TORONTO–(BUSINESS WIRE)–Sentinel Dock & Door Solutions (“Sentinel” or the “Company”) a network of Canadian dock and door service providers backed by Trivest Partners (“Trivest”), is pleased to announce its strategic acquisition of Door Doctor (“Door Doctor”), a premier provider of dock and door services headquartered in Montreal, Quebec. This acquisition marks Sentinel’s expansion into Eastern Ontario and Quebec and further solidifies its position as a national leader in the commercial dock and door industry.

Founded and led by President Gordon Lazare alongside his long-tenured business partner Andrew Selinsky, Vice President of Sales & Marketing, Door Doctor has established itself as the leading provider of commercial dock and door services in Quebec, with additional locations in Kingston, Ottawa, and Toronto. Door Doctor specializes in installation, repair, and maintenance services for overhead doors, loading docks, dock levelers, and related equipment, serving a diverse customer base across multiple regions.

“We are excited to welcome Door Doctor to the Sentinel platform,” said Travis Allan, CEO of Sentinel Dock & Door Solutions. “Door Doctor is a highly respected brand with an outstanding reputation for customer service and technical expertise. This strategic partnership allows us to significantly expand our geographic presence into Quebec, and Door Doctor’s experienced team will be instrumental in our continued growth.”

The acquisition of Door Doctor represents a highly strategic and transformational step for Sentinel, significantly expanding the Company’s footprint and enhancing its ability to service customers across Eastern Canada. Door Doctor will continue to operate under its established brand name while benefiting from Sentinel’s strategic resources, operational expertise, and extensive industry relationships.

“Joining Sentinel represents a significant milestone for Door Doctor,” said Gordon Lazare, President of Door Doctor. “We share Sentinel’s commitment to exceptional customer service and operational excellence. Partnering with Sentinel provides us with the opportunity to accelerate our growth, enhance our capabilities, and better serve our customers across Quebec and Ontario.”

“I’m thrilled to continue our 42-year journey by partnering with Sentinel,” added Andrew Selinsky, Vice President of Sales & Marketing at Door Doctor. “This collaboration is a pivotal moment for Door Doctor, enabling us to leverage their expertise to create a national platform and redefine the dock and door industry in Canada.”

Sentinel remains actively engaged in pursuing additional partnerships with industry-leading dock and door companies across Canada, providing strategic support and resources to accelerate growth while preserving each company’s legacy and brand reputation.

About Door Doctor

Door Doctor is a premier provider of commercial dock and door solutions headquartered in Montreal, Quebec, with additional service locations in Kingston, Ottawa, and Toronto. The company specializes in the installation, maintenance, and repair of overhead doors, loading docks, dock levelers, and related equipment. Known for its exceptional customer service and technical expertise, Door Doctor serves a diverse commercial and industrial customer base across Quebec and Ontario. To learn more, visit www.doordoctor.com.

About Sentinel

Sentinel Dock & Door Solutions is an acquisition platform focused on building a premier network of commercial dock and door service providers across Canada. Backed by Trivest Partners, Sentinel partners with high-quality operators, providing the resources and strategic support needed to accelerate growth while preserving each company’s legacy of service excellence. The platform was formed through the acquisitions of Lenworth, Pro Door, Mar-Lin, and Door Doctor and continues to expand through additional acquisitions. To learn more, visit www.sentineldds.com.

About Trivest

Trivest Partners is a leading private equity firm with four unique investment funds that focus exclusively on the support and growth of founder-led and family-owned businesses with both control and non-control transactions across the United States and Canada. Headquartered in Miami, with a presence in Charlotte, Chicago, Los Angeles, New York, and Toronto, the Firm has more than 50 portfolio companies as of January 2025. To learn more, visit www.trivest.com.

Contacts

Vince Enright

Sentinel Dock & Door

venright@sentineldds.com

Asad Dilawari

Trivest Partners

adilawari@trivest.com
(305) 858-2200

LADERA RANCH, Calif.–(BUSINESS WIRE)–SmartStop Self Storage REIT, Inc. (“SmartStop”) (NYSE:SMA), an internally-managed real estate investment trust and a premier owner and operator of self storage facilities in the United States and Canada, announced the closing of its underwritten public offering of 31,050,000 shares of its common stock, including 4,050,000 shares of its common stock issued upon the exercise in full by the underwriters of their option to purchase additional shares to cover over-allotments, at a public offering price of $30.00 per share, before underwriting discounts and commissions.

The net proceeds from the offering were approximately $874.4 million, after deducting underwriting discounts and commissions and estimated expenses of the offering payable by SmartStop. SmartStop used the net proceeds from the offering to redeem 100% of its issued and outstanding Series A Preferred Stock, pay down existing debt under its credit facility and repay an acquisition facility. Following such uses, SmartStop expects to use the remaining net proceeds to fund external growth with property acquisitions, and fund other general corporate uses.

Shares of SmartStop’s common stock began trading on April 2, 2025 on the New York Stock Exchange under the ticker symbol “SMA”, and the closing of the offering, including the over-allotment shares, occurred on April 3, 2025.

J.P. Morgan, Wells Fargo Securities, KeyBanc Capital Markets, BMO Capital Markets and Truist Securities acted as joint book-running managers for the offering. Baird, Stifel, National Bank of Canada Financial Markets, Raymond James and Scotiabank acted as bookrunners for the offering. BTIG, M&T Securities and Fifth Third Securities acted as co-managers for the offering.

A registration statement on Form S-11 (File No. 333-264449) relating to these securities was declared effective by the Securities and Exchange Commission on April 1, 2025. Copies of the final prospectus may be obtained from J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 or by email at prospectus-eq_fi@jpmchase.com and postsalemanualrequests@broadridge.com; Wells Fargo Securities, 90 South 7th Street, 5th Floor, Minneapolis, MN 55402, at (800) 645-3751 (option #5) or email a request to WFScustomerservice@wellsfargo.com; KeyBanc Capital Markets, Attention: Equity Syndicate, 127 Public Square, 7th Floor, Cleveland, OH 44114 or by fax at 1.216.689.0845; BMO Capital Markets Corp., Attention: Equity Syndicate Department, 151 W 42nd Street, 32nd Floor, New York, NY 10036 or by email at bmoprospectus@bmo.com; or Truist Securities, Inc., Attention: Equity Capital Markets, 3333 Peachtree Road NE, 9th Floor, Atlanta, GA 30326 at (800) 685-4786 or by email to truistsecurities.prospectus@truist.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

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

SmartStop Self Storage REIT, Inc. (“SmartStop”) is a self-managed REIT with a fully integrated operations team of approximately 560 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 December 31, 2024, SmartStop has an owned or managed portfolio of 208 operating properties in 22 states, the District of Columbia, and Canada, comprising approximately 148,000 units and 16.7 million rentable square feet. SmartStop and its affiliates own or manage 38 operating self-storage properties in Canada, which total approximately 33,000 units and 3.4 million rentable square feet.

Forward-Looking Statements

Certain statements contained in this press release, including statements relating to SmartStop’s expected use of proceeds, may constitute forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “anticipate,” “estimate,” “believe,” “continue,” or other similar words. Readers are cautioned not to place undue reliance on these forward-looking statements, which are based on management’s current expectations and are inherently subject to various risks, uncertainties, assumptions, or changes in circumstances that are difficult to predict or quantify. These risks and uncertainties include, but are not limited to, risks and uncertainties described in SmartStop’s registration statement on Form S-11, as it may be amended from time to time. Except as required by law, SmartStop expressly disclaims a duty to provide updates to forward-looking statements, whether as a result of new information, future events or other occurrences.

Contacts

David Corak
SVP of Corporate Finance & Strategy

SmartStop Self Storage REIT, Inc.

IR@smartstop.com

CARPINTERIA, Calif.–(BUSINESS WIRE)–$pcor–Procore Technologies, Inc. (NYSE: PCOR), a leading technology partner for every stage of construction, today released its first ever Future State of Construction Report, offering a data-driven look at the key trends and challenges shaping the construction industry across the next decade.

The inaugural report pairs extensive research and expert analysis from leading voices in the industry with survey data from over 1,200 construction decision-makers in Australia, Canada, Ireland, New Zealand, Saudi Arabia, United Arab Emirates, United Kingdom, and the United States. It offers a global, comprehensive view of emerging trends and challenges shaping the industry.

“The construction industry is at a turning point, and technology is the catalyst for its transformation,” said Procore Founder and CEO, Tooey Courtemanche. “AI, data and automation aren’t just driving efficiencies, they’re reshaping how we build, collaborate, and solve challenges. This is one of the most transformative periods in the history of construction, and at Procore, we’re committed to empowering the industry with the tools to navigate this future with confidence.”

Key Insights from the Future State of Construction Report:

• AI and Automation are Eliminating Inefficiencies and Maximizing Productivity
  • AI and automation are poised to significantly enhance productivity in construction. 18% of project time is currently lost searching for data, and 28% is wasted due to rework.
  • 55% of construction leaders believe automation will disrupt the industry within the next five years. By integrating AI-driven preconstruction tools and automation, companies can help reduce inefficiencies, improve project planning, and boost ROI.
• The Workforce is Changing – Upskilling and Well-Being are Critical
  • The construction workforce is undergoing a generational transformation. With 53% of workers expected to retire by 2036, companies are taking action to address this shift.
  • 47% of companies have upskilling programs in place, and 41% plan to implement them in the next year. These efforts are critical to attracting and retaining talent, especially as 60% of workers stay in construction for career growth and financial opportunities.
  • Additionally, 45% of workers cite burnout as the top reason they leave the industry, highlighting the importance of mental health support and well-being initiatives.
• AI-Driven Insights are Reshaping Decision-Making
  • Over 80% of construction executives agree that connected historical data is crucial to project success, though 76% of civil and infrastructure builders acknowledge they are not yet fully harnessing the potential of their data.
  • AI-driven insights will optimize tasks like scheduling and workforce allocation, while human expertise will remain essential in applying these insights effectively.
• Digital Tools are Empowering Builders to Lead the Design Process
  • 49% of construction professionals surveyed anticipate increased use of BIM for design collaboration and clash detection.
  • The design process is evolving as builders increasingly take the reins. Digital twins and AI-powered simulations will allow teams to optimize designs before construction even begins.

“Companies leveraging AI, automation, and data are continuing to unlock new efficiencies, enhance safety, and build a more resilient industry,” said Procore’s Global Technology Evangelist, Kris Lengieza. “However, at the core of every advancement in technology are the people who build. Their expertise and adaptability will determine how the industry evolves. At Procore, we believe that the future of construction isn’t just about the technology, but about how we use it to build together. We’re committed to supporting the industry as it navigates this transformation.”

To download the full Future State of Construction Report, visit here.

About Procore

Procore Technologies, Inc. (NYSE: PCOR) is a leading technology partner for every stage of construction. Built for the industry, Procore’s unified technology platform drives efficiency and mitigates risk through AI & data-driven insights and decision making. Over three million projects have run on Procore across 150+ countries. For more information, visit www.procore.com.

Contacts

press@procore.com
investors@procore.com

CRANBERRY TOWNSHIP, Pa.–(BUSINESS WIRE)–#PittsburghPaints–The Pittsburgh Paints Company (“Pittsburgh Paints Co.” or “the Company”) today unveiled the Company’s new logo and tagline, symbolizing the Company’s 150-year history of expertise and legacy. The new identity reflects the trust and innovation that customers expect from Pittsburgh Paints Co. and combines it with the fresh, new chapter of becoming an independent leader in the paint and coatings industry in North America.

All paint products currently in the PPG PAINTS^® product family will be rebranded, beginning this year, including the well-known SPEEDHIDE^® and MANOR HALL^® paint lines. Product formulas and quality that our customers know and expect will not change. Exterior signage at U.S. Pittsburgh Paints Co. retail locations will be rebranded over time with the new identity. Retail locations in Canada will remain unchanged.

“Priming you for success” is a testament to Professional and Do-It-Yourself customers, large and small, and the Company’s commitment to helping them achieve their goals.

“Our logo is a fresh take on the heritage of the “Drippy P” that our customers still recognize and reference. The new P combines our legacy with our new chapter as a now independent company,” said Jenny Burroughs, Chief Marketing Officer, Pittsburgh Paints Co. “In just a few words, our tagline clearly demonstrates our dedication to our customers through expertise, hustle, vision and partnership for growth. Whether it’s a product, a service, or problem that we’re helping to solve, we want to be the ones to empower those who build, create and protect.”

“Building off of our rich and unparalleled history, we are embarking on a new path forward. A new visual representation of who we are is important not only for our customers, but also for our partners, employees and communities,” said Brian Carson, CEO of Pittsburgh Paints Co. “Just like a fresh coat of new paint can transform a space, our new logo is a launch pad for our future. We intend to make our mark in the vibrant and ever-changing paint sector. Our logo and tagline are just the beginning.”

Carson continued, “This year marks 150 years of expertise for our company, but we feel like we’re just getting started as we innovate not just for today, but also for tomorrow. We are on a mission to empower those who build, create and protect with the products, services and expertise they need to succeed. We will deliver on our mission by being relentless in our pursuit and driving to help our customers finish their visions. We’re building on our history and expertise, and our hustle will drive growth for us and our customers.”

Watch this video and visit www.pittsburghpaintsco.com to learn more.

About The Pittsburgh Paints Company

With 150 years of product innovation, Pittsburgh Paints Co.’s portfolio includes some of the industry’s most iconic and respected brands: GLIDDEN®, OLYMPIC®, PITTSBURGH PAINTS & STAINS™, LIQUID NAILS®, Manor Hall®, HOMAX®, TRUEFINISH™, MULCO™, FLOOD®, DULUX® (in Canada), and SICO™. Products are available at THE HOME DEPOT®, WALMART®, MENARDS®, LOWE’S®, independent retailers, and 750+ PITTSBURGH PAINTS CO. and DULUX® (in Canada) company stores. Pittsburgh Paints Co.’s headquarters is in Cranberry Township, Pennsylvania, located 20 minutes northeast of Pittsburgh, Pennsylvania. Learn more at pittsburghpaintsco.com and follow us on LinkedIn.

Pittsburgh Paints & Stains, Sico, and Truefinish are trademarks and Flood, Glidden, Homax, Liquid Nails, Manor Hall, Olympic, and Speedhide are registered trademarks of The Pittsburgh Paints Co.

PPG Paints is a registered trademark of PPG Industries Ohio, Inc. used under license by The Pittsburgh Paints Co.

Dulux is a registered trademark of AkzoNobel and is licensed to The Pittsburgh Paints Co. for use in Canada only.

Mulco is a trademark of AkzoNobel.

The Home Depot is a registered trademark of Home Depot International, Inc.

Walmart is a registered trademark of Walmart Apollo, LLC.

Menards is a registered trademark of Menard, Inc.

Lowe’s is a registered trademark of Lowe’s, Inc.

Contacts

Media Contacts:
The Pittsburgh Paints Company

Jamie Altman & Katie Regan

media@kirkpat.com

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