Primaris REIT Publishes Third Annual Sustainability Report and Green Bond Allocation Report

Author of the article:You can save this article by registering for free here. Or sign-in if you have an account.TORONTO — Primaris Real Estate Investment Trust (“Primaris” or the “REIT” or the “Trust”) (TSX: PMZ.UN) announces the publication of its third Sustainability Report and its Green Bond Allocation Report. In the Sustainability Report Primaris outlines its updated Sustainability plan, progress against targets, governance practices, accomplishments, and metrics that impact its business. Consistent with the REIT’s financial disclosures, Primaris aims to provide clear and transparent disclosure and communication about the REIT’s business and sustainability practices.

The Sustainability Report presents a summary of data and accomplishments for the year ended December 31, 2025, and an analysis of our utilities and greenhouse gas (“GHG”) emissions data for the year ended December 31, 2024.Subscribe now to read the latest news in your city and across Canada.Subscribe now to read the latest news in your city and across Canada.Create an account or sign in to continue with your reading experience.Create an account or sign in to continue with your reading experience.In June 2025, Primaris published its Green Finance Framework (the “Framework”), under which it may issue green bonds, green loans or other related financial instruments. In accordance with this Framework, Primaris published its Green Bond Allocation Report (“Allocation Report”), where the REIT outlines the allocation of proceeds and highlights the eligible green projects.

The Allocation Report was reviewed by Moody’s Ratings, which issued a Second Party Opinion confirming the Allocation Report’s alignment to the International Capital Market Association’s Green Bond Principles (2025).Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againInterested in more newsletters? Browse here.“Primaris continues to advance its sustainability leadership with meaningful action and measurable results,” said Alex Avery, Chief Executive Officer. “This year, we issued $450 million in green bonds to fund green building acquisitions, completed property-level decarbonization plans, and implemented green lease provisions across our retail portfolio. We achieved reductions in carbon emissions and improved waste diversion rates, while growing our zero waste food court program. Beyond our environmental commitments, we strengthened community impact by donating over $1 million to local organizations and more than 67,000 pounds of food to those in need. Looking ahead, we have updated our three-year sustainability plan through 2028, ensuring we remain focused on driving progress and delivering on our responsibility to stakeholders, communities, and the environment.”1 Like-for-like is defined as properties that have comparable data points from two consecutive reporting years across both time and floor area. Like-for-like properties with consistent partial data in both periods are included.In 2024, as part of the Sustainability Plan, the REIT developed Sustainability targets informed by the material Sustainability factors and their link to key business performance metrics. These targets represent a further demonstration of the Sustainability commitment and are linked to business strategy:MetricTargetCurrentProgressMeasurement PeriodBoard of Trustee Diversity by Gender30% female33% femaleAchievedAnnualLike-for-like GHG Emissions Reduction125% reduction by 203510.0% reductionOn trackAgainst baseline year, 2022Green Building Certifications100% Shopping centres LEED or BOMA BEST certified100%AchievedAnnualEmployee Engagement≥85%86%AchievedEvery three yearsTenant Satisfaction≥85%83%On trackAnnualGRESB≥80%84 pointsAchievedAnnual1 This target includes scope 1, 2, and select scope 3 emissions. Select scope 3 emissions includes downstream leased assets such as tenant emissions.Primaris’ Sustainability Reports, Green Finance Framework, Green Bond Allocation Report, and Second Party Opinions can be found here or at www.primarisreit.com.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 15.6 million sq.ft., valued at approximately $5.4 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.This news release may contain forward-looking information within the meaning of applicable securities legislation which reflects the Trust’s current expectations regarding future events. Although the Trust believes that the expectations reflected in such forward-looking information are reasonable, assessing forward-looking Sustainability metrics and risks, and climate metrics and risks in particular, is more complex and longer-term in nature than traditional business metrics and risks. Many forward-looking methodologies are new and evolving, and there is limited guidance from methodology providers on the calculation or comparability of these measures. In particular, uncertainty around future climate-related policy can contribute to greater variation in transition pathway models. Future updates to factors such as changes in global emissions, available technologies or economic conditions may result in changes to the Trust’s reporting. A number of additional factors, including improvements to the coverage, quality, and availability of the Trust’s data and methodologies, may also necessitate changes. The information in this news release reflects what the Trust believes is the best available data. The Trust’s ability to achieve its Sustainability goals and targets are based on a number of assumptions and are subject to a number of risks and uncertainties, many of which are beyond the Trust’s control, that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information and may require the Trust to adjust its Sustainability initiatives, targets, activities or plans to reflect a changing landscape. Such risks and uncertainties include, but are not limited to; the availability, accessibility and suitability of comprehensive and high-quality data; the development of consistent, robust and comparable Sustainability metrics, targets, and methodologies, in particular in respect of climate change; the development and deployment of new technologies and industry-specific solutions; international cooperation; the development of provincial, national and international laws, policies and regulations in respect of Sustainability matters; and additional factors and risks discussed in the Trust’s 2024 Annual Information Form and Annual Report to Unitholders. The forward-looking statements in this news release are presented for the purpose of assisting investors and other stakeholders in understanding the Trust’s Sustainability priorities, strategies and objectives, and may not be appropriate for other purposes. Undue reliance should not be placed on the forward-looking information in this news release. The Trust does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law. All forward-looking statements contained in this news release are made as of December 18, 2025, and are qualified by these cautionary statements. https://www.businesswire.com/news/home/20251218053550/en/ContactsAlex 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 & Sustainability 647-949-3093 cmahaney@primarisreit.com Timothy Pire Chair of the Board chair@primarisreit.com#distroPostmedia is committed to maintaining a lively but civil forum for discussion. Please keep comments relevant and respectful. Comments may take up to an hour to appear on the site. You will receive an email if there is a reply to your comment, an update to a thread you follow or if a user you follow comments. Visit our Community Guidelines for more information.