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

TORONTO–(BUSINESS WIRE)–Hudson’s Bay Company ULC (“Hudson’s Bay” or the “Company”), as part of its ongoing restructuring under the Companies’ Creditors Arrangement Act (“CCAA”), today announced that it has entered into a definitive agreement to pursue the assignment of up to 28 lease locations in Ontario, Alberta and British Columbia (the “Assigned Leases”) to Ruby Liu Commercial Investment Corp (the “Purchaser”), a corporation indirectly controlled by Ms. Ruby Liu, for the purposes of launching a new modern department store concept in Canada (the “Transaction”). An affiliate of the Purchaser is an existing landlord at three of the Company’s leased locations in British Columbia, which are included in the Transaction.

The agreement is the result of the previously announced lease monetization process approved by the Ontario Superior Court of Justice (Commercial List) (the “Court”), whereby the Company sought sale proposals from qualified bidders in respect of the Company’s leases. Following careful evaluation of final qualified bids, the board of directors of the Company, in consultation with the Company’s financial advisor and broker, respectively, certain of the Company’s senior lenders and the Court-appointed monitor of the Company (the “Monitor”), have determined that entering into the Transaction is in the best interests of the Company and its stakeholders. The Company remains in discussions with other qualified bidders in respect of certain other lease locations, and will communicate the outcome of those discussions, as appropriate, in the future.

The assignment of the Assigned Leases to the Purchaser is conditional upon satisfactory receipt of applicable landlord consents and/or approval of the Court, and certain other terms and conditions set out in the agreement between the Company and the Purchaser. There can be no assurances that the conditions to closing will be satisfied, including within applicable deadlines to complete the Transaction.

About Hudson’s Bay Company ULC

Hudson’s Bay Company ULC is a Canadian entity that includes the retail company Hudson’s Bay, comprising approximately 80 stores which are in the process of being liquidated in accordance with the CCAA proceedings.

Additional Information

Court filings as well as other information related to the Company’s CCAA proceedings are available on the Monitor’s website at www.alvarezandmarsal.com/HudsonsBay. Information regarding the CCAA proceedings may also be obtained by calling the Monitor’s hotline at (416) 847-5157 (toll free), or by email at hudsonsbay@alvarezandmarsal.com. Hudson’s Bay will continue to provide updates regarding the CCAA proceedings as developments or circumstances may warrant.

Contacts

tiffany.bourre@hbc.com
VP, Corporate Communications

• Aligns to GSA’s long-term capital and growth strategy, enabling further investment to grow and enhance its U.S. portfolio
• Demonstrates GSA’s track record as the global leader in student housing, with the ability to secure financing with the world’s leading lending institutions
• Transaction strengthens GSA’s existing relationship with Wells Fargo, with a shared commitment to delivering high-quality student housing

LONDON & NEW YORK–(BUSINESS WIRE)–Global Student Accommodation (“GSA” or the “Company”), the global leader in student housing, today announces the successful closing of a $500 million senior loan facility with Wells Fargo Bank, N.A. (“Wells Fargo”), one of the world’s leading financial institutions. The transaction strengthens the existing relationship between GSA and Wells Fargo and signals the continued demand amongst lenders for the U.S. student housing sector.

The facility covers 23 assets across 14 states, in key university cities, including tier one institutions, such as Arizona State University, Auburn University, Purdue University, and the University of Illinois.

The refinancing supports GSA’s long-term growth strategy, with a commitment to becoming a market leader in U.S. student housing. In December 2020, GSA was the first international student housing specialist to enter the U.S, and since then the company’s portfolio has grown to 43 properties across 32 cities and is home to 20,000 students each year.

John Jacobs, Global Head of Capital Markets at GSA, said:

“Over the past year, GSA has closed over $1bn of financing facilities globally, enabling us to optimise our capital structure and recycle capital into value-add initiatives across our portfolio.

“This latest refinancing will facilitate both expansion within the U.S. market and an ongoing programme of refurbishments. This includes initiatives to improve the energy efficiency of the portfolio and further support for students’ wellbeing.

“Student housing continues to demonstrate its resilience as an asset class. The deepening of our partnership with Wells Fargo reflects this and is testament to GSA’s expertise as an investor and asset manager.”

Melissa Frawley, Managing Director of Wells Fargo said:

“This financing underscores Wells Fargo’s leadership in and commitment to the global student housing sector, and we are delighted to be extending the relationship between Wells Fargo and GSA, which spans both the U.S. and Europe.

“Student housing remains a robust and attractive asset class, and GSA’s innovative, global approach and sector-expertise continues to differentiate them within the market.”

All spaces are managed by GSA’s partner Yugo, the world’s leading student brand and operator, who are transforming the way students live by combining local market knowledge with global expertise.

About Global Student Accommodation

Global Student Accommodation (GSA) is a leader in real estate fund and asset management within the student housing sector. GSA has an unrivalled international presence, which stretches across 11 countries with assets in 80 of the world’s leading educational cities. It manages $7 billion AUM and has flagship offices in New York and London.

GSA entered the U.S. market in 2020 with a long-term strategic vision to become a leader in U.S. student housing.

For further information please visit: www.gsagroup.com

About The Dot Group

GSA is part of The Dot Group, the global leader in student living. The group is comprised of market leading businesses including GSA, Yugo, Student.com and Kinetic Capital, with combined access to over 35 countries and 180 cities.

The Dot Group invests, develops, owns, manages and digitally connects students to housing world-wide and is here to shape a better future for students, with sustainable value for generations to come.

Since creating a new vision for student living over 30 years ago, Dot has been continuously evolving through its pioneering, purposeful and positive approach.

For further information, visit www.thedotgroup.com

Contacts

Media contacts:
Richard Crowley / Hannah Ratcliff

GSA-Global@fgsglobal.com

TORONTO–(BUSINESS WIRE)–DREAM RESIDENTIAL REAL ESTATE INVESTMENT TRUST (TSX: DRR.U and TSX: DRR.UN) (“Dream Residential REIT” or the “REIT”) today announced its May 2025 monthly distribution in the amount of US$0.035 per unit (US$0.42 annualized). The May distribution will be payable on June 13, 2025 to unitholders of record as at May 30, 2025.

About Dream Residential REIT

Dream Residential REIT is an unincorporated, open-ended real estate investment trust established and governed by the laws of the Province of Ontario. The REIT owns a portfolio of garden-style multi-residential properties, primarily located in three markets across the Sunbelt and Midwest regions of the United States. For more information, please visit www.dreamresidentialreit.ca.

Contacts

For further information, please contact:

Dream Residential REIT

Brian Pauls
Chief Executive Officer

(416) 365-2365

bpauls@dream.ca

Derrick Lau
Chief Financial Officer

(416) 365-2364

dlau@dream.ca

Scott Schoeman
Chief Operating Officer

(303) 519-3020

sschoeman@dream.ca

TORONTO–(BUSINESS WIRE)–DREAM INDUSTRIAL REIT (TSX: DIR.UN) (the “Trust”) announced today its May 2025 monthly distribution in the amount of 5.833 cents per Unit (70 cents annualized). The May distribution will be payable on June 13, 2025 to unitholders of record as at May 30, 2025.

Dream Industrial REIT is an owner, manager, and operator of a global portfolio of well-located, diversified industrial properties. As at March 31, 2025, Dream Industrial REIT has an interest in and manages a portfolio which comprises 336 industrial assets (549 buildings) totalling approximately 72.6 million square feet of gross leasable area in key markets across Canada, Europe, and the U.S. Dream Industrial REIT’s objective is to deliver strong total returns to its unitholders through secure distributions as well as growth in net asset value and cash flow per unit underpinned by its high-quality portfolio and an investment grade balance sheet. Dream Industrial REIT is an unincorporated, open-ended real estate investment trust. For more information, please visit our website at www.dreamindustrialreit.ca.

Contacts

For further information, please contact:

DREAM INDUSTRIAL REIT

Alexander Sannikov

President and Chief Executive Officer

(416) 365-4106

asannikov@dream.ca

Lenis Quan

Chief Financial Officer

(416) 365-2353

lquan@dream.ca