TORONTO, Jan. 6, 2022
/CNW/ - Primaris Real Estate Investment Trust ("Primaris" or "the
REIT") (TSX: PMZ.UN) has announced its inaugural blackout period
under its insider trading policy will commence on January 15, 2022 instead of January 1, 2022. The later commencement
date is to allow for the ability of insiders to buy units of
Primaris over the market during a time when the net asset value per
unit (NAVPU) of Primaris is significantly higher than the trading
price per Primaris unit. Insiders will only acquire units in
accordance with applicable securities laws (including only if they
do not possess any material undisclosed material information
regarding the REIT). Primaris has been informed that
Alex Avery, the REIT's Chief
Executive Officer, Mr. Patrick
Sullivan, the REIT's President and Chief Operating Officer,
Rags Davloor, the REIT's Chief Financial Officer and certain
trustees intend to buy Primaris units over the market during this
time.
"As Primaris REIT begins its first year as a fully independent
Canadian REIT, we are committed to fostering an ownership culture.
Today's announcement supports that objective." said Alex Avery, Chief Executive Officer of Primaris
REIT.
Primaris REIT also declared a distribution of $0.0667 per unit for the month of January,
reflecting $0.80 per unit on an
annualized basis. The distribution will be payable on
February 15th to
unitholders of record January
31st.
About Primaris REIT
Primaris REIT is Canada's only
enclosed shopping centre focused REIT, with ownership interests
primarily in enclosed shopping centres that are dominant in their
trade areas. The portfolio totals 11.4 million square feet and is
valued at approximately $3.2 billion
at Primaris' share. Economies of scale are achieved through its
fully internal, vertically integrated, full-service national
management platform. Primaris REIT 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.
Non-GAAP Financial Measures
This press release contains references to NAVPU or "net asset
value per unit" which is a non-GAAP financial measure. The term
NAVPU does not have any standardized meaning according to GAAP and
therefore may not be comparable to similar measures presented by
other issuers. There is no comparable GAAP financial measure
presented in Primaris' consolidated financial statements and thus
no applicable quantitative reconciliation for such non-GAAP
financial measure. Management believes that the measure provides
information useful to its unitholders in understanding Primaris
REIT's financial position and performance, and may assist in the
evaluation of Primaris REIT's business relative to that of its
peers. This data is furnished to provide additional information and
does not have any standardized meaning prescribed by GAAP.
Accordingly, it should not be considered in isolation or as a
substitute for measures of performance or financial position
prepared in accordance with GAAP, and is not necessarily indicative
of other metrics presented in accordance with GAAP. Existing NAVPU
of Primaris REIT is not necessarily predictive of Primaris REIT's
future performance or the NAVPU of Primaris Ras at any future
date.
Forward-looking Information
Certain statements in this news release contain forward-looking
statements within the meaning of applicable securities laws (also
known as forward-looking statements). These forward-looking
statements include, but are not limited to statements with respect
to the acquisition of Primaris units by insiders, future
distributions and other statements contained in this release that
are not historical facts. Such forward-looking statements reflect
Primaris' current beliefs and are based on information currently
available to management. These statements are not guarantees of
future performance or events and are based on Primaris' estimates
and assumptions that are subject to risks and uncertainties,
including those set forth in H&R REIT's management information
circular dated November 5, 2021 and
in Primaris' materials filed with the Canadian securities
regulatory authorities from time to time, which could cause the
actual results and performance of Primaris to differ materially
from the forward-looking statements contained in this news release.
Although the forward-looking statements contained in this news
release are based upon what Primaris believes are reasonable
assumptions, there can be no assurance that actual results will be
consistent with these forward-looking statements. There can be no
assurance that the proposed transaction will occur or that the
anticipated benefits will be realized. The proposed transaction
could be modified, restructured or terminated. All forward-looking
statements in this news release are qualified by these cautionary
statements. These forward-looking statements are made as of today
and Primaris, except as required by applicable law, assumes no
obligation to update or revise them to reflect new information or
the occurrence of future events or circumstances.
Additional information regarding Primaris is available
at www.primarisreit.com and on www.sedar.com.
SOURCE Primaris Real Estate Investment Trust