Primaris REIT is a real estate investment trust in Canada that deals with investment properties. They own, manage, and develop properties such as Dufferin Mall, Stone Road Mall, Orchard Park, and Devonshire Mall. Rent receivables make up most of their revenue.
Primaris REIT’s property portfolio consists of 35 retail properties with a total floor space of 11.4 million square feet, including 22 enclosed shopping centers that occupy 9.8 million square feet and 13 unenclosed shopping centers and mixed-use properties that account for 1.6 million square feet. This makes Primaris one of the largest owners and managers of enclosed shopping centers in Canada.
Primaris REIT was formed in 2003 as a publicly traded company sponsored by Ontario Municipal Employees Retirement System (OMERS). Management responsibilities were taken on internally in 2009, and H&R REIT acquired Primaris’ operating platform along with 25 of its properties in 2013. On December 31st, 2021, Primaris REIT was spun off from H&R REIT through a non-taxable distribution of units. Healthcare of Ontario Pension Plan (HOOPP) contributed 6 large format shopping centers in exchange for approximately 26% of the units of Primaris REIT.
Primaris is dedicated to creating engaging gathering places that bring people together and connected. In addition, they are committed to being a leading partner to retailers and embrace our role in helping shape the fabric of our cities and neighborhoods with a focus on environmental stewardship and social leadership. Their properties are strategically located in major urban markets and major secondary cities across Canada, providing customers with convenient access to their favorite stores and services.
Primaris REIT is one of the leading real estate investment trusts in Canada, and we are proud to be a trusted retail partner that provides customers with safe, secure, and attractive shopping experiences. We strive to maintain our reputation as a reliable source of quality investments for shareholders and tenants.