leons, Indigo, Urban Planet, Shoppers Drug Mart, Old Navy, Planet Fitness Asset List - Shopping Centres 1. Tenant sales for enclosed malls for the rolling twelve-month period ended August 31, 2026. ** Non-GAAP measure. Refer to the “Non-GAAP Measures” section of this presentation and of the MD&A.
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45 # Property Name Location Pop- ulation Type Share GLA at Share (SF) Site Acres at Share Site Coverage at Share Store Count Building Certs Cash NOI** (millions) In-place Occupancy Mortgage (thous) Contractual Interest Mortgage Maturity All Stores Sales1 (thous) Same Store Sales PSF1 Major Tenants 13 Oshawa Centre 419 King St W, Oshawa, ON 638,000 Enclosed 100% 1,061,407 87.1 25% 271 BOMA Platinum $28.1 81.5% $263,446 $832 Indigo, Sport Chek, Trillium College, Uniqlo, H&M, Forever21, Zara, Shoppers Drug Mart, Goodlife Fitness, Marshalls, Ardene, Urban Planet, Old Navy, Uniqlo, LCBO, Staples 14 Park Place Mall 2018 Sherwood Drive, Lethbridge, AB 269,000 Enclosed 100% 472,719 38.4 35% 104 BOMA Platinum, LEED Silver 74.8% $95,866 $769 Cineplex Odeon, Winners, Sport Chek, Staples, Shoppers Drug Mart, JYSK, Old Navy 15 Peter Pond Mall 9713 Hardin St, Fort McMurray, AB 78,000 Enclosed 100% 207,822 13.3 28% 61 BOMA Silver 97.0% $70,230 $802 Rivers Casino, Sport Chek, Dollarama, Best Buy 16 Place D'Orleans Shopping Centre 110 Place d'Orleans Drive, Orleans, ON 255,000 Enclosed 50% 349,714 21.7 33% 155 BOMA Silver 73.2% $33,633 4.62% December 2028 $73,566 $602 Sport Chek, Public Works and Government, Services Canada, Aubainerie, Farm Boy, H&M, Marks, Urban Planet, A Foot Above Fitness 17 Place du Royaume 1401 Bd Talbot, Chicoutimi, QC 282,000 Enclosed 50% 306,020 26.4 33% 129 BOMA Bronze 93.6% $63,427 3.80% November 2027 $94,874 $571 Walmart, Winners, Sports Experts, Best Buy, Cinemas Odyssee, Winners, Best Buy, H&M, Urban Planet, Shoppers Drug Mart, Old Navy 18 Promenades St-Bruno 1 Bd des Promenades, Montreal, QC 891,000 Enclosed 100% 1,098,049 115.7 15% 235 BOMA Silver $41.9 88.0% $294,420 Avril Supermarche Sante, L.L. Bean, Winners, Tesla, Simons, Zara, H&M, Ardene, Urban Planet, Sports Experts, L'Imaginaire, Linen Chest, Mark's Work Wearhouse, Old Navy, Best Buy 19 Quinte Mall 390 North Front St, Belleville, ON 232,000 Enclosed 100% 558,662 29.7 24% 136 BOMA Silver 98.0% $84,323 $555 Galaxy Cinemas, Winners, Sport Chek, Staples, Chapters, Shoppers Drug Mart, Old Navy, Home Sense, Goodlife Fitness, Ashley Homestore 20 Regent Mall 1381 Regent Street, Fredericton, NB 251,000 Enclosed 100% 479,676 41.7 32% 92 BOMA Bronze 100.0% $98,084 $790 Walmart, The Brick, Cineplex Odeon, Sport Chek, Chapters, Old Navy, Urban Planet, Lawtons Drugs, Dollarama 21 Southgate Shopping Centre 5015 111 St NW, Edmonton, AB 1,020,000 Enclosed 50% 386,801 22.1 48% 164 BOMA Gold $30.8 75.9% $330,517 $1,466 Crate & Barrel, Ardene, Winners, H&M, London Drugs, Uniqlo, Sporting Life, Safeway 22 Stone Road Mall 435 Stone Rd W, Guelph, ON 228,000 Enclosed 100% 496,449 36.2 42% 148 BOMA Silver 96.3% $85,000 5.52% March 2031 $113,390 $599 Sport Chek, Home Sense, Marshalls, Indigo, Mark's, H&M, Ardene, Old Navy, Urban Planet 23 Sunridge Mall 2525 36th Street NE, Calgary, AB 343,000 Enclosed 100% 803,300 66.8 17% 164 BOMA Silver 88.6% $89,370 $530 Alberta Health Services, Sport Chek, Best Buy, Winners, Daily Fresh Produce, Urban Planet, Mark's, Shoppers Drug Mart, Ardene, Fit 4 Less, Dollarama 24 Upper Canada Mall 17600 Yonge St, Newmarket, ON L3Y 4Z1 1,013,300 Enclosed 100% 990,114 76.0 23% 251 BOMA Platinum 70.0% $271,000 $888 Sephora, Sportcheck, Aritzia, Winners, Zara, Apple, Lululemon Total Shopping Centres 11,468,300 14,336,379 1124.8 3,538 25 $263.0 $182,060 4.83% $3,633,920.00 $839 Asset List - Shopping Centres Continued 1. Tenant sales for enclosed malls for the rolling twelve-month period ended February 28, 2026. ** Non-GAAP measure. Refer to the “Non-GAAP Measures” section of this presentation and of the MD&A. 1. Tenant sales for enclosed malls for the rolling twelve-month period ended August 31, 2026. ** Non-GAAP measure. Refer to the “Non-GAAP Measures” section of this presentation and of the MD&A.
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46 # Property Name Location Type Share GLA at Share (SF) Site Acres at Share Site Coverage at Share Store Count Building Certs Cash NOI** (millions) In-place Occupancy Mortgage (thous) Contractual Interest Mortgage Maturity All Stores Sales1 (thous) Same Store Sales PSF1 Major Tenants 26 Halifax Annex 6960 Mumford Rd, Halifax, NS Plaza 100% 431,039 29.3 28% 32 99.7% Walmart, Sobeys, Planet Fitness, Glow The Event Store, Department of Veterans Affairs, Ardene, Mark's Work Warehouse, Credit Union Atlantic, Urban Planet 27 Lime Ridge Office 999 Upper Wentworth Street, Hamilton, ON L9A 4X5 Office 100% 55,047 23 40.7% Goodlife Fitness 28 Mumford Professional Centre 6960 Mumford Rd, Halifax, NS Office 100% 187,200 43 BOMA Silver 98.3% Mosaic Primary Care 29 Scotia Plaza 100 Carry Drive SE, Medicine Hat, AB Plaza 100% 11,424 4 79.3% Scotiabank Total Other Property Types 684,710 29.3 102 1 $— Total Shopping Centres 14,336,379 1,124.8 3,538 25 $182,060 Total Portfolio 15,021,089 1,154.1 3,640 26 87.7% $182,060 4.83% Asset List - Other Property Types ** Non-GAAP measure. Refer to the “Non-GAAP Measures” section of this presentation and of the MD&A.
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47 TICKER: PMZ.UN Contact Info: Alex Avery Chief Executive Officer 416-642-7837 aavery@primarisreit.com Rags Davloor Chief Financial Officer 416-645-3716 rdavloor@primarisreit.com Claire Mahaney VP, Investor Relations & Sustainability 647-949-3093 cmahaney@primarisreit.com Tim Pire Chair of the Board chair@primarisreit.com Invest With Us Internally Managed Independent Board Strong Institutional Endorsement S&P/TSX Capped REIT Index and S&P/TSX Composite Index Member Total Portfolio of $5.2 Billion, Providing Scale and Trading Liquidity BBB (high) Stable Investment Grade Credit Rating Exchange: TSX Julian Schonfeldt Chief Investment Officer 647-212-6519 jschonfeldt@primarisreit.com