TORONTO, March 9 — Primaris Real Estate Investment Trust (“Primaris” or “the Trust”) (TSX: PMZ.UN) announced today that it has received acceptance from the Toronto Stock Exchange (“TSX”) of Primaris’ notice of intention to renew its normal course issuer bid (“NCIB”). Under the NCIB, Primaris will have the ability to purchase for cancellation up to a maximum of 9,042,733 of its Series A units (“Units”) on the open market, representing 10% of the “public float” (calculated in accordance with TSX rules) as of February 27, 2026. As of February 27, 2026, the number of issued and outstanding Units was 117,865,178.
The NCIB will commence on March 11, 2026, the day after the Trust’s current NCIB expires, and remain in effect until the earlier of March 10, 2027 and the date on which Primaris has purchased the maximum number of Units permitted under the NCIB. Purchases of Units under the NCIB will be made in accordance with TSX rules and policies through the facilities of the TSX, through Canadian alternative trading systems, or by such other means as may be permitted by the Ontario Securities Commission or other applicable Canadian Securities Administrators. The price paid for any repurchased Units will be the market price of such Units at the time of acquisition. The average daily trading volume of the Units from the start of trading on September 1, 2025 through February 28, 2026, was 279,707 Units and accordingly daily purchases will be limited to 69,926 Units other than purchases made in accordance with the TSX’s block purchase exception.
Primaris continues to believe that, from time to time, the market price of the Units may not fully reflect the intrinsic value of the Units and that, in such circumstances, using the NCIB to return capital to its unitholders who choose to participate is a desirable use of Primaris’ funds and may benefit those unitholders who continue to hold Units by increasing their equity interest in Primaris. The funds to repurchase Units under the NCIB will be provided from the general funds of Primaris.
Primaris has also entered into a new automatic securities purchase plan (“ASPP”) in connection with the NCIB renewal, with an effective date of March 11, 2026. Under the terms of the ASPP, the Trust’s broker will be permitted to purchase Units in accordance with certain prearranged trading parameters, during periods when Primaris would not ordinarily be active in the market because of internal trading blackout periods, insider trading rules or otherwise.
Under the Trust’s current NCIB that commenced on March 11, 2025 and expires on March 10, 2026, Primaris sought and received approval from the TSX to purchase for cancellation up to 7,554,561 Units and had purchased 4,340,300 Units at a weighted average price of $15.1003 per Unit, as of February 27, 2026.
