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Primaris REIT -Q1-2022 Earnings, Price Target Forecast

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Primaris REIT (PMZ.UN) owns 35 retail properties located in six provinces comprising 11.4M sq. ft. of leasable area comprised of 22 enclosed shopping centres (9.8M sq. ft.) and 13 unenclosed shopping centre and mixed-use properties(1.6M sq. ft.) Enclosed malls represent 94% of forecast net operating income, 75% of net operating income is from secondary markets, 25% from primary markets. Ontario locations contribute 37% of net operating income, Alberta – 36%, BC-16% with the balance from Quebec, New Brunswick and Manitoba. Portfolio occupancy is initially 86%. Apparel and value retailers comprise 60% of annual rents, grocery and pharmacy – 16% and the balance from cinema, personal services and other retailers.

The Primaris Properties transferred from H&R consisted of 27 properties with an appraised value of $2.4B (7.6M sq. ft.) plus Primaris acquired from the Healthcare of Ontario Pension Plan (HOOPP) an additional portfolio of eight properties with an appraised value of $0.8B, (3.8M sq. ft.). The Primaris Properties and HOOPP Properties are located in primary and secondary Canadian markets. The top tenants representing 29% of minimum rent include Canadian Tire, Walmart, Loblaws, TJX Companies and Bell Canada. Seven of the top tenants are investment grade rated. Of the 2,300 tenant portfolio, the average lease term is 5.1 years.

In Q1-2013 H&R REIT outbid Kingsett Capital to acquire Primaris REIT for $4.6B including debt of $1.9B. Primaris was sold for $2.2B (including $800M in debt) plus properties acquired from HOOP for $800M for a total of $3.2B. This included debt of $1.2B for properties acquired from H&R and HOOP. HOOP took payment in shares and will effectively control Primaris REIT with their 26% interest. It is estimated that H&R has retained a 3% ownership interest. The price paid per sq. ft. was $281. HOOP will be the largest and effectively the controlling shareholder.

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