Primaris Real Estate Investment Trust Announces $200 Million Equity Offering

Primaris Real Estate Investment Trust has announced a significant $200 million equity offering, set to close on September 22, 2026. The trust has entered into an agreement with a syndicate of underwriters, led by TD Securities Inc., Desjardins Capital Markets, and RBC Capital Markets. Under the terms of the agreement, the underwriters will purchase 9,910,000 units of Primaris at a price of $20.20 per unit, generating gross proceeds of approximately $200 million.

The offering is part of Primaris’ ongoing strategy to enhance its financial flexibility and liquidity, positioning the company to capitalize on attractive acquisition opportunities. According to Alex Avery, the Chief Executive Officer of Primaris, the offering will further strengthen the trust’s balance sheet and enable it to pursue market-leading enclosed shopping centres. Avery stated, “Primaris continues to benefit from a strong balance sheet, growing cash flow, and a differentiated portfolio of market-leading enclosed shopping centres. This offering further enhances our financial flexibility and liquidity, positioning us to capitalize on attractive acquisition opportunities while maintaining our disciplined approach to capital allocation and leverage management.”

Primaris intends to use the net proceeds from the offering to fund future acquisitions and for general trust purposes. The trust is currently in various stages of negotiations on potential acquisitions with an aggregate potential purchase price of over $1 billion. The company’s portfolio currently totals 14.6 million square feet, valued at approximately $5.2 billion.

The offering is subject to customary closing conditions, including the approval of the Toronto Stock Exchange. Primaris has also granted the underwriters an over-allotment option to purchase up to an additional 1,486,500 units from treasury on the same terms and conditions, exercisable at any time, in whole or in part, for a period of 30 days following the closing of the offering. If the over-allotment option is exercised in full, the total gross proceeds of the offering to Primaris will be approximately $230 million.

The REIT units will be offered in all provinces and territories of Canada pursuant to Primaris’ base shelf prospectus, dated September 8, 2026, as supplemented by a prospectus supplement to be filed with the Canadian securities regulators in all of the provinces and territories of Canada. The base shelf prospectus is accessible, and the shelf prospectus supplement will be accessible within two business days through SEDAR+ at www.sedarplus.ca.

The REIT units have not been, and will not be, registered under the United States Securities Act of 1933, as amended, or any state securities law, and may not be offered or sold in the United States and, accordingly, may not be offered, sold, or delivered, directly or indirectly, in the United States or to, or for the account or benefit of, U.S. persons except pursuant to an exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws.

Primaris Real Estate Investment Trust 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 14.6 million square feet, valued at approximately $5.2 billion.