VAUDREUIL-DORION, Québec–(BUSINESS WIRE)–Harden announces the strategic sale of a 27-acre portion of Méga Centre Notre-Dame in Laval to Rosefellow, a leading Montreal-based industrial real estate developer for a purchase price of $75M This transaction marks a key milestone in the site’s transformation, supporting broader redevelopment efforts and reinforcing a long-term commitment to enhancing Laval’s economic and commercial vitality. Harden co-owns the property with RioCan in a 50% partnership which is dedicated to the site’s evolution and its strategic importance to the region.

As part of a shared vision to unlock the full potential of this highly visible and accessible site along Highway 13, the Harden-RioCan partnership is reinvesting in the retail component of the property following the sale. The portion sold to Rosefellow was a less productive area of the site. This strategic disposition enables targeted reinvestment into the retail core of Méga Centre Notre-Dame, accelerating its transformation into a productive, dynamic destination for residents, workers, and visitors alike.

“We are proud to continue our role in strengthening Laval’s retail and commercial environment,” said Tyler Harden, Co-Chief Executive Officer, Harden. “This sale supports a broader redevelopment vision that brings new energy and economic growth to the area. With new retailers like Sephora already open, Krispy Kreme on the way, and major expansions by iconic brands such as Winners/HomeSense, Gap, Banana Republic, La Vie En Rose, Dollarama and Poulet Rouge, Méga Centre Notre-Dame is entering a new chapter that reflects our dedication to creating lasting value for residents and businesses alike.”

This transformation includes the expansion of Winners/HomeSense into one of the largest stores of its kind in Quebec, with a footprint of approximately 70,000 square feet, and a significant expansion by Dollarama. These enhancements, coupled with the arrival of high-profile brands like Sephora, reinforce the centre’s appeal and solidify its role as a commercial anchor in Laval.

“This transaction highlights the strength of our retail portfolio and our ability to strategically unlock value from well-located assets,” said Jonathan Gitlin, President and CEO, RioCan Real Estate Investment Trust. “By monetizing a less productive portion of the site at an 80% premium to IFRS value and reinvesting in its high-performing core, we have strengthened the long-term viability of Méga Centre Notre-Dame and delivered meaningful value for our unitholders.”

Rosefellow’s planned $200 million redevelopment will introduce three state-of-the-art industrial buildings, meeting the growing regional demand for high-performance logistics and light industrial space. This development will complement the centre’s retail operations, creating a mixed-use hub that draws value from both sectors while serving the evolving needs of the community.

A dynamic tenant reconfiguration is already underway, with established retailers like GAP, Banana Republic, La Vie En Rose, Carter’s OshKosh, Dormez-Vous, Dollarama, Sushi Shop, Thai Express, Service Canada, and SQDC relocating within the site to optimize layout and enhance the shopping experience. This reimagining also makes room for innovative new concepts, including Mondou’s next-generation store and a refreshed Second Cup café, adding renewed energy and tenant mix to the centre.

Harden, in partnership with RioCan, continues to actively manage and enhance the remaining portions of Méga Centre Notre-Dame. A portion of these improvements is already complete, reflecting the partners’ ongoing commitment to improve the site’s layout, aesthetics, and visitor experience. This sustained effort underscores their dedication to shaping vibrant, welcoming spaces that support the community and long-term commercial vitality.

About Harden

Established in 1985, Harden is a second generation, family-owned real estate company whose primary focus is owning and operating commercial, residential, and industrial properties in many communities throughout the provinces of Quebec and Ontario. Vertically integrated, Harden specializes in all facets of the real estate development process, including, development, construction, leasing, and asset management.

To learn more about Harden, please visit www.harden.ca

Contacts

Media information:
Julie Krupa
Torchia Communications

514-264-3851 / julie@torchiacom.com

TORONTO–(BUSINESS WIRE)–Primaris Real Estate Investment Trust (“Primaris” or the “Trust”) (TSX: PMZ.UN) announced today that its Board of Trustees has declared a distribution of $0.0717 per unit for the month of June 2025, representing $0.86 per unit on an annualized basis. The distribution will be payable on July 15, 2025 to unitholders of record on June 30, 2025.

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 current portfolio totals 14.2 million square feet, valued at approximately $4.5 billion at Primaris’ 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.

For more information: TSX: PMZ.UN www.primarisreit.com www.sedarplus.ca

Contacts

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 & ESG

647-949-3093

cmahaney@primarisreit.com

Timothy Pire

Chair of the Board

chair@primarisreit.com

SINGAPORE & VICTORIA, Canada–(BUSINESS WIRE)–KKR, a leading global investment firm, British Columbia Investment Management Corporation (“BCI”), and Pinnacle Towers, an Asia-based digital infrastructure platform with a focus on the Philippines, today announced the signing of definitive agreements under which BCI will acquire a minority stake in Pinnacle Towers from KKR, which will remain the majority shareholder.

Pinnacle Towers was established in 2020 to serve the rapidly increasing demand for connectivity and quality telecommunications infrastructure in the Philippines. Led by a highly experienced management team, the platform specializes in executing on Build-to-Suit (“BTS”) telecommunications tower projects, optimizing the use and management of Sale-and-Leaseback (“SLB”) assets with leading mobile network operators, and providing ancillary management services to industry players. In the span of five years, Pinnacle Towers has scaled to become the largest independent tower company in the Philippines with around 7,000 towers.¹

Lincoln Webb, Executive Vice President & Global Head, Infrastructure & Renewable Resources, BCI, said, “We are excited to work closely with KKR and Pinnacle’s management team to support the growth of the business. The Philippines represents a compelling market for long-term capital, especially in essential digital infrastructure services. This investment aligns with our emerging markets strategy of backing high-quality infrastructure assets alongside strong institutional partners. We look forward to supporting Pinnacle Towers as it continues to enhance digital connectivity and drive meaningful impact across the Philippines.”

Projesh Banerjea, Managing Director, Infrastructure, KKR, said, “We are very proud of the success that we have achieved with Pinnacle Towers to serve the Philippines’ connectivity needs. Since our initial investment, we have collaborated closely with Pinnacle Towers’ outstanding management team to deepen the platform’s capabilities and scale its presence organically and through bolt-on acquisitions. We are delighted to welcome BCI, who share our long-term vision and commitment to developing critical digital infrastructure, as strategic partners and look forward to building on Pinnacle Towers’ strong growth momentum.”

Patrick Tangney, Chairman and CEO of Pinnacle Towers, said, “Over the last five years, with the support of KKR, Pinnacle Towers has grown to become the leading independent tower company in the Philippines. BCI’s investment marks an important milestone in our journey and is a strong endorsement of our mission. With BCI and KKR as strategic partners, we are well-positioned to continue driving greater digital connectivity in the Philippines and across the region.”

BCI Infrastructure & Renewable Resources has a global portfolio with nine active investments in the Asia-Pacific region, including Rakuten Mobile (a leading communications tower company in Japan), Altius (a leading communications tower company in India), and Cube Highways (the largest toll road operator in India). The program continues to expand its presence in the region with the addition of this minority stake acquisition in Pinnacle Towers.

KKR made its investment in Pinnacle Towers from its Asia Infrastructure Funds I and II. KKR first established its global infrastructure team and strategy in 2008 and has since been one of the most active infrastructure investors around the world. KKR’s Asia Pacific infrastructure platform was established in 2019 and has since organically grown to approximately US$13 billion in assets under management.

The transaction is expected to be completed by Q3 2025, subject to customary regulatory approvals.

About BCI

British Columbia Investment Management Corporation (BCI) is amongst the largest institutional investors in Canada, with C$250.4 billion in gross assets under management as of March 31, 2024. Based in Victoria, British Columbia, with offices in Vancouver, New York, and London, U.K., BCI manages a portfolio of diversified public and private market investments on behalf of its British Columbia pension fund and institutional clients. Learn more at www.bci.ca.

About KKR

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.

About Pinnacle Towers

Pinnacle invests in, builds and operates telecommunications infrastructure with a focus on towers and related assets. Pinnacle is an Asia-focused digital infrastructure platform with a strong focus on the rapidly growing Philippines market. Frontier’s leadership team includes founders of a number of highly successful tower companies and former C-level executives from some of the world’s leading wireless operators. KKR first invested in Pinnacle Towers in 2020.

_____________________

1 Including sites contracted to build or acquire

 

Contacts

Media Contacts

For BCI

Olga Petrycki

+1 778 410 7310

media@bci.ca

For KKR Asia Pacific

Wei Jun Ong

+65 6922 5813

WeiJun.Ong@kkr.com

For Pinnacle Towers

Hendrik-Jan Kroon

Hendrik@frontiertowersphilippines.com

TORONTO–(BUSINESS WIRE)–Granite Real Estate Investment Trust (“Granite REIT” or “Granite”) (TSX: GRT.UN / NYSE: GRP.U) announced today the results of the matters voted on at its annual general meeting of unitholders held virtually earlier today (the “Meeting”). Each of the individuals nominated for election as a trustee of Granite REIT, as set out in Granite’s Management Information Circular dated April 10, 2025, were elected as set out below.

A total of 46,975,817 units (76.33% of outstanding units) were represented in person or by proxy at the Meeting.

The results of the votes held at the Meeting are as follows:

	As Trustee of Granite REIT
Nominee	Votes For	%	Votes Withheld	%
Peter Aghar	46,720,611	99.96	16,451	0.04
Robert D. Brouwer	46,718,253	99.96	18,809	0.04
Remco Daal	46,719,851	99.96	17,211	0.04
Kevan Gorrie	46,718,854	99.96	18,208	0.04
Fern Grodner	46,702,622	99.93	34,439	0.07
Kelly Marshall	46,719,233	99.96	17,829	0.04
Al Mawani	46,714,661	99.95	22,400	0.05
Sheila A. Murray	46,118,510	98.68	618,552	1.32
Emily Pang	46,687,172	99.89	49,890	0.11
Jennifer Warren	46,704,550	99.93	32,512	0.07

	Votes For	%	Votes Withheld	%
Re-appointment of Deloitte LLP as Auditor of Granite REIT	46,821,711	99.67	154,106	0.33

	Votes For	%	Votes Against	%
Non-binding advisory resolution on Granite’s approach to executive compensation	45,335,704	97.00	1,401,356	3.00

ABOUT GRANITE

Granite is a Canadian-based REIT engaged in the acquisition, development, ownership and management of logistics, warehouse and industrial properties in North America and Europe. Granite owns 144 investment properties representing approximately 63.3 million square feet of leasable area.

OTHER INFORMATION

Copies of financial data and other publicly filed documents about Granite are available through the internet on the Canadian Securities Administrators’ System for Electronic Data Analysis and Retrieval+ (SEDAR+) which can be accessed at www.sedarplus.ca and on the United States Securities and Exchange Commission’s Electronic Data Gathering, Analysis and Retrieval System (EDGAR) which can be accessed at www.sec.gov.

For further information, please see our website at www.granitereit.com or contact Teresa Neto, Chief Financial Officer, at 647-925-7560 or Andrea Sanelli, Senior Director, Legal & Investor Services, at 647-925-7504.

Contacts

Teresa Neto

Chief Financial Officer

647-925-7560

Andrea Sanelli

Senior Director, Legal & Investor Services

647-925-7504

KITCHENER, Ontario–(BUSINESS WIRE)–RouteThis, a leader in WiFi customer experience (CX) solutions, is proud to announce that Co-Founder and CEO Jason Moore was named the winner of the Fiber Broadband Association’s 2025 Fiber Under Forty Award. The honor was announced during the FBA Awards Luncheon at Fiber Connect 2025 in Nashville, Tennessee.

The Fiber Under Forty award celebrates rising stars who are making significant contributions to the fiber broadband industry early in their careers. Jason Moore was recognized for his visionary leadership and groundbreaking work in reshaping how service providers deliver high-performance WiFi experiences.

“The individuals and organizations recognized this year are driving real progress in our industry,” said Gary Bolton, President and CEO of Fiber Broadband Association. “Their leadership, innovation and commitment to delivering high-performance fiber broadband are not only connecting communities, but also shaping the future of economic opportunity and technological advancement.”

With a background in electrical engineering and over a decade of broadband experience, Moore has led RouteThis in creating a CPE-agnostic platform that helps ISPs improve their quality of install, reduce truck rolls, increase ARPU, and scale support operations efficiently. Most recently, under Moore’s guidance, RouteThis launched a groundbreaking WiFi self-install solution designed to enable ISPs to deliver smarter, more intuitive self-installs – while still ensuring that subscribers get the best WiFi experience from Day One.

Moore is also pioneering the use of AI, WiFi diagnostics, OCR, and AR to make WiFi customer experience more personalized, visual and adaptive – whether it’s an install, repair or support interaction, ultimately helping providers differentiate in a competitive market. His work has been especially impactful as providers expand into more rural and underserved areas, where scaling efficient support and seamless installation while reducing OpEx is critical.

The 2025 Fiber Broadband Association Awards drew nearly 100 submissions and recognized standout individuals and organizations shaping the future of fiber. Moore’s win affirms his place among the most influential voices guiding the next era of broadband innovation.

For more information, visit www.routethis.com

About RouteThis

RouteThis is transforming WiFi customer experience by empowering Service Providers and Smart Home brands to deliver exceptional residential WiFi installation, repair, and support with CPE-agnostic software solutions and remote support platforms. RouteThis has served over 200 companies globally, driving value by reducing average handle times, deploying fewer truck rolls, and increasing average revenue per user. Headquartered in Ontario, Canada, visit RouteThis.com and follow us on LinkedIn to learn more.

Contacts

Media Contact:

Christy Barbaran

Connect2 Communications for RouteThis

RouteThis@connect2comm.com

TORONTO–(BUSINESS WIRE)–#ChoiceProperties–Choice Properties Real Estate Investment Trust (“Choice Properties” or the “Trust”) (TSX: CHP.UN) announced today that it will be reporting second quarter 2025 results on Thursday, July 17, 2025, after-market hours.

Management will host a conference call the next day on Friday, July 18, 2025 at 10:00 AM (ET) with a simultaneous audio webcast. To access via teleconference please dial 1 (888) 330-2454 or 1 (240) 789-2714 and enter the event passcode: 4788974. The link to the audio webcast will be available on www.choicereit.ca/events-webcasts.

About Choice Properties Real Estate Investment Trust

Choice Properties is a leading Real Estate Investment Trust that creates enduring value through places where people thrive.

We are more than a national owner, operator and developer of high-quality commercial and residential real estate. We believe in creating spaces that enhance how our tenants and communities come together to live, work, and connect. This includes our industry leadership in integrating environmental, social and economic sustainability practices into all aspects of our business. In everything we do, we are guided by a shared set of values grounded in Care, Ownership, Respect and Excellence.

For more information, visit Choice Properties’ website at www.choicereit.ca and Choice Properties’ issuer profile at www.sedarplus.ca.

Contacts

For more information:
Erin Johnston

Chief Financial Officer

Choice Properties REIT

(647) 294-8724

Erin.Johnston@choicereit.ca

LADERA RANCH, Calif.–(BUSINESS WIRE)–Strategic Storage Trust VI, Inc. (“SST VI”), a publicly registered non-traded real estate investment trust sponsored by an affiliate of SmartStop Self Storage REIT, Inc. (“SmartStop”) (NYSE: SMA), in partnership with SmartCentres (TSX: SRU.UN), is proud to announce the opening of its 14^th facility in Canada and its 12^th in the Greater Toronto Area, located at 1480 Jane Street in Toronto.

This six-story, climate-controlled facility spans approximately 105,000 net rentable square feet and includes more than 1,200 climate-controlled storage units. Strategically positioned on a 2.67-acre site, the property offers strong visibility along Jane Street, which averages more than 40,000 vehicles daily. The location is equipped with two elevators and sits south of a recently opened FreshCo grocery store and within the heart of Toronto’s Mount Dennis, Brookhaven and Weston neighborhoods.

The new facility is well positioned to serve a densely populated and growing urban area. Within a three-mile radius, demand for convenient, secure storage is rising – driven in part by development plans that call for 2,000 new residential units within five miles of the site.

SmartStop’s newest location will serve the surrounding communities of Maple Leaf, Rockcliffe–Smythe, Richview, Brookhaven–Amesbury, Beechborough–Greenbrook, Glen Park, York and Humber Heights–Westmount.

“Toronto continues to be a key market for us, and this new Jane Street facility strengthens our presence in one of its fastest-growing areas,” said H. Michael Schwartz, Chairman and CEO of SST VI. “We’re committed to meeting the needs of the surrounding communities with secure, high-quality storage, and this location is a great example of how we’re delivering on that promise.”

About Strategic Storage Trust VI, Inc. (SST VI):

SST VI is a Maryland corporation that was elected to qualify as a REIT for federal income tax purposes. SST VI’s primary investment strategy is to invest in income-producing and growth self-storage facilities and related self-storage real estate investments in the United States and Canada. As of June 3, 2025, SST VI has a portfolio of 13 operating properties in the United States comprising approximately 9,015 units and 1,079,395 rentable square feet (including parking); 11 properties with approximately 10,205 units and 1,067,715 rentable square feet (including parking) in Canada, joint venture interests in four operational and one development property in two Canadian provinces (Ontario and Québec) and one wholly owned development property in Ontario.

About SmartStop Self Storage REIT, Inc. (SmartStop):

SmartStop Self Storage REIT, Inc. (“SmartStop”) (NYSE: SMA) is a self-managed REIT with a fully integrated operations team of approximately 600 self-storage professionals focused on growing the SmartStop® Self Storage brand. SmartStop, through its indirect subsidiary SmartStop REIT Advisors, LLC, also sponsors other self-storage programs. As of June 3, 2025, SmartStop has an owned or managed portfolio of 222 operating properties in 23 states, the District of Columbia, and Canada, comprising approximately 158,900 units and 17.9 million rentable square feet. SmartStop and its affiliates own or manage 42 operating self-storage properties in Canada, which total approximately 35,700 units and 3.6 million rentable square feet. Additional information regarding SmartStop is available at www.smartstopselfstorage.com.

Contacts

David Corak
SVP of Corporate Finance & Strategy

SmartStop Self Storage REIT, Inc.

IR@smartstop.com

TORONTO–(BUSINESS WIRE)–RioCan Real Estate Investment Trust (“RioCan” or the “Trust”) (TSX: REI.UN) announced today that a receivership process has been established to protect the interests of RioCan and the other stakeholders in the RioCan-HBC Joint Venture (the “JV”). The receivership proceeding will create a structured process within which RioCan can work with a receiver and other stakeholders to advance and execute solutions for the JV’s properties to benefit the JV and its stakeholders. This includes activities such as dispositions, re-leasing and advancing potential redevelopment opportunities of individual properties. RioCan’s exposure to Hudson’s Bay Company (“HBC”), whether as a limited partner, secured lender or guarantor of certain JV obligations remains unchanged as a result of the receivership proceeding. For further information on the JV, please refer to RioCan’s press release dated March 18, 2025, RioCan Real Estate Investment Trust Provides Update on Hudson’s Bay Company’s CCAA Filing.

The Ontario Superior Court of Justice (Commercial List) has granted RioCan’s application to appoint FTI Consulting Canada Inc. (“FTI” or the “Receiver”) as the receiver over all of the assets and properties of the JV. The JV’s receivership proceeding will be a single proceeding that focuses solely on the JV’s assets, and advanced in parallel with the HBC Companies’ Creditors Arrangement Act (“CCAA”) proceeding.

FTI, as the Receiver, will immediately take steps and actions with respect to the JV and its assets in order to preserve and maximize value for the benefit of RioCan and other JV stakeholders. FTI has extensive experience in restructurings and court-appointed receivership proceedings. FTI will oversee the affairs of the JV specifically, managing the process independently of the HBC CCAA proceeding. Pursuant to the court order appointing the Receiver, the JV’s leasehold and 100% owned properties will benefit from a stay of proceedings to allow the Receiver and its stakeholders sufficient time to take such steps as are necessary to effectively deal with the JV’s assets. The co-owned properties of the JV will continue to be managed by RioCan in the normal course.

About RioCan

RioCan is one of Canada’s largest real estate investment trusts. RioCan owns, manages and develops retail-focused, mixed-use properties located in prime, high-density transit-oriented areas where Canadians want to shop, live and work. As at March 31, 2025, our portfolio is comprised of 177 properties with an aggregate net leasable area of approximately 32 million square feet (at RioCan’s interest). To learn more about us, please visit www.riocan.com.

Forward-Looking Information

This News Release contains forward-looking information within the meaning of applicable Canadian securities laws. This information reflects RioCan’s objectives, our strategies to achieve those objectives, as well as statements with respect to management’s beliefs, estimates and intentions concerning anticipated future events, results, circumstances, performance or expectations that are not historical facts. Forward-looking information can generally be identified by the use of forward-looking terminology such as “outlook”, “objective”, “may”, “will”, “would”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “should”, “plan”, “continue”, or similar expressions suggesting future outcomes or events. Such forward-looking information reflects management’s current beliefs and is based on information currently available to management. All forward-looking information in this News Release is qualified by these cautionary statements. Forward-looking information is not a guarantee of future events or performance and, by its nature, is based on RioCan’s current estimates and assumptions, which are subject to numerous risks and uncertainties, including those described in the “Risks and Uncertainties” section in RioCan’s MD&A for the three months ended March 31, 2025 and in our most recent Annual Information Form, which could cause actual events or results to differ materially from the forward-looking information contained in this News Release. Although the forward-looking information contained in this News Release is based upon what management believes are reasonable assumptions, there can be no assurance that actual results will be consistent with this forward-looking information.

The forward-looking statements contained in this News Release are made as of the date hereof, and should not be relied upon as representing RioCan’s views as of any date subsequent to the date of this News Release. Management undertakes no obligation, except as required by applicable law, to publicly update or revise any forward-looking information, whether as a result of new information, future events or otherwise.

Contacts

RioCan Real Estate Investment Trust

Investor Relations Inquiries

Email: ir@riocan.com

Media Inquiries

Email: media@riocan.com

CALGARY, Alberta–(BUSINESS WIRE)–Mainstreet Equity Corp. (“Mainstreet” or the “Corporation”) (TSX:MEQ) today announced that the Toronto Stock Exchange (“TSX”) has accepted its notice of intention to make a normal course issuer bid to purchase outstanding common shares of the Corporation (“Shares”) on the open market in accordance with the rules of the TSX.

The Corporation is authorized to purchase up to 475,359 Shares under the normal course issuer bid, representing approximately 10% of its public float of issued and outstanding Shares, as of May 30, 2025. As of that date, there were 9,318,818 Shares issued and outstanding. The average daily trading volume of the Shares for the past six months ended April 30, 2025, calculated in accordance with the rules of the TSX, was 4,082 and Mainstreet is subject to a daily repurchase limit of 1,020 Shares. Mainstreet intends to commence the normal course issuer bid on June 3, 2025 and terminate the bid on June 2, 2026 or such earlier time as the bid is completed or terminated at the option of Mainstreet.

All shares purchased under this bid will be purchased in the open market through the facilities of the TSX and/or alternative Canadian trading systems at the prevailing market price at the time of such transaction. Shares acquired under the bid will be cancelled.

Mainstreet intends to acquire Common Shares from time to time in amounts and prices which its management believes are favourable and consistent with prudent economic and financial considerations. During the period between June 3, 2024 and the date hereof, Mainstreet repurchased Nil Shares under its previous normal course issuer bid. Mainstreet had approval from the TSX to acquire up to 475,229 Shares under such previous normal course issuer bid.

Mainstreet’s Board of Directors believes that, from time to time, the market price of its Shares may not reflect their underlying value. At such times, the Board of Directors believe that the purchase of Shares for cancellation pursuant to the normal course issuer bid is in the best interests of Mainstreet and its shareholders, as the cancellation of the Shares will increase the value of the remaining Shares.

Forward-Looking Information

Certain statements contained herein constitute “forward-looking statements” as such term is used in applicable Canadian securities laws. These statements relate to, among other things, Mainstreet’s intentions to acquire Shares pursuant to the normal course issuer bid, the timing of such bid and that the repurchase and cancellation of the Shares pursuant to the bid is in the best interests of the shareholders and that it will increase the value of the remaining Shares. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions of future events or performance (often, but not always, using such words or phrases as “expects” or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “estimates” or “intends”, or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved) are not statements of historical fact and should be viewed as forward-looking statements.

Such forward-looking statements are not guarantees of future events or performance and by their nature involve known and unknown risks, uncertainties and other factors, including those risks described in the Corporation’s Annual Information Form under the heading “Risk Factors” and the failure to realize anticipated benefits of the normal course issuer bid, that may cause the actual results, performance or achievements of the Corporation to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Although the Corporation has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, other factors may cause actions, events or results to be different than anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could vary or differ materially from those anticipated in such forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking statements contained herein.

Forward-looking statements are based on management’s beliefs, estimates and opinions on the date the statements are made, and the Corporation undertakes no obligation to update forward-looking statements if these beliefs, estimates or opinions should change, except as required by applicable securities laws or as otherwise described therein.

Certain information set out herein may be considered as “financial outlook” within the meaning of applicable securities laws. The purpose of this financial outlook is to provide readers with disclosure regarding the Corporation’s reasonable expectations as to the anticipated results of its proposed business activities for the periods indicated. Readers are cautioned that the financial outlook may not be appropriate for other purposes.

Contacts

For further information: Bob Dhillon, Founder, President & CEO

D: +1 (403) 215-6063

Executive Assistant: +1 (403) 215-6070

100, 305 10 Avenue SE, Calgary, AB T2G 0W2 Canada

TSX: MEQ

https://www.mainst.biz/
https://www.sedarplus.ca

From homeownership and career success to personal growth and exploration, Canadians are telling us what it means to achieve success in today’s world, with many identifying travels as a top necessity for an accomplished life, before more traditional routes.

MONTREAL–(BUSINESS WIRE)–With economic uncertainty reshaping financial priorities, Canadians are increasingly finding themselves at a crossroads when having to prioritize big spending decisions. In a recent survey fielded in March 2025 by Arlington Research and polling 1,500 adults living in Canada who had flown at least once in the past two years, FlightHub took a deep dive into Canadians’ sentiments surrounding travel and how it compares to other life milestones, such as homeownership and career, to see if the needle was moving as to what was seen as a luxury – or a necessary – activity.

Canadians (also) define success through experiences – and travel is key

The white picket-fence dream does not seem to be a one-size-fits all dream: in a close tie with the traditional focus on homeownership, travel is now seen as a significant milestone. According to the survey, 60 per cent of respondents view travel as an important life achievement, slightly surpassing homeownership (58%), earning a high income (44%), having children (41%) and career advancement (38%).

While 54 per cent of respondents own a home, 30 per cent are saving to buy one and 14 per cent have no plans for homeownership. However, 61 per cent of respondents agree that if real estate were more affordable, they would prioritize homeownership over travel.

“Canadians’ view of success now also integrates different experience-based milestones. While other work or home-related goals are still strong symbols of achievement, the survey highlights that many are finding success in life’s experiences, particularly in travel,” says Henri Chelhot, CEO of FlightHub. “Travel is no longer just about leisure – it’s a powerful tool for personal growth, exploration and creating memories.”

A mix of material and experience-based financial priorities for Canadians in 2025

How do both those experiential and material success milestones materialize when it comes to financial planning and budget choices? The survey found that Canadians prioritize saving for retirement first (70%), followed by buying at home (66%), paying off their debts (62%), travelling (58%), and buying a car (32%).

However, when asked about budget management to respond to economic uncertainty and inflation, it appears Canadians are quite protective of their travel money, which came in fourth position of expenses Canadians say they would cut to make ends meet (41% ranked it as one of the top 3 choices, and only 18% as their top budget cut). Before cutting down on travel spends, respondents indicated that would first reduce restaurants (62%), entertainment (58%) and gift-giving (46%). In fact, travel comes in as the last experience-based expense people would trade-off for food on the table, or other utilities (clothing, 33%, transportation, 10%, groceries, 8%, utilities, 6%).

Additionally, 62 per cent of respondents indicated they would gladly reallocate funds from material purchases such as clothing, electronics, or furniture to fund a trip.

Travel: a necessity for one-third of Canadians; material purchases prioritized for Gen Z Canadians

The survey also underscores the growing importance of travel in Canadians’ lifestyles. For 32 per cent of respondents, travel is seen as a necessity – an essential part of their routine and something they could not live without. Another 46 per cent describe travel as a luxury, while 22 per cent identify it as a “nice-to-have” but not crucial.

In fact, 67 per cent of respondents overall consider travel an investment in personal growth – a figure that rises significantly among those who view travel as essential (88%).

The survey also highlights clear generational differences in attitudes towards travel. Millennials, Gen X and Boomers were more likely to view travel as a necessity and a factor of success and personal growth, therefore prioritizing it over material goods. These groups also have a higher annual average income and are more likely to own a home. On the other hand, Gen Z, with an income under $100,000, still paying off debt, renting and saving to buy a home, are more likely to see travel as a luxury, but also more largely agreeing they would prioritize real estate over travel if it was more affordable. They tend to balance or prioritize material purchases.

“Through generational realities and financial means, it is interesting to notice a strong appetite for investing in experiences despite economic uncertainties,” concluded Chelhot. “Travel being prioritized over daily and more easily accessible entertainment spendings, such as restaurants, points to the financial commitment to mobility and adventure as a fuel for personal growth in other ways than the more traditional routes. As Canadians want to explore outside their homes, the survey is also a good reminder to work collectively within the industry to provide accessible and affordable travel options for all budgets, and notably younger generations.”

About the Survey

The survey, conducted by Arlington research team, was in field from March 12-17, 2025, and engaged a sample of 1,500 Canadians who have flown for business or leisure in the past two years. For comparison purposes only, a survey of this size would have a margin of error of +/- 3% at a confidence level of 95%.

About FlightHub

FlightHub™, a Momentum Ventures subsidiary, is a leading North American online travel agency (OTA) based in Montreal, Canada. FlightHub proudly serves millions every year, enabling more people to visit new places and explore new cultures. FlightHub’s goal is to offer travellers the most affordable flights, optimal itineraries, and exceptional customer service. The leading online travel agency (OTA) believes that broadening travel possibilities and connecting people across borders increases human consciousness, reduces fear, and inspires positive change. Founded in 2012, FlightHub has facilitated more than 30 million connections.

Contacts

Media Contact
media_relations@flighthub.com

Public voting is open now through June 10 at go.qxo.com/femaleroofpro

GREENWICH, Conn.–(BUSINESS WIRE)–QXO, Inc. (NYSE: QXO) today announced that five trailblazing women have been named finalists in the 2025 North American Female Roofing Professional of the Year program, an annual campaign celebrating the outstanding contributions, leadership and professionalism of women in the roofing industry.

Now in its fifth year, the program shines a spotlight on female roofing professionals who are making a difference through innovation, mentorship, safety and a commitment to excellence in their field. These finalists represent the future of roofing across North America.

The five 2025 finalists are:

• Elizabeth Evans, Founder and CEO, E2 Roofing, Jacksonville, FL
• Stacey Lytton, COO, Horch Roofing, Warren, ME
• Rachel Narveson, Founder and CEO, Proficient Construction, Lake Elmo, MN
• Sarah Sutton-Shouse, Service Manager, Raincoat Roofing, Broadview, IL
• Skye Williams, Founder and CEO, Samurai Roofing Services, Houston, TX

QXO Chief Human Resources Officer Josephine Berisha said, “These five extraordinary finalists possess the talent, grit and leadership qualities that raise the bar for our entire industry. At QXO, we’re proud to celebrate women who master their craft and inspire the next generation to reach even higher.”

This year’s finalists were selected from over 1,000 nominations across the US and Canada. The finalist selection committee was made up of female leaders across the industry including the Chair of National Women in Roofing, the publisher of Roofing Contractor, the president of RoofersCoffeeShop.com, female roofers and select leaders from QXO.

QXO invites the public to vote for their choice for the grand prize winner May 27 through June 10, 2025 by visiting the Female Roofing Professional of the Year program website at go.qxo.com/femaleroofpro. The five finalists will receive funding that can be used to support their professional development with the grand prize winner receiving $10,000.

The grand prize winner will be announced on June 18, 2025, and celebrated across industry platforms, highlighting the vital role women play in shaping the future of roofing.

About QXO

QXO is the largest publicly traded distributor of roofing, waterproofing and complementary building products in the United States. The company plans to become the tech-enabled leader in the $800 billion building products distribution industry and generate outsized value for shareholders. QXO is targeting $50 billion in annual revenues within the next decade through accretive acquisitions and organic growth. Visit QXO.com for more information.

Contacts

Media:
Joe Checkler

joe.checkler@qxo.com
203-609-9650

Christina Alvarez

Mulberry Marketing Communications

calvarez@mulberrymc.com
708-908-0898

TORONTO–(BUSINESS WIRE)–Primaris Real Estate Investment Trust (“Primaris”, the “REIT” or the “Trust”) (TSX: PMZ.UN) announced today that it has received notice from the court-appointed monitor overseeing Hudson’s Bay Company (“HBC”) proceedings under the Companies’ Creditor Arrangement Act (“CCAA”) that 5 of the 9 HBC leases within the Primaris portfolio did not received any bids and have been disclaimed. As a result, Primaris will assume full control of these sites effective June 16, 2025. The leases disclaimed by HBC include:

As at May 26, 2025 ‘000s square feet, unless otherwise indicated) (unaudited)		Property Ownership	HBC Lease Status	Property GLA1 at Share	HBC GLA at Share
Cataraqui Town Centre	Kingston, ON	50 %	Disclaimed	286.2	56.5
Les Galeries de la Capitale	Québec, QC	100 %	Disclaimed	987.5	163.3
Medicine Hat Mall	Medicine Hat, AB	100 %	Disclaimed	467.5	93.2
Place d’Orleans Shopping Centre	Orleans, ON	50 %	Disclaimed	350.1	57.8
Sunridge Mall	Calgary, AB	100 %	Disclaimed	803.7	161.3
5 locations				2,895.0	532.1
1 Gross leasable area.

The disclaimer of the above 5 locations will result in:

• 532,100 square feet of vacancy, reducing Q1 2025 pro forma in-place portfolio occupancy by 3.7 percentage points from 93.2% to 89.5%;
• $5.5 million of lower annualized revenue; and
• $3.9 million of lower annualized net operating income** (“NOI”).

“Regaining control of five of our valuable anchor locations allows Primaris to commence repurposing a significant amount of low productivity space, and marks the beginning of our value surfacing exercise,” commented Alex Avery, Chief Executive Officer. “While HBC has been the focus of a lot of discussion and attention, the real story is just beginning, as the disclaiming of leases has finally removed obstructionist barriers enabling us to enhance our properties. We are confident that the quantitative and qualitative benefits of regaining control of these spaces will be materially positive for our properties and our unitholders.”

Anticipated HBC Site Repurposing

Primaris is now able to proceed with certainty. With significant planning and preparation work already complete, management is now focused on rapidly executing on its longstanding re-tenanting, redevelopment, and repurposing plans in relation to each of the five disclaimed locations. Discussions and negotiations are ongoing, and management expects to be able to announce definitive agreements, leases and plans for most of these locations over the remainder of 2025. Primaris’ ultimate goal is to provide clarity for stakeholders and minimize disruption at the properties while delivering new rental income as soon as possible.

“There is strong tenant demand for our HBC boxes, and we are in discussions with strong covenant, high-quality national retailers, including large format tenants,” said Patrick Sullivan, President and Chief Operating Officer. “There are opportunities where tenants are considering the entire box, others will be subdivided, and others are likely to be demolished to accommodate development of new outparcel and higher density opportunities.”

For the 5 disclaimed leases, Primaris estimates it will cost approximately $50 million to $60 million to complete its repurposing and redevelopment plans, which are expected to result in a reduction of GLA from 532,100 square feet to approximately 475,000 square feet. Management anticipates associated annual NOI** of approximately $4 million to $5 million, with initial tenant occupancy expected in Q2 2026, and cash rent commencing as soon as early 2027. The expected overall NOI** yield on invested capital across these five properties is between 8% and 9%. The financial benefits of HBC’s departure are not limited to the replacement rents of the remaining space. Across these five properties comprising 252 acres of land, Primaris will be relieved of the following obligations as a result of the disclaimed HBC leases:

• 1,866 parking space requirements (13 acres of land at approximately 144 spaces per acre); and
• “No-build” restrictions across approximately 71 acres of land which precluded construction of any buildings on large portions of the shopping centre sites, including the 9 acres occupied by HBC stores.

All of these properties now offer significant intensification opportunities spanning retail outparcels, the potential sale of excess lands for multi-residential, hotel, or other high density uses, and the future expansion of the malls themselves.

In addition to the above noted financial benefits and removed restrictions, regained control of these leases offers further indirect financial and qualitative benefits to the shopping centres, such as the halo effect on sales and rents from adjacent tenants following re-tenanting, or the positive impact on capitalization rates and valuations for properties that replace underperforming tenancies with new, stronger retailers. Primaris’ ongoing redevelopment of the former Sears store at Devonshire Mall in Windsor, Ontario illustrates the significant benefits that come with replacing low productivity tenants with new and high productivity tenants, along with revitalizing capital investment.

Four HBC Leases Subject To CCAA Bids

Primaris has 4 remaining HBC locations that are subject to bids from qualified bidders. While limited information is available about these bids, including any retailer plans or requested lease modifications, Primaris believes that it will have significant influence over the outcomes of the bids. This is due to the significant deferred maintenance in the stores, and the time and cost required to restore the spaces to satisfactory operating condition for a retailer. Primaris is not yet able to comment on the viability of the operating strategies or financial strength of the retailers bidding on these locations, but it will provide further details in the ordinary course once they are known. The REIT’s remaining exposure to the 4 HBC leases currently subject to retailer bids is as follows:

As at May 26, 2025 ‘000s square feet, unless otherwise indicated) (unaudited)		Property Ownership	HBC Lease Status	Property GLA at Share	HBC GLA at Share
Conestoga Mall	Waterloo, ON	100 %	Bid	666.1	130.6
Orchard Park Shopping Centre	Kelowna, BC	100 %	Bid	651.1	127.3
Oshawa Centre	Oshawa, ON	100 %	Bid	1,215.2	122.6
Southgate Centre	Edmonton, AB	50 %	Bid	425.4	118.3
4 locations				2,957.8	498.8

The above locations represent the following metrics within Primaris’ portfolio:

• 4 HBC locations totaling 498,770 square feet of GLA, or approximately 3.5% of portfolio occupancy;
• 34th largest tenant by annualized minimum rent;
• Approximately $5.4 million of gross rental revenue, per annum;
• $10.84 weighted average gross rent per occupied square foot;
• Approximately $2.0 million net rental revenue per annum, or 0.6% of total annualized minimum rent; and
• $3.92 weighted average net rent per occupied square foot.

New HBC Co-Tenancy Estimate

The Primaris portfolio includes over 2,800 leases, of which there are only 27 with co-tenancy clauses that pertain to HBC. Co-tenancy clauses are provisions commonly found in commercial real estate leases that stipulate certain conditions under which a tenant’s rent or other obligations may be reduced or modified. These clauses typically come into effect when specific anchor tenants, such as HBC, or a certain percentage of tenants within a shopping centre or retail complex cease operations or vacate their premises. In most cases, additional triggers must also be met, such as a prescribed rate of decline in tenant sales, or sales falling below a certain threshold.

Of the 27 co-tenancy clauses tied to HBC, 13 are associated with the 5 disclaimed HBC leases and 14 relate to the 4 HBC locations currently subject to retailer bid. As a result of the trigger requirements contained in the co-tenancy clause, as well as certain mitigation strategies available to Primaris due to its scale and relationships with certain tenants, management estimates that the total impact on 2025 rental revenue from these co-tenancy provisions will be less than $2 million. Primaris is working to reduce this impact to zero.

2025 Financial Outlook Maintained

Disciplined capital allocation is a key pillar to Primaris’ strategy. Providing financial and operating guidance is not only helpful for investors and analysts, as they evaluate the performance and prospects of an investment in Primaris REIT, but it also creates a rigorous discipline for management, including detailed forecasting, as well as a comprehensive framework with which to evaluate outcomes.

Primaris reaffirms its financial and operating guidance for the fiscal year 2025 set out in its management’s discussion and analysis for the three months ended March 31, 2025 and 2024 (the “MD&A”), which guidance has been reproduced below.

Primaris is committed to clear, timely and transparent disclosure.

• The REIT first provided 2025 Financial Guidance on February 13, 2025 with the release of its 2024 financial results;
• Following the March 7th CCAA filing of HBC, Primaris provided a detailed update of its HBC exposure on March 10, 2025;
• On April 30, along with its Q1 2025 financial and operating results, Primaris confirmed its original 2025 Financial guidance first provided on February 13, 2025, maintaining all metrics other than occupancy guidance; and
• Today, Primaris reaffirms that financial and operating guidance.

		2025 Guidance
(unaudited)		Previously Published		Updated		Additional Notes		MD&A Section Reference
Occupancy		Decrease of 6.0% to 7.0%		No change in guidance		Assumes HBC disclaims all their leases, comprising 1,030.6 thousand square feet		Section 8.1, “Occupancy” and Section 8.6 “Top 30 Tenants”
Contractual rent steps in rental revenue		$3.4 to $3.8 million		No change in guidance				Section 9.1, “Components of Net Income (Loss)”
Straight-line rent adjustment in rental revenue		$6.8 to $7.2 million		No change in guidance				Section 9.1, “Components of Net Income (Loss)”
Same Properties Cash NOI** growth		3.0% to 4.0%		No change in guidance		Same Properties excludes Northland (under redevelopment) and the acquisitions of Les Galeries de la Capitale, Oshawa Centre and Southgate Centre		Section 9.1, “Components of Net Income (Loss)”
Cash NOI**		$318 – $323 million		No change in guidance		Includes the impact of the January 31, 2025 acquisitions and approximately $300 million of dispositions throughout the year		Section 9.1, “Components of Net Income (Loss)”
General and administrative expenses		$36 to $38 million		No change in guidance				Section 9.1, “Components of Net Income (Loss)”
Operating capital expenditures		Recoverable Capital $18 to $20 million Leasing Capital $20 to $24 million		No change in guidance				Section 8.7, “Operating Capital Expenditures”
Redevelopment capital expenditures		$48 to $50 million		No change in guidance		Primarily attributable to Devonshire Mall and Northland		Section 7.4, “Redevelopment and Development”
FFO** per unit1		$1.70 to $1.75 per unit fully diluted		No change in guidance		Includes the impact of the January 31, 2025 acquisitions and approximately $300 million of dispositions throughout the year		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 Units outstanding and weighted average diluted units outstanding assumes the exchange of exchangeable preferred units in subsidiary limited partnerships of the Trust that are exchangeable into Trust Units (“Exchangeable Preferred LP Units”). See Section 10.6, “Unit Equity and Distributions”.

Management discloses financial outlook statements for the purpose of providing further information about the Trust’s prospective results of operations. These statements are based on factors and assumptions, such as historical trends, current conditions, and expected developments. Management believes that such financial outlook statements have been prepared on a reasonable basis, reflecting management’s best estimates and judgements. However, because these financial outlook statements are subjective and subject to numerous risks, they should not be relied on as necessarily indicative of future results.

In the press release dated September 24, 2024, Primaris released targets for the period ending December 31, 2027. These targets are not guidance, but are an outlook based on the execution of Primaris’ strategic pillars. Primaris reaffirms its three year targets last published in its MD&A, which targets have been reproduced below.

(unaudited)		3 Year Targets		Progress to Date		Additional Notes		MD&A Section Reference
In-place Occupancy		96.0%				In-place occupancy was 92.4% at December 31, 2023 In-place occupancy was 94.5% at December 31, 2024		Section 8.1, “Occupancy”
Annual Same Properties Cash NOI** growth		3% – 4%				Growth for the year ended December 31, 2023 was 5.4% Growth for the year ended December 31, 2024 was 4.5%		Section 9.1, “Components of Net Income (Loss)”
Acquisitions		> $1 billion		$910 million		October 1, 2024 – Les Galeries de la Capitale January 31, 2025 – Oshawa Centre and Southgate Centre		Section 7.3, “Transactions”
Dispositions		> $500 million		$200.5 million		December 13, 2024 – Edinburgh Market Place February 21, 2025 – excess land February 28, 2025 – Sherwood Park Mall and Professional Centre March 31, 2025 – St. Albert Centre		Section 7.3, “Transactions”
Annual FFO** per unit1 growth (fully diluted)		4% to 6%						Section 9.2, “FFO** and AFFO**”
Annual Distribution Growth		2% – 4%				In November 2022 announced a 2.5% increase In November 2023 announced a 2.4% increase In November 2024 announced a 2.4% increase		Section 10.6, “Unit Equity and Distributions”
** 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 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” of the MD&A.
See Section 2, “Forward-Looking Statements and Financial Outlook” for a description of the material factors, assumptions, risks and uncertainties that could impact the financial outlook statements.

See Section 2, “Forward-Looking Statements and Financial Outlook” of the MD&A for a description of the material factors, assumptions, risks and uncertainties that could impact the financial outlook statements.

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 current portfolio totals 14.2 million square feet, valued at approximately $4.5 billion at Primaris’ 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.

Forward-Looking Statements and Financial Outlook

Certain statements included in this news release 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 news release include but are not limited to statements regarding: HBC’s proceedings under the CCAA and the impact thereof on the REIT; expectations regarding HBC’s leases and the REIT’s plans in respect of the spaces, including the anticipated timing for executing such plans; the benefits of the five disclaimed HBC leases; management’s expectations regarding future leasing activity and tenant demand; management’s belief that it will have influence over the outcome of the four HBC leases currently subject to CCAA bids; the Trust’s ability to mitigate the impact to revenue of co-tenancy clauses pertaining to HBC; and disclosures under the heading “2025 Financial Outlook Maintained”.. 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 Trust’s MD&A and its management’s discussion and analysis for the year ended December 31, 2024 and 2023 (the “Annual MD&A”), which are available on SEDAR+, and in Primaris’ other materials filed with the Canadian securities regulatory authorities from time to time.

Certain forward-looking information included in this news release may also be considered “financial outlook” for purposes of applicable securities law, including statements under the heading “2025 Financial Outlook Maintained”. Financial outlook about the Trust’s prospective results of operations including, without limitation, anticipated FFO** per unit, anticipated Cash NOI** and Same Properties Cash NOI** growth, impact on rental revenue of contractual rent-steps, anticipated general and administrative expenses, anticipated operating capital expenditures, anticipated redevelopment capital expenditures, anticipated straight-line rent adjustment to revenue, anticipated growth in occupancy, and the Trust’s December 2027 targets for a number of key metrics including in-place occupancy, annual Same Properties Cash NOI** growth, acquisition and disposition activity, annual FFO** per unit growth and annual distribution growth, is subject to the same assumptions, risk factors, limitations and qualifications as set forth in the Annual MD&A, as updated by the MD&A, and the Trust’s annual information form. The Trust and management believe that such financial outlook has been prepared on a reasonable basis, reflecting management’s best estimates and judgments. However, this information is subjective and subject to numerous risks. Financial outlook contained in this news release was provided for the purpose of providing further information about the Trust’s prospective financial performance and readers are cautioned that it should not be used for other purposes. 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 and financial outlook contained in this news release. All forward-looking statements and financial outlook in this news release are qualified by these cautionary statements. These forward-looking statements and financial outlook are made as of May 26, 2025, 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 Measures

Primaris’ unaudited interim condensed consolidated financial statements and the accompanying notes for three months ended March 31, 2025 and 2024 (together the “Financial Statements”) were prepared in accordance with International Financial Reporting Standards (“IFRS”), however, in this news release, 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 (“NI 52-112”). Non-GAAP measures in this news release 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 and reconciliations to the most directly comparable GAAP figure, where applicable, can be found in the MD&A, which is available on the Primaris website at www.primarisreit.com and on the SEDAR+ website at www.sedarplus.ca. See Section 12, “Non-GAAP Measures” of the MD&A for the descriptions of each non-GAAP measure used in this news release, Section 9.1, “Components of Net Income (Loss)” of the MD&A for the quantitative reconciliation to the most directly comparable GAAP figures for Cash NOI**, Same Properties Cash NOI** and Section 9.2, “FFO** and AFFO**” of the MD&A for the quantitative reconciliations to the most directly comparable GAAP figure for FFO**. These sections are incorporated by reference herein.

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 weighted average net rent per occupied square foot and weighted average gross rent per occupied square foot. These operating metrics, which may constitute supplementary financial measures as defined in NI 52-112, 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 operating performance of the Trust’s portfolio. For an explanation of the composition of weighted average net rent per occupied square foot, see Section 8.2, “Weighted Average Net Rent” of the MD&A. Weighted average gross rent per occupied square foot is defined as total annual gross rent divided by occupied GLA. Non-financial operating metrics in this news release include GLA and in-place occupancy. For a description of in-place occupancy, see Section 8.1, “Occupancy” of the MD&A.

For more information: TSX: PMZ.UN www.primarisreit.com www.sedarplus.ca

Contacts

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 & ESG

647-949-3093

cmahaney@primarisreit.com

Timothy Pire

Chair of the Board

chair@primarisreit.com