Primaris Real Estate Investment

Primaris Real Estate Investment Trust (REIT) is a Canadian-based, unincorporated, open-ended real estate investment trust specializing in the ownership and management of enclosed shopping centers. The company's history traces back to its initial formation in 2003 as Borealis Retail REIT, which was sponsored by the Ontario Municipal Employees Retirement System (OMERS). A significant transformation occurred in 2013 when H&R REIT acquired the Primaris operating platform and a portfolio of 25 properties. Subsequently, on December 31, 2021, Primaris was spun-off from H&R REIT to become a distinct, publicly traded entity. Concurrent with this spin-off, the Healthcare of Ontario Pension Plan (HOOPP) contributed six large-format shopping centers, acquiring an approximate 26% stake in the newly independent REIT.

The REIT's business model is centered on being Canada's only REIT exclusively focused on enclosed shopping malls. It generates revenue primarily through rent receivables from its tenants. Primaris targets market-leading shopping centers situated in growing mid-sized Canadian markets, often connected to mass transit and located centrally within their trade areas. The company serves a mix of national and local retailers, fostering strong relationships to position itself as a preferred landlord. Its vertically integrated, full-service national management platform allows for economies of scale and a disciplined approach to cost management, ensuring locations remain affordable for its tenant partners. The portfolio consists of over 15 million square feet with an approximate value of over $4 billion.

The management team is led by Chief Executive Officer Alex Avery, who has over two decades of experience in real estate and capital markets, including roles at H&R REIT, CIBC Capital Markets, and FrontFour Capital. Patrick Sullivan, the President and Chief Operating Officer, brings over 30 years of real estate industry experience, with a 25-year focus on enclosed shopping centers. The leadership is further strengthened by Rags Davloor, the Chief Financial Officer, who has an extensive background in finance, operations, and strategic planning. The REIT's strategy includes aggressive acquisitions of top-tier properties at favorable prices, disciplined capital allocation, and enhancing shareholder value through unit repurchases.

Keywords: real estate investment trust, Canadian REIT, enclosed shopping centres, retail property management, commercial real estate, mall operator, property portfolio, real estate finance, asset management, tenant relations, shopping mall investment, Canadian retail market, real estate development, property leasing, H&R REIT spin-off, OMERS, HOOPP, retail real estate, investment properties, Alex Avery