Exchange Bulletin

Primaris Real Estate Investment Trust (PMZ.UN) To Trade On Toronto Stock Exchange

December 31, 2021
Issuer: Primaris Real Estate Investment Trust ("Primaris")
Security: Series A Units
Symbol: PMZ.UN
Number of securities issued and outstanding: 98,252,090
Number of securities reserved for issuance: 7,586,016
Listing category: Industrial, Exempt
Trading currency: CDN$
Transaction: As described in Toronto Stock Exchange ("TSX") Bulletin 2021-1261 dated December 24, 2021, pursuant to a plan of arrangement ("Arrangement"), H&R Real Estate Investment Trust ("H&R") will spin-off a new public real estate investment trust that will be named "Primaris Real Estate Investment Trust".
Holders of units of H&R (the "H&R Units") of record as of the close of business on Friday, December 31, 2021 will receive one Primaris Series A Unit for every four H&R Units held, pursuant to the Arrangement.
Exchange ratio: One Series A Unit of Primaris for every four H&R Units held.
Payable Date: January 4, 2022.
Unitholders of H&R need not take any action in order to receive the Primaris Series A Units to which they are entitled.
Listing and posted for trading date: January 5, 2022 (at the opening)
Effective Date of Arrangement: December 31, 2021
Fractional entitlement: Any fractional Primaris Series A Units that would otherwise result from the Arrangement will be cancelled for no consideration.
Other market(s): None
Designated market maker: TD Securities Inc.
Security ownership registration: Non-Certificated Inventory System of CDS
Investor relations: Alex Avery
Chief Executive Officer
(416) 642-7800
Rags Davloor
Chief Financial Officer
(416) 642-7800
Incorporation: The REIT is an open-ended unincorporated investment trust governed by the laws of Ontario pursuant to an amended and restated declaration of trust dated December 15, 2021.
Fiscal year end: December 31
Nature of business: Primaris is focused primarily on dominant enclosed shopping centre properties in primary and secondary Canadian markets.
Transfer agent and registrar: TSX Trust Company at its principal offices in Toronto.
Distributions: Subject to the ongoing discretion of the Board, the distribution policy of Primaris is to make regular monthly cash distributions, targeting an FFO payout ratio in the range of 45% to 50%. Distributions are determined by the Board.
Sponsorship: Not applicable
Disclosure document: H&R's management information circular dated November 5, 2021, which is available at Capitalized terms not otherwise defined herein are as defined in the Disclosure document.
TSX contact: Chris Birkett,
Managing Director,
Toronto Stock Exchange.