Primaris Retail REIT

Primaris Retail REIT

June 13, 2007 08:02 ET

Primaris Retail REIT Announces June Distribution, Four New Acquisitions

TORONTO, ONTARIO--(Marketwire - June 13, 2007) - Primaris Retail REIT (TSX:PMZ.UN) announces today its June 2007 monthly distribution in the amount of $0.0983. Payment will be made on July 16, 2007 to holders of record as of June 29, 2007.

In addition, unitholders who elect to participate in the DRIP will receive a further distribution, payable in units, equal in value to 3% of each cash distribution reinvested by them. The price at which units will be purchased with such cash distributions is based on a weighted average trading price of units for the 20 trading days prior to the relevant distribution date, which is normally the 15th of each month. Those unitholders wishing to enroll in the DRIP should contact the brokerage house or financial institution where their units are currently held and complete the required authorization form.

Primaris also recently committed to purchase four properties - Heritage Place, Garden City Square, Westbank Shopping Centre and Northland Village Shoppes - for a total combined purchase price of $95 Million.

Heritage Place is a 310,000 square foot enclosed regional shopping centre with three anchor tenants; Zellers, Sears, Food Basics and a major tenant SportChek. It is located in Owen Sound, Ontario.

Garden City Square is a 160,000 square foot power centre located in north-central Winnipeg, Manitoba. Major tenants of the centre include Canada Safeway, Staples, Jysk Linen n' Furniture, Future Shop, Marks Work Wearhouse and Manitoba Liquor Commission. The property is shadow anchored by Home Depot.

Westbank Shopping Centre is 74,000 square feet and is also a grocery anchored strip centre. It is located in the retail hub of Westbank, British Columbia. The shopping centre also benefits from adjacent Zellers and Extra Foods shadow anchors.

Northland Village Shoppes is immediately adjacent to Northland Village Shopping Centre (also owned by Primaris) and is 7,000 square feet. It is located in Calgary, Alberta.

In addition to these four acquisitions, the closing date for the previously announced acquisition of Place D'Orleans has been set for June 27, 2007.

Forward-Looking Information

The press release contains forward-looking information based on management's best estimates and the current operating environment. These forward-looking statements are related to, but not limited to, the REIT's operations, anticipated financial performance, business prospects and strategies. Forward-looking information typically contains statements with words such as "anticipate", "believe", "expect", "plan", or similar words suggesting future outcomes. Such forward-looking statements are subject to risks, uncertainties and other factors which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements.

Although the forward-looking statements contained in this press release are based on what management of the REIT believes are reasonable assumptions, forward-looking statements involve significant risks and uncertainties. They should not be read as guarantees of future performance or results and will not necessarily be an accurate indicator of whether or not such results will be achieved.

Readers are cautioned not to place undue reliance on forward-looking statements as a number of factors could cause actual future results to differ from targets, expectations or estimates expressed in the forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, economic, competitive and commercial real estate conditions, unplanned compliance-related expenses, uninsured property losses and tenant-related risks.

Primaris Retail REIT is a TSX listed real estate investment trust (TSX:PMZ.UN). Upon completion of these acquisitions, Primaris Retail REIT will own 26 shopping centres comprising approximately 9.4 million square feet located in Canada. As of May 31, 2007 the REIT had 58,561,031 units issued and outstanding.

Contact Information

  • Primaris Retail REIT
    R. Michael Latimer
    Chief Executive Officer
    (416) 865-5353
    Primaris Retail REIT
    Louis M. Forbes
    Senior Vice President and Chief Financial Officer
    (416) 865-5360