TORONTO–(BUSINESS WIRE)–Primaris Real Estate Investment Trust (“Primaris” or the “Trust”) (TSX: PMZ.UN) will be releasing its financial results for the quarter ended March 31, 2025, on Wednesday, April 30, 2025, after the market closes. Senior leadership will be hosting a conference call and webcast presentation on May 1, 2025.

Conference Call and Webcast:

Date:				Thursday, May 1, 2025, at 8:30 a.m. (ET)
Dial:				1-833-950-0062
Passcode:				852326
Link:				Please go to the Investor Relations section on Primaris’ website or click here.

The call will be accessible for replay until May 8, 2025, by dialing 1-866-813-9403 with access code 538602, or on the Investor Relations section of the website.

Annual General Meeting:

Date: Thursday, May 1, 2025, at 10:00 a.m. (ET)

Link: Please go to the Investor Relations section on Primaris’ website or click here.

The meeting will be accessible for replay until April 30, 2026 on the Investor Relations section of the website.

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 15.0 million square feet, valued at approximately $4.6 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

Twelfth location serves Michigan, Ontario, and more

KANSAS CITY, Mo.–(BUSINESS WIRE)–Vertical Cold Storage, a developer and operator of temperature-controlled distribution centers sponsored by real estate investment firm Platform Ventures, has purchased Arctic Logistics in Canton, MI. The acquisition is the fifth new Vertical Cold facility in the past year, making it the sixth largest cold storage company in North America. Terms were not disclosed.

“This acquisition strengthens our ability to support customers engaged in cross-border trade and adds a critical location to our growing national footprint,” said Jim Henderson, Chief Commercial Officer at Vertical Cold Storage. “With evolving complexities in U.S.-Canada trade, we’re committed to being a reliable cold chain partner for producers and buyers on both sides of the border. I’m excited to work alongside the outstanding team in Detroit and apply my background in international trade to help our customers navigate this dynamic environment with seamless cold storage solutions.”

The facility, located at 4360 South Haggerty Road, Canton, MI, is 140,000 square feet, has 19 dock doors, and includes over 20,000 pallet positions. Built in 1993 and expanded in 1999, the distribution center has blast freezing, case picking, kitting and cross-docking capabilities. Storage areas have temperatures ranging from -20°F to +40°F. The warehouse is USDA inspection certified and features import and export services for trade with Canada, located minutes away.

“In Vertical Cold we have found the perfect partners to bring our business to the next level for the benefit of our customers and our team. All of us are looking forward to a quick and easy transition, and then to sustained growth,” said John Connor, President of Arctic Logistics.

Vertical Cold Storage is immediately implementing its industry-leading technology and operational platform at the facility, which is well-suited for handling frozen commodities like poultry, retail foods, foodservice, and related perishable products.

About Vertical Cold Storage

Vertical Cold Storage is an industry leader in delivering reliable, flexible, and cost-effective cold storage and logistics solutions for the food and beverage industry. We are committed to giving our customers the competitive edge they need to consistently thrive in the complex and ever-evolving business environment of perishables. We offer temperature-controlled cold storage warehousing and distribution solutions in the cities and surrounding areas of Chicago, Dallas, Indianapolis, Charlotte, Miami, and more. Our services are backed by a goal-oriented team of industry veterans and cutting-edge technology with a singular focus on quality results and excellent customer service. Vertical Cold is focused on acquiring and integrating existing and developing greenfield cold storage facilities and providing a consistent customer experience across our entire platform. More information is available at www.verticalcold.com.

About Platform Ventures

Platform Ventures, LLC (or the “Firm”) is an independent, entrepreneurial private investment firm that invests through closed and open-end opportunistic real estate funds with scalable investment strategies. The Firm’s operator-oriented investment platform is vertically integrated across logistics, housing, and real estate credit through subsidiaries that include Platform Investments, LLC, a wholly owned SEC registered investment advisor. The Firm invests selectively across the capital structure in direct acquisitions, joint ventures, recapitalizations, and reorganizations. Platform Investments, LLC, manages over $3.3 billion of assets¹ on behalf of institutional, family office and high net worth investors. Visit platformv.com for more information.

1) As of December 31, 2024. This includes assets managed by our affiliates who are not registered investment advisers, and this amount does not represent Regulatory Assets Under Management as defined by the SEC. SEC registration does not imply a certain level of skill or training.

https://www.linkedin.com/company/verticalcold/

Contacts

Media
Susan Hrabik

Vertical Cold Storage

susan.hrabik@verticalcold.com

TORONTO–(BUSINESS WIRE)–Primaris Real Estate Investment Trust (“Primaris” or the “REIT”) (TSX: PMZ.UN) announced today significant progress on its disposition program that supports its capital recycling objectives, and provided additional commentary on its Hudson’s Bay Company (“HBC”) tenancy.

Disposition

On March 31, 2025, Primaris closed on the sale of St. Albert Centre in St. Albert, Alberta, for $60.0 million to a private real estate operator. The sale price includes a $10 million vendor-take-back loan maturing in one year bearing interest at a rate of 6.0% per annum. St. Albert Centre is anchored by a 93,300 square foot HBC.

The REIT also closed on the previously announced sale of Sherwood Park Mall, Sherwood Park Professional Centre, and excess land (“Sherwood Park Mall”), in Sherwood Park, Alberta for $107.0 million to a private retail operator and developer on February 28, 2025.

“These strategic dispositions further demonstrate our track record of executing on our well-defined growth strategy focused on market leading shopping centres in growing Canadian markets,” said Alex Avery, Chief Executive Officer. “Considering property transactions year to date, we have enhanced the appeal of our enclosed shopping centre portfolio, to our retailer tenants and shoppers, driving the portfolio’s annual same store sales productivity from $705 per square foot as at December 31, 2024, to approximately $752 per square foot on a pro forma basis.”

The dispositions were sold at IFRS fair value, with the use of proceeds allocated to future acquisitions, repurchase, and cancellation of units under the REIT’s Normal Course Issuer Bid (“NCIB”), and general trust purposes.

Sherwood Park Mall and St. Albert Centre were both unencumbered.

The below table summarizes the REIT’s dispositions year to date:

Property Name		Location		Type		Gross Leasable Area (“GLA”)		In-place Occupancy			Total CRU Sales Volume1 ($’000)			Same Stores Sales Productivity1 ($’000)			Disposition Price (millions)			Closing Date
Sherwood Park Mall		Sherwood Park, AB		Enclosed shopping centre		415,237		94.7	%		$	38,799		$	575		$	107.0		February 28, 2025
St. Albert Centre		St. Albert, AB		Enclosed shopping centre		352,812		97.3	%		$	35,396		$	556		$	60.0		March 31, 2025
						768,049					$	74,195					$	167.0
1 Commercial retail unit (“CRU”) tenants that lease units up to 15,000 square feet and include food court and kiosk tenants. As at or for the year ended December 31, 2024. Supplementary financial measure, see “Use of Operating Metrics” below.

HBC Tenancy Update

As at March 31, 2025, the REIT’s exposure to HBC is as follows:

• 9 HBC locations totaling 1,031,000 square feet of GLA;
• 14th largest tenant by annualized minimum rent;
• Approximately $10.8 million of gross rental revenue, per annum;
• $9.94 weighted average gross rent per occupied square foot;
• Approximately $4.5 million net rental revenue per annum, or 1.4% of total annualized minimum rent;
• $4.33 weighted average net rent per occupied square foot; and
• In addition to the 9 owned HBC locations, the shadow-anchor HBC located at Devonshire Mall in Windsor, Ontario is owned by an unrelated HBC joint venture.

“Primaris REIT has been preparing for the departure of HBC, as its department store peers downsized and ceased operations over the past 15 years, including Zellers, Target and Sears,” said Patrick Sullivan, President and Chief Operating Officer. “The departure of Canada’s final conventional department store will enable future value creation for our stakeholders, paving the way for optimal use of space that better reflects the evolving needs and desires of the growing communities.”

Primaris continues to closely monitor HBC’s Companies Creditor Arrangement Act (“CCAA”) process. As has been publicly reported, all HBC locations in Primaris’ portfolio have commenced liquidation, and are not expected to continue operations beyond June 30, 2025. As a result of declining operating performance, significant deferred capital maintenance, and very limited consumer foot traffic draw, Primaris believes that the departure of HBC’s tenancy will be beneficial to the REIT over the medium term, and sees significant upside in the longer term.

Primaris has updated its longstanding re-tenanting, redevelopment, and repurposing plans in relation to each of the locations with significant analysis and evaluation of alternatives. As a result, Primaris is ready to act, at first opportunity.

Financing Activity

On March 26, 2025, Primaris entered into and borrowed on a $100.0 million bilateral non-revolving term facility maturing January 4, 2028, with a one-year extension at Primaris’ option. The bilateral non-revolving term facility bears interest at variable rates of either: (i) Prime plus 0.25% per annum, or (ii) Adjusted Canadian Overnight Repo Rate Average plus 1.25% per annum. The proceeds of the drawdown were used to repay debt on the syndicated revolving term facility and for general trust purposes. Concurrently, Primaris entered into an interest rate swap for $50.0 million at an effective rate of 3.960%. This bilateral non-revolving term facility was arranged by Desjardins Capital Markets.

On March 28, 2025, Primaris repaid $133.1 million aggregate principal of the maturing Series B senior unsecured debentures, which paid a 4.267% interest rate. $100.0 million of this repayment was prefunded by a maturing term deposit which was placed in August 2024 with a portion of the proceeds from the issuance of $500 million Series E and F senior unsecured debentures.

Proforma these financings and the disposition of St. Albert Centre, Primaris has full availability on its undrawn $600.0 million unsecured revolving credit facility, and has a cash balance of $35.0 million at March 31, 2025.

Normal Course Issuer Bid Activity

Due to Primaris’ strong differentiated financial model, recent dispositions and the continued deep approximate 30% discount to the REIT’s most recently published Net Asset Value (“NAV**”) per Unit at which Primaris REIT units trade, management continues to allocate significant available funds to buy back units for cancellation under the REIT’s NCIB. In 2025 the REIT has repurchased 1,755,309 units for approximately $26.8 million through March 31, 2025 at an average price of $15.24 per unit. Repurchases under the NCIB in 2025 have already exceeded all repurchases completed in 2024, which totaled 1,534,500 for a total of approximately $23.4 million at an average price per unit of approximately $14.26, representing a discount to NAV** of approximately 34.0%.

Management continues to view repurchasing units under its NCIB as highly attractive and expects to continue to deploy capital for further repurchases for the foreseeable future.

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 15.0 million square feet, valued at approximately $4.6 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 Future Oriented Financial Information

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 CCAA process and the impact thereof on the REIT; expectations regarding HBC’s leases and the REIT’s plans in respect of this space covered thereby and timing for such plans to be realized; and the REIT’s growth strategy, including future acquisitions of market leading shopping centres in growing Canadian markets. 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 Annual MD&A which is 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.

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 news release are qualified by these cautionary statements. These forward-looking statements are made as the date of this news release 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.

Use of Operating Metrics

Primaris uses certain financial metrics to monitor and measure the operational performance of its portfolio. Such operating metrics in this news release include CRU sales volume, same stores sales productivity, weighted average gross rent per occupied square foot and weighted average gross rent per occupied square foot. These operating metrics may constitute supplementary financial measures as defined in National Instrument 52-112, Non-GAAP and Other Financial Measures Disclosure. These supplementary measures are not disclosed in the Trust’s financial statements but may be used by management and disclosed on a periodic basis to depict historical or future expected financial performance, financial position or cash flow. For an explanation of the composition of CRU sales volume and same stores sales productivity, see “Section 8, “Operational Performance” – “Tenant Sales” in the Trust’s annual 2024 MD&A, which explanations are incorporated by reference herein. For an explanation of the composition of weighted average net rent per occupied square foot see Section 8.2, “Weighted Average Net Rent” in the Trust’s annual 2024 MD&A, which explanation is incorporated by reference herein. The Trust’s annual 2024 MD&A is available on SEDAR+ at www.sedarplus.com. Weighted average gross rent per occupied square foot is defined as total annual gross rent divided by occupied GLA.

Primaris also uses certain non-financial metrics to describe its portfolio and portfolio operation performance. Such non-financial operating metrics in this news release include, among others, in-place occupancy, which is calculated by dividing occupied square feet by total GLA.

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

Quebec’s leading online occupational health and safety training center collaborates with ISN to integrate training records and promote safer work environments.

DALLAS–(BUSINESS WIRE)–ISN, the global leader in contractor and supplier information management services, announced an agreement with SSTenligne, Quebec’s largest online occupational health and safety training center, which enables SSTenligne to integrate training records into the ISNetworld^® platform, allowing ISN Hiring Clients in Quebec enhanced visibility into contractor qualifications and improved safety processes.

“This collaboration with ISN allows us to expand the reach and impact of our occupational health and safety training programs,” said Martin Fiset, Founder and General Manager of SSTenligne. “By integrating our training records directly into ISNetworld, we are offering businesses in Quebec a seamless way to validate contractor qualifications, reduce risks, and uphold the highest safety standards in the workplace.”

Headquartered in Trois-Rivières, Quebec, SSTenligne is the region’s largest online occupational health and safety training center, trusted by companies ranging from small businesses to global enterprises. With training programs recognized by Quebec’s leading contractors, SSTenligne equips organizations with the tools needed to meet required safety and compliance standards. This new arrangement enables ISN Hiring Clients to verify contractor training qualifications with greater efficiency and confidence while prioritizing workplace safety.

“We are excited to partner with SSTenligne, the training leader in Quebec. This new relationship reinforces ISN’s commitment to provide tailored solutions to customers in Quebec,” said Kim Ritchie, Senior Vice President at ISN. “This integration provides ISN Hiring Clients actionable insights into contractor training and qualifications to help create safer, more transparent work environments. Together, SSTenligne and ISN will strive to help advance safety and compliance processes in Quebec.”

For more information on ISN’s industry-leading software and services, visit isn.com.

About ISN

ISN is the global leader in contractor and supplier information management, with more than 20 years of experience connecting 850 Hiring Clients in capital-intensive industries with 85,000 active contractors and suppliers to promote safety, health, and sustainability in the workplace. ISN’s brands include ISNetworld^®, a global online contractor and supplier management platform, Transparency-One^®, a responsible sourcing platform built to bring transparency to supply chain management, and Empower^®, a worker-level app built to keep workers moving forward.

ISN has 14 offices around the globe which provide award-winning support and training for its customers in more than 85 countries. ISN takes pride in leading worldwide efforts to improve the efficiency and effectiveness of contractor and supplier management systems and in serving as a world-class forum for sharing industry best practices, benchmarking performance, providing data insights among its members, and helping decision makers, including board members, ensure contractor and supplier risk is assessed and monitored. For more information, visit isn.com.

About SSTenligne

SSTenligne, a subsidiary of SPI Health &Safety, is a leading online training center specializing in occupational health and safety. With over 500,000 members and more than 15,000 businesses relying on SSTenligne’s services, SSTenligne is a trusted partner in workplace safety training.

Every year, SSTenligne delivers nearly 400,000 training sessions, helping companies ensure compliance with workplace safety regulations while empowering employees with essential knowledge. SSTenligne’s comprehensive course catalog covers workplace hazard prevention, emergency procedures, and industry-specific safety protocols.

Designed for flexibility, SSTenligne’s online platform allows users to complete training anytime, anywhere. Upon successful completion, participants receive recognized certifications that meet legal and industry standards.

SSTenligne is committed to making occupational health and safety training more accessible, engaging, and effective. Join SSTenligne in building safer workplaces—one training at a time.

For more information, visit sstenligne.com.

Contacts

Media Contact
Taylor D’Eliseo

Walker Sands for ISN

isnpr@walkersands.com

TORONTO–(BUSINESS WIRE)–RioCan Real Estate Investment Trust (“RioCan”) (TSX: REI.UN) today announced that it is scheduled to release its financial and operational results for the three months ended March 31, 2025, after the market closes on Monday, May 5, 2025.

Interested parties are invited to participate in a conference call with management on Tuesday, May 6, 2025 at 10:00 a.m. Eastern time. To access the conference call, click on the following link to register at least ten minutes prior to the scheduled start of the call: Pre-registration link. Participants who pre-register prior to the call will receive an email with dial-in credentials including login passcode and PIN to gain immediate access to the live call. Those that are unable to pre-register may dial-in for operator assistance by calling 1-833-950-0062 and entering the access code:479261.

A live webcast will also be available in listen-only mode. To access the simultaneous webcast, go to the following link on RioCan’s website: Events and Presentations and click on the link for the webcast.

If you cannot participate in the live mode, a replay will be available for one week following the date of the live conference call. To access the replay, please dial 1-866-813-9403 followed by the access code: 981805.

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 December 31, 2024, our portfolio is comprised of 178 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.

Contacts

RioCan
Ava Ghukasyan

Director, Investor Relations

(416) 646-8326