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Weighted average effective interest rate 4 Weighted average term to debt maturity 4 (in years) Weighted average Units outstanding – diluted (‘000s)įixed rate debt as a percent of total debt Weighted average net rent per occupied square foot 2Ĭash flow from (used in) operating activitiesįunds from Operations** (“FFO”) per unit – average dilutedĪdjusted Funds from Operations** (“AFFO”) per unit – average diluted Gross leasable area (in millions of square feet) (in thousands of Canadian dollars unless otherwise indicated)(unaudited)

We are increasing our focus on the opportunities created by the recent market disruptions in both the capital and direct property markets.” “Capital allocation is critical to the success of Primaris, and we continue to buy back units, contributing to both NAV per unit and FFO per unit growth.

“Our second consecutive guidance increase signals the confidence we have in our ability to take advantage of the ongoing recovery in retail property,” said Alex Avery, Chief Executive Officer. This facility, along with our existing revolving facilities provides us with funds to refinance expiring mortgage debt for the current year at very attractive terms.” In connection with financing activities, we agreed on terms for a $200 million unsecured term loan with a syndicate of banks. This quarter, new disclosure additions include details around tenant sales, leasing activity, and capital structure. “Our team is working hard to deliver on the business plan we have laid out, and our strong operating results reflect normalizing shopping behaviour, recovering tenant sales productivity, and the strength of our team.”Ĭhief Financial Officer, Rags Davloor added, “We are committed to building out a best-in-class financial reporting package, providing the investment community with useful and insightful information. “Throughout 2022, enclosed malls across our portfolio are experiencing a significant rebound in tenant sales growth with several of our malls reporting all time highs in productivity,” said Patrick Sullivan, President and Chief Operating Officer.

Subsequent to quarter end, agreed on terms for a $200 million, 3.5-year, unsecured, non-revolving, delayed-draw term loan, aligning to Primaris’ unsecured debt strategy and enhancing financing flexibility and liquidity.

Funds from Operations (FFO)** per unit by $0.005 per quarter, or $0.02 annualized.

Going forward, the NCIB activity will positively impact:

Purchased 1.4 million Units under the normal course issuer bid (“NCIB”) for $20.0 million at an average price of approximately $14.04, or a discount to Net Asset Value (NAV)** of approximately 36.5%.

Raised 2022 guidance for Net Income by 1.5% and Net Operating Income (“NOI”)** by 2.8%, reflecting strong operational performance in Q2 2022 and prospects for the remainder of 2022.